BMW 2014 Annual Report Download - page 139
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139 GROUP FINANCIAL STATEMENTS
old-age retirement pensions, early retirement benefits,
surviving dependants’ benefits as well as post-retire-
ment medical care benefits.
Statutory minimum funding requirements apply to the
final salary pension plans. Plan participants are repre-
sented by a committee consisting of six members, which
is authorised to take all decisions pertaining to the rele-
vant pension plan, including plan structure, investments
and selection of investment managers as well as regular
allocations and retrospective allocations to the plan.
The committee members are nominated by the
manage-
ment of the relevant participating US entities. Plan
committees act in a fiduciary capacity and are subject to
statutory framework conditions.
The change in the net defined benefit liability for pen-
sion plans can be derived as follows:
Defined benefit Plan assets Total Limitation of Net defined
in € million obligation the net defined benefit liability
benefit asset to
the asset ceiling
1 January 2014 15,758 – 13,461 2,297 4 2,301
Expense / income
Current service cost 337 – 337 – 337
Interest expense (+) / income (–) 628 – 540 88 – 88
Past service cost – 3 – – 3 – – 3
Gains (–) or losses (+) arising from settlements – 8 – – 8 – – 8
Remeasurements
Gains (–) or losses (+) on plan assets, excluding
amounts included in interest income – – 1,394 – 1,394 – – 1,394
Gains (–) or losses (+) arising from changes in
demographic assumptions 53 – 53 – 53
Gains (–) or losses (+) arising from changes in
financial assumptions 3,490 – 3,490 – 3,490
Changes in the limitation of the net defined benefit
asset to the asset ceiling – – – – 1 – 1
Gains (–) or losses (+) arising from
experience adjustments – 24 – – 24 – – 24
Transfers to fund – – 383 – 383 – – 383
Employee contributions 71 – 71 – – –
Pensions and other benefits paid – 519 522 3 – 3
Translation differences and other changes 679 – 534 145 – 1 144
31 December 2014 20,462 – 15,861 4,601 2 4,603
thereof pension provision 4,604
thereof assets – 1