Company: RTNTF
Filing Date: 2025-02-20
Form Type: 20-F
Source: 0001628280-25-006642
Chunk: 386

Company: RIO TINTO LTD
Filing Date: 2025-02-20
Form: 20-F
Chunk 386
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|             | Calculation of benefit                                                                                                                                      | Regulatory requirements                                                                 | Governing body                                                                                                                                                                                   |
| Canada      | Linked to final average pay for non-unionisedemployees. For unionised employees linked tofinal average pay or to a flat monetary amountper year of service. | Regulatory requirements in therelevant provinces and territories(predominantly Quebec). | Pension committee, a number of members are appointed bythe sponsor and a number appointed by plan participants. Insome cases, independent committee members are alsoappointed.                   |
| UK          | Linked to final pay, subject to an earnings cap.                                                                                                            | Regulatory requirements thatapply to UK pension plans.                                  | Trustee board, a number of directors appointed by thesponsor and a number appointed by plan participants andan independent trustee director.                                                     |
| US          | Linked to final average pay for non-unionisedemployees and to a flat monetary amount peryear of service for unionised employees.                            | US regulations.                                                                         | Benefit Governance Committee. Members are appointed bythe sponsor.                                                                                                                               |
| Switzerland | Linked to final average pay.                                                                                                                                | Swiss regulations.                                                                      | Trustee board. Members are appointed by the plan sponsor,by employees and by retirees.                                                                                                           |
| Australia   | Linked to final pay and typically paid in lumpsum form.                                                                                                     | Local regulations in Australia.                                                         | An independent financial institution. One-third of the boardpositions are nominated by employers. Remaining positionsare filled by independent directors and directors nominatedby participants. |

The Group also operates a number of unfunded defined benefit plans, which are included in the reported defined benefit obligations.

Post-retirement healthcare plans

Certain subsidiaries of the Group, mainly in the US and Canada, provide healthcare and life insurance benefits to retired employees and in

some cases to their beneficiaries and covered dependants. Eligibility for coverage is dependent upon certain age and service criteria. These

arrangements are unfunded, and are included in the reported defined benefit obligations.

Recognition and measurement For post-employment defined benefit schemes, in accordance with IAS 19 “Employee Benefits”, local actuaries calculate the fair value of the plan assets and the present value of the plan obligations using a variety of valuation techniques dependent on the type of asset or liability. The difference is recognised as an asset or liability in the balance sheet. Where appropriate, the recognition of assets may be restricted to the present value of any amounts the Group expects to recover by way of refunds from the plan or reductions in future contributions. In determining the extent to