BMW 2013 Annual Report Download - page 137
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137 GROUP FINANCIAL STATEMENTS
Net interest expense on the net defined benefit liability
is presented within the financial result. All other com-
ponents of pension expense are presented in the income
statement under costs by function.
Remeasurements on the obligations side gave rise to a
negative amount of € 780 million (2012: positive amount
of € 2,562 million) and related mainly to the higher dis-
count rates used in Germany and the USA.
The level of the pension obligations differs depending
on the pension system applicable in each country.
Since the state pension system in the UK only provides
a low fixed amount benefit, old-age retirement bene-
fits are largely organised in the form of company pen-
sions on the one hand and arrangements financed
by the in dividual on the other. The pension benefits
in the UK therefore contain contributions made by the
employee.
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 2012 13,030 – 11,038 1,992 3 1,995
Effect of first-time consolidation 2 – 2 – 2
Expense / income
Current service cost 253 – 253 – 253
Interest expense (+) / income (–) 618 – 528 90 – 90
Past service cost – 3 – – 3 – – 3
Gains (–) or losses (+) arising from settlements – 1 – – 1 – – 1
Remeasurements
Gains (–) or losses (+) on plan assets, excluding
amounts included in interest income – – 671 – 671 – – 671
Gains (–) or losses (+) arising from changes in
demographic assumptions 128 – 128 – 128
Gains (–) or losses (+) arising from changes in
financial assumptions 2,712 – 2,712 – 2,712
Changes in the limitation of the net defined benefit
asset to the asset ceiling – – – 2 2
Gains (–) or losses (+) arising from
experience adjustments – 278 – – 278 – – 278
Transfers to fund – – 313 – 313 – – 313
Employee contributions 60 – 60 – – –
Pensions and other benefits paid – 434 320 – 114 – – 114
Translation differences and other changes 168 – 157 11 – 1 10
31 December 2012 16,255 – 12,447 3,808 4 3,812
thereof pension provision 3,813
thereof assets – 1