Company: RTNTF
Filing Date: 2025-02-20
Form Type: 20-F
Source: 0001628280-25-006642
Chunk: 391

Company: RIO TINTO LTD
Filing Date: 2025-02-20
Form: 20-F
Chunk 391
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237 |
| Benefits paid                                      |                -716 |               -36 |      -752 |      -748 |
| Non-investment expenses                            |                 -20 |                 – |       -20 |       -20 |
| Return on plan assets, net of interest on assets   |                -130 |                 – |      -130 |       222 |
| Impact of buy-in                                   |                   – |                 – |         – |      -216 |
| Assets transferred to defined contribution section |                  -7 |                 – |        -7 |        -6 |
| Currency exchange rate(losses)/gains               |                -664 |                 – |      -664 |       434 |
| Fair value of plan assets at the end of the year   |              10,155 |                 – |    10,155 |    11,138 |

| Annual Report on Form 20-F 2024 | 216 | riotinto.com |

Financial statements | Notes to the consolidated financial statements

28 Post-retirement benefits continued

The impact of higher interest rates on bonds and qualifying insurance policies explains most of the return on plan assets, net of interest on

assets in 2024 .

The resulting effect of applying an asset ceiling is a gain of US$ 12million and a gain of US$ 4million for the change in currency exchange rate

during the year. In determining the extent to which the asset ceiling has an effect, the Group considers the funding legislation in each country

and the rules specific to each pension plan. The calculation takes into account any minimum funding requirements that may be applicable to the

plan, whether any reduction in future Group contributions is available, and whether a refund of surplus may be available. In considering whether

any refund of surplus is available, the Group considers the powers of trustee boards and similar bodies to augment benefits or wind up a plan.

Where such powers are unilateral, the Group does not consider a refund to be available at the end of the life of a plan. Where the plan rules and

legislation both permit the employer to take a refund of surplus, the asset ceiling may have no effect, although it may be the case that a refund

will only be available many years in the future.

Main assumptions (rates per annum)

| Key estimate - Estimation of obligations for post-employment costsThe value of the Group’s obligations for post-employment benefits is dependent on the amount of benefits that are expected to be paid out,discounted to the balance sheet date.