HSBC 2001 Annual Report Download - page 257

255
The US GAAP pension cost of US$395 million (2000: US$376 million; 1999 US$489 million) compares with
US$369 million for these plans under UK GAAP (2000: US$263 million; 1999: US$290 million) for the
schemes included in the SFAS 87 calculation.
2001 2000
US$m US$m
Change in projected benefit obligation
Projected benefit obligation as at 1 January........................................................ 14,481 13,238
Service cost......................................................................................................... 447 445
Interest cost......................................................................................................... 801 736
Employee contributions ...................................................................................... 12
Net actuarial (gain)/loss ...................................................................................... (869) 278
Acquisition.......................................................................................................... 21 227
Transfers in1........................................................................................................
–
1,009
Plan amendment.................................................................................................. 2
–
Benefits paid ....................................................................................................... (443) (488)
Exchange movements ......................................................................................... (387) (966)
Projected benefit obligation as at 31 December.................................................. 14,054 14,481
Change in plan assets
Plan assets at fair value as at 1 January............................................................... 13,828 12,971
Restatement of plan assets fair value as at 1 January.......................................... 30
–
Actual return on plan assets ................................................................................ (1,315) 904
Transfers in1........................................................................................................
–
1,009
Employer contributions....................................................................................... 339 299
Employee contributions ...................................................................................... 12
Benefits paid ....................................................................................................... (443) (488)
Exchange movements ......................................................................................... (343) (869)
Plan assets at fair value as at 31 December......................................................... 12,097 13,828
Funded status (1,957) (653)
Unrecognised net obligation existing at 30 June 1992........................................ 13 19
Unrecognised net actuarial loss/(gain)................................................................ 492 (809)
Unrecognised prior service cost.......................................................................... 23 26
Accrued pension cost.......................................................................................... (1,429) (1,417)
Amounts recognised under US GAAP:
Prepaid benefit cost............................................................................................. 268 261
Accrued benefit liability ..................................................................................... (1,697) (1,678)
Accrued pension cost.......................................................................................... (1,429) (1,417)
US GAAP adjustment:
Accrued net pension cost under US GAAP ........................................................ (1,429) (1,417)
Pension liability recognised for these schemes under UK GAAP....................... 272 266
(1,157) (1,151)
1 During 2000 the schemes of certain other HSBC entities were collectively merged into the HSBC Bank (UK) Pension Scheme.
None of these schemes were individually significant.