26. Provisions for pensions and similar commitments


Figures in € thousand

31.12.2012

31.12.2011

Provisions for pensions

365,177

374,990

Provision for severance payments

201,443

218,029

Total

566,620

593,019

Figures in € thousand

2012

2011

As at 1.1.

593,019

524,376

Change in consolidation scope

–123,915

0

Currency translation changes

25

–39

Withdrawals for pension payments

–79,740

–66,580

Expenditure in the financial year

44,778

118,179

Actuarial profit and loss not affecting income

132,453

17,083

As at 31.12.

566,620

593,019

Active special policyholders with direct assurances to pension benefits, including members of the Management Board and leading executives in accordance with Section 80 paragraph 1 of the Stock Corporation Act, as well as active employees with direct assurances to pension benefits according to the "trade association recommendation for in-house and field sales staff” who, in 2008 and 2011, approved the offer to transfer existing vested pension rights to Valida Pension AG (formerly ÖPAG Pensionskassen AG) on the basis of concluded works agreements, are included in a contribution-based pension fund. The corresponding transfer amounts (the assurance cover) were paid to Valida Pension AG in 2008 and 2011 in accordance with Section 48 of the Pension Fund Act. For the purpose of guaranteeing the level of the pension fund pension according to the previous direct assurances to pension benefits, those entitled to vested rights have a claim to payment of a (one-time) final pension fund contribution at the time of pension eligibility. No contributions are made for the benefit phase. In 2011, € 31,092 thousand were transferred.

The UNIQA Group’s repositioning led to an expected reduction of staff, which is covered by provisions for social capital amounting to € 49,147 thousand (2011: € 75,000 thousand).

Calculation factors applied

 

Figures in percent

 

2012

 

Technical rate of interest

3.25 %

Valorisation of wages and salaries

3.00 %

Valorisation of pensions

2.00 %

Employee turnover rate

dependent on years of service

Accounting principles

AVÖ 2008 P – Pagler & Pagler/employees

 

 

2011

 

Technical rate of interest

4.75 %

Valorisation of wages and salaries

3.00 %

Valorisation of pensions

2.00 %

Employee turnover rate

dependent on years of service

Accounting principles

AVÖ 2008 P – Pagler & Pagler/employees

Specification of pension expenditures for pensions and similar commitments included in the income statement

31.12.2012

31.12.2011

Figures in € thousand

 

 

Current service cost

23,917

92,261

Interest cost

20,871

25,956

Income and expenditures due to budget changes

–10

–38

Total

44,778

118,179

Under the contribution-oriented company pension scheme, the employer pays the fixed amounts into company pension funds. The employer has satisfied his obligation by making these contributions.

Figures in € thousand

31.12.2012

31.12.2011

Contributions to company pension funds

2,257

2,011

© UNIQA Group 2013