LensCrafters 2013 Annual Report Download - page 207
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Footnotes to the statutory financial statements as of December 31, 2013 Page 40 of 71
exclude any assumptions about future salary growth.
The principal actuarial assumptions used are as follows:
2013 2012
ECONOMIC ASSUMPTIONS
Discount rate
3.15% 3.25%
Annual indexation of termination
indemnities 3.00% 3.00%
Mortality rate: RG48 tables determined by Italy's
General Accounting Office
RG48 tables determined by Italy's
General Accounting Office
Inability rate
Calculated considering age and gender
distribution of pensions as of January
1, 1987 with effects as from 1984,
1985, 1986 concerning employees of
credit institutions
Calculated considering age and
gender distribution of pensions as of
January 1, 1987 with effects as from
1984, 1985, 1986 concerning
employees of credit institutions
Retirement rate:
Assumes meeting the first pensionable
criteria to qualify for the basic pension,
taking into account the possibility of
employment termination for reasons other
than death, based on statistics supplied by
the Group (annual frequency of 5.00%).
In addition, the frequency of early
retirement is estimated to be 3.00% per
year.
Assumes meeting the first pensionable
criteria to qualify for the basic pension,
taking into account the possibility of
employment termination for reasons
other than death, based on statistics
supplied by the Group (annual frequency
of 5.00%). In addition, the frequency of
early retirement is estimated to be 3.00%
per year.
In order to take into account the current uncertainty of the financial markets, the Company has decided to use a
discount rate for the valuation of liabilities at December 31, 2013, that is based on the iBoxx Eurozone Corporates AA
10+ index at the valuation date.
More information about the accounting treatment of this liability further to the changes in the law can be found in the
earlier section on "Accounting policies and principles".