(vii) Future cash flows • The funding policy is to pay contributions to an external legal entity at the rate recommended by the entity’s actuary. • Expected employer contribution for the next year is MUR 1.9m. • The average duration of the defined benefit obligations is 4 years. GROUP COMPANY Sep-23 % Sep-22 % Sep-23 % Sep-22 % (viii) Principal actuarial assumptions at end of year: Discount rate 4.5 4.9 4.5 4.9 Rate of salary increases 4.2 4.3 4.2 4.3 Rate of pension increases 2.0 2.0 2.0 2.0 Average retirement age (ARA) 60 60 60 60 Average life expectancy for: - Male at ARA 19.5 years 19.5 years 19.5 years 19.5 years - Female at ARA 24.2 years 24.2 years 24.2 years 24.2years Comments on the results: The liability experience loss of MUR 1.6m is mainly due to actual average salary increases being higher than expected over the past year and due to NWOG injection made in respect of one employee at age 60 being higher than the provision previously held for the employee, partly offset by a gain due to investment return earned on members’ PMA being higher than anticipated over the past year. The liability loss due to change in financial assumptions of MUR 11.2m is mainly due to the decrease in the net post-retirement discount rate (the difference between the discount rate and the pension increase rate) from 2.9% p.a in 2022 to 2.5% p.a in 2023, partly offset by a gain due to the increase in the net pre-retirement discount rate (the difference between the discount rate and the salary increase rate) from 0.6% p.a in 2022 to 0.3% p.a in 2023. There has been no plan amendment, curtailment or settlement during the year. 179 OUR YEAR AT A GLANCE OUR PEOPLE GOVERNANCE FINANCIAL STATEMENTS
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