22 Retirement benefit obligations (continued) (a) General information (continued) The most recent triennial valuation of the Irish Scheme was at 1 January 2021. This valuation has been updated by the scheme actuary for IAS 19 purposes as at 31 March 2022. The triennial valuation was based on the following principal financial assumptions: Rate of investment return: past service 3.75% pa. to retirement, 2.25% pa. thereafter future service 3.75% pa. to retirement, 2.25% pa. thereafter Inflation 1.75% p.a. Rate of salary growth not applicable as scheme closed to future accrual The actuarial valuation of the Irish Scheme showed that, at 1 January 2021, the market value of the Scheme assets was m and the value of pension benefits earned was m. The funding ratio was therefore 91%. 31 Mar 2022 31 Mar 2021 The principal financial assumptions used for the purposes of the figures in these financial statements were as follows: Discount rate for UK Scheme 2.70% 2.10% Discount rate for Irish Scheme 1.95% 1.25% RPI - Future pension increases (UK Scheme) subject to LPI 3.40% 3.10% CPI (UK Scheme) 2.60% 2.30% Inflation - Future pension increases (Irish Scheme) 2.50% 1.70% The mortality assumptions for the current year-end for the UK Scheme follows the table known as S3PXA, using 102% of the base table with mortality improvements inline with the 2021 version of the CMI model, with a long-term rate of improvement of 1% per annum (2021: 1% per annum). At the previous year-end mortality assumptions followed the table known as S3PXA using 100% of the base table with mortality improvements inline with the 2019 version of the CMI model. For the Irish Scheme the mortality assumptions (post retirement) are unchanged from the previous disclosures. However, given the way the tables are compiled to take into account future mortality improvements, the actual life expectancy for members of the Irish Scheme at each age will have increased from last year. Assuming retirement at 65, the life expectancies in years areas follows: Irish Scheme UK Scheme
