Plan Worldwide Annual Review and Combined Financial ...

2012 2011
€000 €000
At 1 July 7,366 7,663
Expected return on plan assets 206 211
Actuarial (losses)/gains 3,419 (965)
Employer contributions 580 537
Employee contributions 123 116
Benefits paid (141) (129)
Management fees (88) (82)
Currency translation effect 30 15
At 30 June 11,495 7,366
Actual return on plan assets 3,537 (836)
Amounts recognised in the combined statement of financial position for defined benefit pension plans are as follows:
2012 2011
€000 €000
Actuarial present value of defined benefit obligation (12,842) (8,458)
Plan assets at fair value 11,495 7,366
Fund deficit (1,347) (1,092)
Unrecognised prior service benefits (60) (72)
Unrecognised actuarial losses 901 816
Total (506) (348)
The range of assumptions used in the actuarial valuations of the defined benefit pension plans are as follows:
2012 2011
Weighted average assumed discount rate 3.2-3.8% 5.0-5.3%
Weighted average expected long term return on plan assets 3.2-4.1% 5.3-6.0%
Weighted average future salary increase 2.95-3.5% 2.95-3.0%
Cost of living adjustments for pensions in payment 0-1.4% 1.0-2.5%
Number of members 383 344
The expected long term return on plan assets has been determined with reference to the long term asset mix and with reference to rates of returns
that are expected to be generated on these assets. These rates of return are chosen consistent with the term and the currency of the related obligation.
Assumptions regarding future mortality experience are set based on advice in accordance with published statistics and experience in each country.
Expected contributions to the plans for the year ending 30 June 2012 are €0.6 million.
Historical information on the defined benefit pension plans is below:
2012 2011 2010 2009 2008
€000 €000 €000 €000 €000
Defined benefit obligation 12,842 8,458 8,850 5,583 5,618
Fair value of plan assets as at end of year 11,495 7,366 7,663 5,311 4,627
Fund (deficit)/surplus (1,347) (1,092) (1,187) (272) (991)
11. Provisions for other liabilities and charges
Plan International Worldwide Combined Financial Statements for the year ended 30 June 2012
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