BRADKEN LIMITED ANNUAL REPORT 2014 l 68
Notes to the consolidated financial statements
30 June 2014
(continued)
19 Employee defined benefit liability
(a) Superannuation plan
2014
2013
$'000
$'000
US Defined benefit retirement plan
(6,394)
(8,082)
Canadian defined benefit retirement plans
(2,723)
(3,623)
(9,117)
(11,705)
(b) Changes in the defined benefit plan obligation and fair value of plan assets
Defined
Fair value
benefit
of
Benefit
obligation plan assets Liability
$'000
$'000
$'000
Balance at 1 July 2012
(52,109)
35,112
(16,997)
Pension costs charged to profit or loss
Service cost
(1,125)
(218)
Net Interest
(2,127)
1,464
Subtotal included in profit or loss
(3,252)
1,246
(2,006)
Benefits paid
2,304
(2,304)
-
Re-measurement gains/(losses) in other comprehensive income
Return on plan assets (excluding amounts included in net interest expense)
-
3,128
3,128
Actuarial changes arising from changes in demographic assumptions
(251)
-
(251)
Actuarial changes arising from changes in financial assumptions
2,220
-
2,220
Experience adjustments
(322)
-
(322)
Sub-total included in OCI
1,647
3,128
4,775
Contributions by employer
-
3,580
3,580
FX Translation
(5,120)
4,063
(1,057)
Balance at 30 June 2013
(56,530)
44,825
(11,705)
The following sets out details of the liabilities in respect of the defined benefit plans only.
All employees of the Group are entitled to benefit from various superannuation or pension plans on retirement, disability or death.
The Group operates two defined benefit retirement plans, one in the United States and the other in Canada. The United States
plan at one of the Group's US subsidiaries is closed to new members and covers hourly employees hired before May 10, 1993.
The Canadian plan is currently active at one of the Group's Canadian subsidiaries for hourly employees but closed on March 1,
2010 to salaried employees. Benefits for the defined benefit plans are determined on years of credited service.
The Group also operates a number of defined contribution plans which receive fixed contributions from Group companies and the
Group's legal or constructive obligation is limited to these contributions.
Page 68
Bradken Limited
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
(CONTINUED)
1...,95,96,97,98,99,100,101,102,103,104 106,107,108,109,110,111,112,113,114,115,...136