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Retirement benefit obligations (Tables)
12 Months Ended
Dec. 31, 2024
Retirement benefit obligations  
Schedule of assumptions used for the RIPS

    

31 December 

    

31 December 

 

2024

2023

Weighted average %

  

  

 

Discount rate

 

3.5

%

3.5

%

Future salary increases

 

n/a

n/a

Future pension increases

 

2.1

%

2.3

%

Inflation

 

2.1

%

2.3

%

Schedule of movement in the net defined benefit obligation

    

    

Fair 

    

    

    

Fair 

    

Present 

value of 

Present 

value of 

value of 

plan 

value of 

plan 

obligation 

assets 

Total 

obligation 

assets 

Total 

2024

2024

2024

2023

2023

2023

£m

£m

£m

£m

£m

£m

At 1 January

 

(60)

 

35

 

(25)

 

(65)

 

38

 

(27)

Current service costs1

 

(1)

 

 

(1)

 

(1)

 

 

(1)

Interest on defined benefit obligation/asset1

 

(2)

 

1

 

(1)

 

(2)

 

1

 

(1)

Exchange difference

 

2

 

(2)

 

 

2

 

(1)

 

1

Total pension income/(expense)

 

(1)

 

(1)

 

(2)

 

(1)

 

 

(1)

Remeasurements:

 

  

 

  

 

  

 

  

 

  

 

  

– Remeasurement gain/(loss) on scheme assets

 

 

 

 

 

 

– Remeasurement gain/(loss) on obligation

 

 

 

 

 

 

Contributions:

 

  

 

 

 

  

 

 

– Employers

 

(1)

 

1

 

 

(1)

 

2

 

1

– Benefit payments

 

6

 

(1)

 

5

 

7

 

(5)

 

2

At 31 December

 

(56)

 

34

 

(22)

 

(60)

 

35

 

(25)

Retirement benefit obligation schemes2

 

(41)

 

16

 

(25)

 

(44)

 

16

 

(28)

Retirement benefit asset schemes3

 

(15)

 

18

 

3

 

(16)

 

19

 

3

1.

Service costs and administration expenses are charged to operating expenses, and interest cost and return on plan assets to finance cost and finance income.

2.

Benefit plans in an obligation position include plans situated in Austria, France, Germany, Hong Kong, India, Italy, Martinique, Norway, the Philippines, Saudi Arabia, South Africa, South Korea, Sri Lanka, Thailand, Trinidad and Tobago, and the UK.

3.

Benefit plans in an asset position include plans situated in Australia, Barbados, and Ireland.

Schedule of analysis of fair value of plan assets

    

2024

    

2023

£m

£m

Equity instruments

 

3

 

2

Debt instruments – unquoted

 

14

 

15

Property

 

1

 

1

Other

 

16

 

17

Total plan assets

 

34

 

35