Dave Forsey Chief Executive 19 July 2012 - Sports Direct International

96 / FINANCIAL STATEMENTS AND NOTES
notes to the Financial Statements
For the 53 weeks ended 29 April 2012
24. Retirement benefit obligations Continued
The movements in the fair value of plan assets are as follows:
53 weeks ended
29 April 2012
(£’000)
52 weeks ended
24 April 2011
(£’000)
At the start of the period 36,858 33,149
Expected return on plan assets 2,277 2,133
Actuarial gain 38 1,208
Employer contributions 2,559 1,865
Employee contributions 9 14
Benefits paid out (1,636) (1,511)
At the end of the period 40,105 36,858
The Group expects to contribute £2,559,000 to its defined benefit pension plans for the 53 weeks ended 29 April 2012.
The assumptions used to determine the expected return on assets reflects the underlying asset allocation at each period end. The plan asset
mix and the expected returns on the assets are as follows:
29 April 2012
(£’000)
24 April 2011
(£’000)
Equities 20,669 22,048
Bonds 18,694 14,547
Cash and other 742 263
40,105 36,858
Equities 6.25% 7.5%
Bonds 3.25% 5.0%
Cash and other 0.5% 0.5%
The overall expected rate of return on the Scheme’s assets has been derived by considering the expected rate of return on each major
asset class of investments at the start of the year and weighting these rates of return by the proportion of the total investments that the class
represents at the start of the year.
The principal assumptions underlying the actuarial assessments of the present value of the plan liabilities are:
29 April 2012
(%)
24 April 2011
(%)
Inflation rate 3.2 3.5
Future pension increases 3.2 3.3
Discount rate 4.6 5.4
Mortality assumptions:
29 April 2012
(£’000)
24 April 2011
(£’000)
Life expectancy at 65 at period end:
Future pensioners – male 87.5 87.4
Future pensioners – female 89.7 89.7
Current pensioners – male 86.1 86.0
Current pensioners – female 88.2 88.1