Note 14

Pension costs and pension liabilities

The company is required to have collective occupational pensions in accordance with the Pensions Act. The company has both defined benefit and defined contribution pension schemes. The pensions schemes satisfy the requirements of the Mandatory Occupational Pensions Act. HAVFISK mainly covers its pension liabilities through a group pension scheme with a life insurance company. For accounting purposes this is treated as a defined benefit plan. HAVFISK also has unsecured pension insurance, which the company covers in operations. Future pension commitments will be calculated by an actuary and entered as for defined benefit schemes.

Actuarial calculations have been based on the following assumptions:
	2015	2014
Discount rate	2,6 %	2,5 %
Projected yield	2,6 %	2,5 %
Salary growth	2,5 %	3,3 %
Adjustment of National Insurance Scheme's basic amount (G)/Inflation	2,3 %	3,0 %
Pension adjustment	0,8 %	1,3 %

Percentage composition of pension funds:
Bonds	79,3 %	79,3 %
Money market	11,5 %	11,5 %
Shares	6,5 %	6,5 %
Property	0,0 %	0,0 %
Other	2,7 %	2,7 %
Total	100%	100%

Pension expenses
NOK 1,000	2015	2014
Present value of accrued pension entitlements for the year
Interest expense on accrued pension liabilities	-651	(996)
Expected yield on pension assets	507	848
Allocated effect of change in estimates and pension schemes etc.	-399	(2 586)
Administration costs	-52	(49)
Net pension costs	(595)	(2 783)
Defined contribution scheme (employer's contributions)	(1 164)	(1 588)
Total net pension costs	(1 759)	(4 371)

Net pension assets/liabilities break down as follows:
NOK 1,000	2015	2014
Present value of accrued pension liabilities	(23 930)	(27 103)
Value of future salary growth
Calculated pension liabilities	(23 930)	(27 103)
Value of pension assets	17 980	21 019
Estimated net pension assets/(liabilities)	(5 950)	(6 084)
Amortisation
Employer's national insurance contributions
Net pension assets/(liabilities) 2)	(5 950)	(6 084)
Net pension assets/(liabilities) recognised in the balance sheet 2)	(5 950)	(6 084)
Number of employees
Number of beneficiaries	25	27
Underfinanced plans: Value of pension liabilities exceeds value of pension assets Overfinanced plans: Value of pension assets exceeds value of pension liabilities. HAVFISK pension plans are underfinanced plans. 2) Provisions have been recognised for employer's national insurance contributions on contracts with net pension liabilities. For 2015 the employer's contributions have been included in the present value of accrued pension liabilities.

Add to my report

Print