Annual Report 2015
105
9 EMPLOYEE BENEFITS
(continued)
e) Changes in the fair value of plan assets are as follows:
Defined benefit pension plans
2015
2014
Opening fair value of plan assets
4,265,504
4,120,688
Exchange adjustments
1,593
(2,549)
Interest income
202,220
194,595
Return on plan assets, excluding interest income
(293,752)
25,309
Contributions by employer
20,524
17,184
Members’ contributions
1,107
1,029
Benefits paid
(94,758)
(89,230)
Expense allowance
(1,673)
(1,522)
Closing fair value of plan assets
4,100,765
4,265,504
Actual return on plan assets
205,347
206,579
f) Plan asset allocation as at September 30
Defined benefit pension plans
Fair value % Allocation
2015
2014
2015
2014
Equity securities
1,870,082
1,975,432
45.60%
46.31%
Debt securities
1,829,269
1,786,142
44.62%
41.87%
Property
25,117
31,524
0.61%
0.74%
Mortgages
5,818
1,132
0.14%
0.03%
Money market instruments/cash
370,479
471,274
9.03%
11.05%
Total fair value of plan assets
4,100,765
4,265,504
100.0% 100.0%
g) The amounts recognised in the consolidated statement of income are as follows:
Defined benefit Post-retirement
pension plans medical benefits
2015
2014
2015
2014
Current service cost
114,659
107,811
19,953
14,652
Interest on defined benefit obligation
(44,692)
(65,309)
21,329
15,221
Past service cost
(16,601)
(8,473)
–
221
Administration expenses
2,354
1,407
–
–
Total included in staff costs
55,720
35,436
41,282
30,094
