MCCU Annual Report - page 70

70
11. Retirement Benefit Asset:
The amounts recognised in the statement of financial position are determined as follows:
2013
2012
$
$
Present Value of funded obligations
116,318,000
103,114,000
Fair Value of plan assets
( 170,154,000)
( 155,382,000)
( 53,836,000)
( 52,268,000)
Asset in the Statement of Financial Position
( 53,836,000)
( 52,268,000)
The amounts recognised in the statement of comprehensive income are as follows:
2013
2012
$
$
Current service cost
3,185,000
3,332,000
Interest cost on Obligation
11,034,000
10,313,000
Interest Income on Plan assets
( 16,824,000)
( 14,269,000)
Administrative Expenses
797,000
721,000
Pension (Income)/Expense
( 1,808,000)
97,000
*
The actual return on plan assets was $14,269,000 (2012- $ 13,310,000)
Movements in the amounts recognised in the statement of financial position:
2013
2012
$
$
Net Asset at beginning of year
( 52,268,000)
( 37,495,000)
Pension (Income)/Expense
( 1,808,000)
97,000
Remeasurement
5,988,000
( 9,592,000)
Contributions Paid
( 5,748,000)
( 5,278,000)
Closing Net Asset at End of Year
( 53,836,000)
( 52,268,000)
*
NOTES TO THE FINANCIAL STATEMENTS - (CONT'D)
* RESTATEMENT
MANCHESTER CO-OPERATIVE CREDIT UNION (1977) LIMITED
These items have been restated to comply with the amendments of IAS 19 -
Employee Benefits
which require the
recognition of changes in defined benefit obligations and in fair value of plan assets when they occur. The
amendments require all actuarial gains and losses to be recognised immediately.
The Credit Union participates in a multi-employer pension scheme. The pension scheme is a defined benefit plan and
is funded. The assets of the funded plan are held independently of the Credit Union's assets in separate trustee
administered funds. Independent actuaries value the scheme annually using the projected unit credit method. The
latest actuarial valuation was carried out as at 31st December 2013.
YEAR ENDED 31ST DECEMBER 2013
MANCHESTER CO-OPERATIVE CREDIT UNION
ANNUAL REPORT 2013
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