Page 329 - ACCESS BANK ANNUAL REPORTS_eBook

ment are entitled to certain benefits based on their length of stay on that grade.

The amount recognised in the statement of financial position is as follows:

Group Group Bank Bank
In thousands of Naira December December December December
2017 2016 2017 2016

Deficit on defined benefit obligations at 1 January 3,064,597 5,567,800 3,064,597 5,567,800
Charge for the year:
-Interest costs 495,674 692,268 495,674 692,268
-Current service cost 257,384 504,727 257,384 504,727
-Benefits paid (707,744) - (707,744) -

Net actuarial gain/(loss) for the year remeasured in
OCI:
Remeasurements - Actuarial gains and losses aris-
ing from changes in demographic assumptions (602,798) (577,343) (602,798) (577,343)

Remeasurements - Actuarial gains and losses (25,197) (3,122,855) (25,197) (3,122,855)
arising from changes in financial assumption
Balance, end of year 2,481,916 3,064,597 2,481,916 3,064,597

Expense recognised in income statement:
257,384 504,727 257,384 504,727
Current service cost 495,674 692,268 495,674 692,268
Interest on obligation
Total expense recognised in profit and loss (see Note 14) 753,058 1,196,995 753,058 1,196,995

The weighted average duration of the defined benefit obligation is 8years. The information on the maturity profile of the
defined benefit plan includes the maturity analysis and the distribution of the timing of payment. The estimated contribu-
tion to the plan for the next annual reporting year is: N629Mn
The sensitivities below relates to Group and Bank.

31 December 2017 Impact on defined benefit obligation
Decrease in Liability Total
In thousands of Naira assumption changes comprehensive
by 1% to income
Effect of changes in the assumption to the discount rate Increase in liability by

5.6% 2,621,835 (139,919)

Effect of changes in assumption to the salary growth Decrease in liability by
4.9% 2,361,130 120,786

Effect of changes in assumption to the mortality rate Decrease in liability by
0.2% 2,475,795 6,121

Access BAnk Plc 329
Annual Report & Accounts 2017