Page 145 - RFHL ANNUAL REPORT 2024_ONLINE

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10. Employee benefits (continued)

j Sensitivity analysis
The calculations of the defined benefit and medical obligations are sensitive to the assumptions used. The following table
summarises how these obligations as at September 30 would have changed as a result of a change in the assumptions
used.

Defined benefit Post-retirement
pension plans medical benefits
1% p.a. 1% p.a. 1% p.a. 1% p.a.
increase decrease increase decrease

- Discount rate 466 (527) 1 –
- Future salary increases (221) 192 – –
- Future pension cost increases (327) 276 – –
- Medical cost increases – – (1) 1

An increase of one year in the assumed life expectancies shown above would increase the defined benefit obligation at
September 30, 2024 by $80.55 million (2023: $144.47 million) and the post-retirement medical benefit by $0.55 million
(2023: $0.42 million).

These sensitivities were calculated by re-calculating the defined benefit obligations using the revised assumptions.

k Funding
The Group meets the entire cost of funding the defined benefit pension plan. The funding requirements are based on
regular actuarial valuations of the Plan made every three years and the assumptions used to determine the funding
required may differ from those set out above. The Group expects to pay $31.75 million to the pension plan in the 2025
financial year.

The Group operates the post-retirement medical benefit plan as a self-insured arrangement administered by insurance
brokers. The Group expects to pay $1.91 million to the medical plan in the 2025 financial year.

11. Deferred tax assets and liabilities
Components of deferred tax assets and liabilities
a Deferred tax assets

(Charge)/Credit
Exchange Consolidated
Opening and other statement Closing
balance adjustments of income OCI balance
2023 2024

Post-retirement medical benefits 9 – (4) (2) 3
Leased assets 10 – – – 10
Unearned loan origination fees 54 – 7 – 61
Provisions 256 (6) (39) – 211
Other 24 3 24 – 51

353 (3) (12) (2) 336