UBI Banca Group

Description of the main actuarial assumptions
The defined benefit plan funds were subjected to actuarial valuation which in the technical audit
as at 31.12.2011 resulted in an amount for the mathematical reserve which on average, in the
actuarial sense, will allow the pensions granted to pensioners and their surviving dependents to
be paid.
The valuations were performed in compliance with accounting standard IAS 19, with the
legislation governing the relative pensions schemes and with company regulations. More
specifically, the criterion used to calculate the liability is consistent with the projected unit credit
method required under IAS 19.
The following demographic assumptions were assumed:
• for the probability of the death of pensioners, the RG48 tables prepared by the State General
Accounting Office, separately by gender;
• for the probability of leaving a family, those adopted in the INPS (national insurance institute)
model for projections to 2010, separately by gender;
• for the probability of the death of a spouse, the RG48” tables prepared by the State General
Accounting Office, separately by gender.
The economic and financial assumptions used in the actuarial valuation were as follows:
Former Carical
pension fund
Former
Caripuglia
pension fund
Former Carisal
pension fund
a) Discount rate* 3.83% 3.83% 3.83%
b) Annual pension revaluation rate 1.50% 1.50% 1.50%
c) Inflation rate 2.00% 2.00% 2.00%
* calculated as the weighted average of the EUR Composite A interest rate curve as at 31.12.2011, using, as weights, the ratios between the amount paid
for each maturity date and the total amount to be paid until the extinction of the population considered.
Actuarial valuations
The table below gives the results of the actuarial valuations performed as at 31 st December 2011
in relation to the different groups:
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