Annual report and accounts 2023 - Flipbook - Page 193
Strategic Report
Corporate Governance
Accounts
The fair value of scheme assets at the year end dates is analysed as follows:
2023
2022
Quoted*
£m
Unquoted
£m
Quoted*
£m
Unquoted
£m
Equities
Bonds
Debt
Cash
Buy-in policy
2.3
19.2
15.2
–
–
–
–
–
7.1
35.5
6.3
33.0
21.8
–
–
–
–
–
6.4
46.4
Total market value of scheme assets
36.7
42.6
61.1
52.8
*
Quoted prices for identical assets or liabilities in active markets.
Sensitivity review
The sensitivity of the overall pension liability to changes in the principal assumptions is:
Year ended 29 January 2023
Change in assumption
Impact on overall liabilities
Discount rate
Rate of inflation
Life expectancy
Increase/decrease by 2%
Increase/decrease by 1%
Increase/decrease by one year
Decreases/increases liabilities by £24.2m
Increases/decreases liabilities by £4.0m
Increases/decreases liabilities by £3.1m
Year ended 30 January 2022
Change in assumption
Impact on overall liabilities
Discount rate
Rate of inflation
Life expectancy
Increase/decrease by 1%
Increase/decrease by 1%
Increase/decrease by one year
Decreases/increases liabilities by £20.4m
Increases/decreases liabilities by £6.8m
Increases/decreases liabilities by £4.6m
Methods and assumptions used in preparing the sensitivity analyses
The sensitivities disclosed were calculated using approximate methods taking into account the duration of the 2008 Scheme’s liabilities. They have been calculated
consistently with last period’s disclosures, however these change over time with financial conditions and assumptions.
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