The retirement expense charged to the income statement is recorded within personnel expenses for the operating part and within financial costs for the financial part and can be analysed as follows:
| € millions | 2022 | 2021 | 2020 |
|---|---|---|---|
| Service cost during the financial year | Service cost during the financial year 2022236.0 |
Service cost during the financial year 2021221.9 |
Service cost during the financial year 2020201.2 |
| Interest costs | Interest costs 202286.6 |
Interest costs 202160.5 |
Interest costs 202080.0 |
| Expected return on assets | Expected return on assets 2022-80.1 |
Expected return on assets 2021-50.4 |
Expected return on assets 2020-66.7 |
| New plans/plan amendments | New plans/plan amendments 2022-0.8 |
New plans/plan amendments 2021-10.0 |
New plans/plan amendments 2020-12.7 |
| Curtailments | Curtailments 2022-15.1 |
Curtailments 2021-16.7 |
Curtailments 2020-21.2 |
| Settlements | Settlements 20220.3 |
Settlements 20211.1 |
Settlements 20200.2 |
| TOTAL | TOTAL2022226.9 | TOTAL2021206.4 | TOTAL2020180.9 |
Contributions to defined contribution schemes recognised as an expense for 2022, 2021 and 2020 amounted to €670.6 million,€559.3 million and €511.3 million, respectively.
A change of 1% point in medical cost inflation would have the following impact:
| € millions | Increase of 1% | Decrease of 1% |
|---|---|---|
| Impact on projected benefit obligation | Impact on projected benefit obligation Increase of 1%5.84 |
Impact on projected benefit obligation Decrease of 1%-5.70 |
| Impact on current service cost and interest costs | Impact on current service cost and interest costs Increase of 1%0.25 |
Impact on current service cost and interest costs Decrease of 1%-0.21 |
Actuarial gains and losses for the periods presented are as follows:
|
€ millions 2022 |
Present value of defined benefit obligation | Plan assets | Net provisions |
|---|---|---|---|
| Actuarial gains and losses: experience adjustments | Actuarial gains and losses: experience adjustments Present value of defined benefit obligation100.3 |
Actuarial gains and losses: experience adjustments Plan assets1,036.1 |
Actuarial gains and losses: experience adjustments Net provisions1,192.0 |
| Actuarial gains and losses: demographic assumptions | Actuarial gains and losses: demographic assumptions Present value of defined benefit obligation-1.5 |
Actuarial gains and losses: demographic assumptions Plan assets— |
Actuarial gains and losses: demographic assumptions Net provisions-1.5 |
| Actuarial gains and losses: financial assumptions | Actuarial gains and losses: financial assumptions Present value of defined benefit obligation-1,530.4 |
Actuarial gains and losses: financial assumptions Plan assets— |
Actuarial gains and losses: financial assumptions Net provisions-1,586.1 |
| TOTAL | TOTALPresent value of defined benefit obligation-1,431.6 | TOTALPlan assets1,036.1 | TOTALNet provisions-395.5 |
|
€ millions 2021 |
Present value of defined benefit obligation | Plan assets | Net provisions |
|---|---|---|---|
| Actuarial gains and losses: experience adjustments | Actuarial gains and losses: experience adjustments Present value of defined benefit obligation31.5 |
Actuarial gains and losses: experience adjustments Plan assets-255.2 |
Actuarial gains and losses: experience adjustments Net provisions-223.7 |
| Actuarial gains and losses: demographic assumptions | Actuarial gains and losses: demographic assumptions Present value of defined benefit obligation23.2 |
Actuarial gains and losses: demographic assumptions Plan assets— |
Actuarial gains and losses: demographic assumptions Net provisions23.2 |
| Actuarial gains and losses: financial assumptions | Actuarial gains and losses: financial assumptions Present value of defined benefit obligation-384.6 |
Actuarial gains and losses: financial assumptions Plan assets— |
Actuarial gains and losses: financial assumptions Net provisions-384.6 |
| TOTAL | TOTALPresent value of defined benefit obligation-329.9 | TOTALPlan assets-255.2 | TOTALNet provisions-585.1 |
|
€ millions 2020 |
Present value of defined benefit obligation | Plan assets | Net provisions |
|---|---|---|---|
| Actuarial gains and losses: experience adjustments | Actuarial gains and losses: experience adjustments Present value of defined benefit obligation40.3 |
Actuarial gains and losses: experience adjustments Plan assets-257.5 |
Actuarial gains and losses: experience adjustments Net provisions-217.2 |
| Actuarial gains and losses: demographic assumptions | Actuarial gains and losses: demographic assumptions Present value of defined benefit obligation7.2 |
Actuarial gains and losses: demographic assumptions Plan assets— |
Actuarial gains and losses: demographic assumptions Net provisions7.2 |
| Actuarial gains and losses: financial assumptions | Actuarial gains and losses: financial assumptions Present value of defined benefit obligation435.6 |
Actuarial gains and losses: financial assumptions Plan assets— |
Actuarial gains and losses: financial assumptions Net provisions435.6 |
| TOTAL | TOTALPresent value of defined benefit obligation483.1 | TOTALPlan assets-257.5 | TOTALNet provisions225.7 |
