DSV Annual Report 2022
64
DSV Annual Report 2022 Consolidated financial statements 2022
= III
3.7 Pensions and other post-employment benefit plans
-
continued
Pension plan assets
Development in the fair value of pension plan assets is specified as follows:
Sensitivity analysis (DKKm)
2022
Defined benefit pension obligation
4,112
2021
5,693
We continuously work to change our defined benefit plans in DSV into
defined contribution plans for the benefit of the Group and the employees.
Pension plan assets (DKKm)
2022
2021
Applied key assumptions for the most significant pension plans are as follows:
Discount rate
Pension plan assets at 1 January
4,785
2,999
Increase of 0.5 percentage point
3,888
5,293
Calculated interest on plan assets
56
29
Decrease of 0.5 percentage point
4,346
6,126
Return on plan assets excluding
Key assumptions 2022
rate
Future
Discount wage/salary
increase
Future rate
of inflation
calculated interest
(1,288)
298
Future wage/salary increase
Sweden
3.9%
2.6%
2.1%
Contributions to the plan
163
121
Payments from the plan
(411)
(1,168)
Increase of 0.5 percentage point
Decrease of 0.5 percentage point
4,148
5,744
Germany
4.1%
3.0%
2.4%
4,071
5,595
Other
0.7-7.3%
Additions from business combinations
2,312
Inflation
Weighted average
4.2%
0-10.0%
3.0%
0-3.5%
1.8%
Asset ceiling
(374)
Increase of 0.5 percentage point
4,223
5,900
Currency translation
Pension plan assets at 31 December
(2)
2,929
194
Mortality prognosis table
Decrease of 0.5 percentage point
3,987
5,479
Sweden
DUS21 (w-c)
4,785
Life expectancy
Germany
RT Heubeck 2018 G
Actuarial loss included in statement of comprehensive income amounts to
DKK 395 million. DSV expects to contribute DKK 61 million to defined
benefit plan assets in 2023 (2022: DKK 55 million). The pension plan
assets are composed as follows:
Life expectancy increase of 1 year
Life expectancy decrease of 1
year
4,218
5,810
3,986
5,507
Future
Discount wage/salary
Future rate
Significant pension plans
Key assumptions 2021
Sweden
rate
increase
of inflation
1.5%
2.0%
1.5%
Composition of pension plan assets (%)
2022
2021
Shares
47%
Bonds
44%
Insurance contracts
9%
52%
37%
11%
Total
100%
100%
Sensitivity analysis
The following table illustrates the change in the gross obligation relating to
defined benefit plans from a change in the key actuarial assumptions. The
analysis is based on reasonably probable changes, provided that the other
parameters remain unchanged.
The most significant defined benefit plans of the Group relate to Europe,
with Germany, Sweden and the UK being the largest. No other countries
have individual defined benefit plans of significance. The plan in Sweden is a
final pay scheme, which covers all salaried employees born in or before
1978 and is based on a collective labour agreement. Salaried employees
born in or after 1979 are covered by a defined contribution plan.
The plan in Germany covers both salaried and hourly workers. Under this
plan, employees earn a fixed amount for each year in service. The plan has
been closed for new employees since 1994.
Other
Germany
1.0%
2.0%
1.5%
0.3-6.1%
Weighted average
Mortality prognosis table
Sweden
DUS14 (w-c)
Germany
RT Heubeck 2018 G
1.5%
0-10.0%
2.8%
0-2.1%
1.2%View entire presentation