Annual report 2012 - Comrod

Annual report 2012 50/92Strategies and values | Group | Parent company | Corporate governance | ContactAnnual report Financial statement NotesCont. Note 18 Pension obligationsChange in fair value of pension assets during year:FundedschemesNorwayUnfundedschemeNorwayPensionschemeFrancePension assets 1.1.11 16 291 0 0 16 291Return on plan assets, net of administration costs 839 0 0 839Actuarial gains/losses (-) -641 0 0 -641Pension contributions 2 484 0 0 2 484Benefits paid -96 0 0 -96Curtailments/settlements -259 -259Pension assets 31.12.11 18 618 0 0 18 618TotalThe average distribution of the pension assets by investment category at 31 December 2012 and 2011 was:2012 2011Shares 9% 18%Bonds/securities 71% 62%Property 17% 17%Other 3% 3%Total 100% 100%The calculation of pension expense and net pension liability are based on the following assumptions:Discount rate 2,40% 2,60%Expected salary increase 3,50% 3,50%Expected pension increase 0,20% 0,10%Adjustment of national insurance base rate 3,25% 3,25%Expected return on plan assets 4,00% 4,10%Proportion of employees taking early retirement 0% 0%Mortality table K2005 K2005For the French schemes, a discount rate of 4,6 % and 2,69 % and an assumption of annual average salary increase of 2% has been applied for respectively 2011 and 2012. The scheme is based on a retirement age of 65.Expected pension contribution in 2013 is TNOK 2 797.50