Annual Report 2010 - AdP

27.1 Defined benefit
27.1.1 Actuarial assumptions
EPAL EPAL EGF EGF
31.12.2010 31.12.2009 31.12.2010 31.12.2009
Regular retirement age 65 years 65 years
Mortality table TV 88/90 TV 88/90 TV 73/77 TV 73/77
Disability table EVK 80 EVK 80 EVK 80 EVK 80
Yield return 4.50% 5.25% 5% 0.6% to 5.7%
Deduction rate 4.50% 5.25% 4.50% 5.50%
Salary growth rate 2.50% 2.50% n.a. n.a.
Social Security salary growth rate 2.50% 2.50% n.a. n.a.
Pensions growth rate 1.25% 1.25% 1.00% 1.00%
Pre-retirement payments growth rate 2.50% 2.50% n.a. n.a.
27.1.2 Fund summary
31 December 2010 31 December 2009
EPAL EGF Total EPAL EGF Total
Responsibilities at the end of the period 47,786,569 648,279 48,434,848 48,900,000 650,207 49,550,207
Value of the assets at the end of the period (36,267,749) (651,211) (36,918,960) (35,043,000) (699,744) (35,742,744)
Unrecognized actuarial gains/(losses) 1,121,918 - 1,121,918 1,745,126 - 1,745,126
Responsibilities provision 12,640,738 (2,932) 12,637,806 15,602,126 (49,537) 15,552,589
The EGF pension fund has a level of financing that is greater than its responsibilities. The difference does not contribute to the balance
sheet provision.
27.1.3 Changes in responsibilities
31 December 2010 31 December 2009
EPAL EGF Total EPAL EGF Total
Responsibilities at the start of the period 48,900,000 650,207 49,550,207 50,623,000 738,342 51,361,342
Change in the deduction rate - 27,646 27,646 - - -
Cost of current services 249,000 - 249,000 293,000 - 293,000
Interest cost 2,419,000 32,545 2,451,545 2,516,000 37,189 2,553,189
Recognition of new pre-retirement pensions 1,752,862 - 1,752,862 4,011,000 - 4,011,000
Actuarial (gains)/losses 24,707 54,822 79,529 (3,030,000) (7,436) (3,037,436)
Benefits paid (5,559,000) (116,941) (5,675,941) (5,513,000) (117,888) (5,630,888)
Responsibilities at the end of the period 47,786,569 648,279 48,434,848 48,900,000 650,207 49,550,207
27.1.4 Changes in the fund assets
31 December 2010 31 December 2009
EPAL EGF Total EPAL EGF Total
Responsibilities at the start of the period 35,042,872 699,744 35,742,616 33,151,000 779,768 33,930,768
Fund return 1,785,000 8,606 1,793,606 1,688,000 37,864 1,725,864
Contribution to the fund 2,069,659 60,978 2,130,637 1,611,000 - 1,611,000
Actuarial gains and losses (566,782) - (566,782) 544,000 - 544,000
Benefits paid (2,063,000) (118,117) (2,181,117) (1,951,000) (117,888) (2,068,888)
Amount at the end of the period 36,267,749 651,211 36,918,960 35,043,000 699,744 35,742,744
The rate of return on the assets of the plan is determined on the basis of the expected return on the assets, in accordance with the
established investment plan. Long-term treasury bond yields are used, Euribor 6 months (short-term yield), rates of return on capital
instruments and investment properties instruments that reflect real long-term rates on the basis of the experience and maturity of
the respective markets.