Siemens 2005 Annual Report Download - page 184
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184
Pension benefits: Sensitivity Analysis
A one-percentage-point change of the established assumptions mentioned above, used for the
calculation of the NPPC for fiscal 2006, and a change of the market-related value of plan assets of
€500, as of September 30, 2005, would result in the following increase/(decrease) of the fiscal
2006 NPPC:
Increases and decreases in the discount rate, rate of compensation increase and rate of pen-
sion progression which are used in determining the PBO do not have a symmetrical effect on
NPPC primarily due to the compound interest effect created when determining the present value
of the future pension benefit. If more than one of the assumptions were changed simultaneously,
the cumulative impact would not necessarily be the same as if only one assumption was changed
in isolation.
Pension benefits: Additional information concerning changes of the AML and actual
returns on plan assets
The reduction of shareholders’ equity caused by the underfunded ABO increased by €1,813.
This increase has no effect on income and was, among other effects, caused by the increase in
the ABO as a result of the decrease in discount rate for the domestic and foreign pension plans.
Contributions to plan assets had no effect on the AML, resulting in a lower difference between
the ABO and the fair value of plan assets while prepaid pension assets before AML adjustments
increased by the same amount.
Management’s discussion and analysis
Year ended September 30, 2005 Year ended September 30, 2004
Total Domestic Foreign Total Domestic Foreign
Change in the minimum liability adjustment
within Accumulated other comprehensive income 1,813 896 917 (1,432) (922) (510)
Year ended September 30, 2005 Year ended September 30, 2004
Total Domestic Foreign Total Domestic Foreign
Actual return on plan assets 2,289 1,596 693 1,202 673 529
Effect on NPPC 2006 due to a
one-percentage- one-percentage-
point/€500 point/€500
increase decrease
Discount rate (255) 328
Expected return on plan assets (200) 200
Rate of compensation increase 48 (44)
Rate of pension progression 265 (221)
Market-related value of plan assets (68) 68