| (in € millions) | 2021 | 2020(*) |
|---|---|---|
| Provisions for retirement benefit obligations recognised under liabilities on the balance sheet |
Provisions for retirement benefit obligations recognised under liabilities on the balance sheet2021
|
Provisions for retirement benefit obligations recognised under liabilities on the balance sheet 2020 (*)
|
| At beginning of period |
At beginning of period 20211,490 |
At beginning of period 2020 (*)1,663 |
| Total charge recognised with respect to retirement benefit obligations |
Total charge recognised with respect to retirement benefit obligations 2021103 |
Total charge recognised with respect to retirement benefit obligations 2020 (*)95 |
| Actuarial gains and losses recognised in other comprehensive income |
Actuarial gains and losses recognised in other comprehensive income 2021(206) |
Actuarial gains and losses recognised in other comprehensive income 2020 (*)(142) |
| Benefits paid to beneficiaries by the employer |
Benefits paid to beneficiaries by the employer 2021(70) |
Benefits paid to beneficiaries by the employer 2020 (*)(65) |
| Contributions paid to funds by the employer |
Contributions paid to funds by the employer 2021(64) |
Contributions paid to funds by the employer 2020 (*)(55) |
| Business combinations and disposals of companies |
Business combinations and disposals of companies 20211 |
Business combinations and disposals of companies 2020 (*)9 |
| Asset ceiling effect (IFRIC 14) and overfunded plans |
Asset ceiling effect (IFRIC 14) and overfunded plans 2021147 |
Asset ceiling effect (IFRIC 14) and overfunded plans 2020 (*)- |
| Currency translation differences |
Currency translation differences 20216 |
Currency translation differences 2020 (*)(14) |
| At end of period |
At end of period 20211,408 |
At end of period 2020 (*)1,490 |
(*) 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”).
| (in € millions) | 2021 | 2020 |
|---|---|---|
| Current service cost |
Current service cost 2021(91) |
Current service cost 2020 (91) |
| Actuarial liability discount cost |
Actuarial liability discount cost 2021(41) |
Actuarial liability discount cost 2020 (42) |
| Interest income on plan assets |
Interest income on plan assets 202127 |
Interest income on plan assets 2020 27 |
| Past service cost (plan changes and curtailments) |
Past service cost (plan changes and curtailments) 20214 |
Past service cost (plan changes and curtailments) 2020 6 |
| Impact of plan settlements and other |
Impact of plan settlements and other 2021(2) |
Impact of plan settlements and other 2020 5 |
| Total | Total2021(103) |
Total 2020 (95) |
The breakdown of plan assets by type of investment is as follows:
| 31/12/2021 | |||||
|---|---|---|---|---|---|
| United Kingdom | Switzerland | France | Other countries | Weighted average | |
| Breakdown of plan assets | |||||
| Equities | 17% | 32% | 18% | 30% | 22% |
| Bonds | 25% | 41% | 28% | 21% | 28% |
| Property | 6% | 22% | 4% | 8% | 10% |
| Money market securities | 4% | 6% | 1% | 1% | 4% |
| Other investments | 48% | 0% | 50% | 41% | 37% |
| Total | 100% | 100% | 100 % | 100 % | 100% |
| Plan assets (in € millions) | 1,635 | 583 | 142 | 169 | 2,530 |
| Plan assets by country (% of total) | 65% | 23% | 6% | 7% | 100% |
| 31/12/2020 | |||||
|---|---|---|---|---|---|
| United Kingdom | Switzerland | France | Other countries | Weighted average | |
| Breakdown of plan assets | |||||
| Equities | 18% | 33% | 16% | 36% | 22% |
| Bonds | 26% | 40% | 29% | 31% | 30% |
| Property | 9% | 20% | 5% | 7% | 11% |
| Money market securities | 5% | 7% | 1% | 1% | 5% |
| Other investments | 43% | 0% | 50% | 2% | 32% |
| Total | 100% | 100% | 100% | 100% | 100 % |
| Plan assets (in € millions) | 1,361 | 489 | 136 | 154 | 2,140 |
| Plan assets by country (% of total) | 64% | 23% | 6% | 7% | 100% |
At 31 December 2021, the amount of plan assets listed on active markets (fair value level 1 as defined by IFRS 13) was €2,128 million (€1,797 million at 31 December 2020). During the period, the actual rate of return on plan assets was 13.1% in the UK, 10.1% in Switzerland and 4.3% in France.
For all post-employment benefit plans for Group employees (lump sums paid on retirement, pensions and supplementary pensions), a 0.5 point fall in the discount rate would increase the actuarial liability by around 8%.
For all pension and supplementary pension plans in force within the Group, a 0.5 point increase in long-term inflation rates would increase the value of obligations by some 5%.
For pension and supplementary pension plans in Switzerland and the UK, sensitivity to mortality rates is calculated based on a one-year reduction in the age of each beneficiary. Applying this assumption increases the corresponding obligation by around 2%.
