Porsche 2008 Annual Report Download - page 204
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To our shareholders The Company
202
Most of the benefits in the Porsche subgroup concern Porsche AG. In addition, personal retirement
capital is accumulated in Germany by way of employee contributions to Porsche VarioRente.
The occupational pension arrangements of the Volkswagen subgroup in Germany are based on a
specially developed expense-related pension model that is classified as a defined benefit plan
under IAS 19. This model has been further developed into a pension fund, with the annual remu-
neration-linked contributions being invested in funds by Volkswagen Pension Trust e.V. as the
trustee. By investing in funds, this model offers an opportunity for increasing benefit entitlements,
while at the same time fully safeguarding them. For this reason, almost all group companies in the
Volkswagen subgroup in Germany have now joined the fund. Since the fund units held by the trust
meet the criteria of IAS 19 for classification as plan assets, they are deducted from the obligation.
Owing to their benefit character, the obligations of the US group companies in respect of post-
employment medical care in particular are also carried under provisions for pensions and similar
obligations. These similar obligations take into account the expected long-term rise in medical
costs.
Actuarial assumptions
The defined benefit obligations are calculated using actuarial methods. These include assumptions
concerning future wage and salary developments and pension increases. The measurement is
based on the following assumptions:
The effects on the service cost and interest cost of a one percentage point increase or decrease
in the assumed medical cost increase rate when calculating the obligations are immaterial. The
obligation for medical care increases or decreases by €6 million (prior year: €4 million).
Germany International
2008/09 2007/08 2008/09 2007/08
Discount rate 5.25 - 5.50 5.70 1.50 - 9.00 6.00 - 6.25
Expected return on plan assets 5.00 – 3.00 - 11.30 5.63 - 6.00
Increase in salaries and wages 2.50 - 3.00 3.00 2.00 - 10.00 4.00
Trend of medical cost –– 5.00 - 8.00 5.00
Employee turnover rate 0.75 - 1.20 0.50 1.53 - 6.00 –
Increase in pensions 1.00 - 1.60 2.00 1.00 - 6.00 3.00 - 3.80