VKF_FRAE_2018_uyg11

VakıfBank Annual Report 2018 483 CONVENIENCE TRANSLATION OF PUBLICLY ANNOUNCED CONSOLIDATED FINANCIAL STATEMENTS ORIGINALLY ISSUED IN TURKISH, SEE IN NOTE I. OF SECTION THREE TÜRKİYE VAKIFLAR BANKASI TÜRK ANONİM ORTAKLIĞI AND ITS FINANCIAL SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2018 (Amounts expressed in thousands of Turkish Lira (“TL”) unless otherwise stated.) Information on pension rights The Fund’s technical financial statements are inspected by an actuary who is registered to the actuaries registry, in accordance with the Insurance Law no. 5684, article 21, and the “Actuaries Regulations” published referring to the mentioned article. According to the actuary report dated January 2019, there are no technical or actual deficits that requires making any provision. Transferable retirement and health liabilities Current Period – December 31, 2018 Net Present Value of Transferable Retirement Liabilities (6,942,347) Net Present Value of Transferable Retirement and Health Contributions 5,148,673 General Administration Expenses (69,423) Present Value of Pension and Medical Benefits Transferable to SSF (1) (1,863,097) Fair Value of Plan Assets (2) 5,029,717 Asset Surplus over Transferable Benefits ((2)-(1)=(3)) 3,166,620 Transferable retirement and health liabilities Previous Period – December 31, 2017 Net Present Value of Transferable Retirement Liabilities (5,495,589) Net Present Value of Transferable Retirement and Health Contributions 4,317,510 General Administration Expenses (99,503) Present Value of Pension and Medical Benefits Transferable to SSF (1) (1,277,583) Fair Value of Plan Assets (2) 5,360,551 Asset Surplus over Transferable Benefits ((2)-(1)=(3)) 4,082,968 Actuarial assumptions used in valuation of Non Transferable Benefits based on TAS 19 are as follows: Discount Rates Current Period - December 31, 2018 Transferable Benefits to SSI 9.80% Non Transferable Benefits 2.50% Discount Rates Previous Period - December 31, 2017 Transferable Benefits to SSI 9.80% Non Transferable Benefits 2.50%