SCIENCE FOUNDATION IRELAND ANNUAL REPORT 2015
59
Notes to the Accounts
For the year ended 31 December 2015
5 Retirement Benefit Costs
(a) Analysis of total retirement benefit costs charged to the Statement of Income and Expenditure and Retained Revenue
Reserves
2015
2014
€ ’000
€ ’000
Current Service Cost
948
356
Interest on Retirement Benefit Scheme Liabilities
197
120
Employee Contributions
(191)
(75)
954
401
(b) Movement in net retirement benefit obligations during the financial year
2014
2013
€ ’000
€ ’000
Net retirement benefit obligation at 1 January
7,873
-
Transfer from Forfás
-
7,435
Current service Costs
948
356
Interest Costs
197 120
Payments to Pensioners
-
-
Actuarial (Gain) / Loss
1,058
(38)
Net retirement benefit obligation at 31 December
10,076
7,873
(c) Deferred Funding Retirement Benefits
The Board recognises these amounts as an asset corresponding to the unfunded deferred liability for retirement benefits
on the basis of the set of assumptions described above and a number of past events. These events include the statutory
basis for the establishment of the retirement benefit scheme, and the policy and practice currently in place in relation to
funding public service pensions including contributions by employees and the annual estimates process. The Board has no
evidence that this funding policy will not continue to meet such sums in accordance with current practice.
The net deferred funding for retirement benefits recognised in the Statement of Income and Expenditure and Retained
Revenue Reserves is as follows:
2015
2014
€ ’000
€ ’000
Funding recoverable in respect of Current Year Retirement benefit costs
1,145
476
State Grant applied to pay retirement benefits
-
-
1,145
476