| Movement in the liability recognised
in the Balance Sheet: |
| |
|
|
|
| |
|
Group |
 |
Company |
|
|
|
|
|
| |
|
2002 |
|
2001 |
|
2002 |
|
2001 |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| At
beginning of year |
|
330 |
|
254 |
|
329 |
|
253 |
| Liabilities
acquired in business combination |
|
16 |
|
– |
|
– |
|
– |
|
Current service cost (Note 3) |
|
99 |
|
90 |
|
98 |
|
90 |
| Contributions
paid |
|
(16) |
|
(14) |
|
(16) |
|
(14) |
|
|
|
|
|
|
|
|
|
| At
the end of year |
|
429 |
|
330 |
|
411 |
|
329 |
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
As stated
in Accounting Policy N an actuarial valuation was carried out by an
independent actuary in respect of all employees of SLTL as at 31 December
2001.
The principal actuarial assumptions used were as follows: |
| |
|
|
Company |
|
|
|
|
| |
|
|
2001 |
|
|
|
|
| Discount
rate |
|
|
11% |
| Future
salary increases |
|
|
9% |
| Future
pension increases |
|
|
3.2% |
| |
|
|
|
| In
addition to the above, demographic assumptions such as mortality,
withdrawal and disability and retirement age were considered for the
actuarial valuation. |
| |
|
|
|
