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Remuneration to senior executives and auditor
Salary and other
allowances
Board members
819 501
Auditor - Audit
647 637
Auditor - Other assistance
169 278
Note 3 - Pension liabilities - Group
Pension liabilities
The Group has its own pension scheme in DNB Forsikring ASA for all employees who fulfil the membership requirements. From
2008, the scheme has been split into a defined-contribution and a defined-benefit plan. All employees who meet the requirements
for participation in the scheme and who had a remaining period of service in employment of more than 15 years were transferred
to a defined-contribution plan, mandatory company pension (OTP).
The schemes comply with the National Insurance Act (folketrygdloven) with a general retirement age of 67. For the defined-benefit
plan, the retirement pension is specified as 60% of the basis for the pension entitlement based on the number of years of service,
the salary at retirement age, and the size of the future benefits from the National Insurance scheme. A spouse’s pension, child’s
pension and disability pension are also included in accordance with further provisions. The collective pension agreement is funded
through capital accumulation.
Actuarial assumptions are based on standard assumptions used in this type of insurance, and the Norwegian Accounting Standard
for pension expenses. The actuarial calculations have been made by DNB Pensjonstjenester AS.
The Group is covered by the AFP contractual pension scheme for early retirement. The AFP scheme has been changed from
1 January 2011. The old scheme has now been phased out and has no recognized liabilities. The figures have been calculated by an
actuary, and include both the remaining liability for those who have drawn an AFP pension and liabilities related to covering the
underfunding in connection with winding up the old scheme.
The Group is also covered by a new AFP scheme for contractual early retirement pensions. It has not been possible to quantify
the liability associated with this scheme, and in accordance with the Accounting Standard NRS6 regarding pension expenses this
scheme has not been capitalized.
Notes
Remuneration to senior executives and auditor in NOK
Salary and other
allowances
Board members
819 501
Auditor - Audit
647 637
Auditor - Other assistance
169 278
Note 3 - Pension liabilities -
Group
Pension liabilities
The Group has its own pension scheme in DNB Forsikring ASA for all employees who fulfil the membership
requirements. From 2008, the scheme has been split into a defined-contribution and a defined-benefit plan. All
employees who meet the requirements for participation in the scheme and who had a remaining period of service in
employment of more than 15 years were transferred to a defined-contribution plan, mandatory company pension
(OTP).
The schemes comply with the National Insurance Act (
folketrygdloven
) with a general retirement age of 67. For the
defined-benefit plan, the retirement pension is specified as 60% of the basis for the pension entitlement based on the
number of years of service, the salary at retirement age, and the size of the future benefits from the National Insurance
scheme. A spouse
’
s pension, child
’
s pension and disability pension are also included in accordance with further
provisions. The collective pension agreement is funded through capital accumulation.
Actuarial assumptions are based on standard assumptions used in this type of insurance, and the Norwegian
Accounting Standard for pension expenses. Th actuarial calculations have be mad by DNB Pensjonstj ester AS.
The Group is covered by the AFP contractual pension scheme for early retirement. The AFP scheme has been
changed from 1 January 2011. The old scheme has now been phased out and has no recognized liabilities. The figures
have been calculated by an actuary, and include both the remaining liability for those who have drawn an AFP
pension and liabilities related to covering the underfunding in connection with winding up the old scheme.
The Group is also covered by a new AFP scheme for contractual early retirement pensions. It has not been possible to
quantify the liability associated with this scheme, and in accordance with the Accounting Standard NRS6 regarding
pension expenses this scheme has not been capitalized.
Figures in NOK
Funded Scheme
Unfunded scheme
Funds > liabilities
Funds < liabilities
2014
2013
2014
2013
Number of employees covered by the pension scheme 27
33
0
0
No. of pensioners covered by the pension scheme 45
41
1
1
Discount rate
4.00 %
4.00 %
4.00 %
4.00 %
Estimated yield on pension assets
5.00 %
5.00 %
0 %
0 %
Annual expected growth in pay
4.00 %
4.00 %
4.00 %
4.00 %
Annual expected adjustment of G (basic pension
amount)
3.25 %
3.25 %
3.25 %
3.25 %
Annual adjustment of pension
3.25 %
3.25 %
3.25 %
3.25 %
Pension earned during the year
842 297
1 086 855
0
0
Interest expense of liability
1,843 525
1 870 081
0
40 196
Return on pension assets
-1 917 538
-1 856 042
Administrative expenses
266 904
222 379
Net pension expense before employer
’
s contribution
1 035 189
1 323 304
0
40 196
Employer
’
s contribution for the pension expense
145 962
186 586
0
5 668
Recognized actuarial loss
3 020 779
3 721 072
0
26 466
Recognized pension expense
4 201 930
5 230 961
0
72 330
NOTES
BRUNVOLL HOLDING AS / BRUNVOLL HOLDING GROUP
41