BMW 2015 Annual Report Download - page 137

137 GROUP FINANCIAL STATEMENTS
surviving dependants’ benefits as well as post-retirement
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
relevant pension plan, including plan structure, invest-
ments and selection of investment managers as well as
regular allocations and retrospective allocations to the
plan. The committee members are nominated by the
management 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 2015 20,462 – 15,861 4,601 2 4,603
Expense / income
Current service cost 494 – 494 – 494
Interest expense (+) / income (–) 591 – 468 123 – 123
Past service cost – 9 – – 9 – – 9
Remeasurements
Gains (–) or losses (+) on plan assets, excluding
amounts included in interest income – 325 325 – 325
Gains (–) or losses (+) arising from changes in
demographic assumptions – 224 – – 224 – – 224
Gains (–) or losses (+) arising from changes in
financial assumptions – 1,181 – – 1,181 – – 1,181
Changes in the limitation of the net defined benefit
asset to the asset ceiling – – – 1 1
Gains (–) or losses (+) arising from
experience adjustments – 429 – – 429 – – 429
Transfers to fund – – 872 – 872 – – 872
Employee contributions 79 – 79 – – –
Pensions and other benefits paid – 540 554 14 – 14
Translation differences and other changes 683 – 529 154 – 154
31 December 2015 19,926 – 16,930 2,996 3 2,999
thereof pension provision 3,000
thereof assets – 1