Page 99 - Paragon Annual Report 2

Notes to the consolidated financial statements (continued) 24 Retirement benefits (continued)
Defined benefits scheme – Norway
A subsidiary company operates two final salary defined benefit pension plans.
The most recent formal actuarial valuation was carried out as at 30 June 2017.
The principal assumptions used for the purpose of the actuarial valuations were as follows:
Discount rate
Expected rate of inflation
Expected rate of salary increases
Rate of increase of pensions in payment Rate of increase for deferred pensioners
Demographic assumptions
Mortality
Life expectancy for a current 65 year old
Life expectancy at age 65 for current 45 year old
21.0 years 23.2 years
2.5% 1.5% 2.5% 0.0%
N/A
K2013BE
24.2 years 26.5 years
26.5 years
Per annum
2.6%
2.6%
2.5%
0.0%
N/A
Per annum
2016
| 95
2017
2017
2016
K2013BE
2017
2016
Males
21.0 years
23.2 years
Females
24.1 years
Males
Females
The amount recognised in the Consolidated Statement of Financial Position in respect of the Group’s Norwegian defined benefits scheme assets is as follows:
Present value of funded obligations (3,392) Fair value of scheme assets 3,352 Year-end assets/(obligations) (40)
2017
2016
€000
(3,123)
3,340
€000
217
Amounts recognised in the Consolidated Income Statement in respect of the defined benefits scheme are as follows:
Service cost
Interest charge on obligation (note 6) Expected return on scheme assets (note 6)
(64) (84) 73 (75)
2017
€000
(47)
(80)
77
2016
€000
(50)
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