Financial Statements 2020 | 69
Assets
31 March 2020 1 April 2019 £ 000 £ 000
Global equity 5,974 6,668 Absolute return 2,130 3,429 Distressed opportunities 787 720 Credit relative value 1,120 725 Alternative risk premia 2,856 2,285 Fund of hedge funds 24 178 Emerging markets debt 1,237 1,367 Risk sharing 1,379 1,197 Insurance-linked securities 1,255 1,137 Property 900 892 Infrastructure 3,040 2,078 Private debt 823 532 Opportunistic illiquid credit 988 - Corporate bond fund 2,329 1,849 Liquid credit 17 - Long lease property 707 583 Secured income 1,550 1,419 Over 15 year gilts - - Indexed linked All Stock Gilts - - Liability driven investment 13,556 14,492 Net current assets 175 76
Total assets 40,847 39,627
None of the fair values of the assets shown above include any direct investments in the employer ’ s own financial instruments or any property occupied by , or other assets used by , the employer .
Key assumptions
31 March 2020 1 April 2019 % per annum % per annum
Discount rate |
2.38 |
2.30 |
Inflation ( RPI ) |
2.63 |
3.30 |
Inflation ( CPI ) |
1.63 |
2.30 |
Salary growth |
2.63 |
3.30 |
Allowance for commutation of pension for cash at retirement
75 % of Maximum allowance
75 % of Maximum allowance
The mortality assumptions adopted at 31 March 2019 imply the following life expectancies :
Life expectancy at age 65 ( years )
Male retiring in 2020 |
21.5 |
Female retiring in 2020 |
23.3 |
Male retiring in 2040 |
22.9 |
Female retiring in 2040 |
24.5 |