TRUSTEES' REPORT AND ACCOUNTS 2022
76 Notes to the accounts continued
Year ended 31 December 2022
25. Pensions (continued) 2022 2021
Withdrawal
Allowance for members to leave
employment before retirement
Allowance for members to leave
employment before retirement
Life expectancy at age 65 of male aged 45 23.3 23.3
Life expectancy at age 65 of male aged 65 22.0 21.9
Life expectancy at age 65 of female aged 45 25.8 25.8
Life expectancy at age 65 of female aged 65 24.4 24.3
Bid values as at
31 Dec 2022
£'000
% of the fair
value of the
total plan
assets as at
31 Dec 2022
Bid values as at
31 Dec 2021
£'000
% of the fair
value of the
total plan assets
as at
31 Dec 2021
The current asset split is as follows:
Global equities 12,159 6% 66,123 20%
LDI funds 88,265 43% 107,053 31%
Diversified credit 19,057 9% 25,924 8%
Diversified private markets 56,212 27% 55,160 17%
Multi-asset funds 16,422 8% 58,649 18%
Currency hedging (380) - (450) -
Property 14,171 7% 15,826 5%
Cash 935 - 2,820 1%
Total assets 206,841 100% 331,105 100%
At 31 Dec 2022
£'000
At 31 Dec 2021
£'000
Balance sheet
Fair value of assets 206,841 331,105
Present value of funded obligations (217,662) (342,209)
Surplus/(deficit) in scheme (10,821) (11,104)
Net defined benefit asset/(liability) (10,821) (11,104)
Period to
31 Dec 2022
£'000
Period to
31 Dec 2021
£'000
Amount recognised in the SOFA
Current service cost - -
Administration costs - -
Interest on liabilities 6,759 4,791
Interest on assets (6,558) (4,262)
Past service costs - -
Settlement and curtailment cost - -
Total charge to SOFA 201 529