45 / 56
Remuneration to senior executives and auditor
Salary and other
allowances
Board members
1 234 688
Auditor - Audit
455 529
Auditor - Other assistance
82 880
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.
Figures in NOK
Funded scheme
Funds > liabilities
2015
2014
Number of employees covered by the pension scheme
21
27
No. of pensioners covered by the pension scheme
49
45
Discount rate
2.70 % 2.30 %
Estimated yield on pension assets
3.30 % 3.20 %
Annual expected growth in pay
2.50 % 2.75 %
Annual expected adjustment of G (basic pension amount)
2.25 % 2.50 %
Annual adjustment of pension
2.25 % 2.50 %
Pension earned during the year
651 955
842 297
Interest expense of liability
1 128 607
1 843 525
Return on pension assets
-1 248 018 -1 917 538
Administrative expenses
272 852
266 904
Net pension expense before employer’s contribution
805 395
1 035 189
Employer’s contribution for the pension expense
113 561
145 962
Recognized actuarial loss
3 548 442
3 020 779
Recognized pension expense
4 467 398
4 201 930
NOTES
BRUNVOLL HOLDING AS / BRUNVOLL HOLDING GROUP
45