“We took proactive measures in the year to improve the estimate of the group’s pension liabilities.
“During the second half, in collaboration with the trustees of the UK scheme, we commissioned a medically underwritten mortality study (MUMS) to improve the quality of demographic assumptions relating to the UK scheme’s members.”
“This valuable exercise contributed to a £68.4m benefit to the year-end accounting deficit, which largely offset a £97.0m increase in the UK scheme liabilities as a result of a reduced discount rate. As a result of this, as well as an increase in the value of plan assets, the overall group pension deficit increased by £6.9m.” – Michele Maher, chief financial officer, Hogg Robinson Group plc