Airbus 2015 Annual Report Download - page 231

AIRBUS GROUP FINANCIAL STATEMENTS 2015 l 49 l
Notes to the IFRSConsolidatedFinancialStatements
2.
2.6 Employees Costs and Benefits
The weighted-average assumptions used in calculating the actuarial values of the most significant retirement plans as of
31December are as follows:
Assumptions in % 2015 2014 2015 2014 2015 2014 2015 2014
Discount rate 2.4 1.9 2.5 2.1 3.9 3.8 3.9 3.6
Rate of compensation increase 2.75 3.25 2.5 2.5 3.0 3.0 3.2 3.2
Rate of pension increase 1.7 1.7 -/ 1.7 -/ 2.0 2.9 2.8 2.3-3.2 2.3-3.2
Inflation rate 1.7 1.7 1.7 1.7 3.0 2.9 3.2 3.2
Pension plans in
Germany France UK Multi-employer (UK)
For Germany and France, the Group derives the discount
rate used to determine the defined benefit obligation from
yields on high quality corporate bonds with an AA rating. The
determination of the discount rate is based on the iBoxx€
Corporates AA bond data and uses the granularity of single
bond data in order to receive more market information from the
given bond index. The discount rate for the estimated duration
of the respective pension plan is then extrapolated along the
yield curve. In the UK it is determined with reference to the full
yield curve of AA-rated sterling-denominated corporate bonds
of varying maturities. The salary increase rates are based on
long-term expectations of the respective employers, derived
from the assumed inflation rate and adjusted by promotional
or productivity scales.
Rates for pension payment increases are deviated from the
respective inflation rate for the plan.
Inflation rate for German plans corresponds to the expected
increase in cost of living. In the UK, the inflation assumptions
are derived by reference to the difference between then yields
on index-linked and fixed-interest long-term government bonds.
For the calculation of the German pension obligation, the
“2005 G” mortality tables (generation tables) as developed by
Professor Dr. Klaus Heubeck are applied. For the UK schemes,
the Self-Administered Pensions S1 mortality tables based on
year of birth (as published by the Institute of Actuaries) is used
in conjunction with the results of an investigation into the actual
mortality experience of scheme members. In France, INSEE
(Institute for French Statistics) tables are applied.
Financial Statements 2015
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Annual Report 2015 Financial Statements 2015
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