| (in € millions) | 2022 | 2021 |
|---|---|---|
| Provisions for retirement benefit obligations recognised under liabilities on the balance sheet |
Provisions for retirement benefit obligations recognised under liabilities on the balance sheet 2022
|
Provisions for retirement benefit obligations recognised under liabilities on the balance sheet 2021
|
| At beginning of period |
At beginning of period 2022 1,408 |
At beginning of period 2021 1,490 |
| Total charge recognised with respect to retirement benefit obligations |
Total charge recognised with respect to retirement benefit obligations 2022 80 |
Total charge recognised with respect to retirement benefit obligations 2021 103 |
| Actuarial gains and losses recognised in other comprehensive income |
Actuarial gains and losses recognised in other comprehensive income 2022 (414) |
Actuarial gains and losses recognised in other comprehensive income 2021 (206) |
| Benefits paid to beneficiaries by the employer |
Benefits paid to beneficiaries by the employer 2022 (61) |
Benefits paid to beneficiaries by the employer 2021 (70) |
| Contributions paid to funds by the employer |
Contributions paid to funds by the employer 2022 (39) |
Contributions paid to funds by the employer 2021 (64) |
| Business combinations and disposals of companies |
Business combinations and disposals of companies 2022 1 |
Business combinations and disposals of companies 2021 1 |
| Asset ceiling effect (IFRIC 14) and overfunded plans |
Asset ceiling effect (IFRIC 14) and overfunded plans 2022 135 |
Asset ceiling effect (IFRIC 14) and overfunded plans 2021 147 |
| Currency translation differences |
Currency translation differences 2022 5 |
Currency translation differences 2021 6 |
| At end of period |
At end of period 2022 1,117 |
At end of period 2021 1,408 |
| (in € millions) | 2022 | 2021 |
|---|---|---|
| Current service cost |
Current service cost 2022 (88) |
Current service cost 2021 (91) |
| Actuarial liability discount cost |
Actuarial liability discount cost 2022 (46) |
Actuarial liability discount cost 2021 (41) |
| Interest income on plan assets |
Interest income on plan assets 2022 33 |
Interest income on plan assets 2021 27 |
| Past service cost (plan changes and curtailments) |
Past service cost (plan changes and curtailments) 2022 22 |
Past service cost (plan changes and curtailments) 2021 4 |
| Impact of plan settlements and other |
Impact of plan settlements and other 2022 (1) |
Impact of plan settlements and other 2021 (2) |
| Total |
Total 2022 (80) |
Total 2021 (103) |
The breakdown of plan assets by type of investment is as follows:
| 31/12/2022 | ||||||
|---|---|---|---|---|---|---|
| United Kingdom | Switzerland | France | Other countries | Weighted average | ||
| Breakdown of plan assets | ||||||
| Equities | 15% | 34% | 17% | 26% | 22% | |
| Bonds | 31% | 35% | 22% | 23% | 31% | |
| Property | 10% | 25% | 5% | 10% | 14% | |
| Money market securities | 8% | 6% | 1% | 1% | 6% | |
| Other investments | 37% | 0% | 55% | 41% | 27% | |
| Total | 100% | 100% | 100% | 100% | 100% | |
| Plan assets (in € millions) | 1,052 | 586 | 136 | 142 | 1,916 | |
| Plan assets by country (% of total) | 55% | 31% | 7% | 7% | 100% | |
| 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% | |
At 31 December 2022, the amount of plan assets listed on active markets (fair value level 1 as defined by IFRS 13) was €1,417 million (€2,128 million at 31 December 2021). During the period, the actual rate of return on plan assets was −30% in the UK, −6% in Switzerland and −1% in France.
For all post-employment benefit plans for Group employees (lump sums paid on retirement, pensions and supplementary pensions), a 0.5 point rise in the discount rate would decrease the actuarial liability by around 6%.
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 4%.
