Porsche 2009 Annual Report Download - page 211
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211
Benefit obligations of discontinued operations
Most of the benefits in the former Porsche subgroup concern Porsche AG and relate to the
same pension plans as those described under continuing operations.
The occupational pension arrangements of the former 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 remuneration-linked contributions being invested in funds by Volkswagen Pension Trust e.V.
as the trustee. The annual remuneration-based pension expense is invested in funds by Volkswagen
Pension Trust e.V. as trustee. Through the investment in funds, this model offers the possibility that
benefit entitlements may increase while securing them in full. For this reason, almost all group
companies in the Volkswagen group in Germany have 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 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 as-
sumptions concerning future wage and salary developments and pension increases. The measure-
ment is based on the following assumptions:
Germany International
% 2009/1012008/09 2009/1012008/09
Discount rate 4.80 5.25 – 5.50 – 1.50 – 9.00
Expected return on plan assets – 5.00 – 3.00 – 11.30
Increase in wages and salaries 3.00 2.50 – 3.00 – 2.00 – 10.00
Medical cost increase rate – – – 5.00 – 8.00
Employee turnover rate – 0.75 – 1.20 – 1.53 – 6.00
Increase in pensions 1.00 1.00 – 1.60 – 1.00 – 6.00
1 Continuing operations