Page 164 - RFHL ANNUAL REPORT 2025 ONLINE_NEW

162 • 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)

e Changes in the fair value of plan assets are as follows:

Net employee
defined benefit asset
2025 2024

Opening fair value of plan assets 4,787 4,633
Exchange adjustments 48 2
Interest income 293 272
Return on plan assets, excluding interest income (11) 46
Contributions by employer 87 24
Members’ contributions 2 2
Benefits paid (179) (190)
Expense allowance (3) (2)

Closing fair value of plan assets 5,024 4,787

Actual return on plan assets 242 298

f Plan asset allocation as at September 30

Defined benefit asset
Fair value % Allocation
2025 2024 2025 2024

Equity securities 2,723 2,568 54.19 53.64
Debt securities 1,719 1,658 34.22 34.63
Property 9 9 0.18 0.19
Mortgages 9 10 0.19 0.21
Money market instruments/cash 564 542 11.22 11.33

Total fair value of plan assets 5,024 4,787 100.0 100.0

As at September 30, 2025, plan assets of $45.9 million (2024: $6.1 million) for one of the Group’s subsidiaries are held
by an insurance company that are not separately identifiable. This plan asset allocation is maintained by the insurance
company.

Included in the money market instruments/cash is $29.1 million (2024: $26.6 million) held with Republic Bank Limited.