Argus limited has a defined benefit plan that pays retirement benefits to all participating employees. Argus limited contribute to the fund. Employee benefit paid are determined using a formula that incorporates the number of years employed and the salary levels of the members upon retirement. Details of the funds are as follows: N$ Fair value of plan asset at 1st January 2021 6.0 million Fair value of plant asset at 31st December 2021 6.5 million Present value of plan obligation at 1st January 2020 6.9 million Present value of plan obligation at 31st December 2020 7.7 million Actual return on plan asset (after management charges and tax) 700,000 Current year service cost 1.0 million Payment made to the fund by the company during the year 900,000 Benefits paid by the fund during the year 1.1 million Past service cost which arose as at December 2021 150,000 Rate on long-term high-quality corporate bonds – at 01 January 2021 10% Rate on long-term high-quality corporate bonds – at 31 December 2021 15% Rate on long-term high-quality corporate bonds – average for year 2021 12%