TlB Annual Report 2009 - Triodos Bank

The most important actuarial assumptions for the defined benefit pension schemes are:
2009 2008
Actuarial interest rate 5.60% 5.90%
Price inflation (index-linking of franchise) 2.25% 2.25%
Wage inflation (also index-linking of active items) 2.75% 2.75%
Index-linking of inactive items 2.25% 2.25%
Return on investments 5.60% 5.90%
Pension scheme per country
Triodos Bank’s pension scheme in The Netherlands is a combination of a defined benefit pension scheme and a
defined contribution scheme. For the part of the gross annual salary up to EUR 46,205, a defined pension scheme
applies; the obligation vis-à-vis the participating co-workers consists of the granting of the accrued pension. For
the part of the gross annual salary above EUR 46,205, a defined contribution schemes applies; the commitment to
the participating co-workers consists of the paying the outstanding contribution.
In The Netherlands, co-workers of related parties participate in the pension scheme, too. The total pension
commitment and the resulting expenses are reported with Notes in the consolidated Annual Accounts of Triodos
Bank NV. Part of the expenses are charged on to related parties, based on their share of the total salaries of the
participating co-workers.
The Triodos Bank pension schemes in Belgium, the United Kingdom, Spain and Germany are defined contribution
schemes that have been placed with life insurance companies in those countries. The commitment to the participating
co-workers consists of paying the outstanding contribution. Participation in the pension scheme is obligatory
for co-workers in Belgium and Spain. In Belgium, the co-workers’ contribution is 2% of the salary and the
employer’s contribution is 6%. In Spain, the pension contribution is 1.5% of the salary, paid in full by the employer.
In the United Kingdom and Germany, participation in the pension scheme is voluntary. In the United Kingdom,
the co-workers’ contribution varies between 0% and 10% of the salary. The employer’s contribution amounts to
3% or 10% of the salary. 86% of the co-workers in the United Kingdom participate in the pension scheme. In
Germany, the co-workers’ contribution is 3.33% of the salary and the employer’s contribution is 6.67%. 100% of
the co-workers in Germany participate in the pension scheme.
16. SUBORDINATED LIABILITIES
This relates to a 10-year bond loan as at 12 July 2006. The nominal interest rate is 5.625% and the issue price is
99.314%. The bonds are subordinated to all other liabilities. During the life of the bond loan, the Bank can
purchase and cancel bonds, subject to the consent of the Dutch Central Bank.
The movement in subordinated liabilities is as follows:
2009 2008
Balance sheet value as at 1 January 22,800 22,800
Withdrawal — —
Balance sheet value as at 31 December 22,800 22,800
17. EQUITY
The equity stated on the consolidated balance sheet is equal to that stated on the parent company balance sheet.
For a breakdown, please see the Notes to the company Annual Accounts.
TRIODOS BANK - ANNUAL REPORT 2009 103