Development


In financial years 2011 and 2010 pension provisions developed as follows:

Pension provisions

in €m

2011

2010

Carried forward 1.1.

2,571

2,710

Currency translation differences

6

9

Changes in the group of consolidated companies

1

Pensions payments

–224

–207

Additions

609

545

Contribution to plan assets/staff changes

–798

–486

Year-end total

2,165

2,571

In addition to recognised contributions that reduce the amount of provisions, further plan assets totalling EUR 176m (previous year: EUR 237m) are also shown under assets as an “unrealized” surplus in accordance with IAS 19.

The expenses recognised in the income statement for allocations to the pension provisions are made up as follows:

 

in €m

2011

2010

Current service costs

400

353

Recognised actuarial losses

40

15

Recognised actuarial gains

Past service costs

24

19

Plan curtailments/settlements

–2

–29

Interest costs on pension obligations

514

497

Expected return on plan assets

–367

–315

Net effect of adjustment for asset ceiling

5

 

609

545

Current service costs and actuarial losses/gains are recognised as staff costs, while the interest costs on pension obligations, less the expected return on plan assets is recognised as interest expenses.

Adjustments to pension obligations and plan assets based on past experience were as follows:

Experience adjustments

in €m

2011

2010

2009

2008

2007

Pension obligations

+22

–111

–139

+122

+30

Plan assets

–452

+111

+132

–1,006

–77

Total

–474

+222

+271

–1,128

–107

A plus sign before pension obligations in the table means an increase in the obligation and, therefore, a loss. A minus sign before plan assets also means a loss. For the total amount a minus sign signifies an overall loss.

In 2012 an estimated EUR 747m will be transferred to pension plans. The transfers are made up of planned allocations and benefit payments which are not covered by equivalent reimbursements from plan assets.

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