NOTES TO THE GROUP CONSOLIDATED FINANCIAL STATEMENTS CONTINUED FOR THE YEAR ENDED 31 MARCH 2026
31. Pension continued
31. Pension continued
The Directors consider that were a pension asset to be realised in respect of this Scheme after all member benefits have been paid and after the Scheme is wound up, this would be fully recoverable by the Group in line with the rules of the Scheme. The charges recognised in the consolidated Statement of Profit or Loss in respect of defined benefit schemes are as follows:
2026 £m
2025 £m
23.5
Opening fair value of scheme assets
28.1
1.3
Interest on scheme assets
1.3
2026 £m
2025 £m
(0.2)
Actual return on plan assets less interest on plan assets
(7.6) (0.7)
(1.1)
Pension administration costs
0.9
Pension charge (recognised in operating costs)
0.7
0.9
Contributions
4.5
(2.6)
Benefit payments
(2.1)
Past service cost The charges recognised in the consolidated Statement of Comprehensive Income are as follows:
21.8
Closing fair value of scheme assets
23.5
Sensitivities The sensitivity of the 2026 pension liabilities to changes in assumptions are as follows:
2026 £m
2025 £m
Remeasurement (losses)/gains:
(0.2)
Return on plan assets (excluding amounts included in net interest expense) Actuarial changes arising from changes in actuarial assumptions Actuarial gain/(loss) recorded in the consolidated Statement of Comprehensive Income
(7.6)
Increase in scheme deficit £m
0.5 0.3
2.9
Change in assumption
(4.7)
Assumption Discount rate
Decrease by 0.5% Increase by 0.5% Increase by 1 year
1.0 0.3 1.0
There was £0.1m (2025: £nil) additional actuarial gain relating to the unfunded retirement and leaving indemnity schemes (note 25) recorded in the consolidated Statement of Comprehensive Income. The fair value of assets and expected rates of return used to determine the amounts recognised in the consolidated Statement of Financial Position are as follows:
Inflation
Life expectancy
Following the buy-in, any such changes above would result in a corresponding change in the asset and no net impact on the balance sheet position. 32. Auditors’ remuneration During the year the Group paid fees for the following services from the auditors:
2026 £m
2025 £m
0.1
Cash
0.2
(0.3)
Accruals for payment Bulk annuity policy
–
22.0 21.8
23.3 23.5
2026 £m
2025 £m
Fair value of scheme assets
(22.0)
Present value of funded defined benefit obligations
(24.0)
Auditors’ remuneration: Audit of the Group Financial Statements (including the Company)
Liability recognised in the consolidated Statement of Financial Position
(0.2)
0.7 0.9
(0.5)
0.7 0.8
Audit of local subsidiary Financial Statements
Over the year to 31 March 2026, the deficit reduced from £0.5m to £0.2m. The movement related to pension administration costs of £1.1m (2025: £0.7m), offset by past service credit of £0.2m, actuarial gain of £0.3m (2025: £4.7m loss) recognised in the consolidated Statement of Comprehensive Income and employer contributions to the Scheme of £0.9m (2025: £4.5m). Changes in the present value of the defined benefit obligation are as follows:
Total audit fees
1.6
1.5
Audit-related assurance services: Review of the half-year interim statement
–
0.1 1.6
Total audit and non-audit fees
1.6
2026 £m
2025 £m
The fee for non-audit services was £6,500 (2025: £83,500), of which £nil (2025: £80,000) relates to interim review and £6,500 (2025: £3,500) relates to reporting required by regulators in overseas countries.
24.0
Opening defined benefit obligations
27.8
1.3
Net interest cost
1.3
Actuarial gains due to: Experience on benefit obligation Changes in financial assumptions Changes in demographic assumptions
(0.2) (0.3)
(0.7) (1.9) (0.4)
–
(2.6) (0.2)
Benefit payments Past service credit
(2.1)
–
22.0
Closing defined benefit obligations
24.0
Changes in the fair value of the scheme assets are as follows:
198
199
discoverIE Group plc Innovative Electronics
Annual Report and Accounts for the year ended 31 March 2026
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