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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER, 2010
(Expressed in Thousands of Trinidad and Tobago Dollars, except where otherwise stated)
(Continued)
15. Employee benefits asset
Pension plan-asset 2,446 1,828
The details below were extracted from information supplied by independent professional actuaries.
a) Amounts recognized in the statement of income are as follows:
2010 2009
$ $
Current service cost 2,175 2,261
Past service cost – (50)
Interest cost 1,954 2,003
Actuarial loss 66 88
Expected return on plan assets (2,281) (2,226)
Total included in personnel remuneration and benefits (Note 3) 1,914 2,076
Actual return on plan assets 1,501 1,585
b) Movement in the pension plan benefit asset in the statement of financial position:
Balance brought forward 1,828 1,473
Total expense for the year (as shown above) (1,914) (2,076)
Contributions paid 2,532 2,427
Other movements – 4
Net pension plan asset 2,446 1,828
Pension asset recognized in the statement of financial position are as follows:
Fair value of pension plan assets 30,146 25,620
Present value of funded obligations (27,868) (26,062)
2,278 (442)
Unrecognized actuarial loss 168 2,270
Pension plan asset 2,446 1,828
Changes in the present value of the defined benefit obligation are as follows:
Defined benefit obligation at 1 January 26,062 23,003
Interest cost 1,954 2,003
Current service cost 2,175 2,261
Past service cost vested benefits – (50)
Actuarial gain (2,813) (1,581)
Benefits paid (278) (304)
Members’ contributions 974 936
Expense allowance (217) (212)
Other adjustment 11 6
Defined benefit obligation at 31 December 27,868 26,062
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