Porsche 2005 Annual Report Download - page 143
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141
2005/06 2004/05
Discount rate 4.50% 4.00%
Future increase in salaries 3.50% 3.50%
Increase in pensions 1.75% 1.75%
Actuarial assumptions (Germany only)
On aggregate, the benefit obligations of foreign entities are not material.
(22) Pension provisions
Employees of the entities included in the consolidated financial statements are entitled to benefits under
the company pension plan. The benefits vary according to local legal, economic and tax conditions and
are usually based on the employee service period and the beneficiary’s salary. The direct and indirect
obligations include both current pension obligations and future pension and retirement benefit obligations.
The company pension plan of the Group essentially relates to defined benefit plans, but there are also
some defined contribution plans. The defined contribution plans principally concern German entities that
are required by law to transfer contributions to the national pension insurance company. Contributions of
T€ 49,974 were paid to the national pension insurance company in Germany (previous year: T€ 49,181).
The defined benefit plans are calculated using the projected unit credit method in accordance with IAS 19.
The benefit obligations are recognized at service cost as of the measurement date. The benefit obligation
for active employees increases annually by the interest cost plus the present value of the new benefit entit-
lements earned in the current fiscal year.
The majority of the benefits pertain to Porsche AG. In addition, personal retirement capital is accumulated
in Germany by employee contributions to Porsche VarioRente.
The benefit obligations are calculated using actuarial methods. These include assumptions concerning
future wage and salary trends and pension increases. These parameters are estimated annually by the
Company. The measurement is based on the following assumptions for German entities: