Siemens 2005 Annual Report Download - page 83

Download and view the complete annual report

Please find page 83 of the 2005 Siemens annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 232

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148
  • 149
  • 150
  • 151
  • 152
  • 153
  • 154
  • 155
  • 156
  • 157
  • 158
  • 159
  • 160
  • 161
  • 162
  • 163
  • 164
  • 165
  • 166
  • 167
  • 168
  • 169
  • 170
  • 171
  • 172
  • 173
  • 174
  • 175
  • 176
  • 177
  • 178
  • 179
  • 180
  • 181
  • 182
  • 183
  • 184
  • 185
  • 186
  • 187
  • 188
  • 189
  • 190
  • 191
  • 192
  • 193
  • 194
  • 195
  • 196
  • 197
  • 198
  • 199
  • 200
  • 201
  • 202
  • 203
  • 204
  • 205
  • 206
  • 207
  • 208
  • 209
  • 210
  • 211
  • 212
  • 213
  • 214
  • 215
  • 216
  • 217
  • 218
  • 219
  • 220
  • 221
  • 222
  • 223
  • 224
  • 225
  • 226
  • 227
  • 228
  • 229
  • 230
  • 231
  • 232

83
Corporate Governance Report
Compensation Report
Group Presidents Business Areas Megatrends Report of the Supervisory Board
83
Pension benefit commitments. With the realignment of the German pension plan of
Siemens AG into a Defined Contribution Benefit Plan (BSAV), the system of defined benefits for
members of the Managing Board was also replaced with effect from October 1, 2004 by a pension
benefit system based on contributions by the Company. Pension benefits earned through Septem-
ber 30, 2004 were not affected. The amount of the contributions to the BSAV is determined annu-
ally by the Chairman’s Committee of the Supervisory Board.
For fiscal year 2005, the members of the Managing Board were for the first time granted con-
tributions under the BSAV totaling €3.4 million, based on a resolution adopted by the Chairman’s
Committee of the Supervisory Board on November 9, 2005. Of this amount, €0.8 million relates
to the former system and €2.6 million to contributions granted under the BSAV since October 1,
2004.
The projected benefit obligation (PBO) of all pension commitments to members of the Manag-
ing Board as of September 30, 2005 amounted to €52.9 million (2004: €56.3 million), which
amount is included in Note 21 to the Consolidated Financial Statements.
Former members of the Managing Board and their surviving dependents received pensions,
transitional payments and comparable benefits equal to €15.6 million (2004: €13.5 million) for
the year ended September 30, 2005.
The projected benefit obligation (PBO) of all pension commitments to former members of the
Managing Board and their surviving dependents as of September 30, 2005 amounted to €128.9
million (2004: €111.0 million), which is included in Note 21 to the Consolidated Financial State-
ments.
Other. No loans from the Company are provided to members of the Managing Board.