BMW 2013 Annual Report Download - page 136

136
88 GROUP FINANCIAL STATEMENTS
88 Income Statements
88 Statement of
Comprehensive Income
90 Balance Sheets
92 Cash Flow Statements
94 Group Statement of Changes in
Equity
96 Notes
96 Accounting Principles and
Policies
114 Notes to the Income Statement
121 Notes to the Statement
of Comprehensive Income
122
Notes to the Balance Sheet
145 Other Disclosures
161 Segment Information
five trustees. A minimum of one third of the trustees
must
be elected by plan participants. The trustees rep-
resent the interests of plan participants and decide on
investment strategies and plan amendments.
Recovery
contributions to the funds are determined in agreement
with the BMW Group.
USA
The BMW Group’s defined benefit plans in the USA are
primarily employer-funded and include final salary
pension plans and a post-retirement medical care plan.
Benefits paid in conjunction with these plans comprise
old-age retirement pensions, early
retirement benefits,
surviving dependants’ benefits as well as post-retire-
ment medical care benefits.
Statutory minimum funding requirements apply to the
final salary pension plans. Plan participants are repre-
sented by a committee consisting of six members, which
is authorised to take all decisions pertaining to the
rele-
vant pension plan, including plan structure, invest-
ments and selection of investment managers as well as
regular and recovery contributions to the plan. The
committee members are nominated by the management
of the relevant participating US entities. Plan committees
act in a fiduciary capacity and are subject to statutory
framework conditions.
The change in the net defined benefit liability for pen-
sion plans* can be
derived as follows:
Defined benefit Plan assets Total Limitation of Net defined
in € million obligation the net defined benefit liability
benefit asset to
the asset ceiling
1 January 2013 16,255 – 12,447 3,808 4 3,812
Expense / income
Current service cost 362 – 362 – 362
Interest expense (+) / income (–) 565 – 438 127 – 127
Past service cost – 53 – – 53 – – 53
Gains (–) or losses (+) arising from settlements 2 – 2 – 2
Remeasurements
Gains (–) or losses (+) on plan assets, excluding
amounts included in interest income – – 481 – 481 – – 481
Gains (–) or losses (+) arising from changes in
demographic assumptions 4 – 4 – 4
Gains (–) or losses (+) arising from changes in
financial assumptions – 818 – – 818 – – 818
Changes in the limitation of the net defined benefit
asset to the asset ceiling – – – 1 1
Gains (–) or losses (+) arising from
experience adjustments 34 – 34 – 34
Transfers to fund – – 509 – 509 – – 509
Employee contributions 64 – 64 – – –
Pensions and other benefits paid – 460 324 – 136 – – 136
Translation differences and other changes – 197 154 – 43 – 1 – 44
31 December 2013 15,758 – 13,461 2,297 4 2,301
thereof pension provision 2,303
thereof assets – 2
* Prior year figures have been adjusted in accordance with the revised version of IAS 19,
see note 7.