Trinidad and Tobago Unit Trust Corporation
Notes
to the Consolidated
Financial Statements
FOR THE YEAR ENDED
31 DECEMBER, 2012
Expressed in
Trinidad and Tobago dollars
A21
(b) Changes in the fair value of Plan assets are as follows:
2012
2011
$’000
$’000
Opening fair value of Plan assets
113,801
-
Expected return on Plan assets
9,022
-
Actuarial loss on Plan assets
(1,259)
-
Employer contributions
10,066
-
Plan participant contributions
3,595
-
Benefits paid
(3,573)
-
Closing fair value of Plan assets
131,652
-
(c) The amount recognised in the Consolidated Statement of Financial Position is as follows:
2012
2011
$’000
$’000
Present value of the defined benefit obligation
(136,298)
(109,100)
Fair value of Plan assets
131,652
113,801
Sub-total
(4,646)
4,701
Un-recognised asset
-
(4,701)
Liability recognized in the Consolidated Statement of Financial Position
(4,646)
-
International Accounting Standard (IAS) 19 paragraph 64, prohibits recognition of the pension plan surplus
unless it is available to the Corporation via reduction of its future contributions.
(d) The amount recognised in the Consolidated Statement of Income is as follows:
2012
2011
$’000
$’000
Current service costs
7,865
-
Interest costs
8,693
-
Expected return on Plan assets
(9,022)
-
Total recognised in Staff Costs
7,536
-
(e) The amount recognised in the Consolidated Statement of Comprehensive Income is as follows:
2012
2011
$’000
$’000
Actuarial Losses
(11,877)
-
The effect of the Limit in IAS 19 paragraph 64
4,701
-
(7,176)
-
11) RETIREMENT BENEFITS
(continued)
Unit Trust Corporation
Annual Report 2012
