Notes to the consolidated financial statements (continued) 206 Vodafone Group Plc Annual Report 2024 2020 25. Post employment benefits (continued) 206 Vodafone Group Plc Annual Report 2024 Strategic report Governance
Financials
Other information
Mortality assumptions used are based on recommendations from the individual local actuaries which include adjustments for the experience of the Group where appropriate. The Group’s largest plan is the Vodafone UK plan. Life expectancies assumed for the UK plans are 22.6/24.3 years (2023: 22.8/24.7 years) for a male/female pensioner currently aged 65 years and 23.6/25.4 years (2023: 23.7/25.5 years) from age 65 for a male/female non-pensioner member currently aged 40. Charges made to the consolidated income statement and consolidated statement of comprehensive income (‘SOCI’) on the basis of the assumptions stated above are shown in the table below. 2024 2023 2022 €m €m €m Current service cost 42 44 38 Net past service credit 1 – – (71) Net interest (income)/charge (8) (7) 4 Total net cost/(credit) included within staff costs 34 37 (29) Actuarial losses/(gains) recognised in the SOCI 77 213 (627) Notes: 1 In the year ended 31 March 2022, a change in Germany relating to the provision of death and disability benefits effective from 1 April 2021 resulted in a past service credit of €49 million and further net past service credits were recognised for the Vodafone UK plan relating to the offer of a pension increase exchange to all members at retirement and benefit clarifications. Duration of the benefit obligations The weighted average duration of the defined benefit obligation at 31 March 2024 is 15 years (2023: 16 years). Fair value of the assets and present value of the liabilities of the plans The amount included in the consolidated statement of financial position arising from the Group’s obligations in respect of its defined benefit plans is as follows: Assets Liabilities Net surplus €m €m €m 1 April 2022 7,715 (7,441) 274 Service cost – (44) (44) Interest income/(cost) 185 (178) 7 Return on plan assets excluding interest income (2,475) – (2,475) Actuarial gains arising from changes in demographic assumptions – 186 186 Actuarial gains arising from changes in financial assumptions – 2,293 2,293 Actuarial losses arising from experience adjustments – (217) (217) Employer cash contributions 42 – 42 Member cash contributions 15 (15) – Benefits paid (216) 216 – Exchange rate movements (211) 224 13 Other movements (8) – (8) 31 March 2023 5,047 (4,976) 71 Service cost – (42) (42) Interest income/(cost) 223 (215) 8 Return on plan assets excluding interest income (102) – (102) Actuarial gains arising from changes in demographic assumptions – 72 72 Actuarial gains arising from changes in financial assumptions – 30 30 Actuarial losses arising from experience adjustments – (77) (77) Employer cash contributions 41 – 41 Member cash contributions 15 (15) – Benefits paid (173) 173 – Exchange rate movements 104 (73) 31 Liabilities held for sale – 51 51 Other movements (7) – (7) 31 March 2024 5,148 (5,072) 76
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