Ryanair 2005 Annual Report Download - page 75

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(iv) Pensions (continued)
2005 2004
The funded status of the group’s retirement plans under SFAS No. 132(R) is as follows: 000 000
Actuarial present value of vested benefit obligations 24,590 14,214
Accumulated benefit obligations 24,590 14,214
Projected benefit obligations (29,213) (16,955)
Plan assets at fair value 18,585 12,033
Benefit obligations in excess of Plan assets (10,628) (4,922)
Unrecognised net actuarial loss 9,337 5,748
Unrecognised net obligation on implementation 148 178
Unrecognised currency movement (7) -
Additional pension liability recognised (5,627) (3,185)
Pension (liability) (6,777) (2,181)
Plan assets comprised primarily of investments in Irish and overseas equity and fixed interest securities.
(Continued)
Summary of differences between Irish, United Kingdom and
United States generally accepted accounting principles 65
ANNUAL REPORT & FINANCIAL STATEMENTS 2005
2005 2004
The principal assumptions used in the plan for SFAS No. 132(R) purposes were as follows: % %
Discount rate 5.10 5.25
Rate of increase in remuneration 3.70 3.50
Expected long term rate of return on assets 6.74 7.75
2005 2004
The net periodic pension cost in accordance with SFAS No. 132(R) were as follows: 000 000
Service cost - present value of benefits earned during the year 1,417 771
Interest cost on projected benefit obligations 1,207 747
Return on assets (1,077) (2,679)
Deferrals and amortisation 255 2,346
Net periodic pension cost 1,802 1,185