144:@0.049227:0.056159:0.070638:0.056159:0.070638:0.047246:0.049227:0.047246:0.006882:0.006801:0.007728 Financial statements:@0.744792:0.058552:0.904051:0.058552:0.904051:0.047968:0.744792:0.047968:0.008491:0.004533:0.009832:0.008587:0.009656:0.007885:0.004533:0.008587:0.004772:0.005714:0.007390:0.006560:0.008986:0.006560:0.008986:0.015450:0.008986:0.010167:0.006560:0.007023 Sensitivities as at 31 March 2022:@0.049227:0.107246:0.405060:0.107246:0.405060:0.091647:0.049227:0.091647:0.013196:0.012513:0.014231:0.010349:0.006492:0.009150:0.006468:0.012749:0.006492:0.009150:0.006680:0.012490:0.010349:0.007550:0.012184:0.009997:0.007644:0.012655:0.009150:0.007692:0.010843:0.010914:0.006492:0.005175:0.021169:0.011925:0.008726:0.010585:0.013360:0.008397:0.012513:0.012513:0.012513:0.013525 The provisions are sensitive to the assumptions used :@0.047967:0.127800:0.422556:0.127800:0.422556:0.117216:0.047967:0.117216:0.008364:0.008858:0.008348:0.006273:0.009162:0.005379:0.008986:0.007390:0.003863:0.006464:0.003863:0.008906:0.008826:0.006560:0.005203:0.007805:0.005299:0.007901:0.006049:0.006767:0.007933:0.008826:0.006560:0.003863:0.005203:0.003863:0.007390:0.008060:0.005203:0.005411:0.009130:0.005299:0.005411:0.009034:0.008076:0.005714:0.008124:0.006767:0.006767:0.009034:0.013742:0.009162:0.005411:0.003863:0.009353:0.008842:0.006767:0.006081:0.008316:0.006209:0.007805:0.008731:0.004373 to varying degrees. The following demonstrates :@0.047967:0.143479:0.391943:0.143479:0.391943:0.132895:0.047967:0.132895:0.005411:0.009130:0.004868:0.007645:0.007901:0.005554:0.007470:0.003863:0.008731:0.009401:0.006225:0.009401:0.007981:0.009162:0.005379:0.008156:0.008060:0.006767:0.003224:0.006384:0.008364:0.008858:0.008348:0.005092:0.004996:0.009545:0.003863:0.004038:0.009353:0.011731:0.003863:0.009241:0.009401:0.006560:0.009401:0.008348:0.013742:0.009082:0.009034:0.006592:0.005411:0.005554:0.008124:0.005411:0.008172:0.006767:0.004373 the sensitivity to these assumptions by showing::@0.047967:0.158861:0.389437:0.158861:0.389437:0.148277:0.047967:0.148277:0.005411:0.009034:0.008156:0.006049:0.006767:0.008108:0.009034:0.006416:0.003863:0.005411:0.003671:0.007470:0.003863:0.005203:0.007725:0.004629:0.005411:0.009130:0.005203:0.005411:0.009034:0.008156:0.006767:0.008348:0.005459:0.008124:0.006767:0.006767:0.009034:0.013742:0.009162:0.005411:0.003863:0.009353:0.008842:0.006767:0.006081:0.008651:0.007135:0.005203:0.006767:0.009034:0.009561:0.011540:0.003863:0.009210:0.009401:0.003464 • Sensitivity of the total provisions (known :@0.048807:0.181132:0.358834:0.181132:0.358834:0.170548:0.048807:0.170548:0.006480:0.004373:0.007709:0.008475:0.008076:0.009034:0.006512:0.003863:0.005411:0.003671:0.007645:0.003863:0.005123:0.007725:0.005219:0.009353:0.004996:0.004980:0.005411:0.009034:0.008156:0.005634:0.005203:0.009066:0.005203:0.007901:0.003863:0.006640:0.009162:0.005379:0.008986:0.007390:0.003863:0.006464:0.003863:0.008906:0.008826:0.006560:0.005634:0.004820:0.007933:0.009034:0.009353:0.011540:0.009321:0.004373 claims, settled PPOs and IBNR) to changes :@0.067372:0.196514:0.369371:0.196514:0.369371:0.185929:0.067372:0.185929:0.007374:0.003863:0.007837:0.003863:0.013742:0.006592:0.003464:0.006448:0.006560:0.008060:0.005203:0.005411:0.003575:0.008060:0.009066:0.004373:0.002937:0.008156:0.008316:0.011093:0.006305:0.005203:0.007805:0.008651:0.008986:0.004373:0.002426:0.004038:0.008491:0.011253:0.008906:0.004453:0.005203:0.005411:0.009130:0.005299:0.007374:0.009034:0.007949:0.009034:0.009194:0.008348:0.006767:0.004373 in the following key assumptions::@0.067708:0.211896:0.304905:0.211896:0.304905:0.201311:0.067708:0.201311:0.003368:0.007981:0.005634:0.005411:0.009034:0.008156:0.005634:0.004996:0.009353:0.003863:0.003863:0.009353:0.011747:0.003863:0.009034:0.009624:0.004373:0.002522:0.007725:0.008156:0.007470:0.005299:0.008124:0.006576:0.006767:0.008858:0.013742:0.009194:0.005411:0.003655:0.009353:0.009034:0.006560:0.003464 - HM Treasury discount rates:@0.066532:0.234107:0.278878:0.234107:0.278878:0.223523:0.066532:0.223523:0.006384:0.002522:0.004373:0.007725:0.010327:0.013024:0.006049:0.008060:0.005379:0.008060:0.007901:0.006560:0.008826:0.005379:0.007470:0.005299:0.009401:0.003863:0.006767:0.007182:0.009353:0.009034:0.009034:0.005411:0.005650:0.005379:0.007901:0.005203:0.008060:0.006767 - ASHE assumption:@0.066532:0.256081:0.210660:0.256081:0.210660:0.245497:0.066532:0.245497:0.006384:0.002522:0.004373:0.006049:0.010502:0.008475:0.011604:0.008076:0.005698:0.008124:0.006767:0.006767:0.008667:0.013519:0.009385:0.005155:0.003863:0.009162:0.009034 - Claims