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Retirement benefits (Tables)

12 Months Ended

Dec. 31, 2018

Text block [abstract]

Defined Benefit Plans - Amounts Recognised as Administrative Expenses

In respect of the defined benefit plans, the amounts recognised in the Group income statement, in ‘administrative expenses’, are:

		Pension plans
		UK												US												US Post-employment benefits												Total
		2018 $m				2017 $m				2016 $m				2018 $m				2017 $m				2016 $m				2018 $m				2017 $m				2016 $m				2018 $m				2017 $m				2016 $m
Net interest expense			1				1				1				2				2				2				1				1				1				4				4				4
Administration costs			0				—				—				0				1				1				0				—				—				0				1				1
Operating profit before exceptional items			1				1				1				2				3				3				1				1				1				4				5				5
Exceptional items:
Settlement loss including transaction costs			0				—				—				15				—				—				0				—				—				15				—				—
			1				1				1				17				3				3				1				1				1				19				5				5

Defined Benefit Plans - Amounts Recognised in Other Comprehensive Income

Re-measurement gains and losses recognised in the Group statement of comprehensive income are:

		2018												2017												2016
		Plan assets $m				Plan obligations $m				Total $m				Plan assets $m				Plan obligations $m				Total $m				Plan assets $m				Plan obligations $m				Total $m
Return on plan assets (excluding amounts included in interest)			(8	)			0				(8	)			9				—				9				—				—				—
Actuarial gains and losses arising from changes in:
Demographic assumptions			0				0				0				—				1				1				—				6				6
Financial assumptions			0				14				14				—				(9	)			(9	)			—				(11	)			(11	)
Experience adjustments			0				3				3				—				(2	)			(2	)			—				1				1
Change in asset restriction (excluding amounts included in interest)			3				0				3				(3	)			—				(3	)			—				—				—
Other comprehensive income			(5	)			17				12				6				(10	)			(4	)			—				(4	)			(4	)

Defined Benefit Plans - Summary of Amounts Recognised on the Statement of Financial Position

The assets and liabilities of the schemes and the amounts recognised in the Group statement of financial position are:

		Pension plans
		UK								US								US Post-employment benefits								Total
		2018 $m				2017 $m				2018 $m				2017 $m				2018 $m				2017 $m				2018 $m				2017 $m
Retirement benefit assets
Fair value of plan assets			0				—				0				152				0				—				0				152
Present value of benefit obligations			0				—				0				(146	)			0				—				0				(146	)
Surplus in schemes			0				—				0				6				0				—				0				6
Asset restriction			0				—				0				(3	)			0				—				0				(3	)
Total retirement benefit assets			0				—				0				3				0				—				0				3
Retirement benefit obligations
Fair value of plan assets			0				—				0				—				0				—				0				—
Present value of benefit obligations			(24	)			(29	)			(45	)			(51	)			(22	)			(24	)			(91	)			(104	)
Total retirement benefit obligations			(24	)			(29	)			(45	)			(51	)			(22	)			(24	)			(91	)			(104	)
Total fair value of plan assets			0				—				0				152				0				—				0				152
Total present value of benefit obligations			(24	)			(29	)			(45	)			(197	)			(22	)			(24	)			(91	)			(250	)

Summary of Principal Financial Assumptions Used to Determine Benefit Obligations

The principal financial assumptions used by the actuaries to determine the benefit obligations are:

		Pension plans
		UK												US												US Post-employment benefits
		2018 %				2017 %				2016 %				2018 %				2017 %				2016 %				2018 %				2017 %				2016 %
Pensions increases			3.2				3.2				3.3				0				—				—				0				—				—
Discount rate			3.0				2.6				2.7				3.9				3.3				3.7				4.0				3.3				3.8
Inflation rate			3.2				3.2				3.3				0				—				—				0				—				—
Healthcare cost trend rate assumed for next year:
Pre-65 (ultimate rate reached in 2025)																											7.1				7.7				7.0
Post-65 (ultimate rate reached in 2024)																											7.6				8.7				8.3
Ultimate rate that the cost trend rate trends to																											4.5				4.5				4.5

Defined Benefit Plans - Life Expectancy Assumptions at Retirement Age

In both the UK and US, the assumptions have been revised during the year to reflect life expectancy at retirement age as follows:

				Pension plans
				UK						US
				2018 Years		2017 Years		2016 Years		2018 Years		2017 Years		2016 Years
Current pensioners at 65a		– male		24		24		24		21		21		21
		– female		26		26		26		23		23		23
Future pensioners at 65b		– male		25		25		25		22		22		22
		– female		28		28		28		24		24		24

^a  Relates to assumptions based on longevity (in years) following retirement at the end of the reporting period.

^b  Relates to assumptions based on longevity (in years) relating to an employee retiring in 2038.

