Boskalis Annual Report 2018
112 ANNUAL REPORT 2018 – BOSKALIS FINANCIAL STATEMENTS 2018 A UAL REP RT 2018 -- BOSKALIS FINANCIAL STATEMENTS 2018 112 Balance as at 1 January 2017 Current service expenses Interest expenses on obligation Contributions received from the Group Return on plan assets Net actuarial results Benefits paid Foreign currency exchange rate differences and other changes Total movement Balance as at 31 December 2017 Movement in limitation net plan assets Total result defined benefit pension plans
CHARGED TO CONSOLIDATED STATEMENT OF
OTHER COMPREHENSIVE INCOME
DEFINED BENEFIT OBLIGATION
UNFUNDED PENSION LIABILITIES
FAIR VALUE PLAN ASSETS
SURPLUS/ DEFICIT (-)
TOTAL PROFIT OR LOSS
160,380
153,196
- 7,184
- 5,142
- 12,326
637
-
- 637
- 32 - 71
- 669
669
3,554
-
- 3,554 4,137 3,248 - 4,962
- 3,625 4,137 3,248 - 4,814
3,625
- -
4,137 3,248
- -
- 3,248
5,165 - 6,144
203
148 270
4,814
- 6,144
-
270
- 4,534 - 1,322
- 4,076 - 2,632
458
-
458
- 1,310
315
- 995
1,046
4,814
159,058
150,564
- 8,494
- 4,827
- 13,321
Limitation on net plan assets as at 1 January
- 11,145 - 4,458 - 15,603
4,458
Limitation on net plan assets as at 31 December
- 28,924
Balance as at 31 December 2017 after limitation on net plan assets
10,318
1,046
9,272
In the Netherlands Boskalis has arranged a pension plan for a large part of its Dutch staff with the Pensioenfonds Grafische Bedrijven (PGB), while other employees in the Netherlands participate in the pension plans of five Dutch multi-employer pension funds or in one of the Dutch insured pension plans. In the Netherlands the tasks and responsibilities of employer, employee and pension provider in relation to pensions are set out in the Dutch Pension Act. The Pension Act stipulates the requirements and conditions that pension plans must comply with, including the requirement of integrating the plan into either a recognized pension fund or with a recognized pension insurance company and also that rights granted must be immediately funded by the employer. The law also sets requirements for the amounts of equity that pension providers should maintain. Compliance with the law is supervised by the Dutch Central Bank (DNB) and the Dutch Financial Markets Authority (AFM). In addition, the Group has a number of foreign pension plans, of which the largest is in the United Kingdom. Pension plan at Pensioenfonds Grafische Bedrijven The Group has arranged its pension plan, which is qualified as a defined contribution plan, for the majority of its Dutch staff with Pensioenfonds Grafische Bedrijven, a multi-employer fund. The annual premium contribution by the Group is determined by PGB, based on the actuarial cost of purchasing pension rights on an annual basis. The Group has no obligation to cover any plan deficits, nor are there any specific separate plan assets dedicated to the Group in this pension plan that are managed by PGB. After payment of the annual premium, the Group has no obligation to pay for additional contributions or higher future premiums in the event of a shortfall at PGB, nor if the plan or the fund is terminated. Furthermore, the Group has no entitlement to any surplus in the PGB pension fund. Future cash flows are limited to the payment of future premiums for purchasing (new) rights for the years to come. The premium is influenced by the usual, underlying actuarial assumptions, expected returns and agreed contribution ceiling. Besides Boskalis, multiple other companies have also arranged their pension plans with PGB. The Group has no direct involvement in the governance of PGB. PGB does not hold specific, segregated pension assets dedicated to the Group. The share of the Boskalis pension plans in total liabilities and assets at PGB is limited. Dutch multi-employer pension funds Some of the Dutch staff participate in one of five industry-wide multi-employer pension funds, all within the framework of the Dutch Pension Act as referred to above, of which Bedrijfstak Pensioenfonds Waterbouw is the only one with a proportionately significant premium contribution by Boskalis of 20% (2017: 20%). As at 31 December 2018 the Bedrijfstak Pensioenfonds Waterbouw had a coverage ratio greater than 113 % (2017: greater than 105%).
Made with FlippingBook Online newsletter