inflation:@0.066532:0.278293:0.195705:0.278293:0.195705:0.267709:0.066532:0.267709:0.006384:0.002522:0.004373:0.006879:0.009880:0.003863:0.008124:0.003863:0.013742:0.006767:0.006177:0.003863:0.008826:0.004996:0.003655:0.008124:0.005155:0.003863:0.009082:0.009034 - Life expectancy.:@0.066532:0.300564:0.196503:0.300564:0.196503:0.289980:0.066532:0.289980:0.006384:0.002522:0.004373:0.007310:0.007055:0.003607:0.004788:0.007901:0.006049:0.008060:0.007326:0.008970:0.008348:0.007023:0.005411:0.007773:0.008826:0.007374:0.007406:0.003464 • For CNST IBNR provisions, which represent the :@0.048807:0.326220:0.402025:0.326220:0.402025:0.315636:0.048807:0.315636:0.006480:0.004373:0.008124:0.007390:0.008826:0.005203:0.005203:0.009880:0.011939:0.008475:0.008364:0.005698:0.003942:0.008491:0.011253:0.008986:0.005634:0.009066:0.005379:0.009066:0.007470:0.003863:0.006560:0.003863:0.008986:0.008826:0.006560:0.003464:0.005938:0.011763:0.009321:0.003863:0.007645:0.009321:0.004373:0.002522:0.005379:0.008060:0.009385:0.005315:0.008348:0.006432:0.008348:0.008699:0.005411:0.004756:0.005411:0.009034:0.008156:0.004373 single largest element within the total provision::@0.067372:0.341602:0.409002:0.341602:0.409002:0.331018:0.067372:0.331018:0.006464:0.003863:0.008651:0.009066:0.003863:0.007981:0.006464:0.003863:0.007901:0.005379:0.009162:0.008156:0.006767:0.005155:0.005203:0.008348:0.003863:0.008539:0.013742:0.008348:0.009034:0.005411:0.004788:0.011763:0.003863:0.005634:0.009034:0.004070:0.009241:0.006049:0.005411:0.009034:0.008076:0.005714:0.005203:0.009066:0.005203:0.007805:0.003863:0.006720:0.009066:0.005299:0.008986:0.007390:0.003863:0.006384:0.003863:0.008826:0.008731:0.003464 - A reasonable range for the CNST IBNR provisions :@0.066532:0.363814:0.439062:0.363814:0.439062:0.353230:0.066532:0.353230:0.006384:0.002522:0.004373:0.006049:0.011348:0.005634:0.005554:0.008140:0.008124:0.006767:0.009050:0.009034:0.007853:0.009385:0.003639:0.008348:0.005938:0.005379:0.008124:0.008683:0.009401:0.007981:0.005203:0.004996:0.009545:0.005554:0.005363:0.005411:0.009034:0.008076:0.005714:0.009880:0.011939:0.008475:0.008364:0.005698:0.003942:0.008395:0.011093:0.008826:0.006049:0.009066:0.005299:0.008986:0.007310:0.003863:0.006384:0.003863:0.008826:0.008731:0.006560:0.004373 based on different plausible assumptions:@0.087114:0.379255:0.377205:0.379255:0.377205:0.368671:0.087114:0.368671:0.008986:0.007645:0.006464:0.007901:0.008906:0.006049:0.008731:0.008571:0.006049:0.009401:0.003863:0.004996:0.005171:0.008348:0.005554:0.008619:0.009034:0.005411:0.005794:0.009066:0.003863:0.007725:0.008826:0.006767:0.003655:0.009066:0.003863:0.007981:0.006049:0.008124:0.006767:0.006767:0.008747:0.013742:0.009385:0.005187:0.003863:0.009353:0.009034:0.006767 - Sensitivity of the CNST known claims provision :@0.066532:0.401467:0.421713:0.401467:0.421713:0.390883:0.066532:0.390883:0.006384:0.002522:0.004373:0.006879:0.008475:0.008156:0.009034:0.006512:0.003863:0.005411:0.003671:0.007645:0.003863:0.005123:0.007725:0.005123:0.009353:0.004756:0.004868:0.005411:0.009034:0.008076:0.006049:0.009880:0.011715:0.008475:0.008364:0.005922:0.007933:0.009034:0.009353:0.011731:0.009034:0.006592:0.007374:0.003863:0.007837:0.003863:0.013439:0.006767:0.005666:0.008826:0.005203:0.008906:0.007310:0.003863:0.006305:0.003863:0.008731:0.008651:0.004373 (excluding PPOs) to changes in the payment pattern:@0.086694:0.416849:0.455553:0.416849:0.455553:0.406264:0.086694:0.406264:0.004613:0.008348:0.007023:0.007374:0.003623:0.008826:0.009401:0.003623:0.009034:0.009114:0.004373:0.002857:0.008156:0.008316:0.011093:0.006305:0.004453:0.005299:0.005411:0.009034:0.005714:0.007374:0.009034:0.007949:0.009034:0.009194:0.008348:0.006767:0.005969:0.003272:0.007645:0.006049:0.005411:0.009034:0.008076:0.006049:0.009385:0.008124:0.007725:0.013742:0.008348:0.009034:0.005411:0.005602:0.009385:0.007757:0.005411:0.005092:0.008060:0.005554:0.009034 - Sensitivity of the CNST IBNR provisions :@0.066532:0.439120:0.364844:0.439120:0.364844:0.428535:0.066532:0.428535:0.006384:0.002522:0.004373:0.006879:0.008475:0.008156:0.009034:0.006512:0.003863:0.005411:0.003671:0.007645:0.003863:0.005123:0.007725:0.005123:0.009353:0.004756:0.004868:0.005411:0.009034:0.008076:0.006049:0.009880:0.011715:0.008475:0.008364:0.005922:0.003942:0.008395:0.011093:0.008826:0.006049:0.008986:0.005379:0.008986:0.007390:0.003863:0.006384:0.003863:0.008826:0.008731:0.006560:0.004373 to other assumptions.:@0.086274:0.454502:0.239930:0.454502:0.239930:0.443917:0.086274:0.443917:0.005123:0.008986:0.005634:0.009353:0.005411:0.008842:0.008348:0.005554:0.005666:0.008124:0.006576:0.006767:0.008858:0.013742:0.009194:0.005411:0.003655:0.009353:0.009034:0.006560:0.003464 Sensitivity of