REPUBLIC BANK LIMITED
78
Notes to theConsolidatedFinancial Statements
For the year ended September 30, 2014. Expressed in thousands of Trinidad and Tobago dollars ($’000), except where otherwise stated
9 Employee benefits
(continued)
c) Reconciliation of opening and closing statement of financial position entries:
Defined benefit pension plans
Post-retirement medical benefits
2014
2013
2014
2013
Defined benefit obligation at prior year end
1,242,651
1,193,527
304,850
182,773
Exchange adjustments
297
–
(64)
–
Unrecognised gain/(loss) charged to
retained earnings
–
14,980
–
39,344
Opening defined benefit obligation
1,242,948
1,208,507
304,786
222,117
Net pension cost
(40,517)
(22,121)
30,094
22,896
Re-measurements recognised in other
comprehensive income
22,836
38,505
91,511
62,306
Premiums paid by the Group
17,183
17,760
(2,889)
(2,469)
Closing net pension asset/liability
1,242,450
1,242,651
423,502
304,850
d) Liability profile
The defined benefit obligation is allocated between the Plan’s members as follows:
Defined benefit pension plans
Post-retirement medical benefits
- Active members
63% to 80%
76% to 87%
- Deferred members
3% to 8%
N/A
- Pensioners
15% to 30%
13% to 24%
The weighted duration of the defined benefit obligation ranged from 16.9 to 24 years.
31% to 46% of the defined benefit obligation for active members was conditional on future salary increases.
29% to 98% of the benefits for active members were vested.
