HSBC 2004 Annual Report Download - page 255
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253
(ii) FRS 17 Retirement Benefits
At 31 December 2004 the assumptions used to calculate scheme liabilities for HSBC’ s main defined benefit
pension schemes under FRS 17 are:
Discount
rate
Inflation
assumption
Rate of increase
for pensions in
payment and
deferred
pension
Rate of pay
increase
%%%%
United Kingdom ........................................... 5.3 2.7 2.7 3.2
Hong Kong ................................................... 4.0 n/a n/a 5.0
United States ................................................ 6.0 2.5 n/a 3.75
Jersey ............................................................ 5.3 2.7 2.7 4.45
Mexico .......................................................... 10.75 5.0 5.0 6.50
Brazil ............................................................ 11.75 5.0 5.0 5.0
France ........................................................... 4.5 2.0 2.0 3.5
Other ............................................................ 3.25-6.0 1.5-2.5 0-1.5 2.25-3.0
The variation in discount rates between countries reflects the impact of local economic conditions.
At 31 December 2003 the assumptions used to calculate scheme liabilities for HSBC’ s main defined benefit
pension schemes under FRS 17 were:
Discount
rate
Inflation
assumption
Rate of increase
for pensions in
payment and
deferred
pension
Rate of pay
increase
%%%%
United Kingdom ........................................... 5.5 2.5 2.5 3.0
Hong Kong ................................................... 5.5 n/a n/a 4.5
United States ................................................ 6.25 2.5 n/a 3.75
Jersey ............................................................ 5.5 2.5 2.5 4.25
Mexico ......................................................... 10.75 5.0 5.0 7.5
Brazil ............................................................ 11.30 5.0 5.0 5.11
France ........................................................... 5.25 2.0 2.0 3.5
Other ............................................................ 3.5-6.25 1.5-2.0 0-1.5 2.5-3.0
At 31 December 2002 the assumptions used to calculate scheme liabilities for HSBC’ s main defined benefit
pension schemes under FRS 17 were:
Discount
rate
Inflation
assumption
Rate of increase
for pensions in
payment and
deferred
pension
Rate of pay
Increase
%%%%
United Kingdom ........................................... 5.6 2.25 2.25 2.75
Hong Kong ................................................... 5.5 n/a n/a 4.5
United States ................................................ 6.75 2.5 n/a 3.75
Jersey ............................................................ 5.6 2.25 2.25 4.0
Mexico ......................................................... 10.78 5.0 5.0 7.62
Brazil ............................................................ 10.25 5.0 5.0 6.05
France ........................................................... 5.5 2.0 2.0 3.5
Other ............................................................ 3.75-6.75 1.5-2.0 0-1.5 2.5-3.0