Today, Wavin - Jaarverslag.com

Wavin Annual Report 2010 | page 123Assumptions regarding future mortality are based on published statistics and mortality tables. In the Netherlands PensionfundOwase applied as per 31 December 2010 the most recent mortality table ‘AG Prognosetafel 2010-2060’, adjusted fordifferences between the total population and the working population (experience factor 2010). The current longevitiesunderlying the values of the liabilities in the defi ned benefi t plans are as follows:2010 2009NETHERLANDS UK NETHERLANDS UKLongevity at age 65 for current pensionersMales 21.4 20.7 18.7 20.6Females 23.9 23.6 21.6 23.5Longevity at age 65 for current membersaged 45Males 23.0 21.8 20.2 21.8Females 24.8 24.6 22.3 24.6Historical informationThe difference between the actual and expected return on plan assets was a loss of € 2.3 million, a gain of € 2.8 million in2009, a loss of € 62.4 million in 2008, a loss of € 14.4 million in 2007 and a gain of € 6.1 million in 2006.The historical data breakdown of the defi cit in the plan and experience adjustments is as follows:(€ x 1,000) 2010 2009 2008 2007 2006Present value of the defi ned benefi t obligation 411,994 393,460 337,250 372,282 174,723Fair value of plan assets (417,803) (360,554) (299,342) (368,783) (163,877)Deficit in the plan (5,809) 32,906 37,908 3,499 10,846Adjustments due to experience 15,969 35,588 (68,763) (5,656) 5,732Adjustments due to change in assumptions 11,108 (36,890) 28,826 (1,427) 12,053Total adjustments 27,077 (1,302) (39,937) (7,083) 17,78528. Share-based paymentsAccording to the Long Term Incentive Plan (LTIP) eligible employees can, on a voluntary basis, elect to invest part of theirindividual annual incentive in Wavin shares. The investment is limited to 50% of the individual’s gross annual incentive.The minimum investment, if an employee elects to invest, is set at 10% of the gross annual incentive payment. The employeereceives the right to one conditional matching share for each two purchased shares and a maximum of three conditionalperformance options for each share purchased. Only employees who participated and remain in service after the vestingperiod of 3 years will become entitled to receive the matching shares.The total number of performance options to be granted is dependent on the realisation of an Ebitda growth realised duringthe four years vesting period and the number of employees that is still employed at the time of vesting. Only employees whoparticipated and remain in service after the vesting period of 4 years will become entitled to receive the performance options.The purchased shares and the matching shares are subject to a mandatory lock-up period of fi ve years following the date ofgrant. In 2010 eligible employees purchased 250,815 shares (2009: 104,772 shares) resulting in a future grant of 125,429matching shares and a maximum of 752,445 performance options.Enabling the ‘reverse stock split’ of 8 ordinary shares with a nominal value of € 0.05 each into 1 ordinary share with a nominalvalue of € 0.40 effectuated in line with the adjustment to the other outstanding Wavin shares, the purchased shares toparticipate in the LTIP and which are subject to a lock-up, the granted matching shares and the granted performance optionshad to be recalculated.