Shaw 2015 Annual Report Download - page 98

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Shaw Communications Inc.
Notes to the Consolidated Financial Statements
August 31, 2015 and 2014
[all amounts in millions of canadian dollars except share and per share amounts]
Registered pension plans
The Company has a number of funded defined benefit pension plans which provide pension benefits to certain unionized and
non-unionized employees in the media business. Benefits under these plans are based on the employees’ length of service and
final average salary. These plans are regulated by the Office of the Superintendent of Financial Institutions, Canada in
accordance with the provisions of the Pension Benefits Standards Act and Regulations. The regulations set out minimum
standards for funding the plans.
The table below shows the change in the benefit obligations, change in fair value of plan assets and the funded status of these
defined benefit plans.
2015
$
2014
$
Accrued benefit obligation, beginning of year 171 152
Current service cost 65
Interest cost 77
Employee contributions 11
Payment of benefits (8) (10)
Remeasurements:
Effect of changes in demographic assumptions –1
Effect of changes in financial assumptions (1) 15
Effect of experience adjustments (3) –
Accrued benefit obligation, end of year 173 171
Fair value of plan assets, beginning of year 160 133
Employer contributions 10 12
Employee contributions 11
Interest income 77
Payment of benefits (8) (10)
Administrative expenses paid from plan assets (1) (1)
Return on plan assets, excluding interest income 318
Fair value of plan assets, end of year 172 160
Accrued benefit liability and plan deficit, end of year 111
The weighted average duration of the defined benefit obligation at August 31, 2015 is 16.3 years.
The plan assets at August 31, 2015 are comprised of investments in pooled funds as follows:
$
Equity – Canadian 46
Equity – Foreign 27
Fixed income – Canadian 99
172
The underlying securities in the pooled funds have quoted prices in an active market.
96 Shaw Communications Inc. 2015 Annual Report