Annual Report and Accounts | 2024
Annual Report and Accounts | 2024
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
Movement in net defined benefit liability The following table shows a reconciliation of the opening balance to the closing balance for the net defined benefit liability and its components.
Defined benefit obligation
Fair value of plan assets
Net defined benefit liability
2024 €’000
2024 €’000
2024 €’000
2023 €’000
2023 €’000
2023 €’000
24. EMPLOYEE BENEFITS
The Group operates a number of pension schemes, including both defined contribution and defined benefit schemes. Details of the schemes in operation across the Group are outlined below. The Group has accounted for retirement benefits under defined benefit schemes in accordance with IAS 19 “Employee Benefits”.
1,195
(1,047)
148
Balance at beginning of year
1,069
(941)
128
Included in Profit or Loss Expected return on plan assets
-
(38)
(38)
-
(39)
(39)
43 43
-
43
44 44
-
44
Interest cost
a) Defined benefit pension scheme – Aer Rianta Supplemental Superannuation Scheme
(38)
5
(39)
5
2024 €’000
Included in Other Comprehensive Income Remeasurement loss: - Return on plan assets Actuarial (gain)/loss arising from effect of: - changes in demographic assumptions
2023 €’000
-
(74)
(74)
-
(95)
(95)
Group Net defined benefit liability
(3)
(148)
-
- - -
-
-
- - -
-
(33) (10) (43)
(33) (10)
- changes in financial assumptions
121
121
22
22 48
- experience adjustments
(74)
(117)
143
(95)
Certain of the Group’s employees are members of the Aer Rianta Supplemental Superannuation Scheme (“ARSSS”) which is a defined benefit scheme operated by daa plc (“daa”) and accounted for by the Group’s subsidiary company, Shannon Airport Authority DAC (“the Company”), as a defined benefit scheme. On 31 December 2012, the Company and daa entered into a transfer agreement (the “Business Transfer Agreement”) whereby the assets and liabilities of the business of Shannon Airport which had been undertaken by daa were transferred to the Company in accordance with the provisions of the State Airports Act 2004. Under the terms of the Business Transfer Agreement the Company has a net liability to the ARSSS in respect only of those permanent employees of Shannon Airport who were members of the ARSSS on 31 December 2012 and who transferred to and became employed by the Company on that date. The ARSSS was frozen as at 31 December 2015. The Company ceased to be a participating employer in the ARSSS, however, it agreed to continue to pay contributions to the ARSSS in respect of the permanent employees of Shannon Airport who were members of the ARSSS on 31 December 2012 if and when demanded by the trustees of the scheme.
Other Employer contributions Members contributions
- -
(33)
(33)
- -
(33)
(33)
-
- -
-
- -
(5)
5
(61)
61
Benefits paid
1,190
(1,187)
3
Balance at year end
1,195
(1,047)
148
Plan assets Plan assets comprise the following:
2024
2023
Plan assets €’000
Percentage of plan assets - %
Plan assets €’000
Percentage of plan assets - %
249 811
21.0 68.3
Equities
231 695
22.1 66.4
Bonds
3
0.3
Cash
4
0.3
The contributions are determined by a qualified actuary on the basis of a valuation every three years.
124
10.4
117
11.2
Other
1,187
100.0
1,047
100.0
2024 €’000
2023 €’000
To develop the expected long-term rate of return on plan assets the company considered the current level of expected return on risk free investments (primarily government bonds), the historical level of the risk premium associated with the other asset classes in which the portfolio invested in and the expectations for future returns of each asset class. The expected return for each asset class was then weighted based on the scheme’s asset allocation to develop the expected long-term rate of return on assets assumption for the portfolio.
Contributions expected to be paid to the plan during the annual period beginning after the reporting date (i)
33
33
(i) Actual contributions paid in 2024 were €33,000. A contribution of €33,000 is expected to be paid in 2025.
An actuarial assessment of the scheme was carried out at 31 December 2023 and 2024 by Mercer, the independent professionally qualified firm of actuaries, for the purpose of preparing the year end IAS 19 disclosures. The actuary assigned to the Company the assets and liabilities of the scheme and associated movements which relate to its employees.
102
103
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