Today, Wavin - Jaarverslag.com

Wavin Annual Report 2010 | page 121a premium reduction or premium refund. However the participating companies of the pension fund are still in a process ofchanging the current defi ned benefi t plan into a collective defi ned contribution plan. The negotiations with the differentstakeholders are ongoing.The defi ned benefi t schemes of EuroCeramic B.V., Wavin Germany and Wavin Norway are outsourced to insurancecompanies. The exposures related to the pension liabilities in France and Italy are fully accrued for.Movements in the liability for defi ned benefi t obligations for the Group were:(€ x 1,000) 2010 2009Liability for defi ned benefi t obligations at 1 January 393,460 337,250Effect of movements in foreign exchange 4,884 7,746Contributions received 3,427 3,459Movements to defi ned benefi t plans – 71Benefi ts paid by the plan (15,994) (15,901)Actuarial gains (losses) not recognised (4,155) 36,009Curtailment gains (losses) – (1,477)Actuarial gains (losses) recognised through profi t or loss – 25Movement to liabilities held-for-sale – (48)Service costs and interest 30,372 26,326Liability for defined benefit obligations at 31 December 411,994 393,460Plan assetsMovements in the plan assets were:(€ x 1,000) 2010 2009Fair value of plan assets at 1 January 360,554 299,342Effect of movements in foreign exchange 3,678 6,745Contributions paid into the plan by participants 3,427 3,459Contributions paid into the plan by the Group 12,312 12,615Benefi ts paid by the plan (14,933) (14,700)Expected return on plan assets 21,019 17,392Actuarial gains (losses) not recognised 31,746 35,701Fair value of plan assets at 31 December 417,803 360,554Plan assets consist of the following:2010 2009Equity securities 38% 45%Government bonds 59% 49%Property 0% 0%Other 3% 6%Total fair value of plan assets 100% 100%