ADVISORY. KPMG Pensions Accounting Survey in the Netherlands year-end preview and 2013 year-end retrospective. kpmg.nl
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1 KPMG Pensions Accounting Survey in the Netherlands 2014 year-end preview and 2013 year-end retrospective kpmg.nl ADVISORY
2 2 KPMG Pensions Accounting Survey in the Netherlands Introduction 3 Headlines 4 Impact of pension legislation 4 Other trends and changes 5 Discount rate 6 Inflation rate 10 Life expectancy 11 About KPMG the Netherlands 13
3 2014 year-end preview and 2013 year-end retrospective 3 Introduction Under IFRS, companies have to estimate the value of their pension liability. IAS 19 (Revised) prescribes the assumptions used to calculate the liability and the asset values covering that liability. Paragraphs provide guidelines to determine these assumptions, but actuarial advisors interpret and apply the guidelines in different ways, resulting in a wide variety of assumptions being used. Therefore, company directors are facing a broad range of alternatives in terms of actuarial assumptions. As from 1 January 2013, reporting requirements under IAS 19 have changed. The main changes under IAS 19 (Revised) (hereafter: IAS 19R) are the abolition of the corridor method, the replacement of expected return on assets and interest cost by a single net interest cost item based on the discount rate, and guidance on accounting for employee contributions. IAS 19R offers a clearer distinction between defined benefit and defined contribution plans and the requirements to disclose additional information. The figures shown in this material are based on publicly available information on companies quoted on the Euronext Amsterdam stock exchange. The survey covers companies advised by all the major actuarial firms and therefore provides some insight into market practice in the Netherlands. In this year s KPMG Pensions Accounting Survey, we take a closer look at the developments in IAS 19R and how this standard is being applied, and at the assumptions companies used to value their pension liabilities as at 2013 year-end.
4 4 KPMG Pensions Accounting Survey in the Netherlands Headlines IAS 19R discount rates used at the end of 2013 on average increased slightly compared to the previous year, however, this sometimes varied per advisor and discount rate methodology. Over the course of 2014, discount rates have dropped sharply. Should this trend continue or should interest rates stabilise at the current levels, IAS 19R liabilities will be significantly higher at 2014 year-end than at the end of The IFRS Interpretations Committee (IFRIC) has clarified the treatment of employee contributions in defined benefit plans. Due to a number of recent changes in pensions legislation in the Netherlands, the majority of (Dutch) pension plans have had to be amended. Many companies already accounted for these changes as at 31 December 2013 while others have accounted for, or will account for, them over the course of It is apparent that companies have been applying different methodologies to account for these changes. A continuing trend is visible of companies reporting under IFRS changing the risk profile of their defined benefit pension plans in such a way that they qualify as defined contribution plans under IAS 19R. Impact of pension legislation Effective as of 1 January 2014, pensions legislation in the Netherlands has changed, and further changes are expected to come into effect on 1 January In essence, the changes reduce the tax advantages of accruing for pensions: - As from 1 January 2014, the (tax-advantageous) retirement age increased from 65 to 67 and the maximum pension accrual (in a career-average plan) was reduced from 2.25% per annum to 2.15% per annum; - As from 1 January 2015, the (tax-advantageous) pension accrual is expected to be further reduced to 1.875% per annum and the pensionable salary to be capped at EUR 100,000 per annum. At the same time, the supervisory framework for pension funds will become more stringent, resulting in higher cash contributions being required, although this may be offset by the reduction in pension accruals. As a result, the pensions sector has expressed concerns that pension contributions will not decrease on a macro-level, but that there will be less room for pension increases due to the new supervisory framework. For companies reporting under IFRS, the impact of the proposed changes regarding the tax-advantageous treatment of pensions will, for most companies, result in (one-off) P&L gains if the pension plan is changed to comply with the new legislation. The changes in the supervisory framework do not have a direct impact on IAS 19R figures.
