Risk of fluctuations in pension assets and retirement benefit obligations
First written in FY2016. 9 of 21 entries say "Restated". Latest entry: FY2025.
The whole theme swung hardest in 2020: 7 of 49 companies on the "Worse" side.
20 other companies' latest entry also says "Mitigated".
- FY2025MitigatedAnnual report
「Net retirement benefit assets and liabilities (after tax) ¥15,607 million」
Net retirement benefit assets and liabilities decreased from ¥20,632 million at the end of the previous fiscal year to ¥15,607 million. - FY2024-Q3MitigatedAnnual report
「As a result of the lower tax rate applied to the pension surplus, the surplus of the defined benefit pension plans recognised by our Group increased by ¥4,090 million at the end of the third quarter, and this impact was recognised in the statement of comprehensive income.」
The tax rate applied to the surplus of the UK pension plans was reduced from 35% to 25%, increasing the recognised surplus of the defined benefit pension plans by ¥4,090 million. - FY2023-Q2MitigatedAnnual report
「During the second quarter, a buy-in was implemented for pension benefits payable to eligible pensioners under a major UK pension plan operated by our Group.」
A buy-in was implemented for a major UK pension plan as part of a long-term policy to reduce risk related to retirement benefit obligations. A loss of ¥1,630 million after tax was recognised in connection with the transaction. - FY2023-Q1MitigatedAnnual report
「As a result of this reassessment, net retirement benefit liabilities decreased by ¥9,888 million, or ¥7,254 million after corporation income tax.」
The reassessment following fluctuations in bond prices and discount rates reduced net retirement benefit liabilities by ¥7,254 million after tax, improving the pension-related burden. - FY2022MitigatedAnnual report
「Net retirement benefit assets and liabilities (after tax) ¥23,110 million」
Net retirement benefit assets and liabilities decreased from ¥37,667 million at the end of the previous fiscal year to ¥23,110 million. The company disclosed that the net pension position improved due to higher discount rates for the UK plans and other factors. - FY2022-Q3RestatedAnnual report
「There were no material changes to the business and other risks described in the securities report for the previous fiscal year during the cumulative third quarter of the current fiscal year.」
The company stated that there were no significant changes in the risks related to fluctuations in pension assets and retirement benefit obligations. - FY2022-Q2RestatedAnnual report
「The Group considers its analysis of business and other risks disclosed in the annual securities report for the previous fiscal year to remain valid during the second quarter of the current consolidated cumulative period. There were no material changes to the business and other risks described in the annual securities report for the previous fiscal year during the second quarter of the current consolidated cumulative period.」
The company stated that there were no significant changes in the risks related to fluctuations in pension assets and retirement benefit obligations. - FY2021WorsenedAnnual report
「The decrease in total equity was mainly due to the loss for the fiscal year and the recognition of a loss in other comprehensive income resulting from a review of the assumptions used to value retirement benefit liabilities.」
A loss was recognised in other comprehensive income following a review of the retirement benefit assumptions, and the net amount of retirement benefit assets and liabilities increased from the end of the previous fiscal year. - FY2021-Q3RestatedAnnual report
「No reassessment was carried out at the end of the third quarter; the results of the reassessment at the end of the second quarter have been retained.」
The results of the reassessment of retirement benefit liabilities conducted in the second quarter were retained at the end of the third quarter, and no new reassessment was performed. - FY2021-Q2MaterialisedAnnual report
「In response to fluctuations in bond prices and the resulting changes in discount rates during the second quarter, our Group reassessed its retirement benefit liabilities as of the end of the second quarter. As a result, net retirement benefit liabilities increased by ¥8,963 million, or ¥7,820 million after corporation income tax.」
Following the reassessment in response to fluctuations in bond prices and discount rates, an after-tax increase of ¥7,820 million in net retirement benefit liabilities was recognised in other comprehensive income. - FY2021-Q1RestatedAnnual report
「There were no material changes to the business and other risks described in the annual securities report for the previous fiscal year during the first quarter of the current consolidated cumulative period.」
The company stated that there were no significant changes in the risks related to fluctuations in pension assets and retirement benefit obligations. - FY2020MitigatedAnnual report
「This provides PSS with additional future security against the achievement of the funding target and the unforeseen event of our Group becoming unable to make payments. Contributions to the escrow account are capped at £12 million per year (¥1,656 million translated at the exchange rate for the fiscal year ended March 2020).」
For the UK PSS, contributions of up to £12 million per year to the escrow account provided a specific response to future pension risks. - FY2019MaterialisedAnnual report
「Under separately disclosed items, the amount recognised was the net amount after deducting ¥759 million in tax on the pension plan surplus from the total past service cost of ¥2,144 million.」
The past service cost arising from the UK GMP ruling was recognised for the full year, with total past service cost of ¥2,144 million and a net amount after tax of ¥1,385 million disclosed. - FY2019-Q3MaterialisedAnnual report
「The past service cost related to retirement benefit liabilities for the first 3 quarters of the current fiscal year resulted from the UK court ruling on guaranteed minimum pensions (GMPs).」
Following the UK court's GMP ruling, equalisation of benefits was required, and a net amount of ¥1,395 million was recognised after deducting tax from the ¥2,146 million past service cost. - FY2018-Q3RestatedAnnual report
「There were no material changes to the business and other risks described in the securities report for the previous fiscal year during the cumulative third quarter of the current fiscal year.」
The company stated that there were no significant changes in the risks related to fluctuations in pension assets and retirement benefit obligations. - FY2018-Q2RestatedAnnual report
「There were no material changes to the business and other risks described in the securities report for the previous fiscal year during the cumulative second quarter of the current fiscal year.」
The company stated that there were no significant changes in the risks related to fluctuations in pension assets and retirement benefit obligations. - FY2018-Q1RestatedAnnual report
「There were no material changes to the business and other risks described in the annual securities report for the previous fiscal year during the first quarter of the current consolidated cumulative period.」
The company stated that there were no significant changes in the risks related to fluctuations in pension assets and retirement benefit obligations. - FY2017-Q3RestatedAnnual report
「By implementing this buy-in, the pension plan can reduce its exposure to future pension risks arising from fluctuations in discount rates, longevity trends and other factors.」
The company reaffirmed the reduction of pension risk through the buy-in for a major UK pension plan. - FY2017-Q2MitigatedAnnual report
「By implementing this buy-in, the pension plan can reduce its exposure to future pension risks arising from fluctuations in discount rates, longevity trends and other factors.」
A buy-in was implemented for a major UK pension plan, reducing exposure to future pension risks arising from discount rates and increasing longevity. - FY2017-Q1RestatedAnnual report
「There were no material changes to the business and other risks described in the annual securities report for the previous fiscal year during the first quarter of the current consolidated cumulative period.」
The company stated that there were no significant changes in the risks related to fluctuations in pension assets and retirement benefit obligations. - FY2016First statedAnnual report
「If the fair value of pension assets or the discount rates, mortality rates or other assumptions used to calculate pension obligations fluctuate significantly, our Group may be required to make additional contributions to its retirement benefit plans.」
The company recognises the risk of additional contributions resulting from fluctuations in asset management performance, discount rates and mortality rates, and is addressing plan management and longevity risk.