BMW 2001 Annual Report Download - page 79
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78
Great Britain, the USA, Switzerland, the Netherlands
and Japan.
Pension obligations are computed on an actuar-
ial basis at the level of the defined benefit obligation.
This computation requires the use of estimates. The
The salary level trend refers to the expected rate
of salary increase which is estimated annually de-
pending on inflation and the period of service of em-
ployees with the Group.
In the case of funded plans, the defined benefit
obligation is reduced by the plan assets. Where the
plan assets exceed the pension obligations, the sur-
plus amount is recognised in accordance with IAS
19 as an asset under miscellaneous assets. Where
the plan assets do not cover the pension obliga-
tions, the net liability is disclosed under pension pro-
visions.
Actuarial gains or losses may result from in-
creases or decreases in either the present value of
main assumptions, in addition to life expectancy,
depend on the economic situation in each particular
country. The following weighted average values are
used in Great Britain and in the other countries:
the defined benefit obligation or in the fair value of
the plan assets. Causes of actuarial gains or losses
include the effect of changes in the measurement
parameters, changes in estimates caused by the ac-
tual development of risks impacting on pension obli-
gations and differences between the actual and ex-
pected return on plan assets. Past service cost
arises where a BMW Group company introduces a
defined benefit plan or changes the benefits payable
under an existing plan.
Based on the measurement principles con-
tained in IAS 19, the following funding status applies
to the Groups pension plans:
001 BMW Group in figures
004 Report of the Supervisory Board
008 Supervisory Board
011 Board of Management
012 Group Management Report
029 BMW Stock
033 Group Financial Statements
098 BMW AG Financial Statements
104 BMW Group Annual Comparison
106 BMW Group Locations
108 Glossary
112 Index
in % Germany UK Other countries
31. December 2001 2000 2001 2000 2001 2000
Discount rate 6.0 6.3 5.8 5.6 5.9 6.2
Salary level trend 3.5 3.3 3.5 3.5 3.7 3.6
Pension level trend 2.0 2.3 2.5 2.5 2.5 2.6