The fair values of the assets and liabilities of the UK and US defined benefit pension schemes, together with aggregated data for other defined benefit pension schemes in the Group are as follows:
| UK | US | Rest of World | Group | |||||||||||||||
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At 31 December 2017 |
£m | £m | £m | £m | ||||||||||||||
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Equities: |
– listed |
4,902 | 1,448 | 544 | 6,894 | |||||||||||||
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– unlisted |
— | — | 13 | 13 | ||||||||||||||
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Multi-asset funds |
2,517 | — | — | 2,517 | ||||||||||||||
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Property: |
– unlisted |
352 | 209 | 32 | 593 | |||||||||||||
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Corporate bonds: |
– listed |
297 | 820 | 103 | 1,220 | |||||||||||||
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– unlisted |
326 | — | 20 | 346 | ||||||||||||||
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Government bonds: |
– listed |
5,127 | 239 | 762 | 6,128 | |||||||||||||
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Insurance contracts |
849 | — | 707 | 1,556 | ||||||||||||||
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Other assets |
(1,216 | ) | 158 | 71 | (987 | ) | ||||||||||||
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Fair value of assets |
13,154 | 2,874 | 2,252 | 18,280 | ||||||||||||||
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Present value of scheme obligations |
(13,101 | ) | (3,445 | ) | (3,239 | ) | (19,785 | ) | ||||||||||
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Net surplus/(obligation) |
53 | (571 | ) | (987 | ) | (1,505 | ) | |||||||||||
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Included in Other non-current assets |
470 | — | 68 | 538 | ||||||||||||||
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Included in Pensions and other post-employment benefits |
(417 | ) | (571 | ) | (1,055 | ) | (2,043 | ) | ||||||||||
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| 53 | (571 | ) | (987 | ) | (1,505 | ) | ||||||||||||
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Actual return on plan assets |
893 | 394 | 82 | 1,369 | ||||||||||||||
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The multi-asset funds comprise investments in pooled investment vehicles that are invested across a range of asset classes, increasing diversification within the growth portfolio.
The index-linked gilts held as part of the UK repo programme are included in government bonds. The related loan is included within ‘Other assets’ at a value of £(773) million (2016 – £(1,698) million; 2015 – £(2,215) million).
| UK | US | Rest of World | Group | |||||||||||||||
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At 31 December 2016 |
£m | £m | £m | £m | ||||||||||||||
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Equities: |
– listed |
5,357 | 1,358 | 486 | 7,201 | |||||||||||||
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– unlisted |
— | — | 14 | 14 | ||||||||||||||
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Multi-asset funds |
1,545 | — | — | 1,545 | ||||||||||||||
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Property: |
– unlisted |
314 | 216 | 28 | 558 | |||||||||||||
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Corporate bonds: |
– listed |
292 | 213 | 96 | 601 | |||||||||||||
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– unlisted |
321 | — | 24 | 345 | ||||||||||||||
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Government bonds: |
– listed |
6,165 | 815 | 739 | 7,719 | |||||||||||||
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Insurance contracts |
856 | — | 637 | 1,493 | ||||||||||||||
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Other assets |
(2,267 | ) | 288 | 73 | (1,906 | ) | ||||||||||||
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Fair value of assets |
12,583 | 2,890 | 2,097 | 17,570 | ||||||||||||||
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Present value of scheme obligations |
(12,884 | ) | (3,752 | ) | (3,018 | ) | (19,654 | ) | ||||||||||
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Net obligation |
(301 | ) | (862 | ) | (921 | ) | (2,084 | ) | ||||||||||
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Included in Other non-current assets |
276 | — | 37 | 313 | ||||||||||||||
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Included in Pensions and other post-employment benefits |
(577 | ) | (862 | ) | (958 | ) | (2,397 | ) | ||||||||||
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| (301 | ) | (862 | ) | (921 | ) | (2,084 | ) | |||||||||||
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Actual return on plan assets |
2,473 | 153 | 99 | 2,725 | ||||||||||||||
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At 31 December 2015 |
UK £m |
US £m |
Rest of World £m |
Group £m |
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Equities: |
– listed |
5,187 | 1,235 | 355 | 6,777 | |||||||||||||
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– unlisted |
— | — | 1 | 1 | ||||||||||||||
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Multi-asset funds |
481 | — | — | 481 | ||||||||||||||
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Property: |
– unlisted |
302 | 175 | 8 | 485 | |||||||||||||
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Corporate bonds: |
– listed |
251 | 727 | 76 | 1,054 | |||||||||||||
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– unlisted |
232 | — | 2 | 234 | ||||||||||||||
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Government bonds: |
– listed |
5,687 | 184 | 664 | 6,535 | |||||||||||||
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Insurance contracts |
755 | — | 439 | 1,194 | ||||||||||||||
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Other assets |
(2,611 | ) | 180 | 205 | (2,226 | ) | ||||||||||||
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Fair value of assets |
10,284 | 2,501 | 1,750 | 14,535 | ||||||||||||||
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Present value of scheme obligations |
(10,601 | ) | (3,134 | ) | (2,384 | ) | (16,119 | ) | ||||||||||
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Net obligation |
(317 | ) | (633 | ) | (634 | ) | (1,584 | ) | ||||||||||
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Included in Other non-current assets |
232 | — | 26 | 258 | ||||||||||||||
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Included in Pensions and other post-employment benefits |
(549 | ) | (633 | ) | (660 | ) | (1,842 | ) | ||||||||||
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| (317 | ) | (633 | ) | (634 | ) | (1,584 | ) | |||||||||||
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Actual return on plan assets |
(17 | ) | (30 | ) | 23 | (24 | ) | |||||||||||
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