26. Provisions for pensions and similar commitments


Figures in € thousand

31.12.2013

31.12.2012

Provisions for pension

391,952

365,177

Provisions for severance payments

194,805

201,443

Total

586,757

566,620

Figures in € thousand

2013

2012

As at 1.1.

566,620

593,019

Change in consolidation scope

0

–123,915

Currency translation changes

–11

25

Withdrawals for payments

–69,805

–79,740

Expenditure in the financial year

56,853

44,778

Actuarial profit and loss not affecting income

33,100

132,453

of which based on demographic assumptions

265

 

of which based on financial assumptions

22,532

 

of which experience based assumptions

10,302

 

As at 31.12.

586,757

566,620

Average weighted remaining term

Pension schemes

Pension payments

Severance payments

In years

27.6

13.6

5.9

Defined benefit obligation

2013

2012

Figures in € thousand

 

 

As at 1.1.

630,834

652,122

Current service cost

52,350

42,746

Interest cost

18,265

21,125

Payments

–69,805

–79,740

Disposal (including consolidated companies)

–15,069

–128,307

Remeasurement on DBO - gain/loss

32,997

122,888

of which based on demographic assumptions

10,302

21,031

of which based on financial assumptions

265

–23

of which experience based assumptions

22,429

101,879

As at 31.12.

649,573

630,834

Sensivity analysis

Pension schemes

Pension payments

Severance payments

Figures in per cent

Retirement age

 

 

 

Change in DBO (+3 years)

–6.8

–1.5

–3.9

Average remaining Life Expectancy

 

 

 

Change in DBO (+1 year)

2.8

3.9

 

Change in DBO (–1 year)

–3.0

–4.1

 

Technical rate of interest

 

 

 

Change in DBO (+1%)

–24.0

–11.5

–8.1

Change in DBO (–1%)

34.2

14.3

9.2

Future salary Increase Delta

 

 

 

Change in DBO (+0.75%)

4.0

0.4

6.7

Change in DBO (–0.75%)

–3.7

–0.4

–6.2

Future pension Increase

 

 

 

Change in DBO (+0.25%)

4.1

2.8

 

Change in DBO (–0.25%)

–3.9

–2.7

 

Active special policyholders with direct assurances of pension benefits, including members of the Management Board and executives in accordance with Section 80 paragraph 1 of the Stock Corporation Act, as well as active employees with direct assurances of 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.

The UNIQA Group’s repositioning led to an expected reduction of staff, which is covered by provisions for so-called “social capital” amounting to € 26,136 thousand (2012: € 49,147 thousand).

Calculation factors applied

2013

2012

Figures in per cent

 

 

Technical rate of interest

3.00%

3.25%

Valorisation of wages and salaries

3.00%

3.00%

Valorisation of pensions

2.00%

2.00%

Employee turnover rate

dependent on years of service

dependent on years of service

Accounting principles

AVÖ 2008 P –
Pagler & Pagler / employees

AVÖ 2008 P –
Pagler & Pagler / employees

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

31.12.2013

31.12.2012

Figures in € thousand

 

 

Current service cost

38,794

23,917

Interest cost

18,259

20,871

Income and expenditures due to budget changes

–201

–10

Total

56,853

44,778

Development of plan assets of pension provisions

2013

Market value of plan assets as at 1.1.

64,214

Interest income

2,135

Fund allocation

8,586

Payments

–10,244

Periodic increase/(decrease) of OCI

–1,876

Plan assets at fair value as at 31.12.

62,816

Categories of Plan assets

 

Figures in per cent

 

Bonds - euro

28.6

Bonds - euro high yield

5.1

Corporate bonds - euro

18.1

Shares - euro

8.3

Shares - non-euro

7.7

Shares - emerging markets

2.0

Alternative investment securities

3.1

Real estate

1.9

Synthetic cash

3.3

Bonds HTM / term deposit

22.0

Total

100.0

Under the contribution-orientated 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

31.12.2013

31.12.2012

Contributions to company pension funds

2,199

2,257

© UNIQA Group 2014