Financial Report 2020

85 The University of Hong Kong 香港大學 Notes to the Consolidated Financial Statements 合併財務報表附註 附註：－續 a. 職工服務規例第三類僱員退休金計劃－續 說明計劃的特點和相關風險 本計劃為界定福利計劃，並根據計劃成 員的最後薪金，服務年期及其倍數，為 成員的退休、死亡、殘疾或離職給予一 筆過的收益。本計劃已不接受新的員工 加入。 本計劃是根據信託安排而成立的。它是 根據職業退休計劃條例（「條例」）註冊， 並已獲得強制性公積金計劃管理局的強 積金豁免。香港大學是唯一的僱主參加 本計劃。 根據本計劃之信託契約的相關條款，及 依照精算師的建議，大學可利用本計劃 的盈餘，以減少未來的僱主供款。因 此，香港會計準則第十九條第六十四段 的資產上限及國際財務報告準則解釋委 員會第十四條的最低資金要求並不適用 於本計劃。 本計劃有六個獨立的信託人。信託人的 主要職責是保證本計劃的管理依照信託 契約和規則，並公正、審慎和真誠的代 表全體成員。 本計劃為大學帶來以下主要風險： 投資風險 強勁的投資回報率會增加計劃的資產的 公允價值，從而改善本計劃由界定福利 計劃淨資產╱負債計算出來的財政狀 況，但若投資回報率較差則會削弱計劃 的財政狀況。 本計劃的資產投資於非上市單位信託基 金的多元化投資組合如股票，債券和現 金，覆蓋全球各主要地區。資產多元化 和地理位置有助減低集中投資為本計劃 所帶來的風險。 利率風險 界定福利責任是採用市場的債券收益率 的貼現率計算。下調的債券收益率會增 加界定利益責任。 薪金風險 界定福利責任是參照成員的未來工資而 計算的，因為本計劃的利益是與工資掛 勾的。若加薪幅度高於預期則會增加界 定福利責任。 決定可用的經濟利益 不需要決定可用的經濟利益是由於會計 準則第十九條第六十四及六十五段的資 產上限及國際財務報告準則解釋委員會 第十四條的最低資金要求並不適用於本 計劃。我們並沒有察覺根據會計準則第 十九條第一百一十六段應為任何補償權 確認為資產。 22. DEFINED BENEFIT RETIREMENT SCHEME ASSETS – Cont’d 界定退休金計劃資產 － 續 Notes: – Cont’d a. Terms of Service III Staff Retirement Scheme – Cont’d Description of Scheme characteristics and associated risks The Scheme is a defined benefit scheme that provides lump sum benefits based on a multiple of a member’s final salary and years of service upon the member’s retirement, death, disability or leaving service. The Scheme is closed to new employees. The Scheme was established under a trust arrangement. It is registered under the Occupational Retirement Schemes Ordinance (“ORSO”), and has been granted with MPF Exemption by the Mandatory Provident Fund Schemes Authority. The University of Hong Kong is the sole employer participating in the Scheme. Based on the relevant clauses of the Trust Deed of the Scheme, the University may utilise the surplus of the Scheme to reduce future employer contributions as recommended by the Scheme’s Actuary. As a result, the asset ceiling under paragraph 64 of HKAS 19 and the minimum funding requirements of IFRIC 14 do not apply to the Scheme. The Scheme has six individual trustees. The key responsibilities of the trustees are to ensure that the Scheme is administered in accordance with the trust deed and rules and to act on behalf of all members impartially, prudently and in good faith. The Scheme typically exposes the University to the following key risks: Investment risk Strong investment returns tend to increase the fair value of Scheme assets and therefore improve the Scheme’s financial position as measured by the Defined Benefit Scheme net asset/ liability, whilst poor or negative investment returns tend to weaken the position. The Scheme assets are invested in an unlisted unit trust comprised of a diversified portfolio of equities, bonds and cash, covering major geographical locations around the world. The diversification of asset classes and geographical locations helps to reduce the concentration of risk associated with the Scheme investments. Interest rate risk The Defined Benefit Obligations (“DBO”) are calculated using a discount rate based on market bond yields. A decrease in the bond yields will increase the DBO. Salary risk The DBO is calculated with reference to the future salaries of members because the Scheme’s benefits are salary-related. Salary increases that are higher than expected will increase the DBO. Determination of economic benefit available Determination of economic benefit available is not required because the asset ceiling under paragraphs 64 and 65 of HKAS 19 and the minimum funding requirements of IFRIC 14 do not apply to the Scheme. We are not aware of any reimbursement rights that should be recognised as an asset under paragraph 116 of HKAS 19. Notes to the Consolidated Financial Statements 合併財務報表附註 2020 Financial Report 二零二零財務報告 86 附註：－續 a. 職工服務規例第三類僱員退休金計劃－續 本計劃的資產內容和資產負債配對策略 說明 截至二零二零年六月三十日和二零一九 年六月三十日計劃的資產分佈的主要資 產類別（佔總資產的比例）如下： 截至二零二零年六月三十日計劃的資產 沒有投資在任何大學本身的金融工具或 物業。 本計劃的資產目前投資在富達優越投資 組合基金 — 平衡基金及美元貨幣基金。 本計劃或大學沒有應用任何資產 — 負 債配對策略。 22. DEFINED BENEFIT RETIREMENT SCHEME ASSETS – Cont’d 界定退休金計劃資產 － 續 Notes: – Cont’d a. Terms of Service III Staff Retirement Scheme – Cont’d Scheme asset information and description of asset-liability matching strategies The split of the Scheme’s assets as at 30 June 2020 and 30 June 2019 into different major asset classes (as a percentage of total assets) is as follows: Asset classes 資產類別 2020 2019 Equities 證券 Hong Kong/China 香港╱中國 24.34% 23.67% US 美國 9.72% 14.68% Europe 歐洲 9.52% 14.78% Japan 日本 15.24% 8.70% Others 其他 14.37% 9.22% Bonds 債券 Hong Kong 香港 3.51% 3.11% Global 環球 22.04% 21.85% Cash 現金 1.26% 3.99% Total 總計 100.00% 100.00% No assets of the Scheme were invested in the University’s own financial instruments or properties as at 30 June 2020. The Scheme assets are currently invested in Fidelity Advantage Portfolio Fund — Balanced Fund and US Dollar Money Fund. No asset — liability matching strategies were used by the Scheme or the University.