DHL 2001 Annual Report Download - page 135

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Consolidated Financial Statements
Notes
135
The majority of the employees of Deutsche Post
AG and Deutsche Postbank AG are covered by retire-
ment benefit plans. Occupational pension plans are
partly defined contribution and partly defined benefit
plans.
In addition to the state pension system operated
by the statutory pension insurance funds,to which
contributions for wage earners and salaried employ-
ees are remitted in the form of non-wage costs,
Deutsche Post AG and Deutsche Postbank AG pay
contributions to defined contribution plans in accor
d-
ance with statutory provisions to finance in particu-
lar the pension entitlements of staff with civil service
status and of retired former civil servants. Since fiscal
year 2000, the annual contributions have amounted
to 33% of the pensionable gross emoluments of
active civil servants and the notional pensionable
gross emoluments of civil servants on leave of absence.
Current contribution payments are recorded as
expenses in the profit from operations of the year in
question. There are no further benefit obligations
for the company over and above payment of the
contributions.
All other retirement provision plans of
Deutsche Post AG and Deutsche Postbank AG
are defined benefit plans, and are generally funded
by provisions. There are various commitments to
individual groups of employees. The commitments
depend on length of service, and usually final salary
as well. The provisions for defined benefit plans are
measured using the projected unit credit method in
accordance with IAS 19 (Employee Benefits), under
which the future obligations are determined using
actuarial principles and actuarial assumptions. The
expected benefits are spread relatively evenly over
the entire length of service of the employees,taking
into account changes in key parameters.
The actuarial computation of the benefit obliga-
tions and pension expense of Deutsche Post AG and
Deutsche Postbank AG was based on the following
assumptions:
At the German Group companies,longevity is
calculated on the 1998 mortality tables published by
Dr. Klaus Heubeck.
The following table presents changes in the rec-
ognized pension provisions, based on the present
value of the obligations:
2000
Changes in recognized pension provisions
Present value of obligations at Dec. 31 8,328 7,591
Share of funded obligations 3,217 2,967
Share of unfunded obligations 5,111 4,624
Fair value of plan assets 1,579 1,429
Unrecognized actuarial gains/losses 168 -510
Unrecognized past service cost 0 3
Carrying amount at Dec. 31 6,581 6,669
2001
in €m
2000
Deutsche Post AG 5,957 6,079
Deutsche Postbank group 552 528
Danzas group 98 101
Other Group companies 20 12
6,627 6,720
2001
in €m
2000
Assumptions for actuarial computation
Discount rate 5.5 to 5.75 6.0
Expected wage and salary growth
(depending on employee group) 2.0 to 3.0 2.0 to 3.0
Expected pension growth
(depending on employee group) 1.75 to 2.5 1.75 to 2.5
Average expected fluctuation 1.0 1.0
Expected return on plan assets 3.1 to 4.25 3.1 to 4.25
2001
in %