Basic HTML Version
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(Thousands of US dollars)
34. Retirement benefit plans
(continued)
68
Dar Al-Maal Al-Islami Trust
Annual Report 2011
The movement in the defined benefit obligation over the year is as follows:
2011
2010
At 1 January
70,098
-
Conversion of an associate to a subsidiary
-
57,627
Service costs
2,418
2,129
Financial costs
1,818
2,038
Employee contributions
491
557
Past service costs
4,063
-
Actuarial gain
4,158
5,342
Benefits paid
(924)
(3,040)
Premiums paid
(359)
(430)
Plan settlements
(10,020)
-
Exchange differences
(174)
5,875
At 31 December
71,569
70,098
The movement in the fair value of plan assets
of the year is as follows:
At 1 January
66,712
-
Conversion of an associate to a subsidiary
-
60,671
Expected return on plan assets
1,789
2,283
Actuarial gain/(loss)
328
(1,583)
Employer contributions
1,814
2,058
Employee contributions
491
557
Benefits paid
(924)
(3,040)
Premiums paid
(359)
(430)
Plan settlements
(8,166)
-
Exchange differences
6
6,196
At 31 December
61,691
66,712
Actual return on plan assets
2,137
854
The expected return on plan assets is determined by considering the expected
returns available on the assets underlying the current investment policy.
Expected returns on fixed rate investments are based upon gross redemption
yields as at the date of the statement of financial position. Expected returns on
equity and property investments reflect long-term real rates of return experienced
in the respective markets. The expected return for each asset class was
weighted based on the target asset allocation to develop the expected long-term
rate of return on assets assumption for the portfolio.
The weighted-average asset allocations at the year-end were as follows:
2011
2010
Bonds
58.8%
63.5%
Property
22.7%
20.9%
Other
18.5%
15.6%
100.0% 100.0%