To assess the liability value of the benefits, we have used the following assumptions as at 31 March 2026 (the 31 March 2025 assumptions are included for comparison):
31 March 2025 31 March 2026
Rate of return on investments (discount rate) 5.80% per annum 6.20% per annum
Rate of CPI Inflation / CARE benefit revaluation 2.60% per annum 2.90% per annum
Rate of pay increases 3.85% per annum 4.15% per annum
Increases on pensions (in excess of GMP) / Deferred revaluation 2.70% per annum 3.00% per annum
Post retirement mortality (normal health)
| 31 March 2025 (M/F) | 31 March 2026 (M/F) | |
| Base mortality table | SAPS 4 / SAPS 4 middle | SAPS 4 / SAPS 4 middle |
| Future improvements | CMI 23 1.5% | CMI 24 1.5% |
| Other choices | S=7, A=0 W20=W21=0%, W22=W23=15% | Core Underlying |
| Non-retired members (currently age 45): | ||
| Weightings | 103% / 97% | 110% / 100% |
| Life expectancies at age 65 | 22.9 / 25.7 | 22.7 / 25.6 |
| Retired members (current age 65): | ||
| Weightings | 99% / 95% | 101% / 95% |
| Life expectancies at age 65 | 21.6 / 24.1 | 21.7 / 24.2 |
The start of period assumption is set based on the most recent mortality analysis as at the previous accounting date (so from the 2022 actuarial valuation), but with: