28. Retirement Benefit Obligations The Group operates either defined benefit or defined contribution pension schemes in all of its principal operating areas. Scheme assets are held in separate  trustee-administered funds. The Group operates defined benefit pension schemes in the Republic of Ireland, Britain and Northern Ireland, the Netherlands, Belgium, Germany, Switzerland and  the United States; for the purposes of the disclosures which follow, the schemes in the Republic of Ireland, the Netherlands, Belgium and Germany have been  aggregated into a “Eurozone” category on the basis of common currency and financial assumptions. In line with the principle of proportionate consolidation, the  assets, liabilities, income and expenses attaching to defined benefit pension schemes in joint ventures are reflected in the figures below on the basis of the Group’s  share of these entities. The majority of the defined benefit pension schemes operated by the Group are funded as disclosed in the analysis of the defined benefit  obligation presented below with unfunded schemes restricted to one scheme in each of the Netherlands and the United States and three schemes in Germany. Provision has been made in the financial statements for post-retirement healthcare obligations in respect of certain current and former employees principally in the  United States and for long-term service commitments in respect of certain employees in the Eurozone and Switzerland. These obligations are unfunded in nature  and the required disclosures form part of this note. The cumulative actuarial gains and losses attributable to the Group’s defined benefit pension scheme obligations at 1 January 2004 (the date of transition to  IFRS) were recognised in full as at that date and adjusted against retained income. Actuarial gains and losses and the associated movement in the net deferred  tax asset are recognised via the Consolidated Statement of Comprehensive Income. The funding requirements in relation to the Group’s defined benefit schemes are assessed in accordance with the advice of independent and qualified actuaries  and valuations are prepared in this regard either annually, where local requirements mandate that this be done, or at triennial intervals at a maximum in all other  cases. In Ireland and Britain, either the attained age or projected unit credit methods are used in the valuations. In the Netherlands and Switzerland, the actuarial  valuations reflect the current unit method, while the valuations are performed in accordance with the projected unit credit methodology in Germany. In the United  States, valuations are performed using a variety of actuarial cost methodologies - current unit, projected unit and aggregate cost. The dates of the actuarial  valuations range from December 2008 to December 2012.  The assumptions which have the most significant effect on the results of the actuarial valuations are those relating to the rate of return on investments and the  expected rates of increase in salaries and expected inflation. In the course of preparing the funding valuations, it was assumed that the pre-retirement rate of  return on investments would, on average, exceed annual salary increases by 2.5% and the post-retirement rate of return on investments would, on average,  exceed annual inflation by 2% per annum. In general, actuarial valuations are not available for public inspection; however, the results of valuations are advised to the members of the various schemes. The financial assumptions employed in the valuation of the defined benefit liabilities arising on pension schemes, post-retirement healthcare obligations and  long-term service commitments applying the projected unit credit methodology are as follows: Scheme liabilities The major long-term assumptions used by the Group’s actuaries in the computation of scheme liabilities as at 31 December 2012 and 31 December 2011 are as follows: Financial assumptions - IAS 19 Actuarial valuations - funding requirements The mortality assumptions employed in determining the present value of scheme liabilities under IAS 19 are in accordance with the underlying funding valuations and  represented actuarial best practice in the relevant jurisdictions taking account of mortality experience and industry circumstances. With regard to the most material of the  Group’s schemes, the future life expectations factored into the relevant valuations based on retirement at 65 years of age for current and future retirees, are as follows: Eurozone Britain and Northern Ireland Switzerland United States 2012 2011 2012 2011 2012 2011 2012 2011 % % % % % % % % Rate of increase in: - salaries  4.00   4.00   4.00   4.00   2.25   2.25   3.50   3.50  - pensions in payment  2.00   2.00   3.00-3.40   3.00-3.40   0.25   0.25   -  - Inflation  2.00   2.00   3.00   3.00   1.25   1.25   2.00   2.00  Discount rate  3.80   5.00   4.50   4.70   1.85   2.35   3.75   4.60  Medical cost trend rate  n/a   5.25   n/a   n/a   n/a   n/a   6.25   7.00  Republic of  Ireland Britain and Northern Ireland Switzerland 2012 2011 2012 2011 2012 2011 Current retirees - male  22.9   22.5   22.5   22.7   19.7   19.6  - female  24.9   24.1   24.4   25.3   22.0   21.9  Future retirees  - male  25.5   25.3   24.4   24.1   19.7   19.6  - female  26.9   26.5   26.4   26.7   22.0   21.9  The above data allow for future improvements in life expectancy. 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