Page 57 - Bouvet årsrapport ENG 2010 ePub

Bouvet annual report 2010 57

Change in liabilities

NOK 1 000 2010 2009

Net pension funds 1.1. -4 234 -1 888 Pension costs recognised in income statement -6 416 -7 350 Premium payments (incl. adm. costs) 5 490 5 004 Net balance sheet recorded pension liability 31.12. -5 160 -4 234 Of this included social security tax -678 -618

Discount rate 4,00 % 4,50 % Yield on pension assets 5,40 % 5,70 % Wage growth 4,00 % 4,50 % G regulation 3,75 % 4,25 % Pension adjustment 4,30 % 1,40 % Average turnover 2%-8 % 2%-8 %

Distribution of estimated pension assets

Current asset bonds 24,0 % 35,0 % Non-current asset bonds 30,0 % 24,0 % Property 16,0 % 17,0 % Shares 14,0 % 5,0 % Other 16,0 % 19,0 % Total 100,0 % 100,0 %

Estimated payment to the defned beneft scheme is TNOK 4 666 in 2011.

Defined contribution plan

Te Group has a defned contribution plan for all employees in Norway not included in the limited beneft plan. Te Group’s commitment is to give a contribution of 3% between 1G and 6G and 5% between 6G and 12G, to each employee’s pension savings. Te future pension depends on the size of the contributions and the return on the pension savings. Te Group’s commitment is fully met when paid. At the end of the accounting year, 481 employees were part of this scheme. Te expensed contribution in Norway amounted to TNOK 9.096 and TNOK 8.372 in 2010 and 2009 respectively. In Sweden the expensed contribution amounted to TNOK 1.093 in 2010 and TNOK 419 in 2009, thus for the group the total expensed contribution amounted to TNOK 10.266 for 2010 and TNOK 8.791 for 2009.

Reconciliation of this year’s total pension expense

NOK 1 000 2010 2009

Beneft plan – cost calculated by actuarian incl. soc.sec. tax 6 416 7 350 Contribution plan – paid contribution for the year 10 266 8 791 Less calculated social security tax on beneft plan -678 -663 Book value of this year's pension costs (note 7) 16 004 15 478