Financial statements - International Planned Parenthood Federation

58 IPPF Financial statements 2012
Movement in pension fund liability during the year:
Deficit in scheme at 1 January 2012 (10,573) (6,828)
Employer’s contributions 1,628 1,593
Other finance charge (580) (117)
Actuarial loss (1,139) (5,175)
Exchange rate movement (439) (46)
Deficit in scheme at 31 December 2012 (11,103) (10,573)
2012
$’000
2011
$’000
The scheme closed to future accrual on 1 September 2007, with all active members being given deferred pensions at that date. This means
that benefits for those members now increase broadly in line with price inflation in future. Previously, these benefits increased in line
with salary.
The exchange rate movement represents the difference in the exchange rate used to value the balance sheet in 2011 and 2012.
The actuary has confirmed that the valuations made above under the requirements of FRS 17 do not indicate that there is an immediate
funding requirement or that there is any need to change the current funding rates made by the employer to the pension scheme.
The pension fund liability of $11,103 million does not exceed the unrestricted funds balance.
Charge to the Statement of Financial Activities over the financial year:
Employer’s current service cost – –
Curtailment gain – –
Total operating charge – –
Expected return on pension fund assets (1,753) (2,231)
Interest on pension funds liabilities 2,333 2,348
Net Return 580 117
Total charge to the statement of financial activities 580 117
History of experience gains and losses
2012 2011 2010 2009 2008
Difference between the actual and expected return on scheme assets
Amount ($’000) 1,001 (1,422) 1,725 2,548 (4,586)
Percentage of year end scheme assets 2% (4%) 5% 12% (17%)
Experience gains and losses on scheme liabilities
Amount ($’000) – – – – –
Percentage of year end present value of the scheme liabilities 0% 0% 0% 0% 0%
Total amount recognized in the statement of total recognized gains
and losses
Amount ($’000) (1,139) (5,175) (533) (4,738) (530)
Percentage of year end present value of scheme liabilities (2%) (14%) (1%) (18%) (2%)
2012
$’000
2011
$’000