Page 83 - Bouvet årsrapport ENG 2010 ePub

Bouvet annual report 2010 83

Assumptions

2010 2009

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

2010 2009

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 Company has a defned contribution plan for all not included in the limited beneft plan. Te Company’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 Company’s commitment is fully met when paid. Te expensed contribution amounted to TNOK 9 096 and TNOK 8 372 in 2010 and 2009 respectively.

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 9 096 8 372 Less calculated social security tax on beneft plan -678 -663 Book value of this year's pension costs (note 4) 14 834 15 059