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Retirement benefits (Tables)
 12 Months Ended
Dec. 31, 2024
Disclosure of defined benefit plans [abstract]  
Defined Benefit Plan
Movement in retirement benefit obligations
        
2024
$m
        
2023
$m
          
2022
$m
  
At 1 January    
66
      66         92  
Recognised in profit or loss
                              
Interest expense    
5
      3         2  
     
5
      3         2  
Recognised in other comprehensive income
                              
Actuarial
(gain)/
loss arising from changes in:		                              
Demographic assumptions
    
–
      (1 )        (1 ) 
Financial assumptions
    
(3
) 
       2         (22 ) 
Experience adjustments
    
(1
) 
       1         2  
Re-measurement
(gain)/
loss		    
(4
) 
       2         (21 ) 
Exchange and other adjustments    
7
      –         (2 ) 
     
3
      2         (23 ) 
Other
                              
Group contributions    
(6
) 
       (5 )        (5 ) 
     
(6
) 
       (5 )        (5 ) 
At 31 December
    
68
      66         66  
                               
Comprising:                              
UK plan
    
17
      19         18  
US plans
    
31
      34         35  
US post-retirement plan
    
13
      13         13  
Other post-employment benefit plans
    
7
      –         –  
     
    68
          66            66  
Summary of Principal Financial Assumptions Used to Determine Benefit Obligations
The principal financial assumptions used by the actuaries to determine the defined benefit obligations are:
 
        
2024
%
        
2023
%
          
2022
%
  
UK plan only:
                              
Pension increases
    
3.2
   
3.1
   
3.2
Inflation rate
    
3.2
   
3.1
   
3.2
                               
Discount rate:
                              
UK plan
    
5.6
   
4.8
   
5.0
US plans
    
5.3
   
4.7
   
4.9
US post-retirement plan
    
5.3
   
4.7
   
4.9
                               
US healthcare cost trend rate assumed for the next year:
                              
Pre-65
(ultimate rate reached in 203
5
)
    
8.6
   
7.8
   
6.9
Post-65
(ultimate rate reached in 203
5
)
    
9.7
   
8.6
   
7.3
Ultimate rate that the cost rate trends to
    
   4.5
   
   4.5
   
   4.5
Defined Benefit Plans - Life Expectancy Assumptions at Retirement Age
The assumptions applied to the UK plan and US plans for life expectancy at retirement age are as follows:
 
          
UK
           
US
  
           
2024
years
     
2023
years
     
2022
years
           
2024
years
     
2023
years
     
2022
years
  
Current pensioners at 65
a
 – male
     
23
  
23
  
24
    
22
  
22
  
22
             – female
     
25
  
25
  
26
    
23
  
23
  
23
Future pensioners at 65
b
  – male
     
23
  
23
  
25
    
23
  
23
  
23
             – female
     
      25
  
      25
  
      27
    
      25
  
      25
  
      25
 
a.
Relates to assumptions based on longevity following retirement at the end of the reporting period.
 
b.
Relates to assumptions based on longevity relating to an employee retiring in
2044
.
Defined Benefit Plans - Sensitivity Analysis of Actuarial Assumptions The sensitivity analysis below relates to the increase/(decrease) in the benefit obligation and is based on extrapolating reasonable changes in these assumptions, using
year-end
conditions and assuming no interdependency between the assumptions:
 
              
   2024
$m
         
   2023
$m
  
Discount rate
  
1% decrease
     
5
    
6
   
1% increase
     
(5
) 
     
(6
) 
Inflation rate
  
0.25% decrease
     
(1
) 
     
(1
) 
   
0.25% increase
     
–
    
1
Mortality rate
  
One-year increase
     
2
    
3
Healthcare costs trend rate
  
1% decrease
     
(1
) 
     
(1
) 
   
1% increase
     
1
    
1
Summary of Estimated Future Benefit Payments
Estimated future benefit payments
              
   2024
$m
         
   2023
$m
  
Within one year         
5
       5  
Between one and five years         
20
       21  
More than five years         
81
       86  
          
106
       112  
Average duration of pension obligations
              
   2024
years
         
    2023
years
  
UK plan         
12.0
       13.0  
US plans         
7.1
       7.5  
US post-retirement plan         
7.4
       8.0