(Jamaica) Limited - FirstCaribbean International Bank

notes to the Financial Statements
Year Ended 31 October 2009
(Expressed in Jamaican dollars unless otherwise indicated)
12. Retirement Benefit Asset (Obligation) (Continued)
(a) Defined benefit pension scheme (continued)
Changes in the fair value of plan asset are as follows:
The Group
The Bank
2009 2008 2009 2008
$’000 $’000 $’000 $’000
Fair value of plan asset at start of year 2,128,070 1,768,020 2,080,020 1,725,420
Expected return on plan asset 327,890 233,510 320,490 228,240
Contributions (216) 1,610 (210) 1,570
Benefits paid during year (14,520) (38,370) (14,190) (37,500)
Actuarial (loss) gains on plan asset (83,024) 163,300 (81,160) 162,290
Fair value of plant asset at end of year 2,358,200 2,128,070 2,304,950 2,080,020
Changes in the present value of obligation are as follows:
The Group
The Bank
2009 2008 2009 2008
$’000 $’000 $’000 $’000
Present value of obligation at start of year 1,080,630 797,090 1,056,230 777,880
Interest cost 179,900 109,520 175,840 107,050
Current service cost 55,600 44,830 54,340 43,820
Benefits paid during year (14,520) (38,370) (14,190) (37,500)
Actuarial loss on plan obligation 53,590 167,560 52,380 164,980
Present value of obligation at end of year 1,355,200 1,080,630 1,324,600 1,056,230
The amounts recognised in the statement of income are as follows:
The Group
The Bank
2009 2008 2009 2008
$’000 $’000 $’000 $’000
Current service cost 55,600 44,830 54,340 43,820
Interest cost 179,900 109,520 175,840 107,050
Expected return on plan assets (327,890) (233,510) (320,490) (228,240)
Amount not recognised – Economic value of surplus 42,730 85,890 41,770 77,350
Actuarial gains recognised during the year – – – –
Included in staff costs (Note 25) (49,660) 6,730 (48,540) (20)
Actual return on plan asset 244,080 390,740 238,570 390,520
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