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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 (continued)
b) Movement in the pension plan benefit asset in the statement of financial position: (continued)
2010 2009
$ $
Changes in the fair value of plan assets are as follows:
Fair value of plan assets at 1 January 25,620 21,181
Expected return 2,281 2,226
Actuarial loss (766) (640)
Benefits paid (278) (304)
Employer and employees’ contribution 3,506 3,363
Expense allowance (217) (206)
Fair value of plans assets at 31 December 30,146 25,620
The principal actuarial assumptions used for accounting purposes
for the pension plans are:
2010 2009
$ $
Discount rate 6.25% - 7.75% 7.00% - 7.50%
Expected return on plan assets 7.00% - 7.75% 7.00% - 8.50%
Rate of future salary increases 5.00% - 6.75% 6.00% - 6.25%
Rate of future pension increases 0.50% - 3.75% 2.00% - 3.00%
The Group expects to contribute $2.7 million to its defined benefit plan in 2011.
The major categories of plan assets are as follows:
2010 2009
$ $
Equities 37% 42%
Debt securities 37% 36%
Other 26% 22%
Experience history for the current and previous period is as follows:
2010 2009 2008 2007 2006
$ $ $ $ $
Defined benefit obligation (27,868) (26,062) (23,003) 18,464 15,352
Plan assets 30,146 25,620 21,181 (18,280) (14,763)
Surplus/(deficit) 2,278 (442) (1,822) 184 589
Experience adjustments on plan liabilities (2,813) (1,581) 207 (362) 151
Experience adjustments on plan assets (766) (640) (1,874) (457) (1,375)
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BUILD TO LAST FOR GENERATIONS