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a. Assumptions The principal actuarial, and main financial, assumptions used to calculate the scheme liabilities under FRS 102 are:


Discount rate Retail price inflation (RPI)


Consumer price inflation (CPI) Salary increase rate


Pension increases: - Pre 2004 pensions


- 2004 – 2006 pensions - Post 2006 pensions


Revaluation of Deferred Pensions


2026 6.10% 3.35% 3.05% 3.05%


5.05% 2.95% 2.05% 3.05%


Assuming retirement at age 65, the life expectancies based on the mortality assumptions are illustrated as follows: 31 March 2026...


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 2026 incorporate actual observed increases of the last year.


21.6... 22.6... 23.9... 25.0...


2025


5.80% 3.20% 2.90% 2.90%


5.00% 2.85% 2.10% 2.90%


31 March 2025... 21.1... 22.1... 23.6... 24.7...


b. Scheme assets and net defined benefit pension liability:


Proportion at 31 March 2026


Invested assets Annuities


Fair value of plan assets Value of funded obligations


De-recognition of surplus Net defined benefit pension liability


76% 24%


At 31 March. 2026.


£’000. 6,650.


2,141.


--------- 8,791.


(8,365) (426)


--------- -.


----------


Proportion at 31 March 2025


75% 25%


At 31 March. 2025.


£’000. 6,637.


2,165.


--------- 8,802.


(8,374) (428)


--------- -.


----------


The assets of the defined benefit scheme exceeds the liabilities at 31 March 2026, giving a net surplus of £426,000 (2025 - £428,000). 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.


40


RYA Annual Strategic Report 2026


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