Annual Report 2009 - Dairygold

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Dairygold Co-Operative Society Limited Annual Report and Accounts 2009 18 Pensions continued The overall surplus in the schemes at 31 December is: 2009 2008 2007 E’000 E’000 E’000 Fair value of assets: Equities 121,303 59,365 74,845 Bonds 75,499 44,225 56,507 Property 11,137 8,266 12,060 207,939 111,856 143,412 Present value of schemes’ liabilities (190,672) (108,803) (113,426) Effects of surplus cap (5,725) - - Surplus in schemes 11,542 3,053 29,986 Related deferred tax (1,442) (382) (3,748) Closing pension asset 10,100 2,671 26,238 The closing pension asset relates only to schemes operating in Ireland. The amounts included within operating profit for the year under FRS 17 are as follows: 2009 2008 E’000 E’000 Current service cost 1,780 2,330 Total charged within operating profit 1,780 2,330 The amounts included within finance income for the year under FRS 17 are as follows: 2009 2008 E’000 E’000 Expected return on the pension schemes’ assets 7,087 8,744 Interest on the past service schemes’ liabilities (6,268) (6,276) Net finance credit within finance costs 819 2,468 The analysis of amounts recognised in the statement of total recognised gains and losses: 2009 2008 E’000 E’000 Actual return less expected return on the pension schemes’ assets 9,974 (36,630) Experience gains/(loss) arising on the schemes’ liabilities 2,624 (1,584) Changes in assumptions underlying the present value of the schemes’ liabilities (10,061) 10,630 Actuarial gain/(loss) recognised in statement of total recognised gains and losses 2,537 (27,584) 42
Dairygold Co-Operative Society Limited Annual Report and Accounts 2009 18 Pensions continued The movement in surplus during the year: 2009 2008 E’000 E’000 Surplus in schemes at beginning of year 3,053 29,986 Employer contributions paid 823 513 Current service costs (1,780) (2,330) Other finance income 819 2,468 Actuarial gain/(loss) 2,537 (27,584) Gain arising on exit of a participating employer from pension scheme 6,090 - Surplus in schemes at end of year 11,542 3,053 The profit and loss balance is analysed below: Profit and loss balance excluding pension reserve 103,282 94,454 Pension reserve 10,100 2,671 Profit and loss balance 113,382 97,125 The history of experience losses and gains has been: 2009 2008 2007 2006 2005 E’000 E’000 E’000 E’000 E’000 Difference between the expected and actual return on schemes’ assets 9,974 (36,630) (3,600) 4,169 34,141 Percentage of schemes’ assets 4.8% (32.7%) (2.5%) 2.9% 14.3% Experience gains and losses arising on the schemes’ liabilities 2,624 (1,584) (1,882) (8,135) 4,700 Percentage of past service schemes’ liabilities 1.4% (1.5%) (1.7%) (7.0%) 2.1% Amount that has been recognised in statement of total recognised gains and losses 2,537 (27,584) 2,284 10,465 18,361 Percentage of past service schemes’ liabilities 1.3% (25.4%) 2.0% 9.1% 8.3% Irish Co-Operative Societies Pension Scheme The Society also participates in an industry wide Irish Co-Operative Societies Pension Scheme. This is a multi-employer defined benefit scheme. However as the underlying assets and liabilities attributable to individual employers cannot be identified on a consistent and reasonable basis, the Society is accounting for the pension scheme as if it were a defined contribution scheme in accordance with FRS 17. The charge in the profit and loss account in respect of this plan was €282,000 (2008: €295,000). The most recent actuarial valuation of the scheme was carried out as at 1 July 2008 and updated to 1 February 2009. At this date the actuarial value of the assets of the scheme was insufficient to cover 100% of the benefits that had accrued to Members. The funding level was 69% at 1 February 2009. The actuarial report for this scheme is available for inspection by Members of the scheme but not for public inspection. Pension Cost The total pension cost charged to the operating profit was €2,211,000 (2008: €2,704,000). Valuations have been performed in accordance with the requirements of Financial Reporting Standard 17, Retirement Benefits, as at 31 December 2009. Scheme liabilities have been calculated using a consistent projected unit valuation method and compared to the schemes’ assets at the valuation date. 43
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Annual Report 2009 - Dairygold

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