Aer Lingus 2012 Annual Report Download - page 105

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FINANCIAL STATEMENTS Aer Lingus Group Plc
ANNUAL REPORT 2012
103
The movement in the fair value of plan assets of the year is as follows:
2012 2011
€'000 €'000
At 1 January 9,405 9,080
Expected return on plan assets 642 586
Actuarial losses (330) (1,032)
Employer contributions 613 1,128
Benefits paid (552) (349)
Taxes paid (8) (8)
At 31 December 9,770 9,405
The amounts recognised in the income statement are as follows:
2012 2011
€'000 €'000
Interest cost - recognised in finance expense 587 626
Expected return on plan assets - recognised in finance income (642) (587)
Past service cost/(credit) - recognised in staff costs -(457)
Total charge/(credit) recognised in income statement (55) (418)
The actual return on plan assets was €0.9 million (2011: €0.4 million)
Key Assumptions
The principal actuarial assumptions were as follows:
2012 2011
Discount rate 3.50% 4.25%
Inflation rate 2.00% 2.00%
Expected return on plan assets 3.50% - 7.00% 4.59% - 7.00%
Future salary increases N/A N/A
Future pension increases 0.00% 0.00%
Assumptions regarding future mortality experience are set based on actuarial advice in accordance with published statistics and experience.
Mortality assumptions are based on the following post-retirement mortality tables:
These tables translate into an average life expectancy in years for a pensioner retiring at age 65:
2012 2011
Retiring at the end of the reporting period:
-Male 19.15 - 23.92 19.08 - 23.80
-Female 21.04 20.99
Retiring 20 years after the end of the reporting period:
-Male (currently aged 45) 37.59 37.50
-Female (currently aged 45) 39.53 39.48
Notes to the consolidated financial statements (continued)