Note 20 - Provisions for pensions and similar obligations
The Group has entered into pension agreements with a significant number of its employees. Most of the pension plans are defined contribution plans, and only a small number are defined benefit plans. A health insurance plan has also been established in the US.

Some of the pension plans are funded by payments from Group companies. However, some plans are not funded, and a liability has been recognized in the balance sheet for these plans.

As well as pension agreements, a few countries also have plans covering other long-term employee benefits that meet local requirements for insuring employees in the event of termination, etc.


2009 2008
    DKK million  DKK million  
Amounts recognized in the income statement re defined benefit pension plans:
Current service costs
Interest costs
Expected return on plan assets (2) (3)
Service costs relating to changes to plans    
Total amount recognized in the income statement re defined benefit plans
The actual return on plan assets was a gain of DKK 11 million (a loss of DKK 8 million in 2008).
2009 2008
    DKK million  DKK million  
Amounts recognized in the balance sheet re defined benefit pension plans:
Present value of fully/partly funded obligations 56  51 
Fair value of plan assets   (58) (54)  
Net value (2) (3)
Present value of unfunded obligations 13  16 
Unrecognized part of plan assets    
Liability recognized in the balance sheet 13  16 

2009 2008
    DKK million  DKK million  
Change in the net liability:
Opening net liability 16  16 
Currency translation
Total pension costs expensed in the income statement
Contributions paid (9) (5)
Other changes     
Closing net liability 13  16 
The actuarial valuations of the most significant defined benefit plans are based on the following assumptions:
    2009 2008  
Discount rates 4.0% 4.6%
Expected rate of return on plan assets 3.5% 4.3%
Future salary increases 1.4% 1.3%
Annual increase in healthcare costs 10.0% 7.3%