BMW 2002 Annual Report Download - page 86

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85
The actual return from external pension funds
was euro 52 million (2001: euro 297 million).The
shortfall against the expected return on plan assets
was attributable mainly to the results of external funds
in Great Britain, where the return was less than ex-
pected due to the fall of equity prices on the worlds
stock exchanges. The difference between actual
and expected return from external pension funds is
recognised as expense over the expected average
remaining working lives of the employees partici-
pating
in the plans when the accumulated amount
of the actuarial gains or losses exceeds 10% of
the present value of the defined benefit obligations.
The changes in the net obligation, resulting
from the pension provision and pension asset dis-
closed in the balance sheet, are as follows:
in euro million Germany GB Other countries Total
2002 2001 2002 2001 2002 2001 2002 2001
Balance sheet amount at 1.1. 1,945 1,787 67 91 100 81 1,978 1,777
Pension expense 174 1761] 68 53 35 31 277 2601]
Effect of plan settlements (recognised
in provisions in previous years) 67 67
Pension payments or transfers
to external funds 49 46 81 28 20 14 150 88
Amount not recognised in
accordance with IAS 19.58 11
Employee contributions to the
deferred remuneration retirement
scheme 47 28 47 28
Translation differences on foreign
pension plans 31 9 16
Balance sheet amount at 31.12. 2,117 1,945 10 67 106 100 2,213 1,978
thereof pension provision 2,117 1,945 33 107 101 2,257 2,046
thereof pension asset () 43 67 1 1 44 68
1] adjusted for employee contributions to the deferred remuneration retirement scheme of euro 28 million