Page 162 - RFHL ANNUAL REPORT 2025 ONLINE_NEW

160 • Republic Financial Holdings Limited 2025 Annual Report • FINANCIALS

Notes to the Consolidated Financial Statements

For the year ended September 30, 2025. Expressed in millions of Trinidad and Tobago dollars, except where otherwise stated.

10 Employee benefits (continued)

a The amounts recognised in the Consolidated statement of financial position are as follows:

Defined benefit pension plans
Pension asset Pension liabilites
2025 2024 2025 2024

Present value of defined benefit obligation (3,905) (3,830) (165) –
Fair value of plan assets 4,864 4,787 160 –

Surplus 959 957 (5) –
Effect of asset ceiling (16) (12) – –

Net asset/(liability) recognised in the
Consolidated statement of financial position 943 945 (5) –

Net employee defined
benefit liabilities
2025 2024

Present value of defined benefit obligation (32) (33)
Fair value of plan assets – –

Net liability recognised in the
Consolidated statement of financial position (32) (33)

b Changes in the present value of the defined benefit obligation are as follows:

Net employee defined Net employee defined
benefit asset benefit liabilities
2025 2024 2025 2024

Opening defined benefit asset/(obligation) 3,830 3,674 (33) (41)
Exchange adjustments 44 2 – –
Current service cost 122 105 (2) (2)
Interest cost 266 242 (2) (2)
Members’ contributions 2 2 – –
Remeasurements:
– Experience adjustments (18) (4) 3 4
– Actuarial gains/(losses) from change
in demographic assumptions 3 1 (2) 3
– Actuarial (losses)/gains from change
in financial assumptions – (2) 1 (1)
Benefits paid (179) (190) 1 1
Premiums paid by the Group – – 2 5

Closing defined benefit asset/(obligation) 4,070 3,830 (32) (33)