Page 28 - Kildare CU 2022 AR

NOTES TO
THE FINANCIAL STATEMENTS
Assets Liabilities
Deficit
Assumptions used:
31 Mar 2022 €’m 283.4 377.1 93.7
2022
3.35% 0.25% 2.05%
3%/0%
87
89 0%
31 Dec 2021 €’m 250.0 291.8 41.8
2021
3.50% 0.40% 1.25%
3%/0%
86
88 25%
return in the period pre-retirement return while in receipt of pension return while in receipt of pension
- Investment
- Investment
- Investment
- Annual increases to pension in payment Life expectancy*
- 65 year old male lives to age
- 65 year old female lives to age
- Amount of pension exchanged for tax-free cash at retirement
* Based on 58% of ILT15 (Males), 62% of ILT15 (Females) and annual improvement to annuity rates post retirement of: Males: 0.30%, Females: 0.25% (improvements from 2014)
The ILCU Group’s liability in respect of the funding plan based on outstanding contributions payable under the funding plan is set out in the table below:
31 Dec 2022 31 Dec 2021 €’m €’m Retirement Benefit Liability 10.3 -
Kildare Credit Union Limited paid €38,150 in part payment of the deficit funding plan during the year ended 30 September 2022. The total liability of Kildare Credit Union Limited was €327,950 and a balance of €289,800 is owed at the 30 September 2022 (Note 18).
For the year ended 30 September 2022
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