To fund the annual costs required to finance pension entitlements accrued during the year in question, a contribution is established.
This contribution is funded by the Employing Companies (the employers) and the participants in the pension scheme (the employees). At Pension contribution you can read how the contribution is funded.
Liabilities and assets
The provision for pension liabilities is the value of the accrued pensions to be paid now and in the future. The provision for pension liabilities is calculated using the market rate of interest.
The funding ratio indicates the degree to which the provision for pension liabilities is covered by the assets. If the provision for pension liabilities rises, for example as the result of an increase in the salary group or pensions, the funding ratio decreases.
The Pension Fund's assets are the resources (the financial capital and the value of the investments) that the Pension Fund has available to meet its liabilities. Assets are calculated on the basis of market value.
|(amounts expressed in millions of Euros)||end 2015||end 2014||end 2013|
The funding ration has been calculated with the actuarial interest rate stipulated by DNB, based on the average of the preceding three months and the 'UFR'.