Note 1 - Beerenberg
Note 1 - Beerenberg
Note 1 - Beerenberg
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<strong>Note</strong> 6<br />
Employee benefits – pensions<br />
(Amounts in NOK 1,000)<br />
Mandatory occupational pension<br />
The company is obliged to operate an occupational pension<br />
scheme in accordance with the Norwegian act on mandatory<br />
occupational pensions. The company’s pension schemes<br />
satisfy the provisions of this act.<br />
Defined benefit pensions<br />
In a pension reform in Norway in 2010, the old AFP-scheme<br />
was discontinued and replaced with a new AFP-scheme. The<br />
company is part of the old AFP scheme, which means that<br />
the employees had a choice to take early retirement from the<br />
age of 62. The scheme entitled members to defined future<br />
benefits from the age of 62 to 67. These benefits depend<br />
primarily on the number of years of service, salary upon<br />
reaching pension age and the extent of the benefits paid<br />
by the Norwegian National Insurance Scheme. The AFP<br />
scheme is defined as an multi-company unfunded defined<br />
benefit scheme. The pension obligation is calculated by an<br />
independent actuary.<br />
No funds have been invested in the Group’s defined benefit<br />
schemes since the schemes are unfunded schemes.<br />
The following assumptions have been made when calculating<br />
the obligation related to the ordinary defined benefit<br />
scheme.<br />
01.01 -31.12<br />
Financial: 2012 2011<br />
Discount rate 3,30 % 4,00 %<br />
Expected return on plan assets 4,80 % 5,40 %<br />
Salary adjustments 4,00 % 4,00 %<br />
"G" adjustments / inflation 3,75 % 3,75 %<br />
Pension adjustments 3,75 % 3,75 %<br />
Demographic:<br />
Mortality K2005/KU K2005/KU<br />
Pension cost: 2012 2011<br />
Current value of pension accruals for the year 0 598<br />
Interest cost of pension obligation 84 212<br />
Expected return on plan assets 0 0<br />
Amortisation of actuarial (gain)/loss -65 -871<br />
Recognised one-off effect as a result of discontinuation of scheme 0 0<br />
Administration costs 0 0<br />
Accrued National Insurance contributions 12 114<br />
Net accrued pension cost of defined benefit scheme 31 54<br />
One-off impact as a result of deficiency in the AFP scheme -1 620 -1 580<br />
Cost of contribution-based scheme and other pension costs 21 715 16 714<br />
Total pension cost 20 126 15 187<br />
<strong>Beerenberg</strong> CORP. AS Annual accounts 2012<br />
83
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