ING Direct 2015 Annual Report Download - page 99

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
Effect of curtailment or settlement
In 2014, EUR –13,788 million was recognised in Effect of curtailment or settlement related to the Dutch defined benefit plan
settlement as a result of the agreement that made the ING Pension Fund financially independent from ING.
Changes in composition of the group and other changes
In 2014, Changes in the composition of the group and other changes included EUR –47 million as a result of the deconsolidation of ING
Vysya. Reference is made to Note 50 ‘Other events’.
Other
The actual return on the plan assets amounts to EUR 21 million (2014: EUR 1,181 million).
No plan assets are expected to be returned to ING Bank during 2016.
Changes in the present value of the defined benefit obligation and other post-employment benefits for the period were as follows:
Defined benefit
obligation
Other post-employment
benefits
2015
2014
2015
2014
Opening balance
3,126
14,825
101
96
Current service cost
34
35
–7
–6
Interest cost
84
173
1
3
Remeasurements: Actuarial gains and losses arising from changes in demographic
assumptions
–55 7 8 6
Remeasurements: Actuarial gains and losses arising from changes in financial assumptions
–118
1,198
Participants’ contributions
1
1
2
Benefits paid
–175
–181
–2
–2
Past service cost
–11
–3
Effect of curtailment or settlement
–3
–12,983
–9
Exchange rate differences
111
101
4
4
Changes in the composition of the group and other changes
2
–47
Closing balance
2,996
3,126
98
101
Effect of curtailment or settlement
In 2014, EUR –12,983 million was recognised in Effect of curtailment or settlement related to the Dutch defined benefit plan
settlement as a result of the agreement that made the ING Pension Fund financially independent from ING.
Changes in composition of the group and other changes
In 2014, Changes in the composition of the group and other changes of the Defined benefit obligation included EUR –53 million related
to the deconsolidation of ING Vysya. Reference is made to note 50 ‘other events’.
Amounts recognised directly in Other comprehensive income (equity) were as follows:
2015
2014
Opening balance
–370
–2,671
Remeasurement of plan assets
–72
1,009
Actuarial gains and losses arising from changes in demographic assumptions
55
–7
Actuarial gains and losses arising from changes in financial assumptions
119
–1,198
Taxation
–38
108
Total Other comprehensive income movement for the year
64
–88
Transfer to Other reserves (pension settlement)
2,389
Closing balance
–306
–370
Changes in defined benefit obligation and other post-employment benefits
Changes in the net defined benefit assets/liability remeasurement reserve
ING Bank Annual Report 2015 97