Annual Report 2005 - The National Disability Authority

Annual Report 2005
Notes to Financial Statements for the year
ended 31st December, 2005
(b) Net Deferred Funding For Pensions in Year 2005 2004
Funding recoverable in respect of current year 1,190,000 970,000
pension costs
State Grant applied to pay pensioners (347,810) (175,186)
842,190 794,814
(c) Analysis of the amount charged to operating profit under FRS 17
2005 2004
Current service cost E650,000 E440,000
Interest on pension scheme liabilities E540,000 E530,000
Employee contribution (E111,504) (E104,256)
Past service cost: - -
Total operating charge E1,078,496 E865,744
(d) Deferred Funding Asset for Pensions
The National Disability Authority recognises these amounts as an asset corresponding
to the unfunded deferred liability for pensions on the basis of the set of assumptions
described above and a number of past events. These events include the statutory
basis for the establishment of the superannuation scheme, and the policy and practice
currently in place in relation to funding public service pensions including contributions
by employees and the annual estimates process. While there is no formal agreement
regarding these specific amounts with the Department of Justice, Equality & Law
Reform, the National Disability Authority has no evidence that this funding policy will
not continue to meet such sums in accordance with current practice. The deferred
funding asset for pensions as at 31 December 2005 amounted to E13.2 million (2004:
E11.8 million).”
(e) Analysis of the amount recognised in the statement of total
recognised gains and losses (STRGL)
2005 2004
Experience (gains) and losses arising on the scheme liabilities: E558,000 E1,345,000
Changes in assumptions underlying the present value
of the scheme liabilities: E0 E760,000
Actuarial loss / (gain) recognised in STRGL: E558,000 E2,105,000
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