Annual Report 2005 - The National Disability Authority

National Disability Authority
Notes to Financial Statements for the year
ended 31st December, 2005
(f) Movement in deficit during the year
2005 2004
Scheme Liability at 1 January E11,800,000 E8,900,000
Current service cost: E650,000 E440,000
Interest on scheme liabilities E540,000 E530,000
Benefits payable (E348,000) (E175,000)
Actuarial gain recognised in STRGL E558,000 E2,105,000
Scheme Liability at 31 December: E13,200,000 E11,800,000
The above calculations on the superannuation liability for the NDA do not include the
prior service details of NDA direct recruits pending approval of the Model scheme.
History of experience gains and losses
2005 2004
Experience Losses/(Gains) On Scheme Liabilities
Amount (E) E558,000 E1,345,000
Percentage of the present value of the scheme liabilities 4% 11%
Total Amount Recognised In STRGL
Amount (E0) E558,000 E2,105,000
Percentage of the present value of the scheme liabilities 4% 18%
Effect of Change in Accounting Policy
The effect of the change in accounting policy arising from the introduction of FRS17
is to recognise as expenditure in the year the cost of pensions earned rather than the
payments made to pensioners, and a corresponding funding amount. In addition the
Balance Sheet recognises the cumulative liability for pensions earned by employees as
at 31 December 2005 together with a corresponding asset, where as previously this
liability was disclosed by note only.
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