Ryanair 2009 Annual Report Download - page 169

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169
A separate annual actuarial valuation has been performed for the purposes of preparing these financial
statements. The principal actuarial assumptions used for the purpose of this actuarial valuation were as follows:
At March 31,
2009 2008 2007
% % %
Discount rate used for Irish plan ................................
..........................
6.00 6.25 4.75
Discount rate used for UK plan ................................
............................
6.30 6.60 5.35
Return on plan assets for Irish plan ................................
......................
6.40 7.28 6.95
Return on plan assets for UK plan ................................
.......................
7.18 7.91 7.38
Rate of Euro inflation ................................................................
...........
2.00 2.50 2.50
Rate of UK inflation ................................................................
.............
3.00 3.25 2.75
Future pension increases in Irish plan ................................
..................
0.00 0.00 0.00
Future pension increases in UK plan ................................
....................
3.00 3.25 2.75
Future salary increases for Irish plan (a) ................................
..............
3.00 3.50 3.50
Future salary increases for UK plan (a)................................
................
4.00 4.25 3.75
______________
(a) Future salary increases assumed to be 0% until 2012 in line with the company’s expected policy and 3% thereafter.
The Company uses certain mortality rate assumptions when calculating scheme obligations. The
mortality assumptions of the Irish scheme have been based on the mortality table 62% / 70% PNM / FL00 while
the mortality assumptions of the UK scheme have been based on the mortality table PM / FA92 for calendar
year 2035, both of which include sufficient allowance for future improvements in mortality rates. Retirement
ages for scheme members are 60 for pilots and 65 for other staff.
The current life expectancies underlying the value of the scheme liabilities for the Irish scheme are as
follows:
At March 31,
2009 2008 2007
Retiring at age 60:
Male ............................................................................................................................... 25.8 25.5 24.4
Female............................................................................................................................ 27.6 28.4 27.4
Retiring at age 65:
Male ............................................................................................................................... 21.4 20.8 19.8
Female............................................................................................................................ 23.1 23.7 22.8
The current life expectancies underlying the value of the scheme liabilities for the UK scheme are as
follows:
At March 31,
2009 2008 2007
Retiring at age 60:
Male ............................................................................................................................... 25.5 25.5 24.4
Female............................................................................................................................ 28.4 28.4 27.4
Retiring at age 65:
Male ............................................................................................................................... 20.8 20.8 19.8
Female............................................................................................................................ 23.7 23.7 22.8
The amounts recognised in the consolidated balance sheets in respect of our defined benefit plans are
as follows:
At March 31,
2009 2008 2007
€000 €000 €000
Present value of benefit obligations ............................................................................... (28,089) (26,989) (35,596)
Fair value of plan assets ................................................................................................. 17,932 24,969 28,616
Present value of net obligations ..................................................................................... (10,157) (2,020) (6,980)
Related deferred tax asset .............................................................................................. 1,270 252 872
Net pension (liability) .................................................................................................... (8,887) (1,768) (6,108)