DHL 1999 Annual Report Download - page 118
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Notes
129
In addition to the statutory benefit systems of the pen-
sion insurance institutions, to which contributions for
wage earners and salaried employees are transferred via
incidental wage costs,Deutsche Post AG also,in line with
statutory regulations, pays contributions to a defined
contribution plan to finance in particular the pension
claims of staff with civil servants status and of retired
civil servants.A fixed amount of EUR 2,045 million is
due every year, for the last time in 1999. From the year
2000 onward, the contribution will amount to 33 per-
cent of the pensionable gross remuneration of active
civil servants and of the assumed pensionable gross
remuneration of civil servants granted leave of absence.
The company is not obliged to pay benefits exceeding
the aforementioned contributions.
All other benefit systems ofDeutsche Post AG are defined
benefit plans.They are to a great extent financed by pro-
visions. Various pension commitments to individual
staff groups exist. These commitments depend on the
years of service and final salaries. In accordance with
IAS 19 (Employee Benefits), the provisions for defined
benefit plans were computed using the “projected unit
credit” method: Future obligations are determined fol-
lowing actuarial valuation principles and taking
relevant influential factors into account. Reflecting
demographic and financial assumptions, benefits are
attributed on a relative straight-line basis over the staff’s
entire period of employment.
The actuarial computation of benefits and the respec-
tive expenses for the period was based on the following
parameters:
The 1998 Life Expectancy Tables according to Dr.Klaus
Heubeck were applied for the relevant computation of
the German Group companies.
1999 expenses for defined benefit plans amounted to
EUR 635 million (1998: EUR 541 million). The total
amount includes:
Rate of interest
Expected development of wages and
salaries (per staff group)
Expected development of pension
(per staff group)
Expected average
fluctuation
Expected return on assets
1999 1998
6.0 % 6.0 %
2.0 to 3.5 % 2.0 to 3.0 %
1.5 to 2.5 % 1.5 to 2.5 %
1.0 % 1.0 %
3.1 to 6.0 % 4.0 %
Current service costs
Interest costs
Expected returns on assets
Amortization of actuarial losses
Past service costs
Effects of plan reductions
and settlements
1999 1998
148 150
456 367
33 – 26
– 51 – 3
8 33
41 20
635 541
EUR mill.