provision:@0.048807:0.483668:0.245800:0.483668:0.245800:0.472526:0.048807:0.472526:0.010417:0.009997:0.011257:0.008065:0.005208:0.007140:0.005208:0.009913:0.005208:0.007140:0.009913:0.005712:0.010837:0.006888:0.006468:0.011089:0.007224:0.010837:0.009577:0.005040:0.007813:0.005040:0.010837:0.010165 :@0.246388:0.483668:0.250991:0.483668:0.250991:0.472526:0.246388:0.472526:0.004603 to key assumptions:@0.047967:0.499109:0.214718:0.499109:0.214718:0.487968:0.047967:0.487968:0.006888:0.010837:0.006888:0.010165:0.009829:0.009829:0.005628:0.009913:0.008065:0.007981:0.011005:0.016633:0.011257:0.007140:0.005124:0.011173:0.011005:0.007392 The following tables show the effect on the :@0.047967:0.520899:0.363660:0.520899:0.363660:0.510315:0.047967:0.510315:0.008364:0.008858:0.008348:0.005507:0.004996:0.009353:0.003863:0.003863:0.009353:0.011747:0.003863:0.009034:0.009624:0.006049:0.005411:0.008124:0.009385:0.003863:0.008076:0.006767:0.005586:0.006975:0.009034:0.009704:0.011763:0.004868:0.005411:0.009034:0.008156:0.006049:0.008348:0.005171:0.004996:0.008523:0.007374:0.005411:0.005283:0.008571:0.008395:0.006049:0.005411:0.008699:0.008060:0.004373 valuation of the total provisions if different rates and :@0.047547:0.536280:0.426941:0.536280:0.426941:0.525695:0.047547:0.525695:0.007645:0.008124:0.003863:0.009034:0.008124:0.005411:0.003863:0.009353:0.009034:0.006528:0.009353:0.004756:0.004868:0.005411:0.009034:0.008156:0.005634:0.005411:0.009034:0.005203:0.008124:0.003639:0.006464:0.009162:0.005379:0.008986:0.007390:0.003863:0.006464:0.003863:0.008906:0.008826:0.006560:0.006049:0.003527:0.004533:0.005634:0.009401:0.004038:0.004996:0.004996:0.008348:0.005554:0.008348:0.009034:0.005411:0.005985:0.005379:0.007901:0.005203:0.008060:0.006560:0.005634:0.007645:0.008491:0.008826:0.004373 assumptions were applied for HM Treasury discount :@0.048387:0.551721:0.420933:0.551721:0.420933:0.541137:0.048387:0.541137:0.008124:0.006767:0.006767:0.009034:0.013742:0.009162:0.005411:0.003863:0.009353:0.008842:0.006767:0.004916:0.011763:0.008651:0.005554:0.008731:0.005634:0.007805:0.009066:0.009162:0.003863:0.003863:0.007901:0.009162:0.006049:0.004996:0.009545:0.005554:0.006129:0.010502:0.013280:0.006049:0.008060:0.005379:0.008060:0.007901:0.006560:0.008826:0.005379:0.007470:0.005299:0.009401:0.003623:0.006767:0.007182:0.009353:0.008715:0.009034:0.005155:0.004373 rates, the differential between CPI and annual hourly :@0.048807:0.567400:0.430387:0.567400:0.430387:0.556816:0.048807:0.556816:0.005554:0.008124:0.005139:0.008156:0.006767:0.003464:0.005906:0.005411:0.009034:0.008156:0.005634:0.009401:0.003863:0.004709:0.004996:0.008348:0.005554:0.008348:0.009034:0.005411:0.003863:0.008124:0.003863:0.004373:0.002442:0.009385:0.008348:0.005411:0.011540:0.008156:0.008348:0.009034:0.006305:0.009321:0.008395:0.004038:0.006464:0.007805:0.008571:0.008986:0.006049:0.008124:0.009034:0.009034:0.009034:0.008124:0.003863:0.006384:0.008826:0.009162:0.008826:0.005554:0.003687:0.007725:0.004373 earnings (ASHE), claims inflation and life expectancy.:@0.048387:0.582782:0.421859:0.582782:0.421859:0.572197:0.048387:0.572197:0.008348:0.008124:0.005554:0.009034:0.003863:0.009034:0.009401:0.006767:0.005570:0.004820:0.010295:0.008475:0.011332:0.008076:0.004820:0.003464:0.004373:0.002474:0.007135:0.003863:0.007821:0.003863:0.013359:0.006767:0.005922:0.003863:0.009034:0.004996:0.003607:0.008124:0.005235:0.003863:0.009162:0.009034:0.006001:0.007805:0.008651:0.008986:0.004373:0.002426:0.003863:0.003448:0.004613:0.007805:0.006049:0.008060:0.007326:0.008970:0.008348:0.007023:0.005411:0.007773:0.008826:0.007374:0.007406:0.003464 The tables show the separate impact on::@0.047967:0.598165:0.336478:0.598165:0.336478:0.587580:0.047967:0.587580:0.008364:0.008858:0.008348:0.005507:0.005411:0.007869:0.009385:0.003639:0.008156:0.006767:0.005586:0.006975:0.009321:0.009656:0.011923:0.004788:0.005411:0.009034:0.008156:0.005634:0.006767:0.008348:0.009162:0.008124:0.005554:0.008124:0.005411:0.008348:0.005938:0.003863:0.013742:0.009194:0.008124:0.007374:0.005411:0.005139:0.008986:0.008651:0.003464 • The :@0.048807:0.620377:0.096818:0.620377:0.096818:0.609792:0.048807:0.609792:0.006480:0.004373:0.007294:0.008364:0.008779:0.008348:0.004373 known claims :@0.098789:0.620501:0.210281:0.620501:0.210281:0.609360:0.098789:0.609360:0.009392:0.010165:0.010265:0.013390:0.010165:0.005511:0.007897:0.004772:0.008585:0.004772:0.014802:0.007140:0.004637 provision. This :@0.211690:0.620377:0.315692:0.620377:0.315692:0.609792:0.211690:0.609792:0.009066:0.005379:0.008986:0.007390:0.003863:0.006464:0.003863:0.008906:0.008826:0.003464:0.006368:0.008156:0.008651:0.003863:0.006384:0.004373 represents 24% of total provisions.:@0.067707:0.635818:0.315102:0.635818:0.315102:0.625233:0.067707:0.625233:0.005554:0.008060:0.009385:0.005315:0.008348:0.006528:0.008348:0.008699:0.005411:0.006767:0.005044:0.009497:0.009577:0.014365:0.004373:0.002522:0.009353:0.004756:0.005203:0.005203:0.009066:0.005203:0.007901:0.003863:0.006720:0.009066:0.005299:0.008986:0.007390:0.003863:0.006384:0.003863:0.008826:0.008731:0.006464:0.003464 • The :@0.048807:0.654585:0.096818:0.654585:0.096818:0.644000:0.048807:0.644000:0.006480:0.004373:0.007294:0.008364:0.008779:0.008348:0.004373 settled PPO :@0.097949:0.654710:0.192135:0.654710:0.192135:0.643568:0.097949:0.643568:0.007392:0.008905:0.006536:0.006536:0.004570:0.009089:0.010232:0.006468:0.009157:0.009241:0.011425:0.004637 provision. This represents 24% :@0.193967:0.654585:0.414484:0.654585:0.414484:0.644000:0.193967:0.644000:0.009066:0.005379:0.008986:0.007390:0.003863:0.006464:0.003863:0.008906:0.008826:0.003464:0.006368:0.008364:0.008603:0.003863:0.006560:0.006049:0.005379:0.008156:0.009162:0.005379:0.008348:0.006432:0.008348:0.008699:0.005411:0.006512:0.005634:0.009321:0.009321:0.014030:0.004373 of total provisions. They are typically high value :@0.067371:0.670026:0.407692:0.670026:0.407692:0.659442:0.067371:0.659442:0.009353:0.004996:0.004980:0.005411:0.009034:0.005203:0.008124:0.003639:0.004373:0.002522:0.009162:0.005379:0.008986:0.007390:0.003863:0.006464:0.003863:0.008906:0.008731:0.006464:0.003464:0.006368:0.008364:0.009034:0.008348:0.007725:0.005251:0.007725:0.005299:0.007901:0.005299:0.005203:0.007725:0.009385:0.003863:0.007166:0.008124:0.003863:0.003863:0.007725:0.005570:0.008571:0.003863:0.008731:0.008651:0.005203:0.007645:0.008124:0.003863:0.008842:0.008348:0.004373 cases, and their long term nature mean they are :@0.067371:0.685467:0.414076:0.685467:0.414076:0.674883:0.067371:0.674883:0.007374:0.007917:0.006767:0.008348:0.006560:0.003464:0.006289:0.007805:0.008651:0.008986:0.006049:0.005411:0.009034:0.008348:0.003863:0.005554:0.005682:0.003607:0.008826:0.008571:0.008826:0.006049:0.005411:0.008028:0.005379:0.013439:0.004373:0.002522:0.009034:0.007853:0.005411:0.008779:0.005554:0.008140:0.006049:0.013439:0.008060:0.008124:0.008683:0.005634:0.005411:0.009034:0.008348:0.007725:0.005347:0.007566:0.005203:0.007805:0.004373 highly sensitive to changes in key assumptions.:@0.067707:0.700790:0.400079:0.700790:0.400079:0.690205:0.067707:0.690205:0.008826:0.003863:0.009082:0.009034:0.003655:0.007725:0.005044:0.006767:0.008108:0.009034:0.006416:0.003863:0.005411:0.003671:0.007470:0.008156:0.005203:0.005411:0.009130:0.005634:0.007374:0.009034:0.008124:0.008810:0.009401:0.008348:0.006767:0.005890:0.003272:0.007566:0.004373:0.002522:0.007725:0.008156:0.007470:0.005299:0.008124:0.006576:0.006767:0.008858:0.013742:0.009194:0.005411:0.003655:0.009353:0.009034:0.006560:0.003464 • The :@0.048807:0.719616:0.096818:0.719616:0.096818:0.709032:0.048807:0.709032:0.006480:0.004373:0.007294:0.008364:0.008779:0.008348:0.004373 IBNR :@0.098789:0.719741:0.139716:0.719741:0.139716:0.708600:0.098789:0.708600:0.004704:0.009745:0.011929:0.009913:0.004637 provision. This represents :@0.140707:0.719616:0.322647:0.719616:0.322647:0.709032:0.140707:0.709032:0.009066:0.005379:0.008986:0.007390:0.003863:0.006464:0.003863:0.008906:0.008826:0.003464:0.006368:0.008364:0.008683:0.003863:0.006560:0.006049:0.005299:0.008060:0.009162:0.005379:0.008156:0.006560:0.008156:0.008731:0.005203:0.006767:0.004373 52% of total provisions.:@0.068127:0.734998:0.237218:0.734998:0.237218:0.724414:0.068127:0.724414:0.009321:0.009321:0.014030:0.004373:0.002522:0.009353:0.004756:0.005203:0.005203:0.009066:0.005203:0.007901:0.003863:0.006640:0.009066:0.005299:0.008986:0.007390:0.003863:0.006384:0.003863:0.008826:0.008731:0.006464:0.003464 Note that the tables that follow show the sensitivity :@0.048807:0.757210:0.421465:0.757210:0.421465:0.746625:0.048807:0.746625:0.011253:0.008826:0.005123:0.007805:0.005299:0.005411:0.009369:0.008316:0.005411:0.005347:0.005411:0.009034:0.008156:0.005203:0.005411:0.008124:0.009385:0.003863:0.008076:0.006767:0.005155:0.005411:0.009369:0.008316:0.005411:0.004916:0.004996:0.009960:0.004038:0.004038:0.009752:0.012019:0.005299:0.006975:0.009034:0.009704:0.011763:0.004868:0.005411:0.009034:0.008348:0.005762:0.006767:0.007933:0.008826:0.006560:0.003863:0.005203:0.003863:0.007390:0.003863:0.005123:0.007725:0.004373 of the total provision across all schemes. However, the :@0.048387:0.772651:0.438251:0.772651:0.438251:0.762067:0.048387:0.762067:0.009353:0.004756:0.005203:0.005411:0.009034:0.008156:0.005299:0.005411:0.009034:0.005203:0.008124:0.003639:0.004373:0.002522:0.009066:0.005299:0.008906:0.007310:0.003863:0.006384:0.003863:0.008731:0.008651:0.006049:0.007901:0.007135:0.005379:0.009162:0.006560:0.006767:0.005491:0.007230:0.003448:0.003448:0.006464:0.006767:0.007374:0.008795:0.008156:0.013519:0.008156:0.006767:0.003464:0.004373:0.003543:0.011093:0.009066:0.011253:0.008060:0.007470:0.008060:0.005379:0.003464:0.005938:0.005411:0.008699:0.008060:0.004373 provision, and sensitivity of the provision, is dominated :@0.048807:0.788329:0.442278:0.788329:0.442278:0.777744:0.048807:0.777744:0.009162:0.005379:0.009066:0.007470:0.003863:0.006560:0.003863:0.008986:0.008826:0.003464:0.006368:0.007805:0.008571:0.008986:0.006464:0.006767:0.008012:0.009034:0.006416:0.003863:0.005411:0.003671:0.007470:0.003863:0.005203:0.007725:0.005554:0.009353:0.004756:0.004788:0.005411:0.009034:0.008156:0.006464:0.009162:0.005379:0.009066:0.007470:0.003863:0.006560:0.003863:0.008986:0.008826:0.003464:0.006704:0.003192:0.005714:0.005634:0.009401:0.009162:0.013519:0.003863:0.008731:0.008124:0.005155:0.008348:0.009130:0.004373 by CNST which accounts for 94% of the total provisions.:@0.048807:0.803709:0.452605:0.803709:0.452605:0.793125:0.048807:0.793125:0.008651:0.007055:0.005203:0.009880:0.011939:0.008475:0.008364:0.004373:0.011987:0.009401:0.004038:0.007645:0.009401:0.006049:0.008124:0.007374:0.007374:0.009353:0.009034:0.009034:0.005411:0.006767:0.005235:0.004996:0.009545:0.005554:0.005794:0.009401:0.009401:0.014189:0.004373:0.002522:0.009353:0.005187:0.004788:0.005411:0.009034:0.008156:0.005203:0.005203:0.009353:0.005187:0.008124:0.003639:0.004373:0.002426:0.009066:0.005379:0.008986:0.007390:0.003863:0.006384:0.003863:0.008826:0.008731:0.006464:0.003464 Sensitivity to HM Treasury tiered:@0.489499:0.128222:0.770397:0.128222:0.770397:0.117080:0.489499:0.117080:0.010333:0.009913:0.011089:0.008065:0.005208:0.007140:0.005208:0.009913:0.005208:0.007140:0.009913:0.005628:0.006804:0.010585:0.004637:0.002587:0.012349:0.015457:0.006888:0.010501:0.007224:0.009745:0.009745:0.007981:0.010921:0.007140:0.009745:0.005208:0.006972:0.005040:0.009577:0.006972:0.009661:0.010400 :@0.770985:0.128222:0.775588:0.128222:0.775588:0.117080:0.770985:0.117080:0.004603 nominal discount rates:@0.489499:0.143901:0.685400:0.143901:0.685400:0.132759:0.489499:0.132759:0.010837:0.010921:0.016297:0.005040:0.010753:0.009661:0.005040:0.006888:0.011257:0.005208:0.007981:0.008737:0.011089:0.011005:0.011005:0.007056:0.006048:0.007224:0.009661:0.007056:0.009745:0.007392 Since 2018/19, HM Treasury specifies discount rates in :@0.489079:0.165453:0.878560:0.165453:0.878560:0.154869:0.489079:0.154869:0.008236:0.003863:0.008651:0.007135:0.008060:0.006049:0.008906:0.008986:0.008826:0.008906:0.006225:0.008986:0.008906:0.003464:0.004373:0.003336:0.010327:0.013104:0.006049:0.008060:0.005379:0.008060:0.007901:0.006560:0.008826:0.005379:0.007470:0.005299:0.006767:0.009194:0.008348:0.007103:0.003863:0.004996:0.003655:0.008156:0.006767:0.005666:0.009401:0.003863:0.006767:0.007103:0.009353:0.009034:0.008826:0.005411:0.005938:0.005379:0.007901:0.005203:0.008060:0.006560:0.006049:0.003112:0.007310:0.004373 nominal terms. The short- and medium-term nominal :@0.489499:0.181132:0.872979:0.181132:0.872979:0.170548:0.489499:0.170548:0.009034:0.008938:0.013439:0.003863:0.008651:0.008124:0.003639:0.006049:0.005411:0.008348:0.005315:0.013519:0.006767:0.003464:0.006321:0.008364:0.008858:0.008348:0.005938:0.006560:0.008571:0.008906:0.005379:0.005123:0.006129:0.006049:0.007805:0.008651:0.008986:0.006464:0.013519:0.008348:0.009210:0.003863:0.008826:0.013742:0.006161:0.005411:0.008348:0.005315:0.013742:0.006337:0.008731:0.008906:0.013359:0.003863:0.008651:0.007901:0.003863:0.004373 discount rates have increased this year and the long term :@0.489079:0.196514:0.899948:0.196514:0.899948:0.185929:0.489079:0.185929:0.009401:0.003863:0.006767:0.007182:0.009353:0.009034:0.008826:0.005411:0.005938:0.005299:0.007901:0.005203:0.008060:0.006560:0.006049:0.008731:0.007805:0.007390:0.007981:0.006384:0.003863:0.008731:0.007135:0.005379:0.008156:0.007805:0.006767:0.007933:0.009162:0.005634:0.005411:0.009034:0.003863:0.006767:0.004373:0.007725:0.008603:0.008316:0.005554:0.005283:0.007805:0.008651:0.008986:0.006049:0.005411:0.009034:0.008076:0.006049:0.003607:0.008826:0.008571:0.008906:0.006049:0.005203:0.008060:0.005299:0.013280:0.004373 rates have both decreased. The impacts of these changes :@0.489499:0.211896:0.900783:0.211896:0.900783:0.201311:0.489499:0.201311:0.005379:0.007901:0.005203:0.008060:0.006560:0.006049:0.008731:0.007725:0.007390:0.007981:0.006464:0.008906:0.008826:0.005123:0.008571:0.006464:0.009401:0.008076:0.007374:0.005315:0.008156:0.008124:0.006576:0.008156:0.009401:0.003192:0.006464:0.008364:0.008858:0.008348:0.006273:0.003863:0.013439:0.009162:0.008124:0.007087:0.005411:0.006767:0.005459:0.009353:0.004756:0.005203:0.005411:0.009034:0.008156:0.006767:0.008348:0.005459:0.007374:0.009034:0.007949:0.009034:0.009194:0.008348:0.006767:0.004373 on the provisions vary by scheme, depending on the type :@0.489079:0.227278:0.900395:0.227278:0.900395:0.216693:0.489079:0.216693:0.008571:0.008395:0.006049:0.005411:0.009034:0.008156:0.006049:0.009162:0.005554:0.008986:0.007390:0.003863:0.006384:0.003863:0.008826:0.008731:0.006560:0.004868:0.007645:0.008124:0.005554:0.007725:0.005650:0.008651:0.007055:0.005203:0.006767:0.007374:0.009210:0.008348:0.013742:0.008348:0.003464:0.006512:0.009401:0.008156:0.009385:0.008092:0.009034:0.009114:0.003863:0.008731:0.009401:0.005890:0.008571:0.008316:0.006049:0.005411:0.009034:0.008156:0.005634:0.005123:0.007390:0.008986:0.007981:0.004373 and duration of the expected future claim payments.:@0.489079:0.242659:0.864291:0.242659:0.864291:0.232075:0.489079:0.232075:0.007805:0.008651:0.008986:0.006049:0.009401:0.008826:0.005554:0.008124:0.005219:0.003863:0.009353:0.009034:0.005890:0.009353:0.005187:0.004868:0.005411:0.009034:0.008156:0.006049:0.008060:0.007326:0.009050:0.008348:0.007023:0.005411:0.008108:0.009162:0.006049:0.004996:0.009034:0.005411:0.009210:0.005554:0.008348:0.005842:0.007135:0.003863:0.007725:0.003863:0.013280:0.004373:0.002426:0.009385:0.007757:0.007725:0.013359:0.008156:0.009034:0.005155:0.006767:0.003464 Due the long term nature of the liabilities, claims :@0.489499:0.264931:0.840642:0.264931:0.840642:0.254346:0.489499:0.254346:0.010758:0.008731:0.007981:0.005203:0.005411:0.009034:0.008156:0.006049:0.003607:0.008826:0.008571:0.008826:0.006049:0.005411:0.008028:0.005379:0.013439:0.004373:0.002522:0.009034:0.007853:0.005411:0.008779:0.005554:0.008060:0.005714:0.009353:0.004756:0.005203:0.005411:0.009034:0.008156:0.006049:0.003863:0.003607:0.008124:0.009018:0.003863:0.003863:0.003623:0.005411:0.003863:0.008028:0.006767:0.003224:0.006464:0.007374:0.003543:0.007805:0.003863:0.013184:0.006560:0.004373 that have settled, or are expected to settle as :@0.488743:0.280312:0.813646:0.280312:0.813646:0.269728:0.488743:0.269728:0.005411:0.009369:0.008316:0.005411:0.005762:0.008731:0.007725:0.007390:0.007981:0.006049:0.006767:0.008348:0.005123:0.005411:0.003863:0.008108:0.009401:0.003464:0.006368:0.008826:0.005299:0.005634:0.007725:0.005299:0.007901:0.005714:0.008348:0.007103:0.009162:0.008348:0.007103:0.005411:0.008108:0.009401:0.005554:0.005411:0.009034:0.005714:0.006767:0.007933:0.005203:0.005411:0.003655:0.008060:0.005634:0.007470:0.006305:0.004373 a PPO are very sensitive to changes in the HM :@0.489079:0.295694:0.817717:0.295694:0.817717:0.285110:0.489079:0.285110:0.006895:0.004373:0.002522:0.008060:0.008060:0.010838:0.005634:0.007805:0.005299:0.007901:0.005203:0.007645:0.008348:0.005554:0.007518:0.005203:0.006767:0.007933:0.008826:0.006560:0.003863:0.005203:0.003863:0.007390:0.008060:0.005714:0.005411:0.009034:0.005299:0.007374:0.009034:0.008124:0.009034:0.009401:0.008348:0.006767:0.006017:0.003272:0.007645:0.006049:0.005411:0.009034:0.008076:0.006464:0.010327:0.013104:0.004373 Treasury-prescribed discount rate, especially the :@0.488743:0.311373:0.831410:0.311373:0.831410:0.300789:0.488743:0.300789:0.008060:0.005299:0.007981:0.007805:0.006560:0.008826:0.005379:0.007470:0.006384:0.008906:0.005554:0.007965:0.006560:0.007135:0.005379:0.003863:0.009082:0.008060:0.009162:0.006464:0.009401:0.003863:0.006767:0.007182:0.009353:0.009034:0.008826:0.005411:0.005938:0.005554:0.007885:0.005411:0.008028:0.003464:0.006289:0.008348:0.006767:0.009385:0.008092:0.007374:0.003863:0.007837:0.003863:0.003863:0.007725:0.004709:0.005411:0.008699:0.008060:0.004373 long term and very long term discount rates.:@0.489499:0.326755:0.805719:0.326755:0.805719:0.316171:0.489499:0.316171:0.003607:0.008651:0.008491:0.008731:0.006049:0.005411:0.008108:0.005554:0.013519:0.006049:0.007805:0.008651:0.008986:0.005634:0.007645:0.008348:0.005554:0.007518:0.005634:0.003607:0.008651:0.008395:0.008731:0.006049:0.005411:0.008348:0.005315:0.013742:0.005922:0.009401:0.003863:0.006767:0.007182:0.009353:0.009034:0.009034:0.005411:0.005650:0.005299:0.007901:0.005203:0.007981:0.006560:0.003464 Discount :@0.496388:0.352298:0.567557:0.352298:0.567557:0.341157:0.496388:0.341157:0.011845:0.004772:0.006905:0.007644:0.009829:0.009661:0.009661:0.006216:0.004637 31/03/2021 31/03/2022 