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ANNUAL REPORT & GROUP FINANCIAL STATEMENTS 2008
20 Pension arrangements (continued)
Actuarial Gains and Losses Recognised directly in Equity
2008 2007
€’000 €’000
Cumulative amount at 1 January (4,200) 2,112
Actual return less expected return on pension scheme assets (295,890) (77,765)
Experience gains and losses arising on the scheme liabilities (3,917) (2,967)
Changes in assumptions underlying the present value of the scheme liabilities 194,543 74,420
Cumulative amount at 31 December (109,464) (4,200)
The employer contribution rate to the RTÉ Superannuation Scheme for the year ended 31 December 2008 was 8% of employee
members’ pensionable earnings (2007: 8%). The actuaries to the scheme have carried out a long term actuarial funding valuation
which gave rise to a deficit on this basis of €102.3 million as at 31 December 2008 (1 January 2008: surplus of €41.2 million).
The actuaries have also carried out a valuation in accordance with the Minimum Funding Standard provisions of the Pensions Act 1990,
and have reported a deficit on this basis of €84.1 million. As a consequence the Scheme trustees and RTÉ will submit a proposal by
June 2010 for the approval of the Pensions Board showing how it is intended that this deficit will be addressed.
Historical Information
2008 2007 2006 2005 2004
€’000 €’000 €’000 €’000 €’000
Present value of the defined benefit obligation (820,051) (979,195) (1,023,188) (936,381) (795,087)
Fair value of the plan assets 733,434 996,730 1,037,060 939,634 798,304
(Deficit) / surplus in the plan (86,617) 17,535 13,872 3,253 3,217
Difference between expected and actual return on assets (295,890) (77,765) 64,275 111,199 14,912
Expressed as a percentage of scheme assets (40.3%) (7.8%) 6.2% 11.8% 1.9%
Experience loss arising on scheme liabilities (3,917) (2,967) (30,907) (15,139) (3,977)
Expressed as a percentage of scheme liabilities (0.5%) (0.3%) (3.0%) (1.6%) (0.5%)
Effect of changes in actuarial assumptions 194,543 74,420 (31,256) (103,200) (71,163)
Expressed as a percentage of scheme liabilities 23.7% 7.6% (3.1%) (11.0%) (9.0%)
Total actuarial gains and losses (105,264) (6,312) 2,112 (7,140) (60,228)
Expressed as a percentage of scheme liabilities (12.9%) (0.6%) 0.2% (0.8%) (7.6%)
The Group expects €3.585 million in contributions to be paid to the defined benefit scheme in 2009.
21 Deferred Tax
Group
Recognised Deferred Tax Assets and Liabilities
Assets
(Liabilities)
Net
Net
2008 2007 2008 2007
€’000 €’000 €’000 €’000
Property, plant and equipment - - (45) (1,902)
Defined benefit pension scheme - - - (2,192)
Trade and other payables 1,059 857 - -
Inventories - - (3,758) (6,508)
Others - - (372) (620)
Tax losses 4,039 - - -
Net Tax Assets / (Liabilities) 5,098 857 (4,175) (11,222)
Unrecognised Deferred Tax Assets
In December 2008 a settlement was reached with Revenue regarding the availability of past losses for the calculation of corporation
tax. As such the Group has trading losses forward of €540 million at 31 December 2008, however given the uncertainty over when
these losses may be utilised, a deferred tax asset has only been recognised in respect of IFRS transitional adjustments in respect of
which deferred tax liabilities had already been recognised in prior years.
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