Republic Bank Limited
104
For the year ended September 30, 2015. Expressed in thousands of Trinidad and Tobago dollars ($’000) except where otherwise stated
Notes to theConsolidatedFinancial Statements
4
Financial
9 EMPLOYEE BENEFITS
(continued)
c) Reconciliation of opening and closing statement of financial position entries:
Defined benefit
Post-retirement
pension plans
medical benefits
2015
2014
2015
2014
Defined benefit obligation at prior year end
1,242,450
1,242,651
423,502
304,850
Acquisition of a subsidiary
–
–
22,375
–
Exchange adjustments
(190)
297
51
(64)
Opening defined benefit obligation
1,242,260
1,242,948
445,928
304,786
Net pension cost
(55,720)
(40,517)
41,282
30,094
Re-measurements recognised in other
comprehensive income
(36,512)
22,836
(77,814)
91,511
Premiums paid by the Group
20,524
17,183
(3,225)
(2,889)
Closing net pension asset
1,170,552
1,242,450
406,171
423,502
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
61% to 83%
70% to 84%
-
Deferred members
4% to 6%
N/A
-
Pensioners
13% to 33%
16% to 30%
The weighted duration of the defined benefit obligation ranged from 11.9 to 19.8 years.
28% to 46% of the defined benefit obligation for active members was conditional on future salary increases.
19% to 99% of the benefits for active members were vested.
