27 Employee benefits - - - - - Inhoudsopgave Voorwoord Bestuursverslag Corporate governance Consolidated Financial Statements Company Financial Statements Pillar 3 in millions of euros 2016 2015 Employee benefits-assets (7) (7) Employee benefits - liabilities 315 356 Total employee benefits 308 349 Pension plans 158 110 Other employee benefits 150 239 Total employee benefits 308 349 27.1 Pension plans Rabobank has placed its Dutch pension plan with Rabobank Pension Fund. The scheme is a collective defined contribution plan with a pensionable age of 67 and a target accrual percentage of 2. Each year Rabobank deposits pension contributions into the Rabobank Pension Fund based on a fixed system in an attempt to achieve the target pension accrual for services provided during the year of service based on a conditional career-average plan with a conditional indexation. Rabobank complies with all its pension obligations by paying the annual pension premium. Rabobank therefore has no more financial liabilities with regard to underlying membership years and already accrued pension rights. In the context of the risks transferred, Rabobank made a one-off payment in 2013 to the amount of 500 towards the creation of an index deposit. In addition, Rabobank will act as a guarantor during the period 2014-2020 for the realisation of the target pension accrual for the services provided during this period up to a maximum amount of 200 (2015: 250). The new pension plan qualifies as a defined contribution plan under IAS 19. Rabobank's obligation is limited to the premium payments owed, less previously made payments. As of 31 December 2016, a few small plans still qualify as defined benefit pension plans.These are career-average defined benefit pension plans, administered by a fund or otherwise that are related to the remuneration of employees upon retirement and which mostly pay annual pensions. Annual contributions are paid to the funds at a rate necessary to adequately finance the accrued liabilities of the plans calculated in accordance with local legal requirements. The assets related to the plans maintained in a fund are held independently of Rabobank assets in separate funds managed by trustees. The obligations are valued each year by independent actuaries based on the method prescribed by the IFRS.The most recent actuarial valuations were performed at the end of 2016. The tables relating to the weighted averages of the main actuarial assumptions and the future premium payments in 2016 relate to the pension plan of Friesland Bank and ACC Loan management. The table showing investments in plan assets are based on the pension plan of ACC Loan Management. In millions of euros 2016 2015 Defined benefit obligation 758 679 Fair value of plan assets 600 569 Net defined benefit obligation 158 110 Main actuarial assumptions The main actuarial assumptions forthe valuation of the defined benefit obligation as at 31 December are the discount rate, the salary increases, the price inflation. Recent mortality tables have also been used for the valuation of the respective plans. The weighted averages of the actuarial financial assumptions are shown in the table below (in per year): Movements in plan assets and liabilities: in millions of euros 2016 2015 Defined benefit obligation Opening balance on 1 January 679 673 Exchange rate differences (16) 9 Interest cost 17 18 Current service cost 6 Contributions paid by employees Benefits paid (25) (22) Pension plan amendment Curtailments Other - 8 Experience adjustments (3) Actuarial gains and losses arising from changes in demographic assumptions 4 2 Actuarial gains and losses arising from changes in financial assumptions 102 (15) Defined benefit obligation on 31 December 758 679 Fair value of plan assets Opening balance 569 557 Exchange rate differences (13) 5 Interest income 14 15 Contributions paid by employer 10 7 Contributions paid by employees Benefits paid (25) (22) Administrative costs (2) Other (4) 1 Experience adjustments (2) Remeasurements arising from changes in financial assumptions plan assets 51 8 Fair value of plan assets on 31 December 600 569 The costs recognised in profit and loss are shown in the table below. In millions of euros 2016 2015 Interest cost on liabilities 17 18 Interest income on plan assets (14) (15) Current service cost 6 Pension plan amendment Losses/(gains) on curtailments, settlements and costs - 1 Total cost of defined benefit pension plans 3 10 229 Notes to the consolidated financial statements

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Jaarverslagen Rabobank | 2016 | | pagina 230