Republic Bank Limited
106
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)
h) Re-measurements recognised in other comprehensive income
Defined benefit Post-retirement
pension plans medical benefits
2015
2014
2015
2014
Experience gains/(losses)
40,068
(22,958)
(77,814)
91,511
Effect of asset ceiling
(3,556)
122
–
–
Total included in Other comprehensive income
36,512
(22,836)
(77,814)
91,511
i) Summary of principal actuarial assumptions as at September 30
2015
2014
%
%
Discount rate
5.00 - 7.75
5.00 - 7.75
Rate of salary increase
4.00 - 6.75
2.50 - 5.50
Pension increases
0.00 - 2.50
0.00 - 2.40
Medical cost trend rates
5.00 - 6.00
7.00 - 7.75
NIS ceiling rates
3.00 - 5.00
3.00 - 5.00
Assumptions regarding future mortality are based on published mortality rates. The life expentancies underlying the value of the
defined benefit obligation as at September 30, 2015 are as follows:
Defined benefit pension plans
2015
2014
Life expectancy at age 60 - 65 for current pensioner in years:
-
Male
14.6 to 21.0
14.6 to 21.0
-
Female
18.4 to 25.1
18.4 to 25.1
Life expectancy at age 60 - 65 for current members age 40 in years:
-
Male
14.6 to 21.4
14.6 to 21.0
-
Female
18.4 to 25.4
18.4 to 25.1
