Entity A issues an insurance contract to either (a) a defined benefit pension plan, covering the employees of A, and/or (b) the employees of another entity consolidated within the same group financial statements as A.
This contract will generally be eliminated on consolidation from the group financial statements which will include:
(a) the full amount of the pension obligation under IAS 19 with no deduction for the plan’s right under the contract;
(b) no liability to policyholders under the contract; and
(c) the assets backing the contract.
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