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Notes to the Consolidated Financial Statements<br />
FOR THE YEAR ENDED 31 DECEMBER, 2012<br />
Expressed in Trinidad and Tobago dollars<br />
(f ) The major categories of plan assets as a percentage of total plan assets are as follows:<br />
2012 2011<br />
% %<br />
Universal Retirement Fund 75 75<br />
TT$ Income Fund 25 25<br />
(g) (The actual return on plan assets was as follows:<br />
2012 2011<br />
$’000 $’000<br />
Actual return 7,763 -<br />
(h) The actuarial assumptions have been based on market expectations at 31 December annually for the period over<br />
which the obligations are to be settled. The principal actuarial assumptions used were as follows:<br />
2012 2011<br />
% %<br />
Discount rate at 31 December 5.0 7.0<br />
Expected return on plan assets 5.0 7.0<br />
Future salary increases 5.0 6.5<br />
(i) The Group expects to contribute $10.6 million to the Plan in 2013.<br />
12) INITIAL CAPITAL<br />
Initial Capital is capital subscribed by the Initial Capital Contributors to the Trinidad and Tobago Unit Trust<br />
Corporation in accordance with Section 17 of the Act and invested in the Growth and Income Fund. Initial Capital at<br />
31 December, 2012 was $4.8 million (2011: $4.8 million).<br />
13) UNIT CAPITAL<br />
Unit Capital represents the capital value of units issued by the four (4) Investment Funds domiciled in Trinidad and<br />
Tobago and managed by the Corporation. In respect of the Growth and Income Fund (First Unit Scheme), this<br />
excludes the acquisition cost of the units issued in respect of Initial Capital.<br />
2012 2011<br />
$’000 $’000<br />
Growth and Income Fund 3,677,158 3,297,985<br />
TT$ Income Fund 11,154,721 10,556,777<br />
Universal Retirement Fund 212,709 186,917<br />
US$ Income Fund 4,518,692 4,098,404<br />
Total 19,563,280 18,140,083<br />
A17<br />
Unit Trust Corporation Annual Report 2012<br />
A17