2022-23 SGI CANADA Annual Report
Pension expense for the defined benefit service recognition plan is as follows:
Current service cost
Interest cost
Pension expense
(thousands of $)
2023
2022
$
86 $
109
363
305
$
449 $
414
The Corporation incurs retirement benefit costs associated with its defined benefit pension plan, defined
contribution plan and defined benefit service recognition plans. The Corporation allocates a portion of these costs
to the Saskatchewan Auto Fund for those employees of the Corporation who provide service to it. These amounts
are recovered by the Corporation as part of its cost allocation process.
20. Related Party Transactions
Included in these consolidated financial statements are transactions with various Saskatchewan Crown corporations,
ministries, agencies, boards and commissions related to the Corporation by virtue of common control by the
Government of Saskatchewan and non-Crown corporations and enterprises subject to joint control and significant
influence by the Government of Saskatchewan (collectively referred to as "related parties"). Routine operating
transactions with related parties were conducted in the normal course of business and recorded at the exchange
amount, which is the amount of consideration established and agreed to by the related parties. The Corporation has
elected to take a partial exemption under IAS 24, Related Party Disclosures, which allows government-related entities to
limit the extent of disclosures about related party transactions with government or other government-related entities.
The Corporation acts as administrator of the Saskatchewan Auto Fund. Administrative and loss adjustment
expenses incurred by the Corporation are allocated to the Saskatchewan Auto Fund directly or on the basis
of specific allocations. Amounts incurred by the Corporation and charged to the Saskatchewan Auto Fund
were $257.8 million (2022 - $207.5 million) and accounts receivable were $7.3 million (2022 - $12.6 million).
All transactions with the defined benefit pension plan, the defined contribution pension plan and the defined
benefit service recognition plans are related party transactions by virtue of the plans being created for the benefit of
the Corporation's employees.
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