65
Notes to the Consolidated Financial Statements (continued)
For the year ended 31 December, 2012
(Expressed in Thousands of Trinidad and Tobago Dollars, except where otherwise stated)
10. Pension plans and other post-retirement benefits
2012
2011
$
$
The numbers below are extracted from information supplied by independent actuaries.
a) Pension plan assets and other post retirement obligations:
Pension plan assets
214,152
215,671
Other post retirement obligations:
Retiree’s medical benefit obligations
(23,685)
(20,102)
Service benefit obligations
(1,795)
(1,507)
Total post retirement obligations
(25,480)
(21,609)
b) Amounts recognised in the statement of income in respect of pension costs:
Current service cost
20,219
21,509
Past service cost
–
1,966
Interest cost
40,186
38,680
Expected return on plan assets
(53,605)
(53,225)
Amortised net loss
1,751
(115)
Total, included in personnel remuneration and benefits (Note 3)
8,551
8,815
Actual return on plan assets
90,153
72,066
c) Movement in pension plan assets
Balance at 1 January
215,671
216,072
Net pension expense for the year
(8,375)
(8,815)
Contributions paid
6,856
8,414
Balance at 31 December
214,152
215,671
Net pension plan asset
Defined benefit obligation
(816,890)
(729,588)
Fair value of plan assets
902,361
829,816
Surplus
85,471
100,228
Unrecognised actuarial loss
128,681
115,443
Net pension plan asset
214,152
215,671
Changes in the present value of the defined benefit obligation are as follows:
Defined benefit obligation at 1 January
(729,588)
(619,642)
Interest cost
(40,186)
(38,680)
Current service cost
(20,219)
(21,509)
Actuarial gain
(62,458)
(71,106)
Benefits paid
40,021
28,345
Members’ contribution
(6,081)
(7,002)
Expense allowance
2,573
3,006
Past service cost
–
(1,966)
Exchange differences
(952)
(1,034)
Defined benefit obligation at 31 December
(816,890)
(729,588)
