Bradken Limited Annual Report 2015 - page 102

67 l BRADKEN LIMITED ANNUAL REPORT 2015
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Notes to the consolidated financial statements
30 June 2015
(continued)
19 Employee defined benefit liability
(a) Superannuation plan
2015
2014
$'000
$'000
US Defined benefit retirement plan
(11,129)
(6,394)
Canadian defined benefit retirement plans
(3,244)
(2,723)
(14,373)
(9,117)
(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 2013
(56,530)
44,825
(11,705)
Pension costs charged to profit or loss
Service cost
(1,239)
(168)
Net Interest
(2,499)
1,999
Subtotal included in profit or loss
(3,738)
1,831
(1,907)
Benefits paid
2,592
(2,592)
-
Re-measurement gains/(losses) in other comprehensive income
Return on plan assets (excluding amounts included in net interest expense)
-
6,123
6,123
Actuarial changes arising from changes in demographic assumptions
(1,522)
-
(1,522)
Actuarial changes arising from changes in financial assumptions
(4,169)
-
(4,169)
Experience adjustments
466
-
466
Sub-total included in OCI
(5,225)
6,123
898
Contributions by employer
-
3,252
3,252
Foreign currency exchange differences
2,166
(1,821)
345
Balance at 30 June 2014
(60,735)
51,618
(9,117)
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.
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