Annual Report 2015 | Page 90

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