Page 237 - Sigmaroc Annual-Report 2023

and 3.75% on employee contributions will continue to apply to the contributions accumulated before 2016. For contributions paid on or after 1 January 2016, a variable minimum guaranteed rate of return with a floor of 1.75% applies. The Group obtained actuarial calculations for the periods reported based on the projected unit credit method.
The Swedish plan provides an old-age pension cover for plan members whereas plan members receive a lump sum
payment upon retirement in the Polish plan. Both Swedish and Polish plans are based on collective labour agreements. Through its defined benefit plans, the Group is exposed to a number of risks. A decrease in bond yields will increase the plan liabilities. Some of the Group’s pension obligations are linked to inflation and higher inflation will lead to higher liabilities. The majority of the plans obligations are to provide benefits for the life of the plan member, so increases in life expectancy will result in an increase in the plans liabilities.
31 December 2023 £’000
4,355
31 December 2022 £’000
237
Employee benefits amounts in the Statement of Financial Position
Assets
Liabilities
Net defined benefit liability at end of year
Amounts recognised in the Statement of Financial Position
Present value of funded defined benefit obligations Fair value of plan assets
Present value of unfunded defined benefit obligation Unrecognised past service cost
Total
Amounts recognised in the Income Statement
Current service cost
Interest cost
Expected return on plan assets Total pension expense
Changes in the present value of the defined benefit obligation
Defined benefit obligation at beginning of year Current service cost
Interest cost
Benefits paid
Remeasurements
Remeasurements in OCI
Other significant events
Foreign exchange movement
Defined benefit obligation at end of year
- 3,543 3,543
2,468 (2,071) 397 3,128 - 3,543
160 47 (127) 80
4,292 160 47 (317) (127) (844) 249 83 3,543
-
4,355
31 December 2023 £’000
31 December 2022 £’000
967
(153)
814
3,541
-
4,355
31 December 2023 £’000
31 December 2022 £’000
152
112
163
427
31 December 2023 £’000
31 December 2022 £’000
3,543
152
112
(354)
163
978
(40)
(199)
4,355