Integrated Report 2020

INTEGRATED REPORT 2020 CIM FINANCIAL SERVICES LTD Explanatory Notes 30 SEPTEMBER 2020 25. POST-EMPLOYMENT BENEFIT LIABILITIES GROUP COMPANY Sep-20 MUR m Sep-19 MUR m Sep-20 MUR m Sep-19 MUR m Amounts recognised in the Statements of Financial Position: Pension benefits (a) 51.8 1.1 - - Unfunded pension schemes (b) 45.1 37.7 45.1 37.7 Other retirement benefits (c) 62.0 55.6 - - 158.9 94.4 45.1 37.7 Amounts charged to profit or loss: Pension benefits (a) 1.9 1.9 - - Unfunded pension schemes (b) 2.1 2.4 2.1 2.4 Other retirement benefits (c) 8.1 7.5 - - Total included in employee benefit expense 12.1 11.8 2.1 2.4 Amounts charged/(credited) to other comprehensive income: Pension benefits (a) 50.6 8.0 - - Unfunded pension schemes (b) 10.1 0.3 10.1 0.3 Other retirement benefits (c) (0.6) 1.4 - - 60.1 9.7 10.1 0.3 GROUP Sep-20 MUR m Sep-19 MUR m (i) Amounts recognised in the Statements of Financial Position are as follows: Present value of funded obligations 99.0 46.6 Fair value of plan assets (47.2) (45.5) Liability in the Statements of Financial Position 51.8 1.1 The reconciliation of the opening balances to the closing balances for the net defined benefit liability is as follows: At 1 October 1.1 (7.2) Charged to profit or loss 1.9 1.9 Charged to other comprehensive income 50.6 8.0 Contributions paid (1.8) (1.6) At 30 September 51.8 1.1 (ii) Amounts recognised in profit or loss and other comprehensive income are as follows: Service cost: Current service cost 1.9 1.4 Past service cost - 1.0 Net interest - (0.5) Components of amount recognised in profit or loss 1.9 1.9 Return on plan assets above interest cost 3.1 0.2 Liability experience loss 3.8 1.0 Liability loss due to change in financial assumptions 43.7 6.8 Components of amount recognised in other comprehensive income 50.6 8.0 (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 Pension Fund (RPF). 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. 133