Note 29
Defined benefit plans (continued)
(d) Reconciliations
Consolidated
2012
2011
$’000
$’000
Reconciliation of the present value of the defined benefit obligation,
which is partly funded:
Balance at the beginning of the year
38,368
36,152
Current service cost
761
791
Interest cost on benefit obligation
1,984
1,840
Contributions by plan participants
424
414
Actuarial losses and (gains) (*)
665
693
Benefits paid
(8,767)
(1,522)
Balance at the end of the year
33,435
38,368
Reconciliation of the fair value of plan assets:
Balance at the beginning of the year
32,205
29,966
Expected return on plan assets
1,987
1,869
Actuarial (losses) and gains (*)
(4,376)
716
Employer contributions
760
761
Contributions by fund participants
423
415
Benefits paid
(8,767)
(1,522)
Balance at the end of the year
22,232
32,205
(e) Amounts recognised in Consolidated Income Statement
The amounts recognised in the Consolidated Income Statement are as follows:
Consolidated
2012
2011
$’000
$’000
Current service cost
761
791
Interest cost on benefit obligation
1,984
1,840
Expected return on assets
(2,734)
(2,561)
Total included in employee benefits expense
11
70
Actual return on plan assets
89
2,522
99
