a. Assumptions The principal actuarial, and main financial, assumptions used to calculate the scheme liabilities under FRS 102 are:
2024 Discount rate Retail price inflation (RPI)
Consumer price inflation (CPI) Salary increase rate
Pension increases: - Pre 2004 pensions
- 2004 – 2006 pensions - Post 2006 pensions Salary increase rate
4.90% 3.25% 2.85% 1.85%
5.00% 2.80% 2.10% 2.85%
Assuming retirement at age 65, the life expectancies based on the mortality assumptions are illustrated as follows: 31 March 2024...
For a male aged 65 now
At 65 for a male aged 45 now For a female aged 65 now
At 65 for a female aged 45 now Mortality rates as at 31st March 2024 incorporate actual observed increases of the last year.
21.2... 22.1... 23.6... 24.7...
2023
4.80% 3.30% 2.80% 1.80%
5.00% 2.75% 2.10% 2.80%
31 March 2023... 21.8... 22.7... 24.2... 25.3...
b. Scheme assets and net defined benefit pension liability:
Proportion at 31 March 2024
Invested assets Annuities
Fair value of plan assets Value of funded obligations
De-recognition of surplus Net defined benefit pension liability
75% 25%
At 31 March. 2024.
£’000. 7,096.
2,421.
--------- 9,517.
(9,171) (346)
--------- -.
----------
Proportion at 31 March 2023
73% 27%
At 31 March. 2023.
£’000. 7,142.
2,584.
--------- 9,726.
(9,650) (76)
--------- -.
----------
The assets of the defined benefit scheme exceeds the liabilities at 31 March 2024, giving a net surplus of £346,000 (2023 - £76,000). In the opinion of the directors this will not be recoverable in future so has not been recognised as an asset in the Statement of Financial Position.
32
RYA Annual Strategic Report 2024
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