BRITISH COLUMBIA HYDRO AND POWER AUTHORITY

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED MARCH 31, 2016 AND 2015
British Columbia Hydro and Power Authority
(c) Movement of defined benefit obligations and defined benefit plan assets during the year:
Pension
Other
Benefit Plans
Benefit Plans
(in millions) 2016 2015 2016 2015
Defined benefit obligation
Opening defined benefit obligation $ 4,357 $ 3,784 $ 432 $ 374
Current service cost 97 77 16 13
Interest cost on benefit obligations 115 230 17 17
Benefits paid 1 (171) (175) (12) (12)
Employee contributions 28 27 - -
Actuarial (gains) losses 2 (41) 414 (12) 40
Defined benefit obligation, end of year 4,385 4,357 441 432
Fair value of plan assets
Opening fair value 3,291 2,985 n/a n/a
Interest income on plan assets 3 74 192 n/a n/a
Employer contributions 66 66 n/a n/a
Employee contributions 28 27 n/a n/a
Benefits paid 1 (165) (169) n/a n/a
Actuarial (losses) gains 2,3 (125) 190 n/a n/a
Fair value of plan assets, end of year 3,169 3,291 - -
Accrued benefit liability $ (1,216) $ (1,066) $ (441) $ (432)
1
2
3
Benefits paid under Pension Benefit Plans include $13 million (2015 - $20 million) of settlement payments.
Actuarial gains/losses are included in the Non-Current Pension Cost regulatory account and for fiscal 2016 are comprised of $125 million of
experience losses on return of plan assets and $53 million of net experience gains on the benefit obligations due to discount rate changes and
experience gains, partially offset by a change in the mortality assumption incorporating future mortality improvement.
Actual loss on defined benefit plan assets for the year ended March 31, 2016 was $51 million (2015 - $382 million income).