53 JOTUN A/S Note 3 continues PENSIONS AND OTHER LONG-TERM EMPLOYEE BENEFITS Schemes with net pension obligations (NOK thousand) 2014 2 0 1 3 Changes in pension obligations including social security Pension obligation at the beginning of the period 109 883 133 181 Pension obligation Jotun Powder Coatings (N) AS as of 31.12.2013 690 - Pension earning for the year 3 640 4 279 Interest cost on pension obligations 3 511 2 770 Settlement -168 - Actuarial loss/(gain) -36 966 -14 444 Social security upon paying pension funds -460 -1 011 Pension payments -8 148 -14 892 Pension obligation at the end of the period * 71 983 109 883 Changes in plan assets Plan assets at the beginning of the period 33 125 46 791 Expected return on plan assets 1 002 927 Actuarial (loss) / gain -32 305 -16 413 Payments in / (out) 3 492 7 877 Pension payments -4 308 -6 057 Plan assets at the end of the period 1 005 33 125 Reconciliation of pension liabilities/ assets recognized in the balance sheet Net pension obligation - overdunded (underfunded) -70 978 -76 758 Total pension liabilities -70 978 -76 758 The period’s pension costs including social security Pension earnings for the year 3 667 4 325 Interest cost for the pension obligations 2 482 1 781 Expected return on plan assets - 17 Pension cost recognised in the profit or loss statement 6 149 6 123 Actuarial loss/gain(-) recognised in other comprehensive income, net of taxes -3 403 1 418 Pension obligations in the statement of financial position Benefit schemes and other unsecured schemes -70 978 -76 758 Other severance schemes -33 987 -25 857 Plan liabilities recognised in the statement of financial position -104 965 -102 615 *) - including unsecured schemes Jotun Powder Coatings (N) AS had 2 contractual (AFP) pensioners in 2013. Their net pension obligation was NOK 0.7 million per 31.12.2013
Jotun Annual Report 2014
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