Annual Report 2019

Explanatory Notes 30 SEPTEMBER 2019 25. POST EMPLOYMENT BENEFIT ASSETS/LIABILITIES (CONT’D) (a) Pension benefits The Group operates a final salary defined benefit pension plan for some employees. The assets are held separately from the Group under the control of the Management Committee of Rogers Money Purchase Retirement Fund (RMPRF). The Group contributes to the pension plan in respect of some employees who have a No Worse Off Guarantee (NWOG) so that their benefits would not be worse than what they would have earned under a previous defined benefit plan. GROUP Sep-19 Sep-18 MUR m MUR m (i) Amounts recognised in the Statements of Financial Position are as follows: Present value of funded obligations 46.6 34.4 Fair value of plan assets (45.5) (41.6) Liability/(assets) in the Statements of Financial Position 1.1 (7.2) The reconciliation of the opening balances to the closing balances for the net defined benefit liability is as follows: At 1 October (7.2) (6.8) Charged/(credited) to profit or loss 1.9 (0.4) Charged to other comprehensive income 8.0 7.2 Contributions paid (1.6) (7.2) At 30 September 1.1 (7.2) (ii) Amounts recognised in profit or loss and other comprehensive income are as follows: Service cost: Current service cost 1.4 1.2 Past service cost 1.0 (1.2) Net interest (0.5) (0.4) Components of amount recognised in profit or loss 1.9 (0.4) Return on plan assets above interest cost 0.2 (2.1) Liability experience loss 1.0 6.8 Liability loss due to change in financial assumptions 6.8 2.5 Components of amount recognised in other comprehensive income 8.0 7.2 CIM FINANCIAL SERVICES LTD / ANNUAL REPORT 2019 135