EirGrid plc Annual Report 2011

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EirGrid plc Annual Report & Accounts 2011 21. Retirement Benefits Obligations The Group operates a defined benefit pension plan for employees of the Company and the Executive Director (“EirGrid plan”). A second defined benefit pension plan (“SONI Focus plan”) is operated for employees of SONI Limited. Retirement benefits payable are based on salary and length of service. The most recent actuarial valuations of the assets and the present value of the defined benefit obligations were carried out at 30 September 2011 for both the EirGrid plan and the SONI Focus plan, under the requirements of International Accounting Standard 19: Employee Benefits (IAS 19). The present values of the defined benefit obligations, and the related current service costs and past service costs, were measured using the Projected Unit Credit Method. The amount included in the Balance Sheet arising from the obligations in respect of these defined benefit plans are as follows: Group Company 30 Sep 2011 30 Sep 2010 30 Sep 2011 30 Sep 2010 € ’000 € ’000 € ’000 € ’000 Present value of funded defined pension obligations 74,971 74,205 57,079 56,276 Fair value of plan assets (60,509) (53,772) (41,333) (35,843) Net liability 14,462 20,433 15,746 20,433 Derecognition of net pension asset 1,284 - - - Net liability before deferred tax 15,746 20,433 15,746 20,433 Deferred tax on net pension obligation (note 8) (1,968) (2,555) (1,968) (2,555) Net liability after deferred tax 13,778 17,878 13,778 17,878 The Group has not recognised a net pension asset of €1.3m, arising on the SONI Focus plan, as it is not certain that a refund will be available from the plan, nor will the net pension asset result in a reduction to future contributions. The amounts in the Income Statement may be analysed as follows: Year to Year to 30 Sep 2011 30 Sep 2010 € ’000 € ’000 Current service cost 4,336 3,875 Interest cost 3,342 3,648 Expected return on plan assets (3,135) (2,681) Employer pension cost capitalised (653) (821) Amount included in other operating costs relating to defined benefit schemes 3,890 4,021 100
EirGrid plc Annual Report & Accounts 2011 21. Retirement Benefits Obligations (continued) The amounts recognised in the Statement of Recognised Income and Expense are as follows: Group Company Year to Year to Year to Year to 30 Sep 2011 30 Sep 2010 30 Sep 2011 30 Sep 2010 € ’000 € ’000 € ’000 € ’000 Actuarial gains/(losses) 5,138 1,419 3,693 (955) Derecognition of net pension asset (1,284) - - - Amount included in the Statement of Recognised Income and Expense 3,854 1,419 3,693 (955) Movements in the present value of the defined benefit obligations in the current year were as follows: EirGrid plan SONI Focus plan 30 Sep 2011 30 Sep 2010 30 Sep 2011 30 Sep 2010 € ’000 € ’000 € ’000 € ’000 Opening defined benefit obligation 56,277 48,168 17,928 17,117 Current service cost including employee contributions 5,032 4,561 825 775 Interest cost 2,387 2,643 955 1,006 Actuarial (gains)/losses (6,441) 1,152 (1,503) (2,085) Benefits paid (176) (247) (40) - Exchange differences - - (273) 1,115 Closing defined benefit obligation 57,079 56,277 17,892 17,928 Movements in the present value of the plan assets in the current year were as follows: EirGrid plan SONI Focus plan 30 Sep 2011 30 Sep 2010 30 Sep 2011 30 Sep 2010 € ’000 € ’000 € ’000 € ’000 Opening fair value of plan assets 35,844 28,218 17,928 14,779 Expected return on plan assets 2,261 1,857 874 824 (Losses)/gains on plan assets (2,748) 197 (58) 289 Employer contributions 4,752 4,473 621 961 Employee contributions 1,400 1,346 121 116 Benefits paid (176) (247) (40) - Exchange differences - - (270) 959 Closing fair value of plan assets 41,333 35,844 19,176 17,928 101
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EirGrid plc Annual Report 2011 Secu
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EirGrid plc Annual Report 2011

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