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A16<br />
A16<br />
| RETIREMEnT BEnEFITS|<br />
Unit Trust Corporation Annual Report 2012<br />
Trinidad and Tobago Unit Trust Corporation<br />
Notes<br />
to the Consolidated<br />
Financial Statements<br />
(b) Changes in the fair value of plan assets are as follows:<br />
FOR THE YEAR ENDED<br />
31 DECEMBER, 2012<br />
Expressed in<br />
Trinidad and Tobago dollars<br />
2012 2011<br />
$’000 $’000<br />
Opening fair value of plan assets 113,801 -<br />
Expected return on plan assets 9,022 -<br />
Actuarial loss on plan assets (1,259) -<br />
Employer contributions 10,066 -<br />
Plan participant contributions 3,595 -<br />
Benefits paid (3,573) -<br />
Closing fair value of plan assets 131,652 -<br />
(c) The amount recognised in the Consolidated Statement of Financial Position is as follows:<br />
2012 2011<br />
$’000 $’000<br />
Present value of the defined benefit obligation (136,298) (109,100)<br />
Fair value of plan assets 131,652 113,801<br />
Sub-total (4,646) 4,701<br />
Un-recognised asset - (4,701)<br />
Liability recognized in the Consolidated Statement of Financial Position (4,646) -<br />
International Accounting Standard (IAS) 19 section 58(b), prohibits recognition of the pension plan surplus<br />
unless it is available to the Corporation via reduction of its future contributions.<br />
(d) The amount recognised in the Consolidated Statement of Income is as follows:<br />
2012 2011<br />
$’000 $’000<br />
Current service costs 7,865 -<br />
Interest costs 8,693 -<br />
Expected return on plan assets (9,022) -<br />
Total recognised in Staff Costs 7,536 -<br />
(e) The amount recognised in the Consolidated Statement of Comprehensive Income is as follows:<br />
2012 2011<br />
$’000 $’000<br />
Actuarial Losses (11,877) -<br />
The effect of the Limit in IAS 58(b) 4,701 -<br />
(7,176) -