| 31/12/2020 | |||||||
|---|---|---|---|---|---|---|---|
| (in € millions) | France (*) | Germany | United Kingdom | Switzerland | Other countries | Total | |
| Actuarial liability from retirement benefit obligations | 1,001 | 461 | 1,482 | 504 | 177 | 3,625 | |
| Plan assets at fair value | 136 | 7 | 1,361 | 489 | 147 | 2,140 | |
| Deficit (or surplus) | 865 | 453 | 121 | 15 | 30 | 1,484 | |
| Provision recognised under liabilities on the balance sheet |
I | 865 | 453 | 121 | 15 | 36 | 1,490 |
| Overfunded plans recognised under assets on the balance sheet |
II | - | - | - | - | 3 | 3 |
| Asset ceiling effect (IFRIC 14) (**) | III | - | - | - | - | 2 | 2 |
| Total | I-II-III | 865 | 453 | 121 | 15 | 30 | 1,484 |
(*) Adjusted as at 1 January 2020 following the IFRS IC’s agenda decision of May 2021 clarifying how to calculate retirement benefit obligations (see Note A.2.1, “Basis for preparing the financial statements”).
(**) Effect of asset ceiling rules and minimum funding requirements.
| (in € millions) | Exercice 2021 | Exercice 2020 | |
|---|---|---|---|
| Actuarial liability from retirement benefit obligations | |||
|
At beginning of period of which obligations covered by plan assets |
3,625 2,538 |
3,745 2,626 |
|
| Current service cost | 91 | 91 | |
| Actuarial liability discount cost | 41 | 42 | |
| Past service cost (plan changes and curtailments) | (4) | (6) | |
| Plan settlements | - | (4) | |
| Actuarial gains and losses recognised in other comprehensive income of which impact of changes in demographic assumptions (22) 42 of which impact of changes in financial assumptions 48 (32) of which experience gains and losses |
2 (22) 48 (24) |
(22) 42 (32) (32) |
|
| Benefits paid to beneficiaries | (126) | (154) | |
| Employee contributions | 14 | 13 | |
| Business combinations | 1 | 9 | |
| Disposals of companies and other assets | 4 | 1 | |
| Currency translation differences | 135 | (91) | |
|
At end of period of which obligations covered by plan assets |
I |
3,783 2,717 |
3,625 2,538 |
| Plan assets | |||
| At beginning of period |
2,140 | 2,090 | |
| Interest income during period | 27 | 27 | |
| Actuarial gains and losses recognised in other comprehensive income (**) | 208 | 120 | |
| Plan settlements | - | - | |
| Benefits paid to beneficiaries | (55) | (88) | |
| Contributions paid to funds by the employer | 64 | 55 | |
| Contributions paid to funds by employees | 13 | 13 | |
| Business combinations | - | - | |
| Disposals of companies and other assets | 2 | - | |
| Currency translation differences | 130 | (77) | |
| At end of period |
II | 2,530 | 2,140 |
| Deficit (or surplus) | I-II | 1,254 | 1,484 |
(*) Adjusted as at 1 January 2020 following the IFRS IC’s agenda decision of May 2021 clarifying how to calculate retirement benefit obligations (see Note A.2.1, “Basis for preparing the financial statements”).
(**) Experience gains and losses corresponding to the observed difference between the actual return on plan assets and a nominal return based on the discount rate for the actuarial liability.
VINCI estimates the payments to be made in 2022 in respect of retirement benefit obligations at €105 million, comprising €55 million of benefits to be paid to retired employees or beneficiaries (benefits not covered by plan assets), and €50 million of contributions to be paid to fund managing bodies.
Pension funds are also likely to pay €97 million of benefits to retired employees or their beneficiaries, without any impact on the Group’s cash position.
