Notes to the Consolidated Financial Statements
(Thousands of US dollars)
65
Dar Al-Maal Al-Islami Trust
Annual Report 2012
34. Retirement benefit plans
(continued)
The movement in the defined benefit obligation over the year is as follows:
2012
2011
At 1 January
71,569
70,098
Service costs
2,146
2,418
Financial costs
2,042
1,818
Employee contributions
421
491
Past service costs
-
4,063
Actuarial gain
2,039
4,158
Benefits paid
(14,346)
(924)
Premiums paid
(272)
(359)
Plan settlements
-
(10,020)
Exchange differences
1,835
(174)
At 31 December
65,434
71,569
The movement in the fair value of plan assets
of the year is as follows:
At 1 January
61,691
66,712
Expected return on plan assets
1,846
1,789
Actuarial gain/(loss)
(348)
328
Employer contributions
1,521
1,814
Employee contributions
421
491
Benefits paid
(14,346)
(924)
Premiums paid
(272)
(359)
Plan settlements
-
(8,166)
Exchange differences
1,539
6
At 31 December
52,052
61,691
Actual return on plan assets
1,505
2,137
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:
2012
2011
Bonds
43.2%
58.8%
Property
27.3%
22.7%
Other
29.5%
18.5%
100.0% 100.0%