Defined Benefit Plans - Sensitivity Analysis of Actuarial Assumptions

The sensitivity analysis below is based on extrapolating reasonable changes in these assumptions, using year-end conditions and assuming no interdependency between the assumptions.

				UK								US
				Higher/ (lower) pension cost $m				Increase/ (decrease) in liabilities $m				Higher/ (lower) pension cost $m				Increase/ (decrease) in liabilities $m
Pensions increases		– 0.25% decrease			—				(1.0	)			—				—
		– 0.25% increase			0.1				1.0				—				—
Discount rate		– 0.25% decrease			—				1.0				(0.1	)			1.6
		– 0.25% increase			0.1				(1.0	)			0.1				(1.5	)
Inflation rate		– 0.25% increase			0.1				1.0				—				—
		– 0.25% decrease			—				(1.0	)			—				—
Mortality rate		– One year increase			0.1				0.6				0.1				3.3

Summary of Movement in Benefit Obligation

Movement in benefit obligation

		Pension plans
		UK								US								US Post-employment benefits								Total
		2018 $m				2017 $m				2018 $m				2017 $m				2018 $m				2017 $m				2018 $m				2017 $m
Benefit obligation at 1 January			29				27				197				195				24				22				250				244
Interest expense			1				1				4				7				1				1				6				9
Benefits paid			(1	)			(1	)			(9	)			(13	)			(1	)			(1	)			(11	)			(15	)
Settlement payments			0				—				(150	)			—				0				—				(150	)			—
Settlement loss			0				—				14				—				0				—				14				—
Re-measurement (gains)/losses			(4	)			—				(11	)			8				(2	)			2				(17	)			10
Exchange adjustments			(1	)			2				0				—				0				—				(1	)			2
Benefit obligation at 31 December			24				29				45				197				22				24				91				250
Comprising:
Funded plans			0				—				0				146				0				—				0				146
Unfunded plans			24				29				45				51				22				24				91				104
			24				29				45				197				22				24				91				250

Movement in plan assets

		Pension plans
		UK								US								US Post-employment benefits								Total
		2018 $m				2017 $m				2018 $m				2017 $m				2018 $m				2017 $m				2018 $m				2017 $m
Fair value of plan assets at 1 January			0				—				152				148				0				—				152				148
Company contributions			1				1				14				4				1				1				16				6
Benefits paid			(1	)			(1	)			(9	)			(13	)			(1	)			(1	)			(11	)			(15	)
Settlement payments			0				—				(150	)			—				0				—				(150	)			—
Interest income			0				—				2				5				0				—				2				5
Re-measurement (losses)/gains			0				—				(8	)			9				0				—				(8	)			9
Settlement transaction costs			0				—				(1	)			(1	)			0				—				(1	)			(1	)
Fair value of plan assets at 31 December			0				—				0				152				0				—				0				152

Summary of Plan Assets Measured at Fair Value

The plan assets are measured at fair value and comprise the following:

		US
		2018 $m				2017 $m
Investments quoted in active markets
Investment funds: fixed income securities			0				150
Unquoted investments
Cash			0				2
			0				152

Summary of Movement in Asset Restriction

		Pension plans																US Post-employment benefits								Total
		UK								US
		2018 $m				2017 $m				2018 $m				2017 $m				2018 $m				2017 $m				2018 $m				2017 $m
Movement in asset restriction
Balance at 1 January			0				—				3				—				0				—				3				—
Re-measurement (losses)/gains			0				—				(3	)			3				0				—				(3	)			3
Balance at 31 December			0				—				0				3				0				—				0				3

Summary of Estimated Future Benefit Payments

Estimated future benefit payments

		Pension plans																US Post-employment benefits								Total
		UK								US
		2018 $m				2017 $m				2018 $m				2017 $m				2018 $m				2017 $m				2018 $m				2017 $m
Within one year			0				—				4				14				1				1				5				15
Between one and five years			3				3				14				53				6				6				23				62
More than five years			16				17				15				62				7				7				38				86
			19				20				33				129				14				14				66				163
Average duration of obligation (years)			19.5				20.5				9.2				10.3				9.6				10.4

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- Definition

The disclosure of the fair value of defined benefit plan assets. [Refer: Plan assets [member]; Defined benefit plans [member]]

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The disclosure of information about the maturity profile of a defined benefit obligation. This will include the weighted average duration of the defined benefit obligation and may include other information about the distribution of the timing of benefit payments, such as a maturity analysis of the benefit payments. [Refer: Defined benefit obligation, at present value]

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The disclosure of a net defined benefit liability (asset). [Refer: Net defined benefit liability (asset)]

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The disclosure of a sensitivity analysis for significant actuarial assumptions used to determine the present value of a defined benefit obligation. [Refer: Actuarial assumptions [member]; Defined benefit obligation, at present value]

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