MCCU Annual Report - page 71

71
11. Retirement Benefit Asset - (cont'd):
The principal actuarial assumptions used in valuing the plan were as follows:
2013
2012
Discount Rate
9.50% 10.50%
Expected rate of return on plan assets
N/A
8.00%
Future salary increases
6.50%
8.00%
2009
2010
2011
2012
2013
$'000
$'000
$'000
$'000
$'000
Fair Value of plan assets
87,352
106,146
133,194
155,382
170,154
Defined benefit obligation
49,194
70,190
95,699
103,114
116,318
Surplus
38,158
35,956
37,495
52,268
53,836
Experience adjustments-
Fair value of plan assets
14,123
3,725
8,326
468
( 10,956)
Defined benefit obligation
2,056
( 1,025)
3,444
2,559
( 3,850)
The five year trend for the fair value of plan assets, the defined benefit obligations, the surplus in the pension plan,
and experience adjustments for plan assets and liabilities were as follows:
MANCHESTER CO-OPERATIVE CREDIT UNION (1977) LIMITED
NOTES TO THE FINANCIAL STATEMENTS - (CONT'D)
YEAR ENDED 31ST DECEMBER 2013
MANCHESTER CO-OPERATIVE CREDIT UNION
ANNUAL REPORT 2013
I...,61,62,63,64,65,66,67,68,69,70 72,73,74,75,76,77,78,79,80,81,...126
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