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Kingfi sher plc<br />
<strong>Annual</strong> <strong>Report</strong><br />
<strong>and</strong> <strong>Accounts</strong><br />
2009/10<br />
89<br />
For the UK scheme, the mortality assumptions used in the actuarial valuations have been selected with regard to the characteristics <strong>and</strong> experience of the membership<br />
of the scheme from 2004 to 2007. The base mortality assumptions have been derived by adjusting st<strong>and</strong>ard mortality tables (PA 92 tables) projected forward to 2007<br />
with the medium cohort improvement factors for males <strong>and</strong> with the st<strong>and</strong>ard improvement factors for females. In addition, allowance has been made for future<br />
increases in life expectancy. For males, the allowance is in line with medium cohort improvements subject to a minimum rate of improvement of 1% pa, <strong>and</strong> for females,<br />
the allowance is in line with the st<strong>and</strong>ard improvements, subject to a minimum of 0.5% pa. These improvements have been set with regard to trends observed within<br />
the scheme over the past decade.<br />
The assumptions for life expectancy of UK scheme members are as follows:<br />
Years 2009/10 2008/09<br />
Age to which current pensioners are expected to live (60 now)<br />
– Male 87.2 87.2<br />
– Female 85.9 85.9<br />
Age to which future pensioners are expected to live (60 in 15 years’ time)<br />
– Male 88.8 88.8<br />
– Female 87.1 87.1<br />
The following sensitivity analysis for the UK scheme shows the estimated impact on obligations resulting from changes to key actuarial assumptions, whilst holding<br />
all other assumptions constant.<br />
Assumption Change in assumption Impact on defi ned benefi t obligation<br />
Discount rate Increase/decrease by 0.1% Decrease/increase by £31m<br />
Salary escalation Increase/decrease by 0.1% Increase/decrease by £3m<br />
Rate of pension increases Increase/decrease by 0.1% Increase/decrease by £17m<br />
Price infl ation Increase/decrease by 0.1% Increase/decrease by £28m<br />
Mortality Increase in life expectancy by one year Increase by £48m<br />
28 Share capital<br />
Number of Ordinary<br />
ordinary shares share capital<br />
millions £ millions<br />
At 1 February 2009 2,361 371<br />
Shares issued under share schemes 1 –<br />
At 30 January 2010 2,362 371<br />
At 3 February 2008 2,361 371<br />
At 31 January 2009 2,361 371<br />
The total number of authorised ordinary shares is 3,023m shares (2008/09: 3,023m shares) with a par value of 15 5 /7p per share. All issued shares are <strong>full</strong>y paid<br />
<strong>and</strong> represent a single class of ordinary shares.