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 worlds
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 31 9 16
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