HSBC 2002 Annual Report Download - page 299

297
2002 2001
US$m US$m
Change in plan assets
Plan assets at fair value as at 1 January................................................................ 12,097 13,828
Restatement of plan assets fair value as at 1 January...........................................
–
30
Actual return on plan assets ................................................................................. (1,393) (1,315)
Employer contributions........................................................................................ 616 339
Employee contributions ....................................................................................... 21
Benefits paid ........................................................................................................ (565) (443)
Exchange movements .......................................................................................... 1,029 (343)
Plan assets at fair value as at 31 December.......................................................... 11,786 12,097
Funded status (3,677) (1,957)
Unrecognised net obligation existing at 30 June 1992......................................... 713
Unrecognised net actuarial loss ........................................................................... 2,291 492
Unrecognised prior service cost........................................................................... 22 23
Accrued pension cost........................................................................................... (1,357) (1,429)
Additional minimum liabilit
y
...............................................................................
(
1,175
)
–
Unfunded accumulated benefit obligation ........................................................... (2,532) (1,429)
Amounts recognised under US GAAP:
Prepaid benefit cost.............................................................................................. 538 268
Accrued benefit liability ...................................................................................... (1,895) (1,697)
Accrued pension cost........................................................................................... (1,357) (1,429)
US GAAP adjustment:
Accrued net pension cost under US GAAP ......................................................... (1,357) (1,429)
Additional minimum liability............................................................................... (1,175)
–
Intangible asset .................................................................................................... 16
–
Amounts recognised for these schemes under UK GAAP................................... (6) 272
(2,522) (1,157)
Plan asset valuations are as at 31 December.
In 2002, plans with an aggregate accumulated benefit obligation of US$12,776 million (2001: US$11,406
million) and assets with an aggregate fair value of US$9,743 million (2001: US$10,508 million) had an
accumulated benefit obligation in excess of plan assets.
Plans with an aggregate projected benefit obligation of US$14,752 million (2001: US$13,225 million) and
assets with an aggregate fair value of US$10,989 million (2001: US$11,282 million) had a projected benefit
obligation in excess of plan assets.
Plan assets are invested primarily in equities, fixed interest securities and property.
The projected benefit obligation at 31 December 2002 and 2001 for HSBC’ s main pension plans has been
calculated using the following financial assumptions: