Page 134 - Neal and Massy Holdings Annual Report 2012

132 2012
NOTES TO THE Consolidated FINANCIAL STATEMENTS
September 30, 2012
Expressed in Thousands of Trinidad and Tobago dollars
16 Retirement Benefit Assets (continued)
Overseas plans - BS&T (continued)
The movement in the fair value of plan assets for the year is as follows:
2012 2011
$ $
Opening fair value of plan assets 468,881 431,733
Expected return on plan assets 36,866 34,241
Actuarial (losses)/gains on plan assets (23,730) 8,780
Exchange differences on foreign plans - 4,279
Employer contributions 18,992 19,146
Benefits paid (32,182) (29,298)
Closing fair value of plan assets at September 30 468,827 468,881
The amounts recognised in the consolidated income statement are as follows:
Current service cost 8,746 8,392
Interest cost 37,198 31,561
Expected return on plan assets (36,866) (34,241)
Past service cost - vested benefits - 4,001
Gains on curtailments and settlements - (1,322)
Expense recognised in the income statement 9,078 8,391
Actual return on plan assets 13,136 43,021
The liability recognised in the consolidated statement of financial position
is included in provisions for other liabilities and charges:
Liability at beginning of year (4,922) (23,957)
(Expense)/income recognised in other comprehensive income (17,884) 8,387
Net pension expense (9,078) (8,392)
Contributions paid 18,992 19,146
Exchange adjustment (25) (106)
Liability at end of year (12,917) (4,922)