Notes to the Financial Statements
Financial Reporting Standard 17
Additional disclosures regarding the Group’s defined benefit pension scheme are required under the provisions of FRS 17. The FRS 17 valuations each
year are undertaken by a qualified actuary using assumptions t hat are consistent with the requirements of FRS 17. The market value of investments
has been calculated using the bid price.
The major assumptions used were as follows:
31 March
31 March
31 March
2015
2014 2013
% % %
Rate of increase in salaries
Rate of increase in pensions
Discount rate
Annual inflation RPI
Annual inflation CPI
3.2
2.2
3.2
3.2
2.2
3.6
2.6
4.4
3.6
2.6
3.6
2.6
4.4
3.6
2.6
31 March
31 March
31 March
2015
2014 2013
No. of Years
No. of Years
No. of Years
Life expectancy of male aged 60 at accounting date
27.7
27.5
27.4
The market value of the assets in the Group’s sub-funds of the scheme and the present value of these sub-funds’ liabilities at the balance sheet
date were:
Valuation
Equities
High yield bonds/gilts and debt instruments
Diversified growth funds
Emerging markets multi asset funds
(Overdraft)/cash
Market value of scheme assets
Present value of scheme liabilities
88
2015
2015 2014
2014 2013 2013
% £’000
% £’000
% £’000
30 80,609
34 77,831
53 142,937
48 113,506
11
30,972 12
27,757
6
15,590 6
14,331
—
(43)
—
206
32
74,692
49 114,809
12 27,202
7 16,233
— (68)
270,065
(243,213)
233,631
(211,257)
232,868
(209,653)
Surplus in the scheme
Amount not recognised due to asset limit
26,852
(11,169)
22,374
(7,165)
23,215
(6,993)
Surplus before deferred tax
Related deferred tax liability
15,683
(3,137)
15,209 16,222
(3,042)
(3,731)
Surplus after deferred tax
12,546
12,167
12,491