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
A22
(f ) The major categories of Plan assets as a percentage of total Plan assets are as follows:
2012
2011
%
%
Universal Retirement Fund
75
75
TT$ Income Fund
25
25
(g) The actual return on Plan assets was as follows:
2012
2011
$’000
$’000
Actual return
7,763
-
(h) The actuarial assumptions have been based on market expectations at 31 December annually for the period over
which the obligations are to be settled. The principal actuarial assumptions used were as follows:
2012
2011
%
%
Discount rate at 31 December
5.0
7.0
Expected return on Plan assets
5.0
7.0
Future salary increases
5.0
6.5
(i) The Group expects to contribute $10.6 million to the Plan in 2013.
12) INITIAL CAPITAL
Initial Capital is capital subscribed by the Initial Capital Contributors to the Trinidad and Tobago Unit Trust Corporation
in accordance with Section 17 of the Act and invested in the Growth and Income Fund. Initial Capital at 31 December,
2012 was $4.8 million (2011: $4.8 million).
13) UNIT CAPITAL
Unit Capital represents the capital value of units issued by the four (4) Investment Funds domiciled in Trinidad and
Tobago and managed by the Corporation. In respect of the Growth and Income Fund (First Unit Scheme), this excludes
the acquisition cost of the units issued in respect of Initial Capital.
2012
2011
$’000
$’000
Growth and Income Fund
3,677,158
3,297,985
TT$ Income Fund
11,154,721
10,556,777
Universal Retirement Fund
212,709
186,917
US$ Income Fund
4,518,692
4,098,404
Total
19,563,280
18,140,083
11) RETIREMENT BENEFITS
(continued)
Unit Trust Corporation
Annual Report 2012