5 2014 year-end preview and 2013 year-end retrospective 5 Other trends and changes A significant number of Dutch companies that need to amend their pension plans as a result of the changes in legislation are seizing the opportunity to abolish the IAS 19R defined benefit accounting requirement all together, for example by changing their defined benefit plans to collective defined contribution (CDC) plans. Financial institutions in particular are adopting this practice, largely driven by the adverse impact of IAS 19R pension liabilities on solvency capital requirements for banks and insurers. IAS 19R provides guidelines on accounting for employee contributions and employer contribution ceilings. Furthermore, the application of these guidelines is subject to strict conditions. No clear consensus has been reached on the interpretation of these guidelines by advisors and auditors. In November 2013, the IASB clarified the accounting requirements for employee contributions. In practice this means that, for most pension plans, the employee contributions may be deducted from the service cost, in line with the practice adopted by most companies prior to the introduction of IAS 19R.
6 6 KPMG Pensions Accounting Survey in the Netherlands Discount rate The defined benefit obligation of any scheme is calculated by discounting estimated future cash flows. According to IAS 19R (paragraph 83), the discount rate used should be determined by reference to market yields on highquality corporate bonds at the balance sheet date. It is market practice to use corporate bonds with an AA rating (or equivalent) for this purpose. Differences in advised discount rates As the requirements of IAS 19R discount rates are rather principlebased, different actuarial firms advise their clients to use different discount rates in the Eurozone. The graph below shows the discount curves at year-end 2013 constructed by several actuarial firms advising the Dutch market. The differences result from different methodologies used by the firms. For example, some actuarial firms use a different definition of their bond universe. Furthermore, due to the absence of AA-rated corporate bond liquidity for long maturities, further differences arise that are inherent to the extrapolating methodologies necessary to calculate the yields beyond the last liquid section of the curve. Zero coupon yield curves at 31 December % 4.0% Spot rate 3.0% 2.0% 1.0% 0.0% Maturity (years) TOPIC / Market / Date
7 2014 year-end preview and 2013 year-end retrospective 7 For a 15-year maturity, the advised discount rate varies based on the different methodologies applied from 3.2% to 3.7%. For a 25-year maturity, discount rates vary from 3.6% to 4.0%. Compared to 2012, the average advised discount rate for a 15- year maturity has increased by 30bps to 3.4%. As the calculated value of a defined benefit obligation is highly dependent on the discount rate, differences in advised discount rates can have a significant impact on the value that needs to be reported. The graph below illustrates this impact, comparing the estimated increase in defined benefit obligation to be reported when using the lowest advised discount rate and when using the highest advised discount rate. For a 15-year maturity, the defined benefit obligation calculated using the lowest discount rate curve is approximately 7.4% greater than for the highest curve. Impact on DBO of minimum versus maximum discount rates 18% 16% 14% Increase in DBO 12% 10% 8% 6% 4% 2% 0% Maturity (years) TOPIC / Market / Date KPMG Advisory N.V.
8 8 KPMG Pensions Accounting Survey in the Netherlands DISCOUNT RATE Historical and expected development in corporate AA bonds In 2013, the financial markets, and particularly the bond market, were less turbulent than they were in Spreads were more stable and there was less movement in the AA-rated bond universe. However, over the first nine months of 2014, interest rates dropped significantly, with spreads remaining more or less stable, as the graph below clearly shows. Benefit obligations may for many plans increase by 20 to 30% as a result of the decrease in the discount rate. It is not expected that such an increase will be matched by a similar increase in plan assets. Company balance sheets will therefore be hit by this trend. Development of 15-year spot rate 3.50% 3.00% Percentage 2.50% 2.00% 1.50% 1.00% Dec 2013 Jan 2014 Feb 2014 Mar 2014 Apr 2014 May 2014 Jun 2014 Jul 2014 Aug 2014 Sep 2014 KPMG AA ECB AAA
9 2013 year-end preview and 2013 year-end retrospective 9 Discount rates used by listed companies The figure below shows the discount rates applied by the companies surveyed at the end of An average discount rate of 3.65% was used, with over 70% of the companies researched using a discount rate of between 3.4% and 4.0%. The average discount rate was 16.5bps higher than the average discount rate used at year-end However, the trend shown in the graph above suggests that a sharp decline in discount rates will be visible at the end of Discount rates at 31 December 2013 Percentage of companies 25.00% 20.00% 15.00% 10.00% 5.00% 0.00% 5.66% 5.66% 0.00% 0.00% 1.89% 9.43% 20.75% 18.87% 18.87% 5.66% 3.77% 3.77% 3.77% 1.89% 0.00% < 2.4% 2.4% 2.6% 2.8% 3.0% 3.2% 3.4% 3.6% 3.8% 4.0% 4.2% 4.4% 4.6% 4.8% 5.0% Discount rates
