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METRO gROUP : ANNUAL REPORT 2011 : BUsiNEss
→ noTes : noTes To THe BalanCe sHeeT
32. Provisions for pensions and similar commitments
€ million 31/12/2010 31/12/2011
pension provisions (employer’s commitments) 573 568
provisions for indirect commitments 278 301
provisions for severance benefits 81 81
provisions for company pension upgrades 5 5
provisions for company pension plans
other provisions for commitments
937 955
similar to pensions 79 73
1,016 1,028
Provisions for company pensions consist, for the most part,
of defined benefit plans directly from the employer (employer’s
commitments) and defined benefit plans from external
providers (benevolent funds in Germany and international
pension funds). The external providers’ assets serve exclusively
to finance the pension commitments and qualify as plan
assets pursuant to Ias 19. The benefits under the different
plans are based on performance and length of service. Furthermore,
the length-of-service benefits are provided on the
basis of fixed amounts.
The most important pension plans are described in the
following.
Germany
The essential plans generally foresee monthly pension benefits.
The amounts are either fixed or depend on the length of
service. In individual cases, state pension insurance entitlements
are to be charged against these entitlements. entitlements
to widow’s and widower’s pensions also apply.
31/12/2010 31/12/2011
→ p. 221
United Kingdom
There is a performance-orientated benefit plan with commitments
to retirement benefits, early retirement benefits,
disability benefits and surviving dependants’ benefits. The
amount of the benefits depends on the length of service
achieved by 31 December 2011 and the final income subject to
pension. The final income subject to pension is determined as
of 31 December 2011 and adjusted for inflation (i.e. not for the
actual income development) after this date.
Italy
In Italy, employees receive payments upon termination of
their employment relationship, irrespective of the reasons
for termination. a pension reform law that took effect on
1 January 2007 is designed to promote company and individual
retirement provisions. Companies with more than 50
employees are required to transfer employee entitlements
incurred after the enforcement date to the newly established
state fund.
Belgium
There are both retirement pensions as well as capital commitments
whose size depends on the length of service and
income. In addition, benefits are paid to employees aged 58
and older who become unemployed.
The above pension commitments are valued on the basis of
actuarial calculations in accordance with Ias 19 using the
legal, economic and tax circumstances of each country.
The following average assumptions are used in the actuarial
calculation:
Nether- United
United
% Eurozone germany lands Kingdom Eurozone germany Netherlands Kingdom
actuarial interest rate 5.03 4.95 5.60 5.50 5.20 5.13 5.70 5.10
Inflation rate 1.81 1.75 2.00 3.75 1.98 2.00 2.00 2.20
pension trend 1.71 1.76 1.60 3.55 1.90 2.00 1.35 2.20
Income trend 2.40 2.35 2.50 4.50 2.29 2.15 2.50 -
expected return from plan assets 4.59 4.08 5.50 6.10 4.39 4.36 4.60 5.50