TRUSTEES' REPORT AND ACCOUNTS 2024 81
The RSPCA is aware that the Court of Appeal has recently upheld the decision in the Virgin Media vs NTL Pension Trustees II Limited case. The decision
puts into question the validity of any amendments made in respect of the rules of a contracted-out pension scheme between 6 April 1997 and 5 April 2016.
The judgment means that some historic amendments affecting s.9(2B) rights could be void if the necessary actuarial confirmation under s.37 of the Pension
Schemes Act 1993 was not obtained. Until further investigations have been completed by the UK Government's Actuary's Department and/or any legislative
action taken by the Government, the potential impact, if any, on the valuation of scheme liabilities remains unknown.
The weighted average duration of the defined benefit obligation is around 15 years.
Figures for disclosure in accounts for period ending 31 December 2024 under FRS 102. Results are shown in pounds, rounded to the nearest £1,000.
At 31 December 2024 At 31 December 2023
26. Pensions continued
Principal actuarial assumptions
Discount rate 5.60% p.a. 4.60% p.a.
Inflation (RPI) 3.00% p.a. 2.90% p.a.
Inflation (CPI) 2.80% p.a. 2.60% p.a.
Revaluation of deferred pensions:
Post 09 pension 2.50% p.a. 2.50% p.a.
Pre 09 pension in excess of GMP 2.80% p.a. 2.60% p.a.
GMP Fixed Fixed
Increases for pensions in payment:
GMP accrued before 5 April 1988 Nil Nil
GMP accrued after 5 April 1988 2.30% p.a. 2.15% p.a.
XS pension accrued before 31 March 2008 2.70% p.a. 2.55% p.a.
Pension accrued after 31 March 2008 2.05% p.a. 1.95% p.a.
Post-retirement mortality
S3PA tables with CMI 2023
projections using a long-term
improvement rate of 1.25% pa.
S3PA tables with CMI 2022
projections using a long-term
improvement rate of 1.25% p.a.
Commutation (using current commutation factors)
Members are assumed to
take 25% of their pension
as tax-free cash
Members are assumed to
take 25% of their pension
as tax-free cash
Retirement
All members are assumed
to retire at age 61.5
All members are assumed to
retire at age 61.5
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 22.7 22.7
Life expectancy at age 65 of male aged 65 21.4 21.5
Life expectancy at age 65 of female aged 45 25.4 25.3
Life expectancy at age 65 of female aged 65 24.0 23.9