COMMERZBANK AKTIENGESELLSCHAFT

Group Financial Statements
324
268 Commerzbank Annual Report 2011
a) Provisions for pensions and similar commitments
Changes in provisions for pensions and similar commitments were as follows in 2011:
€m
As at
1.1.2011
Pension
payments
Additions Allocation to
plan assets 1
Reclassifications/
exchange rate
changes
Changes in
the group of
consolidated
companies
As at
31.12.2011
Pension entitlements of active and
former employees and pension
entitlements of pensioners 356 245 186 73 67 – 4 287
Early retirement 82 28 12 – – – 66
Part-time scheme for older staff 101 38 75 54 – – 84
Total 539 311 273 127 67 – 4 437
1 If taken into account when setting the level of provisions.
b) Pension obligations
Pension obligations and pension expense are calculated annually
by independent actuaries, using the projected unit credit
method. The underlying actuarial parameters are based on the
norms in the country in which the pension plan was established.
The parameters outside Germany are shown on the basis of
weighted averages taking account of the respective relevant
pension plans.
%
Parameters for pension plans in Germany
for determining the pension obligation at year-end
31.12.2011 31.12.2010
Calculatory interest rate 4.8 4.9
Change in salaries 2.5 2.5
Adjustment to pensions
for determining pension expense in the financial year
1.8 1.8
Calculatory interest rate 4.9 5.3
Change in salaries 2.5 2.5
Adjustment to pensions 1.8 1.8
Expected return on plan assets
Parameters for pension plans outside Germany
for determining the pension obligation at year-end
5.5 5.7
Calculatory interest rate 4.8 5.3
Change in salaries 3.0 3.2
Adjustment to pensions
for determining pension expense in the financial year
2.9 3.2
Calculatory interest rate 5.3 5.5
Change in salaries 3.2 3.6
Adjustment to pensions 3.2 3.1
Expected return on plan assets
Parameters for post-employment medical plan
for determining the benefit obligation at year-end
5.3 5.2
Calculatory interest rate 4.8 5.4
Health care cost increase rate
for determining the expense in the financial year
5.7 6.0
Calculatory interest rate 5.4 5.5
Health care cost increase rate 6.0 5.9