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NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 December 2021 (continued)
31 Pension Obligations (continued)
The table below gives an indication of the impact of a change in the principal actuarial assumptions on the funded defined benefit
scheme liabilities.
Assumption
Change in assumption
Impact on plan liabilities
2021
2020
Funded Schemes
Discount rate
Increase/decrease by 0.5%
Decrease by 10% /
increase by 12%
Decrease by 11% /
increase by 13%
Un-Funded Schemes
Discount rate
Increase by 0.25%
Decrease by 4%
Decrease by 5%
Funded Schemes
Inflation rate
Increase/decrease by 0.5%
Increase by 5% /
decrease by 5%
Increase by 6% /
decrease by 5%
Un-Funded Schemes
Inflation rate
Increase by 0.25%
Increase by 3%
Increase by 4%
Funded Schemes
Mortality assumptions
Increase by 1 year
Increase by 4%
Increase by 5%
Un-Funded Schemes
Mortality assumptions
Increase by 1 year
Increase by 4% - 6%
Increase by 4%
The sensitivity analyses above have been determined on a method that extrapolates the impact on the defined benefit obligation as
a result of reasonable changes in key assumptions occurring at the end of the reporting period. The sensitivity analyses are based on a
change in a significant assumption, keeping all other assumptions constant. The sensitivity analyses may not be representative of an
actual change in the defined benefit obligation as it is unlikely that changes in assumptions would occur in isolation from one another.
Movements in net liability recognised in the Consolidated Statement of Financial Position
Net liability in schemes at 1 January
Acquired
Employer contributions
Recognised in consolidated income statement
Recognised in consolidated statement of comprehensive income
Foreign exchange movement
Net liability in schemes at 31 December
2021
€m
2020
€m
(45.9)
(3.0)
1.8
(2.2)
21.5
(0.2)
(28.0)
(15.1)
(10.5)
1.6
(1.1)
(19.9)
(0.9)
(45.9)
2021
€m
2020
€m
Defined benefit pension income/expense recognised in the Consolidated Income Statement
Current service cost
Other expenses
Settlements of scheme obligations
Total, included in operating costs
(0.7)
(1.4)
0.1
(2.0)
(1.1)
(0.6)
0.6
(1.1)
Movement on scheme obligations
Interest on scheme assets
Net interest expense, included in finance expense (Note 4)
(4.0)
3.8
(0.2)
(3.5)
3.4
(0.1)
Kingspan Group plc Annual Report & Financial Statements 2021
Financial Statements
