Page 128 - Neal and Massy Holdings Annual Report 2012

126 2012
NOTES TO THE Consolidated FINANCIAL STATEMENTS
September 30, 2012
Expressed in Thousands of Trinidad and Tobago dollars
16 Retirement Benefit Assets (continued)
Neal & Massy Group pension fund plan (continued)
2012 2011
$ $
The movement in the defined benefit obligation over the year is as follows:
Opening present value of defined benefit obligation 944,234 908,593
Current service cost 16,869 16,093
Interest cost 70,876 67,243
Actuarial losses/(gains) on obligation 50,731 (7,568)
Benefits paid (40,145) (40,127)
Closing present value of defined benefit obligation a September 30 1,042,565 944,234
The movement in the fair value of plan assets for the year is as follows:
Opening fair value of plan assets 1,343,676 1,207,711
Expected return on plan assets 103,904 93,231
Actuarial gains on plan assets 13,199 82,855
Employer contributions 27 6
Benefits paid (40,145) (40,127)
Closing fair value of plan assets at September 30 1,420,661 1,343,676
The amounts recognised in the consolidated income statement are as follows:
Current service cost 16,869 16,093
Interest cost 70,876 67,243
Expected return on plan assets (103,904) (93,231)
Total included in other income (16,159) (9,895)
Actuarial losses/(gains) recognised in comprehensive income before tax 37,532 (90,423)
Cumulative actuarial gains recognised in the statement
of other comprehensive income before tax (193,372) (230,904)
Actual return on plan assets 117,103 176,086