Cathay Pacific 2015 Annual Report Download - page 75

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Annual Report 2015
73
Notes to the Financial Statements Statement of Financial Position
14. Retirement benefits (continued)
(b) Defined contribution retirement schemes
A defined contribution scheme is a retirement plan under which the Group pays fixed contribution into a separate
entity. The Group has no legal or constructive obligations to pay further contributions if the fund does not hold
sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Staff employed by the Company in Hong Kong on expatriate terms are eligible to join a defined contribution
retirement scheme, the CPA Provident Fund 1993. All staff employed in Hong Kong are eligible to join the CPA
Provident Fund.
Under the terms of these schemes, other than the Company’s contribution, staff may elect to contribute from 0% to
10% of their monthly salary. During the year, there were no benefits forfeited in accordance with the schemes’ rules
(2014: nil) which have been applied towards the contributions payable by the Company.
A mandatory provident fund (“MPF”) scheme was established under the MPFSO in December 2000. Where staff
elect to join the MPF scheme, both the Company and staff are required to contribute 5% of the employees’ relevant
income (capped at HK$30,000). Staff may elect to contribute more than the minimum as a voluntary contribution.
Contributions to defined contribution retirement schemes charged to the Group’s profit or loss were HK$1,134
million (2014: HK$1,089 million).
15. Deferred taxation
2015
HK$M
2014
HK$M
Deferred tax assets:
 –provisions (169) (169)
 –taxlosses (1,591) (1,637)
 –cashflowhedges (2,104) (1,214)
 –retirementbenefits (127) (69)
Deferred tax liabilities:
 –acceleratedtaxdepreciation 4,063 3,511
 –investmentsinassociates 779 625
Provision in respect of certain lease arrangements 7,930 8,216
8,781 9,263
The following amounts, determined after appropriate offsetting, are shown separately on the statement of financial
position:
2015
HK$M
2014
HK$M
Net deferred tax asset recognised in the statement of financial position (497) (428)
Net deferred tax liability recognised in the statement of financial position 9,278 9,691
8,781 9,263