BP 2011 Annual Report Download - page 239
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Financial statements
BP Annual Report and Form 20-F 2011 237
Notes on financial statements
37. Pensions and other post-retirement benefits continued
The assumed rate of investment return, discount rate, inflation, US healthcare cost trend rate and the mortality assumptions all have a significant effect on
the amounts reported.
A one-percentage point change in the following assumptions for the group’s plans would have had the effects shown in the table below. The
effects shown for the expense in 2012 include current service cost and interest on plan liabilities.
$ million
One percentage point
Increase Decrease
Investment return
Effect on pension and other post-retirement benefit expense in 2012 (351) 351
Discount rate
Effect on pension and other post-retirement benefit expense in 2012 (78) 101
Effect on pension and other post-retirement benefit obligation at 31 December 2011 (5,585) 7,285
Inflation rate
Effect on pension and other post-retirement benefit expense in 2012 494 (381)
Effect on pension and other post-retirement benefit obligation at 31 December 2011 5,323 (4,301)
US healthcare cost trend rate
Effect on US other post-retirement benefit expense in 2012 27 (22)
Effect on US other post-retirement obligation at 31 December 2011 350 (290)
One additional year of longevity in the mortality assumptions would have the effects shown in the table below. The effect shown for the expense in 2012
includes current service cost and interest on plan liabilities.
$ million
UK
pension
plans
US
pension
plans
US other post-
retirement
benefit
plans
German
pension
plans
One additional year’s longevity
Effect on pension and other post-retirement benefit expense in 2012 44 5 4 9
Effect on pension and other post-retirement benefit obligation at 31 December 2011 609 111 73 166