COMMERZBANK AKTIENGESELLSCHAFT

Group Financial Statements
326
270 Commerzbank Annual Report 2011
The expenses for pensions and other employee benefits consisted of the following components:
€m 2011 2010
Service cost 68 61
Interest expense 295 295
Expected income from plan assets – 284 – 267
Past service cost – – 1
Curtailments/Settlements – – 5
Amortisation of actuarial gains (–) or losses (+) 107 9
Other – 3
Expenses for defined benefit plans 186 95
Expenses for defined contribution plans 88 98
Other pension benefits (early retirement and part-time scheme for older staff) 87 104
Other pension-related expenses 19 20
Exchange rate changes – –
Expenses for pensions and similar employee benefits 380 317
In addition, personnel expense included €235m (previous year:
€228m) in employers’ contributions to the state pension
scheme.
The expected return on plan assets is based on long-term
bond yields at the balance sheet date for fixed-interest securities
and on past market performance for other investments. The plan
assets changed as follows:
€m 2011 2010
Fair value as at 1.1. 5,194 4,764
Change in the group of consolidated companies – – 28
Employer contributions 73 52
Expected income from plan assets 284 267
Pension payments – 38 – 34
Reclassifications 33 – 3
Exchange rate changes 29 27
Actuarial gains (+) or losses (–) 155 149
Fair value as at 31.12. 5,730 5,194
Current income from plan assets 439 416
In the financial year 2012 employer contributions of €54m to plan assets for defined benefit pension plans are expected in the Group
as well as pension payments of €255m. The breakdown of the plan assets was as follows:
% 31.12.2011 31.12.2010
Fixed-income securities 67.3 69.3
Equities 12.8 15.6
Investment fund units 8.8 9.2
Liquid assets 2.8 2.4
Others 8.2 3.5