In 2022 it is expected that the Givaudan UK Pension Plan will be transferred to a third party under a buy-out agreement, the Group expects to contribute CHF 7 million to the Quest UK Pension Scheme. Rest of the world The Group operates other retirement plans classified either as defined benefit or defined contribution plans in some other countries. No individual plan other than those described above is considered material to the Group. The Group expects to contribute CHF 4 million to these plans in 2022 The funding position of the funded defined benefit plans are as follows: As at 31 December 2021 in millions of Swiss francs Switzerland United States of America United Kingdom Other countries Tot al Present value of defined benefit obligation 1,319 436 342 84 2,181 Fair value of plan asset 1,168 404 410 39 2,021 Deficit / (surplus) 151 32 (68) 45 160 Funding ratio 88.6% 92.7% 119.9% 46.4% 92.7% As at 31 December 2020 in millions of Swiss francs Switzerland United States of America United Kingdom Other countries Tot al Present value of defined benefit obligation 1,376 458 369 98 2,301 Fair value of plan asset 1,089 398 388 42 1,917 Deficit / (surplus) 287 60 (19) 56 384 Funding ratio 79.1% 86.9% 105.1% 42.9% 83.3% Key assumptions 2021 in percentage Switzerland United States of America United Kingdom Discount rate 0.20 2.86 1.95 Future salary increases 1.75 n/a n/a Future pension increases 0.00 0.00 3.03 Future average life expectancy for a pensioner retiring at age 65 22.8 22.0 23.3 2020 in percentage Switzerland United States of America United Kingdom Discount rate 0.00 2.55 1.40 Future salary increases 1.75 n/a n/a Future pension increases 0.00 0.00 2.83 Future average life expectancy for a pensioner retiring at age 65 22.9 21.9 22.7 Assumptions regarding future mortality experience are set based on actuarial advice in accordance with published statistics and experience in each territory. Mortality assumptions for the most important countries at year-end 2021 are based on the following tables: – Switzerland: BVG2020 – United States of America: Pri-2012 – United Kingdom: S3PA. Allowance for future improvements in mortality have been allowed for as appropriate in each country. In Switzerland the generational rates have been used adopting the CMI (2019) approach and a 1.50% long term rate of improvement. In the United States of America the published rates have been adjusted and projected in accordance with the MP2021 scale. In the United Kingdom the rates reflect the latest (2020) CMI projections with a 1.25% long term rate of improvement. Governance Report Compensation Report Consolidated Financial Report Statutory Financial Report Appendix 76 Givaudan — 2021 Governance, Compensation and Financial Report Notes to the consolidated financial statements