The effect of a one percentage point increase and decrease in the discount rate on the defined benefit obligation and the total pension expense is as follows:
| 2017 | ||||||||
|
All figures in £ millions |
1% increase | 1% decrease | ||||||
|
Effect: |
||||||||
|
(Decrease)/increase in defined benefit obligation – UK Group plan |
(423 | ) | 575 | |||||
|
(Decrease)/increase in defined benefit obligation – US plan |
(14 | ) | 16 | |||||
The effect of members living one year more or one year less on the defined benefit obligation is as follows:
| 2017 | ||||||||
|
All figures in £ millions |
One year increase |
One year decrease |
||||||
|
Effect: |
||||||||
|
Increase/(decrease) in defined benefit obligation – UK Group plan |
145 | (152 | ) | |||||
|
Increase/(decrease) in defined benefit obligation – US plan |
8 | (9 | ) | |||||
The effect of a half percentage point increase and decrease in the inflation rate is as follows:
| 2017 | ||||||||
|
All figures in £ millions |
0.5% increase |
0.5% decrease |
||||||
|
Effect: |
||||||||
|
Increase/(decrease) in defined benefit obligation – UK Group plan |
144 | (132 | ) | |||||
|
Increase/(decrease) in defined benefit obligation – US plan |
— | — | ||||||