Notes to the
for the year ended 31 December 2016
26. DEFINED BENEFIT PENSION PLAN
Defined benefit pension plan relates to separate pension plans provided by two subsidiaries of the Company, Opus
International Consultants (UK) Ltd. and UEMS Solutions Ltd.
(a) Opus International Consultants (UK) Ltd.
The defined benefit pension fund (“Fund”) is closed to new employees. The assets of the Fund are held in a legally
separate fund from the reporting entity and the Fund exists solely to pay or fund employee benefits. The assets
are funded by both the employer and employees. The Fund purchases an annuity at the time of an employee
becoming entitled to a pension. The Fund is valued on an annual basis by independent actuary, taking into account
gains and losses.
The schemes assets are invested in a Group Pension Contract insured with Clerical Medical. Other than the
decision to remain invested in the Group Pension Contract, the trustees and Group do not have control over asset
(b) UEMS Solutions Ltd. (“UEMS Taiwan”)
UEMS Taiwan has a retirement plan covering all its regular employees who opted for defined benefits plan. Benefits
under the plan are based on the length of service and estimated base pay at the time of retirement. The pension
assets and liabilities are valued on annual basis by independent actuary, taking into account gains and losses.
The plan assets, comprising cash and cash equivalents, are deposited with the Bank of Taiwan and are managed
by the government of Taiwan. The plan assets do not have quoted market prices in active market.
Amount recognised in the income statement and statement of comprehensive income:
Current service cost
Interest cost on benefit obligation
Expected return on plan assets
Total, included in employee benefits expenses (Note 8)
Net actuarial loss recognised for the year