For the Netherlands and the UK the following actuarial assumptions apply as at 31 December:
The Netherlands UK
2011
2011*
Discount rate as at 31 December
4.6
5.1
4.7
5.4
Expected return on plan assets as at 1 January
5.5
5.7
6.2
6.4
Future salary increases
3
3
-
4.6
Future pension increases
1
1.5
3
3
-
-
7
*The UK plan closed for future accruals leading to certain assumptions being equal to zero.
For the other defined benefit plans the following actuarial assumptions apply as per 31 December:
Other Western, Central Africa and the
and Eastern Europe The Americas Middle East
2011
2011
2011
Discount rate as at 31 December
2.9-4.8
2.4-5.8
7.6-10.7
7-7.6
13
7-10
Expected return on plan assets as at 1 January
3.3-7.3
2.9-7.3
7.6
6.5-8.2
-
-
Future salary increases
1-10
1-10
3.8
3.8-5.5
12
5-10
Future pension increases
1-2.1
1-2.1
2.9
2.8-3
-
-
3.5
3.5-4.5
5.1
5.1
-
Assumptions regarding future mortality rates are based on published statistics and mortality tables. For the Netherlands the rates are obtained from
the AG-Prognosetafel 2010-2060', fully generational. Correction factors from TowersWatson are applied on these. For the UK the rates are obtained
from the Continious Mortality Investigation 2011 projection model.
The overall expected long-term rate of return on assets is 5.5 per cent (2010:6 per cent), which is based on the asset mix and the expected rate of return
on each major asset class, as managed by the pension funds.
Assumed healthcare cost trend rates have no effect on the amounts recognised in profit or loss. A one percentage point change in assumed healthcare
cost trend rates would not have any effect on profit or loss neither on the statement of financial position as at 31 December 2011
Based on the most recent triannual review finalised in early 2010, HEINEKEN has agreed a 12-year plan aiming to fund the recovery of the Scottish
Newcastle pension fund through additional Company contributions. These could total GBP504 million of which GBP35 million has been paid
to December 2011As at 31 December 2011 the IAS 19 present value of the net obligations of the Scottish Newcastle pension fund represents
a GBP465 million (EUR557 million) deficit. No additional liability has to be recognised as the net present value of the minimum funding requirement
does not exceed the net obligation. The start of the next review of the funding position and the recovery plan will take place no later than around
year-end 2012 and is not expected to be finalised beginning 2013.
The Group expects the 2012 contributions to be paid for the defined benefit plan to be in line with 2011
Historical information
2011
Present value of the defined benefit obligation
6,900
6,643
5,936
4,963
2,858
Fair value of plan assets
(5,860)
(5,646)
(4,858)
(4,231)
(2,535)
Deficit in the plan
1,040
997
1,078
732
323
Experience adjustments arising on plan liabilities, losses/(gains)
(30)
(24)
(116)
71
(4)
(15)
320
313
(817)
16
Heineken N.V. Annual Report 2011
121