10 10 KPMG Pensions Accounting Survey in the Netherlands Inflation rate The graph below shows the term structures for inflation (Euro swap implied inflation curves) for year-end 2012 and 2013, as well as at the end of September The graph shows a declining trend in inflation rates, with the swap implied inflation dropping below 2% over the course of Inflation rates used at year-end 2013 On average, at year-end 2013 Dutch companies assumed an inflation rate of 1.5%, against 2.2% at the end of This decrease was larger than market movements would suggest, but still relatively consistent with the graph shown below, and with the ECB s long-term inflation rate expectation of 2%. Compared to the end of 2012, short-term inflation in particular has decreased, and overall inflation has decreased further over the course of Euro swap implied inflation 2.50% 2.00% Inflation rate 1.50% 1.00% 0.50% 0.0% Maturity (years)
11 2014 year-end preview and 2013 year-end retrospective 11 Life expectancy Most of the companies in scope use the mortality tables issued by the Dutch Actuarial Association (Actuarieel Genootschap, hereafter AG ). The mortality table most used at the end of 2013 was the AG table, which was issued in Mortality tables incorporating a future trend for life expectancy have been prevalent for a number of years now, with companies invariably using such mortality tables, sometimes adjusted for experience ratings for a specific industry sector or membership profile. In September 2014, the AG issued a new mortality table (AG 2014) which we expect will be used by a number of companies for the 2014 year-end IAS 19 figures. The tables below show the life expectancies predicted by both the AG and the AG 2014 mortality tables. Overall, life expectancy is still showing an increasing trend, although life expectancy for, in particular, males who are currently 65 years old, has decreased slightly. This is due to a slightly higher mortality rate in the past few years than forecast by the AG table. Life expectancy based on AG Male Female age Life expectancy based on AG2014 Male Female age
12 12 KPMG Pensions Accounting Survey in the Netherlands LIFE EXPECTANCY The graph below shows life expectancy for 65-year olds, as forecast by the new AG 2014 table, compared to the AG table. As can be seen from the graph, for pension plans with a membership predominantly consisting of young females, pension costs will increase as a result of an improvement in longevity. For more mature plans wwith a predominantly male population, the impact will be limited. Life expectancy of 65-year olds Life expectancy (years) Year AG2014 (males) AG (males) AG2014 (females) AG (females) TOPIC / Market / Date
13 2014 year-end preview and 2013 year-end retrospective 13 About KPMG the Netherlands KPMG Netherlands offers services in the fields of audit, tax and advisory. We offer our services to a broad group of clients: major domestic and international companies, medium-sized enterprises, non-profit organisations and government institutions. The complicated problems faced by our clients require a multidisciplinary approach. Our professionals stand out in their own specialist fields while, at the same time, working together to offer added value that enables our clients to excel in their own environment. In doing so, we draw from a rich source of knowledge and experience, gained worldwide in the widest range of different organisations and markets. We provide real answers so that our clients can make better decisions. Financial Risk management (FRM) Financial Risk Management offers creative business strategies to clients in the rapidly changing insurance and pensions industry. We also bring insight and quantitative analytic skills to other clients assisting them with the challenges they are facing. We support numerous pension funds and companies with advice on pension plan design, pension valuations and risk analysis. Our team of (qualified) actuaries works together with other KPMG professionals to form multi-disciplinary teams and guarantee the best service for our clients.
14 Contact us Alexander van Stee T: +31 (0) E: Peter Bosschaart T: +31 (0) E: The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation., registered with the trade register in the Netherlands under number , is a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ( KPMG International ), a Swiss entity. All rights reserved. The name KPMG, logo and cutting through complexity are registered trademarks of KPMG International.
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