Merck 2014 Annual Report Download - page 224

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219CONSOLIDATED FINANCIAL STATEMENTS → Notes to the Group accounts
The following overview shows how the present value of all defined
benefit obligations would have been influenced by changes to
definitive actuarial assumptions. To determine the sensitivities,
in principle each of the observed parameters was varied while
keeping the measurement assumptions otherwise constant. Insofar
as its development of social security is comparable to salary trends,
the amounts for social security vary together with the salary
trend.
€ million Dec. 31, 2014
Present value of all defined benefit obligations if
the discount rate is 50 basis points higher 3,463.7
the discount rate is 50 basis points lower 4,218.1
the expected rate of future salary increases is 50 basis points higher 3,947.7
the expected rate of future salary increases is 50 basis points lower 3,690.7
the expected rate of future pension increases is 50 basis points higher 4,028.0
the expected rate of future pension increases is 50 basis points lower 3,633.7
the medical cost trend rate is 50 basis points higher 3,813.7
the medical cost trend rate is 50 basis points lower 3,811.8
The fair value of the plan assets changed in the reporting period
as follows:
€ million 2014 2013
Fair value of the plan assets on January 1 1,840.2 1,633.6
Currency translation differences 33.7 – 22.1
Interest income from plan assets 67.2 52.1
Actuarial gains (+) / losses (–) arising from experience adjustments 50.7 49.0
Funding CTA – 200.0
Employer contributions 27.2 39.9
Employee contributions 7.2 7.0
Pension payments from plan assets – 32.8 –119.1
Changes in the scope of consolidation 3.0 –
Plan administration costs paid from the plan assets recognized in income –1.9 –1.7
Other effects recognized in income 0.2 – 0.1
Other changes – 0.3 1.6
Fair value of the plan assets on December 31 1,994.4 1,840.2
The actual return on plan assets amounted to €117.9 million in
2014 (2013: income of €101.1 million). Changes in the effects of
the asset ceilings in accordance with IAS19.64 were recognized in
the amount of €10.8 million as actuarial gains (2013: €10.5 mil-
lion in actuarial losses) and € 0.3 million as interest expenses
(2013: € 0.0 million). The effects of the asset ceilings as of the
balance sheet date amounted to €0.0 million (2013: €10.5 million).