ANNUAL REPORT 2011 - Horse Racing Ireland

NOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED 31 DECEMBER 2011 (CONTINUED)27. Pension commitments (continued)Life expectancy at 65: 2011 2010Year YearCurrent pensioners (currently aged 65) - male 87.2 87.0Current pensioners (currently aged 65) - female 88.6 88.5Future pensioners (currently aged 45) - male 89.8 89.7Future pensioners (currently aged 45) - female 90.8 90.7The life expectancy assumptions are based on up to date mortality tables as set out in actuarial guidance and include anallowance for future improvements in life expectancy.The expected rates of return on assets and asset distribution of the pension scheme were as follows:AssetAssetDistributionDistributionRate of as percentage Rate of as percentageexpected of total expected of totalreturn at scheme assets return at scheme assetsClass 31/12/2011 at 31/12/2011 31/12/2010 at 31/12/2010Equities 7.25% 56% 7.50% 63%Fixed Interest 4.00% 40% 4.00% 33%Cash 2.00% 1% 2.00% 1%Property 6.25% 3% 6.25% 3%Total 100% 100%The expected return on scheme assets assumption is determined based on the weighted average expected return of theunderlying asset classes. The expected return on assets assumption for 2012 allows for the Government’s Pensions levy of0.6% of the plan’s assets.50 Horse Racing Ireland Annual Report 2011