26. Provisions for pensions and similar commitments


 

31 Dec. 2010
€ 000

31 Dec. 2009
€ 000

Provisions for pension

388,659

344,468

Provision for severance payments

135,717

122,369

Total

524,376

466,837

 

2010
€ 000

2009
€ 000

As at 1 Jan.

466,837

436,728

Change in consolidation scope

738

5,364

Currency translation changes

9

–246

Withdrawals for pension payments

–37,072

–36,207

Expenditure in the financial year

41,080

41,496

Actuarial profit and loss not affecting income

52,784

19,701

As at 31 Dec.

524,376

466,837

Active employees 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 approved the offer to transfer existing vested pension rights to 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 the ÖPAG Pensionskassen AG in 2008 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.

Calculation factors applied

 

2010

 

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

 

 

2009

 

Technical rate of interest

5.50%

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 Dec. 2010
€ 000

31 Dec. 2009
€ 000

Current service cost

15,266

14,244

Interest cost

25,872

27,282

Income and expenditures due to budget changes

–59

–30

Total

41,080

41,496

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

 

31 Dec. 2010
€ 000

31 Dec. 2009
€ 000

Contributions to company pension funds

1,814

1,564

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