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Annual Report 2015-2016232
Schedules
forming part of the Consolidated Accounts (Contd.)
Consolidated Financial Statements
8. Staff retirement benets
Pension
The following tables set forth, for the periods indicated, movement of the present value of the dened benet
obligation, fair value of plan assets and other details for pension benets.
` in million
Particulars Year ended
March 31, 2016
Year ended
March 31, 2015
Opening obligations 12,999.9 10,209.9
Service cost 251.0 217.8
Interest cost 1,034.7 943.5
Actuarial (gain)/loss 1,594.7 3,174.7
Liabilities extinguished on settlement (1,554.0) (1,381.1)
Benets paid (134.7) (164.9)
Obligations at the end of year 14,191.6 12,999.9
Opening plan assets, at fair value 10,103.4 9,018.8
Expected return on plan assets 902.9 743.3
Actuarial gain/(loss) (4.1) 104.7
Assets distributed on settlement (1,726.7) (1,534.6)
Contributions 4,050.8 1,936.1
Benets paid (134.7) (164.9)
Closing plan assets, at fair value 13,191.6 10,103.4
Fair value of plan assets at the end of the year 13,191.6 10,103.4
Present value of dened benet obligations at the end of the year (14,191.6) (12,999.9)
Amount not recognised as an asset (limit in Para 59(b) of AS 15 on ‘employee
benets’) ––
Asset/(liability) (1,000.0) (2,896.5)
Cost for the year
Service cost 251.0 217.8
Interest cost 1,034.7 943.5
Expected return on plan assets (902.9) (743.3)
Actuarial (gain)/loss 1,598.8 3,070.0
Curtailments & settlements (gain)/loss 172.7 153.5
Effect of the limit in para 59(b) of AS 15 on ‘employee benets’ ––
Net cost 2,154.3 3,641.5
Actual return on plan assets 898.8 848.1
Expected employer’s contribution next year 3,000.0 3,000.0
Investment details of plan assets
Insurer Managed Funds11.04% 84.51%
Government of India securities 48.64% 7.12%
Corporate Bonds 43.23% 8.12%
Equity securities in listed companies 2.48% –
Others 4.61% 0.25%
Assumptions
Interest rate 7.95% 8.00%
Salary escalation rate:
On Basic Pay 1.50% 1.50%
On Dearness Relief 7.00% 7.00%
Estimated rate of return on plan assets 8.00% 8.00%
1. For the year ended March 31, 2015, majority of the funds were invested in Government of India securities and corporate bonds.