ING Direct 2008 Annual Report Download - page 137

135
ING Group Annual Report 2008
Included in Other provisions in 2008 is a provision for a loss of EUR 292 million relating to the agreed disposal of ING Life Taiwan
as disclosed in Note 29 ‘Companies acquired and companies disposed’.
Included in Other provisions in 2007 is a provision for a loss of EUR 129 million relating to the agreed disposal of NRG as disclosed
in Note 29 ‘Companies acquired and companies disposed’.
In general, Other provisions are of a short-term nature.
The amounts included in other provisions are based on best estimates with regard to amounts and timing of cash flows required
to settle the obligation.
Pension and post-employment benefits
Summary of pension benefits
2008 2007 2006 2005
Defined benefit obligation 14,271 14,499 15,758 15,782
Fair value of plan assets 13,366 14,708 14,361 12,937
905 –209 1,397 2,845
Unrecognised past service costs –5 –3
Unrecognised actuarial gains/(losses) –2,072 198 –687 –1,778
–1,172 –14 710 1,067
Presented as:
– Other liabilities 609 425 961 1,067
– Other assets –1,781 –439 –251
–1,172 –14 710 1,067
Summary of post-employment benefits
2008 2007 2006 2005
Defined benefit obligation 210 220 239 441
210 220 239 441
Unrecognised past service costs 2410 –6
Unrecognised actuarial gains/(losses) 78–2 –27
219 232 247 408
Presented as:
– Other liabilities 219 232 247 408
219 232 247 408
The Group maintains defined benefit retirement plans in its major countries of operation. These plans generally cover all employees and
provide benefits that are related to the remuneration and service of employees upon retirement. The benefits in some of these plans are
subject to various forms of indexation. The indexation is, in some cases, at the discretion of management; in other cases it is dependent
upon the sufficiency of plan assets.
Annual contributions are paid to the funds at a rate necessary to adequately finance the accrued liabilities of the plans calculated in
accordance with local legal requirements. Plans in all countries comply with applicable local regulations governing investments and
funding levels.
The Group provides other post-employment employee benefits to certain employees and former employees. These are primarily post-
employment healthcare benefits and discounts on ING products provided to employees and former employees.
Certain group companies sponsor defined contribution pension plans. The assets of all ING Group’s defined contribution plans are held in
independently administered funds. Contributions are generally determined as a percentage of pay. These plans do not give rise to balance
sheet provisions, other than relating to short-term timing differences included in current liabilities. The amount incurred in 2008 was EUR
68 million (2007: EUR 68 million).