HSBC 2011 Annual Report Download - page 319

317
Overview Operating & Financial Review Corporate Governance Financial Statements Shareholder Information
Net assets/(liabilities) recognised on balance sheet in respect of defined benefit plans
2011 2010
US$m US$m
Defined benefit pension plans .................................................................................................................. (208) (2,867)
HSBC Bank (UK) Pension Scheme ..................................................................................................... 2,237 (622)
– fair value of plan assets ................................................................................................................ 26,604 22,236
– present value of defined benefit obligations ................................................................................ (24,367) (22,858)
Other plans ........................................................................................................................................... (2,445) (2,245)
– fair value of plan assets ................................................................................................................ 8,232 7,559
– present value of defined benefit obligations ................................................................................ (10,680) (9,785)
– effect of limit on plan surpluses ................................................................................................... (18) (47)
– unrecognised past service cost ..................................................................................................... 21 28
Defined benefit healthcare plans .......................................................................................................... (961) (946)
– fair value of plan assets ................................................................................................................ 151 165
– present value of defined benefit obligations ................................................................................ (1,091) (1,087)
– unrecognised past service cost ..................................................................................................... (21) (24)
Fair value of plan assets ........................................................................................................................... 34,987 29,960
Present value of defined benefit obligations ............................................................................................ (36,138) (33,730)
Effect of limit on plan surpluses ............................................................................................................... (18) (47)
Unrecognised past service cost ................................................................................................................. – 4
(1,169) (3,813)
Retirement benefit liabilities .................................................................................................................... (3,666) (3,856)
Retirement benefit assets .......................................................................................................................... 2,497 43
Cumulative actuarial gains/(losses) recognised in other comprehensive income
2011 2010
US$m US$m
At 1 January ............................................................................................................................................... (4,720) (4,660)
HSBC Bank (UK) Pension Scheme .......................................................................................................... 1,945 321
Other plans ................................................................................................................................................. (642) (275)
Healthcare plans ........................................................................................................................................ (61) (112)
Change in the effect of limit on plan surpluses1 ........................................................................................ 25 6
Total actuarial gains/(losses) recognised in other comprehensive income ............................................... 1,267 (60)
At 31 December2 ........................................................................................................................................ (3,453) (4,720)
1 Excludes exchange loss of US$4m (2010: US$6m gain).
2 Includes cumulative movements related to the limit on plan surpluses. This limit is US$18m at 31 December 2011 (2010: US$47m).
HSBC pension plans
2011 2010 2009
Number of plans worldwide ........................................................................................ 230 218 211
% % %
Percentage of HSBC employees:
– enrolled in defined contribution plans ............................................................ 64 63 59
– enrolled in defined benefit plans ..................................................................... 25 27 29
– covered by HSBC pension plans .................................................................... 89 90 88
HSBC has been progressively offering all new employees membership of defined contribution plans.
The majority of the Group’s defined benefit plans are funded plans. The assets of most of the larger plans are held in
trusts or similar funds separate from HSBC. The plans are reviewed at least annually or in accordance with local
practice and regulations by qualified actuaries. The actuarial assumptions used to calculate the defined benefit
obligations and related current service costs vary according to the economic conditions of the countries in which the
plans are situated.