10.1 Defined benefit pension scheme

The valuation of the defined benefit scheme used for the purposes of FRS 102 disclosures is based on data provided by the scheme administrator, Mercer (Ireland) Limited. The valuation is determined by an independent actuary to take account of the requirements of FRS 102 in order to assess the liabilities at the balance sheet date. Scheme assets are stated at their fair value at the balance sheet date.

10.2 Change in defined benefit obligation

	2015 €'000	2014 €'000
Defined benefit obligation at beginning of year	123,342	79,490
Change arising from employee service in reporting period	15,737	9,309
Interest expense	2,837	3,610
Benefit payments	49	458
Participant contributions	1,484	1,342
Insurance premiums	(241)	(130)
Effect of changes in assumptions	(16,723)	31,054
Effect of experience adjustments	4,893	(1,719)
Defined benefit obligation at end of year	131,378	123,342

10.3 Change in fair value of plan assets

	2015 €'000	2014 €'000
Fair value of plan assets at end of prior year	97,805	75,941
Interest income	2,362	3,242
Employer contributions	8,451	8,560
Participant contributions	1,484	1,342
Benefit payments from plan assets	49	458
Insurance premiums for risk benefits	(241)	(130)
Return on plan assets (excluding interest income)	2,545	8,392
Fair value of plan assets at end of year	112,455	97,805
Plan Assets	%	%
The asset allocations at the year end were as follows:
Equities	53.80	51.01
Debt securities	31.78	34.33
Property	4.39	4.30
Alternatives	9.95	9.87
Cash	0.08	0.49
	100.00	100.0
Actual return on scheme assets	4,907	11,634

10.4 Scheme deficit

	Note	2015 €'000	2014 €'000
Defined benefit obligation		(131,378)	(123,342)
Fair value of plan assets		112,455	97,805
Net defined benefit liability		(18,923)	(25,537)
Amounts in the Statement of Financial Position
Retirement benefit obligation		(18,923)	(25,537)
Deferred retirement benefit funding	7	18,923	25,537

10.5 Cost relating to defined benefit plans

Amount recognised in the Statement of Income and Expenditure is as follows:

	Note	2015 €'000	2014 €'000
Change arising from employee service in reporting period	8.1	15,737	9,309
Interest expense on defined benefit obligation		2,837	3,610
Interest (income) on plan assets		(2,362)	(3,242)
Statement of Income and Expenditure interest expense		475	368

10.6 Actuarial gain / (loss)

Remeasurements recognised in Other Comprehensive Income are as follows:

	2015 €'000	2014 €'000
Effect of changes in assumptions	16,723	(31,054)
Effect of experience adjustments	(4,893)	1,791
Return on plan assets (excluding interest income)	2,545	8,392
Remeasurements included in Other Comprehensive Income	14,375	(20,871)

10.7 Principal actuarial assumptions

The principal actuarial assumptions used were as follows:

Weighted average assumptions used to determine benefit obligations:	2015 %	2014 %
Discount rate	2.8	2.3
Rate of salary increase	2.5	2.5
Rate of price inflation	1.5	1.5
Rate of pension increase	1.5/2.5	1.5/2.5
Weighted average assumptions used to determine pension cost:	%	%
Discount rate	2.3	4.0
Expected long-term return on scheme assets	2.3	4.0
Rate of salary increase	2.5	3.0
Rate of price Inflation	1.5	2.0
Rate of pension increase	1.5/2.5	2.0/3.0
Weighted average life expectancy at age 60 for mortality tables used to determine benefit obligations:	Years	Years
Future Pensioners
Male (current age 45)	30.4	30.5
Female (current age 45)	32.6	31.6
Current Pensioners
Male (current age 60)	28.6	28.6
Female (current age 60)	30.7	30.0
Weighted average life expectancy at age 65 for mortality tables used to determine benefit obligations:	Years	Years
Future Pensioners
Male (current age 45)	26.0	26.0
Female (current age 45)	28.1	27.0
Current Pensioners
Male (current age 65)	23.7	23.5
Female (current age 65)	25.8	24.9