Disclosure of information on defined benefit pension plans
Payments to the pension fund - is the transfer of the assets of the company to the account of another independent organization to cover future obligations to pay pensions.
16.11. The rules for estimating the assets of a defined benefit plan are similar to those for defined contribution plans.
16.12. The reporting on the defined benefit plan should contain the following reports:
• a report showing the net assets available for use for the payment of pensions, the actuarial discounted value of pensions expected to be paid in the future, and the resulting surplus or deficit;
• a report on changes in net assets available for use in retirement, as well as about changes in the actuarial discounted value of pensions due.
In addition, the report may include a separate actuarial report that confirms the actuarial discounted value of pensions due.
Net assets of the pension plan are the assets of the pension plan less liabilities other than the actuarial discounted value of the pensions due.
Disclosure of information on all pension plans
Participants are members of the pension plan, as well as other persons eligible to receive pensions under this plan.
16.13. For all pension plans, the company must disclose the following information.
1. Description of the pension plan:
• the names of employers and groups included in the employee scheme;
• Number of participants in the plan who receive pensions;
• type of plan;
• Other details.
2. Accounting policy:
• Significant accounting policies;
• description of the investment policy;
• A description of the funding policy.
Actuarial discounted value of pensions due is the discounted value of expected retirement benefit payments due to retired and working employees, depending on their length of service.
3. Report on net assets available for use to pay pensions expected to be paid in the future:
• assets at the end of the year with the appropriate classification;
• the basis for asset valuation;
• If there are investments in investment schemes, the fair value of which can not be estimated, you must specify the reasons;
• specify details for each investment exceeding either 5% of the value of net assets available for use for payment of pensions, or 5% of the value of any class or any type of securities;
• liabilities other than the actuarial discounted value of pensions for payment.
Guaranteed pensions are pensions that are not eligible for retirement benefits under the retirement plan.
4. The statement of changes in net assets available for payment of pensions reflects:
• Investment income;
• Employers' contributions;
• employee contributions;
• Other income;
• Pensions paid and intended for payment (analyzed by category of pensions);
• Administrative costs;
• other costs;
• taxes on profits;
• gains and losses on disposal of investments or changes in the value of investments;
• translations from other plans and into other plans.
5. Actuarial information (only for the defined benefit plan):
• the actuarial discounted value of the pensions due on pensions due under the terms of the plan, and also on the basis of the current or forecasted level of wages;
• disclosure of the main actuarial assumptions;
• The method used to determine the actuarial discounted value of the pensions due;
• the date of the last actuarial valuation.
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