32816-Lucy-Group-AR-2025 web ready spreads_FINAL

Notes to the Accounts continued

FINANCIAL STATEMENTS

25. Pensions continued

25. Pensions continued

Period to 31 Dec 2025 £000

Period to 31 Dec 2024 £000

Period to 31 Dec 2025 £000

Period to 31 Dec 2024 £000

Remeasurements over the period

Reconciliation of net defined benefit liability/(asset)

(2,104)

Net defined benefit liability/(asset) at start

(18,192)

(Gain)/loss on assets in excess of interest

1,542

(16,370)

311 274

312

Experience losses on liabilities

137

Current service cost

379 143

–

Losses/(gains) from changes to demographic assumptions

(95)

Past service cost and settlement and curtailment cost

(785)

(984)

(Gains) from changes to financial assumptions

(3,209) (1,625)

Net interest expense/(income)

(768)

Total remeasurements

(2,304)

381

Administration costs Employer contributions

501

(446) (737)

(452) (197)

Total credit to income statement Remeasurements through OCI

Period to 31 Dec 2025 £000

Period to 31 Dec 2024 £000

(2,304) (21,233)

(1,625) (18,192)

Change in value of the assets

Net defined benefit liability/(asset) at end

Fair value of assets at start

64,129 3,390

65,665

Approximate effect on liability £000

Interest on assets

3,016

446

Company contributions

452

87

Contributions by Scheme participants

96

Sensitivity of the value placed on the liabilities

(2,899)

Benefits paid

(3,057)

Discount rate Discount rate -0.50%

(381)

Administration costs

(501)

2,503

–

Change due to settlements and curtailments

–

Inflation Inflation +0.50%

2,104

Return on assets less interest Fair value of assets at end

(1,542) 64,129

1,282

66,876

Salary increases Salary increases +0.50%

Actual return on assets

5,494

228

Mortality Increase long-term mortality improvement rate to 1.50% p.a.

Period to 31 Dec 2025 £000

Period to 31 Dec 2024 £000

221 445

Increase Initial Addition Parameter to 0.25% p.a.

Change in value of the DB liabilities

Defined benefit obligation at start

45,937

49,295

Period to 31 Dec 2026 £000

312

Current service cost

379

Projected profit and loss account for next period

87

Contributions by Scheme participants

96

–

Past service costs Interest on liabilities

143

Current service cost Administration costs Interest on liabilities Interest on assets Past service costs

301 381

2,406

2,248

(2,899)

Benefits paid

(3,057)

2,390

–

Change due to settlements and curtailments

–

(3,538)

311 274

Experience loss on liabilities

137

– –

Changes to demographic assumptions Changes to financial assumptions Defined benefit obligation at end

(95)

Settlement and curtailment cost Total credit to profit and loss

(785)

(3,209) 45,937

(466)

45,643

The above estimate is based on the assumptions adopted at the review date and assumes the following: i. Cash flows to and from the pension scheme are broadly the same as for the current period. ii. There are no events that would give rise to a settlement, curtailment or past service cost.

2025 £000

2024 £000

7,550

End-of-service benefits for non-UK businesses

7,352

End-of-service benefits represents a statutory gratuity payable to UAE, Saudi Arabia and India based employees on leaving the company. In Saudi Arabia and India actuarial valuations are carried out at the end of each reporting period and the valuations are £1,868k (2024: £1,534k) in Saudi Arabia and £218k (2024: £152k) in India.

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Lucy Group Ltd Annual Report & Accounts 2025

LUCYGROUP.COM

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