NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
18
NET EMPLOYEE RETIREMENT BENEFITS LIABILITIES (Continued)
(a)
Defined benefit retirement plan (Continued)
The plan exposes the Group to actuarial risks, such as interest rate risk, investment risk and longevity risk. Information about the plan is disclosed below:
(i)
The amounts recognised in the consolidated statement of financial position are as follows:
2016
HK$'000
2015
HK$'000
Present value of wholly or partly funded obligations
Fair value of plan assets
(35,312)
(41,039)
30,844
36,709
(4,468)
(4,330)
The plan assets do not include any share issued by the Company or any property occupied by the Group.
A portion of the above liability is expected to be settled after more than one year. However, it is not practicable to segregate this amount from the amounts payable in the next twelve months, as future contributions will also relate to future services rendered and future changes in actuarial assumptions and market conditions. The Group expect to pay HK$667,000 in contributions to defined benefit retirement plan in 2017.
(ii)
Plan assets consist of the following:
Equity securities
Fixed deposits
Total
All of the equity securities have quoted prices in active markets.
2016
2015
39.5%
34.3%
60.5%
65.7%
100.0%
100.0%
Hong Kong Ferry (Holdings) Company Limited
Annual Report 2016
115