Change:@0.638357:0.352298:0.897194:0.352298:0.897194:0.341157:0.638357:0.341157:0.008401:0.008401:0.006468:0.008401:0.008485:0.006552:0.008485:0.008485:0.008485:0.008485:0.004637:0.014768:0.008569:0.008569:0.006552:0.008653:0.008653:0.006636:0.008653:0.008653:0.008653:0.008653:0.004637:0.014264:0.010165:0.009745:0.008737:0.009829:0.010081:0.009089 rates term:@0.496388:0.367977:0.573942:0.367977:0.573942:0.356836:0.496388:0.356836:0.006468:0.008485:0.006216:0.008569:0.006972:0.004368:0.006216:0.008569:0.006300:0.015390 nominal:@0.660097:0.367977:0.720901:0.367977:0.720901:0.356836:0.660097:0.356836:0.009577:0.009661:0.014365:0.004452:0.009493:0.008485:0.004772 rates:@0.684644:0.383359:0.721438:0.383359:0.721438:0.372218:0.684644:0.372218:0.006384:0.008401:0.006132:0.008485:0.007392 (%pa):@0.677419:0.399038:0.721001:0.399038:0.721001:0.387896:0.677419:0.387896:0.005796:0.013525:0.009661:0.008401:0.006200 nominal:@0.760064:0.367977:0.820867:0.367977:0.820867:0.356836:0.760064:0.356836:0.009577:0.009661:0.014365:0.004452:0.009493:0.008485:0.004772 rates:@0.784694:0.383359:0.821489:0.383359:0.821489:0.372218:0.784694:0.372218:0.006384:0.008401:0.006132:0.008485:0.007392 (%pa):@0.777386:0.399038:0.821388:0.399038:0.821388:0.387896:0.777386:0.387896:0.005880:0.013693:0.009745:0.008485:0.006200 Short term :@0.495968:0.429267:0.580376:0.429267:0.580376:0.418126:0.495968:0.418126:0.008921:0.009812:0.010165:0.005847:0.005998:0.004032:0.005696:0.008787:0.005847:0.014701:0.004603 (<5 years):@0.496388:0.444648:0.565961:0.444648:0.565961:0.433506:0.496388:0.433506:0.004368:0.009997:0.007813:0.004603:0.007829:0.008569:0.008552:0.005645:0.007124:0.005074 - .:@0.668179:0.428970:0.687953:0.428970:0.687953:0.417829:0.668179:0.417829:0.006720:0.009408:0.003646 0:@0.674563:0.427598:0.678638:0.427598:0.678638:0.422585:0.674563:0.422585:0.004075 0 2:@0.687920:0.427598:0.701235:0.427598:0.701235:0.422585:0.687920:0.422585:0.004075:0.005165:0.004075 %:@0.706483:0.428970:0.720226:0.428970:0.720226:0.417829:0.706483:0.417829:0.013743 0.47%:@0.774614:0.428970:0.819355:0.428970:0.819355:0.417829:0.774614:0.417829:0.009241:0.003646:0.009056:0.009056:0.013743 +0.49%:@0.840289:0.429267:0.896102:0.429267:0.896102:0.418126:0.840289:0.418126:0.011492:0.009056:0.003646:0.008821:0.009056:0.013743 Medium term :@0.496808:0.473453:0.602554:0.473453:0.602554:0.462311:0.496808:0.462311:0.015087:0.008518:0.009896:0.004066:0.009509:0.014163:0.005292:0.005696:0.008787:0.005847:0.014281:0.004603 (5-10 years):@0.496388:0.489132:0.582426:0.489132:0.582426:0.477990:0.496388:0.477990:0.005074:0.009056:0.006720:0.008888:0.009056:0.004301:0.008132:0.008417:0.008552:0.005645:0.007124:0.005074 0.18%:@0.676243:0.473690:0.720060:0.473690:0.720060:0.462549:0.676243:0.462549:0.009056:0.003377:0.008821:0.008821:0.013743 0.70%:@0.775034:0.473690:0.819590:0.473690:0.819590:0.462549:0.775034:0.462549:0.009056:0.003646:0.009056:0.009056:0.013743 +0.52%:@0.840709:0.473453:0.896270:0.473453:0.896270:0.462311:0.840709:0.462311:0.011492:0.008837:0.003646:0.008787:0.009056:0.013743 Long term :@0.496808:0.517876:0.577285:0.517876:0.577285:0.506735:0.496808:0.506735:0.007560:0.009493:0.009241:0.009577:0.005208:0.005696:0.008787:0.005847:0.014466:0.004603 (10-40 years):@0.496388:0.533851:0.593347:0.533851:0.593347:0.522709:0.496388:0.522709:0.005292:0.009325:0.009325:0.006972:0.009325:0.009325:0.004603:0.007829:0.008569:0.008552:0.005645:0.007124:0.005074 1.99%:@0.675823:0.518173:0.719892:0.518173:0.719892:0.507032:0.675823:0.507032:0.009056:0.003461:0.009056:0.008753:0.013743 0.95%:@0.774614:0.518173:0.819355:0.518173:0.819355:0.507032:0.774614:0.507032:0.009241:0.003646:0.009056:0.009056:0.013743 -1.04%:@0.846354:0.517876:0.896388:0.517876:0.896388:0.506735:0.846354:0.506735:0.006552:0.008737:0.003646:0.008619:0.008737:0.013743 Very long term :@0.495128:0.562656:0.612298:0.562656:0.612298:0.551514:0.495128:0.551514:0.011005:0.009325:0.006132:0.008653:0.005208:0.004066:0.009459:0.009157:0.009577:0.004872:0.005696:0.008787:0.005847:0.014785:0.004603 (over 40 years):@0.496388:0.578335:0.603427:0.578335:0.603427:0.567193:0.496388:0.567193:0.005074:0.009627:0.008048:0.008501:0.005847:0.004402:0.009056:0.009056:0.004603:0.007863:0.008569:0.008552:0.005645:0.007124:0.005074 1.99%:@0.675823:0.562953:0.719892:0.562953:0.719892:0.551811:0.675823:0.551811:0.009056:0.003461:0.009056:0.008753:0.013743 0:@0.774614:0.561581:0.778689:0.561581:0.778689:0.556567:0.774614:0.556567:0.004075 .:@0.783854:0.562953:0.787500:0.562953:0.787500:0.551811:0.783854:0.551811:0.003646 6 6:@0.787886:0.561581:0.801201:0.561581:0.801201:0.556567:0.787886:0.556567:0.004075:0.005165:0.004075 %:@0.806450:0.562953:0.820193:0.562953:0.820193:0.551811:0.806450:0.551811:0.013743 -1.33%:@0.846774:0.562953:0.896556:0.562953:0.896556:0.551811:0.846774:0.551811:0.006384:0.008737:0.003444:0.008737:0.008737:0.013743 