32
JOTUN GROUP
SCHEMES WITH NET PENSION OBLIGATIONS
(NOK THOUSAND) 2017 2016
CHANGES IN PENSION OBLIGATIONS INCLUDING SOCIAL SECURITY
Pension obligation at the beginning of the period 511 105 506 938
Translation difference at the beginning of the period 21 909 –73 094
Curtailment in future increase in wages –194 92
Pension earning for the year 8 662 5 798
Interest cost on pension obligations 14 479 15 940
Actuarial loss / gain (–) –10 054 83 262
Social security upon paying pension premiums –6 –187
Pension payments –43 460 –27 644
Pension obligation at the end of the period 502 441 511 105
CHANGES IN PLAN ASSETS
Plan assets at the beginning of the period 353 598 351 036
Translation difference at the beginning of the period 19 277 –65 284
Expected return on plan assets 10 094 11 061
Settlement 8 644 7 627
Actuarial loss (–) / gain 7 179 53 125
Payments in / out (–) 3 270 3 423
Pension payments –32 421 –7 389
Plan assets at the end of the period 369 641 353 598
RECONCILIATION OF PENSION LIABILITIES/ASSETS
RECOGNISED IN THE BALANCE SHEET
Net pension obligation – overfunded / underfunded (–) –132 798 –157 507
Other severance schemes –81 923 –67 954
Total pension assets / liabilities (–) –214 721 –225 461
THE PERIOD’S PENSION COSTS INCLUDING SOCIAL SECURITY
Pension earnings for the year 8 494 8 543
Interest cost for the pension obligations 14 463 15 837
Expected return on plan assets –10 074 –11 130
Pension cost recognised in income statement 12 883 13 250
Actuarial gain (–) / loss recognised in other comprehensive income (net of taxes) –13 836 22 638
BREAKDOWN OF NET PENSION LIABILITIES AT 31 DECEMBER IN UNFUNDED AND FUNDED SCHEMES
Present value of funded pension obligations –424 718 –445 232
Pension plan assets 369 641 353 598
Net funded pension assets –55 077 –91 634
Present value of unfunded pension obligations –159 644 –133 827
Capitalised net pension liabilities –214 721 –225 461