A full actuarial valuation of the Plan was carried out on 31 March 2021 by a qualified independent actuary, based upon membership data as at 31 March 2019, allowing for assumed membership movements over the period from this date, as well as any actual transfers out or trivial commutations over the period. The most recent formal actuarial valuation of the Plan was on 31 March 2019 and revealed a funding deficit of £68,501,000. In the recovery plan agreed following the valuation, the Principal Employer and other participating employers agreed to pay deficit reduction contributions of £2,279,000 per annum with the view to eliminating the deficit by 31 March 2037. The annual contribution that relates to Citizens Advice is £2,111,000. This represents an increase in the annual contribution rate previously agreed of £1,611,000 and an extension of the expected contribution period from 31 December 2033. If Citizens Advice paid its annual contributions of £2,110,000 as planned, using an actuarial discount rate of 2.1%, the net present value would be £29,033,964 (2020: £19,124,445 and 2.4% discount rate). This is included in the balance sheet as a provision (as per note 16) and as a negative pension reserve (as per note 18). The liabilities of the Plan are based on the current value of expected benefit payment cash flows to members of the Plan over the next 60 or more years. The average duration of the liabilities is approximately 16 years. The Plan is exposed to actuarial risks such as market (investment) risk, interest rate risk, inflation risk, currency risk and longevity risk. 31 March 2021 £’000 31 March 2020 £’000 Fair value of plan assets 99,353 85,959 Present value of defined benefit obligation 161,415 140,310 Surplus (deficit) in plan (62,062) (54,351) Unrecognised surplus - - Defined benefit asset (liability) to be recognised (62,062) (54,351) Assumptions Discount rate 2.10% 2.40% Inflation (RPI) 3.30% 2.80% Inflation (CPI) 2.80% 2.00% Assumed life expectancies on retirement at age 65 are: Retiring today - Males 21.2 21.2 Retiring today - Females 24.1 24.1 Retiring in 20 years time - Males 22.6 22.6 Retiring in 20 years time - Females 25.7 25.6 99 Financial Statements