ING Direct 2015 Annual Report Download - page 102

Contents
Who we are
Report of the
Management
Board
Corporate
Governance
Consolidated
annual accounts
Parent company
annual accounts
Other
information
Additional
information
Notes to the Consolidated annual accounts of ING Bank - continued
The following benefit payments, which reflect expected future service as appropriate, are expected to be made by the plan:
Defined
benefit
obligation
Other post-
employ-
ment
benefits
2016
97
2
2017
96
2
2018
95
2
2019
126
2
2020
132
2
Years 2021 – 2025
455
24
The average duration of the benefit obligation at the end of the reporting period is 17 years (2014: 17 years). This number can be
subdivided into the duration related to:
• active members: 15 years (2014: 12 years);
• inactive members: 23 years (2014: 24 years); and
• retired members: 13 years (2014: 13 years).
Profit and loss account – Pension and other staff-related benefit costs
Net defined
benefit asset/liability
Other
post-employment benefits Other Total
2015
2014
2013
2015
2014
2013
2015
2014
2013
2015
2014
2013
Current service cost
34
37
268
–7
–6
–18
–8
20
–11
19
51
239
Past service cost
–11
–3
3
–16
–11
–3
–13
Net Interest cost
–9
2
–41
1
3
2
2
4
6
–6
9
–33
Effect of curtailment or
settlement
–3
871
–37
–9
–52
–64
871
–37
Other
13
–12
13
13
–12
13
Defined benefit plans
11
907
193
–15
–3
–16
–45
12
–8
–49
916
169
Defined contribution plans
324
302
62
275
1,218
231
Defined benefit plans
In 2014, a charge of EUR 871 million was recognised in Effect of curtailment or settlement related to the Dutch defined benefit plan
settlement.
Defined contribution plans
The increase in Pension costs for Defined contribution plans in 2014 is as a result of the new defined contribution pension scheme for
employees in the Netherlands which took effect on 1 January 2014.
Most group companies sponsor defined contribution pension plans. The assets of all ING Bank’s defined contribution plans are held in
independently administered funds. Contributions are generally determined as a percentage of remuneration. For the defined
contribution scheme in the Netherlands, the premium paid is also dependant on the interest rate developments and DNB’s
methodology for determining the ultimate forward rate. These plans do not give rise to balance sheet provisions, other than relating
to short-term timing differences included in other assets/liabilities.
Benefit payments
Pension and other staff-related benefit costs
ING Bank Annual Report 2015 100