Page 107 - Pobl Annual Report FY25

Annual Report 2025 105
Notes to the Financial Statements
for the year ended 31 March 2025
The analysis of the scheme assets at the Statement of Financial Position date was as follows:
Pobl Pension Scheme Swansea Pension Fund Dyfed Pension Fund
Group Company Group Group
2025 2024 2025 2024 2025 2024 2025 2024
£’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000
Equities 7,340 4,140 3,221 1,812 23,419 24,423 - -
Bonds 6,425 2,841 2,819 1,244 245 318 - -
Cash 2,328 7,933 1,021 3,473 105 212 - -
Other 10,224 7,704 4,486 3,372 10,207 8,470 - -
Property 3,438 3,724 1,508 1,630 979 1,129 - -
Private credit 8,477 7,814 3,719 3,420 - - - -
Liquid alternatives 13,321 9,723 5,845 4,256 - - - -
Liability driven
investment 26,775 35,920 11,748 15,724 - - - -
Multi asset credit
- - - - - 741 - -
At 31 March 78,328 79,799 34,367 34,931 34,955 35,293 - -
The present value of the defined benefit obligation and the related current service cost and past service cost were measured
using the projected unit credit method. The key assumptions used are:
Pobl Scheme Pobl Scheme
Company
Swansea
Pension Fund
2025 2024 2025 2024 2025 2024
% p.a % p.a % p.a % p.a % p.a % p.a
Discount rate 5.89 4.91 5.89 4.91 5.80 4.80
Inflation (RPI) 3.06 3.10 3.06 3.10 - -
Inflation (CPI) 2.75 2.78 2.75 2.78 2.50 2.60
Salary Growth 3.75 3.78 3.75 3.78 4.00 4.10
Allowance for commutation of
pension for cash at retirement
75% of maximum allowance
The mortality assumptions adopted at 31 March 2024 imply the following life expectancies:
Pobl Scheme
Group
Pobl Scheme
Company
Swansea
Pension Fund
2025 2024 2025 2024 2025 2024
Years Years Years Years Years Years
Male aged 65 at accounting
date
20.9 20.9 20.9 20.9 21.6 21.7
Female aged 65 at accounting
date
23.2 23.2 23.2 23.2 24.2 24.3
Male aged 45 at accounting
date
22.5 22.5 22.5 22.5 21.9 22.4
Female aged 45 at accounting
date
24.7 24.7 24.7 24.7 25 25.3