Page 95 - MPA ANNUAL REPORT 2016-2017

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MAURITIUS PORTS AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2017
17. RETIREMENT BENEFIT OBLIGATIONS (CONTD)

(i) The Authority contributes to a defined benefit pension plan. The plan is a final salary plan, which provides benefit
to the employees in the form of a guaranteed level of pension payable for life. The level of benefits provided depends
on employees’ length of service and their salary in the final year leading up to retirement.

(ii) The assets of the fund are held independently and administered by State Insurance Company of Mauritius Ltd
(“SICOM”).

(iii) The amount recognised in the statement of financial position are as follows:

30 June 2017 31 December 2015

Rs’000 Rs’000

1,474,858 1,260,771
Present value of funded obligations (676,447) (678,232)
Fair value of plan assets
798,411 582,539
Liability in the statement of financial position

(iv) The movements in the statement of financial position are as follows: 30 June 2017 31 December 2015

Rs’000 Rs’000
At beginning of period/year
Profit or loss charge 582,539 510,263
Other comprehensive income charge 89,842 55,759
Contributions paid 54,276
175,037
At end of period/year (49,007) (37,759)

798,411 582,539

(v) The movement in the defined benefit obligations during the period/year is as follows:

30 June 2017 31 December 2015

Rs’000 Rs’000

1,260,771 1,192,069
At beginning of period/year 47,006 29,985
Current service cost 89,405
Interest cost 122,925
Benefits paid (121,196) (64,591)
Liability loss 13,903
165,352
At end of period/year 1,260,771
1,474,858

(vi) The movement in the fair value of plan assets during the period/year is as follows:

30 June 2017 31 December 2015

Rs’000 Rs’000

678,232 681,805
At beginning of period/year 63,421 50,617
Expected return on plan assets (9,685)
Actuarial loss 49,007 (40,373)
Employer contributions 17,961 37,759
Employee contributions 13,924
Benefits paid (122,489)
At end of period/year 676,447 (65,500)
678,232

MAURITIUS PORTS AUTHORITY | ANNUAL REPORT 2016-17 93