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TNB Financial Report 2002
60
Notes to the Financial Statements (Continued)
– 31 August 2002
25. Retirement Benefits
Group companies incorporated in Malaysia contribute to the Employees Provident Fund, a defined contribution plan.
In addition, contributions for retirement benefits in respect of eligible employees are paid into the Company’s Retirement Benefit Scheme, a defined
benefit scheme and an approved fund independent of the Company’s finances. The provision made in the financial statements for unfunded
amounts as determined by actuarial valuation is as follows:
Group
RM’million
Company
RM’million
At 1 September 2001 452.8 448.5
Charged to income statement 59.7 57.7
Utilised during the period (25.1) (24.0)
At 31 August 2002 487.4 482.2
The principal assumptions used in the actuarial valuation are:
(i) salary increase rate of 6% per annum;
(ii) investment yields of 9% per annum;
(iii) discount rate of 8%;
(iv) staff turnover rates based on the Company’s recent experience; and
(v) mortality and ill health retirement rates based on the experience of other schemes.
The amount charged for retirement benefits for the financial year is disclosed in Note 4 to the financial statements.
26. Deferred Taxation
Group
Company
2002 2001 2002 2001
RM’million RM’million RM’million RM’million
Deferred tax provided for in the financial statements:
– tax effects of excess of capital allowances over depreciation 980.9 975.8 1,000.0 1,000.0
Deferred tax not provided for in the financial statements:
– tax effects of excess of capital allowances over depreciation 3,902.7 6,209.2 3,902.7 6,209.2
– tax effects of revaluation of property, plant and
equipment which are held for long term use 62.6 62.6 62.0 62.0
3,965.3 6,271.8 3,964.7 6,271.2