25 Employee benefits
Contents Management report Corporate governance Consolidated financial statements Financial statements Pillar 3
in millions of euros
For the year ended 31 December 2015
Pensions and other post-employment allowances
Impairments
Financial liabilities at fair value
Other provisions
Hedging of interest rate risk
Carry forward losses
Goodwill and other intangible assets
Revaluation reserves for available-for-sale financial assets
Revaluation reserves - Cash flow hedges
Property and equipment, including leases
Other temporary differences
Total
Deferred
tax assets
55
255
(250)
41
100
1,559
14
(107)
10
77
636
2,390
Deferred
tax liabilities
(17)
(1)
(76)
706
(39)
575
Deferred Tax on other
tax charges comprehensive income
7 9
122
42
(10)
83
(52)
(13)
2
16
64
(122)
121 27
in millions of euros
For the year ended 31 December 2014
Pensions and other post-employment allowances
Impairments
Financial liabilities at fair value
Other provisions
Hedging of interest rate risk
Carry forward losses
Goodwill and other intangible assets
Revaluation reserves for available-for-sale financial assets
Revaluation reserves - Cash flow hedges
Property and equipment, including leases
Other temporary differences
Total
Deferred
tax assets
54
437
(287)
3
183
1,754
(112)
(7)
61
415
2,501
Deferred
tax liabilities
1
(13)
Deferred Tax on other
tax charges comprehensive income
(89)
3
705
(153)
473
1
203
(168)
36
262
(33)
(58)
(38)
(349)
(144)
(8)
(114)
9
(113)
in millions of euros 2015 2014
Employee benefits-assets (7) (6)
Employee benefits - liabilities 356 385
Net pension liabilities 349 379
Pension plans 110 116
Other employee benefits 239 263
Net pension liabilities 349 379
25.1 Pension plans
Rabobank has placed its 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 will have fully and
definitely complied 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 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 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 2014, the Friesland Bank and ACC Foan
Management pension schemes still remain as defined benefit
pension plans, with exception to a few very small plans.
These are career-average defined benefit pension plans,
administered by a fund or otherwise.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 2015. The tables
relating to the weighted averages of the main actuarial
229 Notes to the consolidated financial statements
