Explanations on the statement of account for group pension

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Every company that has a group pension (defined benefit) in Storebrand, annually receive a statement of account for their pension scheme.

The account shows the financial result for the pension scheme. It simultaneously shows the transactions and the development in the pension assets during the accounting year. The statement of account for 2017 was sent out in March 2018.

For risk benefits attached to a defined contribution plan, the statement of account shows transactions on fund assets for the pension scheme. If there are members that receive pension (disability, survivors), the statement of account also shows the transactions on pension assets for these members. Risk benefits attached to a defined contribution plan are thus treated as a defined benefit plan for disability- and survivors pension being paid when it comes to the statement of account. For other risk benefits that have no associated savings on a defined contribution plan, the same applies.

For the savings on defined contribution plan, the statement of account contains information about the savings portfolio and the annual contribution associated with the retirement pension coverage.

What is accounting?

Every single defined benefit scheme in Storebrand Livsforsikring has their account for the premium reserve. The annual accounting gives an overview on the transactions and the development in the pension scheme's assets from the beginning to the end of the accounting year.

The transactions on the account are shown in the statement of account for the premium reserve, and include among others premiums, insurance paid, guaranteed yield and costs for the pensioners.

In addition the accounting includes calculation of the year's results which consists of return added and result for insurance risk.

Allocation of the return added and the result for insurance risk are shown in separate overviews.

In addition, there are statement of accounts for transactions on the additional statutory reserves and all assets on funds, such as premium fund and pension surplus fund.

Special notes on the accounting for 2018

All the items in the accounting are numbered, and there are cross references to some of the items. This makes it easier to read the statement of account.

The account management also contains information on the savings for retirement pension related to defined contribution plan.

Explanation of words and phrases

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