Notes to the Consolidated Financial Statements
(Thousands of US dollars)
75
Dar Al-Maal Al-Islami Trust
Annual Report 2014
35. Retirement benefit plans
(continued)
The movement in the liability recognised in the statement of financial position:
2014
2013
At 1 January
1,796
13,382
Defined benefit cost included in P&L
1,571
(2,591)
Total remeasurements included in OCI
5,945
(7,511)
Employer contributions
(1,162)
(1,698)
Exchange differences
(219)
214
At 31 December
7,931
1,796
Plan assets are comprised as follows:
2014
2013
Quoted Unquoted Total
% Quoted Unquoted Total
%
Assets held by
insurance company
-
34,361 34,361
66
-
37,041 37,041
67
Property in
Switzerland
-
14,033 14,033
27
-
14,377 14,377
26
Cash and cash
equivalents
3,309
-
3,309
7 4,016
-
4,016
7
Total
3,309 48,394 51,703
100 4,016 51,418 55,434
100
Pension assets include Swiss real estate partially occupied by the Group with a
fair value of $14.0 million (2013: $14.4 million).
Through its defined benefit pension plan in Switzerland, the Group is exposed
to few risks, the most significant of which are detailed below:
The Group operates a contribution based plan with guarantees in order to satisfy
Swiss legislation on occupational pension provision. It uses several insurance
policies to reduce the financial risks involved. Death and disability benefits are
insured. The insurance policy currently guarantees interest credits on member
savings which are at least equal to those required under Swiss law. Pensions at
retirement are insured to remove longevity and investment risk following retire-
ment. The Group currently only incurs additional costs where it awards interest
credits and/or converts savings to pension at rates more favourable than offered
by the insurance provider.