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Retirement benefits (Tables)
 12 Months Ended
Dec. 31, 2025
Disclosure of information about defined benefit plans [abstract]  
Summary of Movement in Retirement Benefit Obligations Movement in retirement benefit obligations
2025
2024
2023
$m
$m
$m
At 1 January
68
66
66
Group contributions
(6)
(6)
(5)
Interest expense recognised in profit or loss
6
5
3
Actuarial (gains)/losses recognised in other comprehensive income
–
(4)
2
Exchange and other adjustments
1
7
–
At 31 December
69
68
66
Comprising:
UK plan
18
17
19
US plans
30
31
34
US post-retirement plan
12
13
13
Other post-employment benefit plans
9
7
–
69
68
66
Summary of Principal Financial Assumptions Used to Determine Benefit Obligations The principal financial assumptions used by the actuaries to determine the defined benefit obligations are:
2025
2024
2023
%
%
%
UK plan only:
Pension increases
3.0
3.2
3.1
Inflation rate
3.0
3.2
3.1
Discount rate:
UK plan
5.6
5.6
4.8
US plans
5.0
5.3
4.7
US post-retirement plan
5.0
5.3
4.7
US healthcare cost trend rate assumed for the next year:
Pre-65 (ultimate rate reached in 2036)
8.2
8.6
7.8
Post-65 (ultimate rate reached in 2036)
9.5
9.7
8.6
Ultimate rate that the cost rate trends to
4.5
4.5
4.5
Summary of Defined Benefit Plans - Life Expectancy Assumptions at Retirement Age The assumptions applied to the UK plan and US plans for life expectancy at retirement age are as follows:
UK
US
2025
years
2024
years
2023
years
2025
years
2024
years
2023
years
Current pensioners at 65a
– male
24
23
23
22
22
22
– female
26
25
25
24
23
23
Future pensioners at 65b
– male
25
23
23
23
23
23
– female
27
25
25
25
25
25
a.Relates to assumptions based on longevity following retirement at the end of the reporting period.
b.Relates to assumptions based on longevity relating to an employee retiring in 2045.
Summary of Defined Benefit Plans - Sensitivity Analysis of Actuarial Assumptions The sensitivity analysis below relates to the increase/(decrease)
in the benefit obligation and is based on extrapolating reasonable changes in these assumptions, using year-end conditions
and assuming no interdependency between the assumptions:
2025
2024
$m
$m
Discount rate
1%
decrease
5
5
1%
increase
(5)
(5)
Inflation rate
0.25%
decrease
–
(1)
0.25%
increase
–
–
Mortality rate
One-year
increase
3
2
Healthcare costs trend rate
1%
decrease
(1)
(1)
1%
increase
1
1
Summary of Estimated Future Benefit Payments and Average Duration of Pension Obligations Estimated future benefit payments
2025
2024
$m
$m
Within one year
5
5
Between one and five years
20
20
More than five years
78
81
103
106
Average duration of pension obligations
2025
years
2024
years
UK plan
12.0
12.0
US plans
7.1
7.1
US post-retirement plan
7.1
7.4