As shown in the following material, the relationship :@0.488306:0.605292:0.862066:0.605292:0.862066:0.594707:0.488306:0.594707:0.010295:0.007007:0.005634:0.006767:0.009034:0.009353:0.011731:0.009034:0.004373:0.002554:0.003272:0.007645:0.006049:0.005411:0.009034:0.008156:0.005203:0.004996:0.009545:0.003863:0.004038:0.009353:0.011731:0.003863:0.009241:0.009401:0.004373:0.002602:0.013742:0.007853:0.005411:0.008348:0.005554:0.003863:0.008124:0.003863:0.003464:0.005890:0.005411:0.009034:0.008156:0.006464:0.005554:0.008060:0.003863:0.007901:0.005203:0.003863:0.009082:0.008731:0.006767:0.008603:0.003863:0.009162:0.004373 between the value of the total provision and the effect:@0.489483:0.620970:0.879362:0.620970:0.879362:0.610386:0.489483:0.610386:0.009385:0.008348:0.005411:0.011540:0.008348:0.008348:0.009034:0.005698:0.005411:0.009034:0.008156:0.005299:0.007645:0.008124:0.003863:0.009034:0.008348:0.005666:0.009353:0.004756:0.005299:0.005411:0.009034:0.008156:0.005203:0.005411:0.009034:0.005203:0.008124:0.003639:0.004373:0.002522:0.008826:0.005203:0.008906:0.007310:0.003863:0.006305:0.003863:0.008731:0.008651:0.006464:0.007805:0.008651:0.008986:0.006049:0.005411:0.009034:0.008076:0.005714:0.008348:0.005171:0.004996:0.008523:0.007374:0.005411 of changes in the discount rate is not a symmetrical :@0.489079:0.636352:0.860077:0.636352:0.860077:0.625768:0.489079:0.625768:0.009353:0.004756:0.005299:0.007374:0.009034:0.008124:0.009034:0.009401:0.008348:0.006767:0.006017:0.003272:0.007645:0.006049:0.005411:0.009034:0.008076:0.005714:0.009401:0.003863:0.006767:0.007182:0.009353:0.009034:0.009034:0.005411:0.005650:0.005554:0.007805:0.005203:0.008060:0.006049:0.003368:0.005874:0.005634:0.009034:0.009114:0.005411:0.005092:0.006895:0.006464:0.006767:0.007422:0.013359:0.013439:0.008156:0.005411:0.005554:0.003655:0.007135:0.008124:0.003639:0.004373 one - due to the impacts of compound discounting.:@0.489079:0.651734:0.859710:0.651734:0.859710:0.641150:0.489079:0.641150:0.008986:0.008826:0.008060:0.004788:0.006384:0.002522:0.005203:0.009066:0.008651:0.008060:0.005714:0.005123:0.008986:0.005203:0.005411:0.009034:0.008156:0.006464:0.003863:0.013439:0.009162:0.008124:0.007087:0.005411:0.006512:0.005634:0.009353:0.004756:0.005299:0.007374:0.009002:0.013742:0.009114:0.009353:0.009034:0.008826:0.009401:0.006384:0.009401:0.003863:0.006560:0.007374:0.009178:0.009034:0.008858:0.005411:0.003863:0.009034:0.009082:0.003464 A reduction of 1 in the short, medium and long term :@0.488306:0.667175:0.887037:0.667175:0.887037:0.656591:0.488306:0.656591:0.011253:0.005634:0.005554:0.008140:0.009162:0.008826:0.007374:0.005060:0.003863:0.008986:0.008826:0.006464:0.009353:0.004756:0.004373:0.002426:0.008603:0.013990:0.004373:0.002857:0.003272:0.007645:0.006049:0.005411:0.009034:0.008156:0.005634:0.006767:0.009034:0.009353:0.005554:0.005411:0.003464:0.004373:0.002410:0.013439:0.008156:0.009401:0.003623:0.008826:0.013439:0.006049:0.007805:0.008571:0.008986:0.004373:0.002522:0.003607:0.008826:0.008571:0.008826:0.005634:0.005411:0.008028:0.005379:0.013439:0.004373 :@0.601965:0.667175:0.606338:0.667175:0.606338:0.656591:0.601965:0.656591:0.004373 %:@0.607258:0.667175:0.620394:0.667175:0.620394:0.656591:0.607258:0.656591:0.013136 discount rates will increase the total provision by 31 %, :@0.489062:0.682557:0.882565:0.682557:0.882565:0.671973:0.489062:0.671973:0.009401:0.003863:0.006767:0.007182:0.009353:0.009034:0.008826:0.005411:0.005938:0.005299:0.007901:0.005203:0.008060:0.006560:0.004868:0.011540:0.003863:0.003863:0.004086:0.004373:0.002522:0.003863:0.008731:0.007135:0.005379:0.008348:0.007789:0.006767:0.008012:0.005299:0.005411:0.009034:0.008076:0.005299:0.005411:0.009034:0.005203:0.008124:0.003639:0.004373:0.002522:0.009066:0.005299:0.008906:0.007310:0.003863:0.006384:0.003863:0.008731:0.008651:0.004373:0.002522:0.008651:0.007055:0.005203:0.007230:0.007310:0.004868:0.014620:0.003863:0.004373 but a 1% increase will reduce the provision by 20%.:@0.489482:0.697938:0.861294:0.697938:0.861294:0.687354:0.489482:0.687354:0.009066:0.008731:0.005203:0.005203:0.006895:0.004373:0.003687:0.008475:0.013695:0.004373:0.002857:0.003863:0.008731:0.007135:0.005379:0.008348:0.007789:0.006767:0.008012:0.005299:0.011540:0.003863:0.003863:0.004086:0.006464:0.005554:0.007965:0.009162:0.008826:0.007374:0.007917:0.005634:0.005411:0.009034:0.008156:0.006049:0.009066:0.005299:0.008906:0.007310:0.003863:0.006384:0.003863:0.008731:0.008651:0.004373:0.002522:0.008651:0.007055:0.005203:0.009497:0.009656:0.014540:0.003464 :@0.536248:0.697938:0.540621:0.697938:0.540621:0.687354:0.536248:0.687354:0.004373