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47
Annual Report 2015
-47-
(C)
Movements in net defined benefit liabilities are as follows:
Present value of
defined benefit
obligation
Fair value of
plan assets
Net defined
benefit liability
(In NT Thousand Dollars)
Year ended December 31, 2015
Balance at January 1
$
14,491,116 ( $
10,075,418 ) $
4,415,698
Current service cost
415,127
-
415,127
Interest expense (income)
247,537 (
174,823 )
72,714
15,153,780 (
10,250,241 )
4,903,539
Remeasurements:
Return on plan assets
(excluding amounts included
in interest income or expense)
- (
93,043 ) (
93,043 )
Change in financial assumptions
1,049,529
-
1,049,529
Experience adjustments
442,257
-
442,257
1,491,786 (
93,043 )
1,398,743
Pension fund contribution
- (
722,565 ) (
722,565 )
Paid Pension
(
885,783 )
885,783
-
Balance at December 31
$
15,759,783 ( $
10,180,066 ) $
5,579,717
Present value of
defined benefit
obligation
Fair value of
plan assets
Net defined
benefit liability
(In US Thousand Dollars)
Year ended December 31, 2015
Balance at January 1
$
440,620 ( $
306,355 ) $
134,265
Current service cost
12,622
-
12,622
Interest expense (income)
7,527 (
5,316 )
2,211
460,769 (
311,671 )
149,098
Remeasurements:
Return on plan assets
(excluding amounts included
in interest income or expense)
- (
2,829 ) (
2,829 )
Change in financial assumptions
31,912
-
31,912
Experience adjustments
13,447
-
13,447
45,359 (
2,829 )
42,530
Pension fund contribution
- (
21,970 ) (
21,970 )
Paid Pension
(
26,933 )
26,933
-
Balance at December 31
$
479,195 ( $
309,537 ) $
169,658
Present value of
defined benefit
obligation
Fair value of
plan assets
Net defined
benefit liability
(In NT Thousand Dollars)
Year ended December 31, 2014
Balance at January 1
$
14,559,066 ( $
9,861,053 ) $
4,698,013
Current service cost
454,683
-
454,683
Interest expense (income)
244,074 (
168,658 )
75,416
15,257,823 (
10,029,711 )
5,228,112
Remeasurements:
Return on plan assets
(excluding amounts included
in interest income or expense)
- (
63,234 ) (
63,234 )
Change in financial assumptions
(
67,105 )
- (
67,105 )
Experience adjustments
152,770
-
152,770
85,665 (
63,234 )
22,431
Pension fund contribution
- (
834,845 ) (
834,845 )
Paid Pension
(
852,372 )
852,372
-
Balance at December 31
$
14,491,116 ( $
10,075,418 ) $
4,415,698
(D)
The Bank of Taiwan was commissioned to manage the Fund of the Bank’s defined benefit pension plan in accordance with the Fund’s
annual investment and utilization plan and the “Regulations for Revenues, Expenditures, Safeguard and Utilization of the Labor
Retirement Fund” (Article 6: The scope of utilization for the Fund includes deposit in domestic or foreign financial institutions,
investment in domestic or foreign listed, over-the-counter, or private placement equity securities, investment in domestic or foreign
real estate securitization products, etc.), and the performance of fund utilization is supervised by the Labor Funds Supervisory
Committee. With regard to the utilization of the Fund, its minimum earnings in the annual distributions on the final financial
statements shall be no less than the earnings attainable from the amounts accrued from two-year time deposits with the interest rates
offered by local banks. If the earnings is less than aforementioned rates, government shall make payment for the deficit after being
authorized by the Regulator. The Bank has no right to participate in managing and operating that fund and hence the Bank is unable
to disclose the classification of plan asset fair value in accordance with IAS 19 paragraph 142. The composition of fair value of plan
assets as of December 31, 2015 and 2014 is given in the Annual Labor Retirement Fund Utilisation Report announced by the
government.