Employee Benefits / Pension Provisions
Treatment under IFRS
Leistungsorientierte Pensionspläne (Defined Benefit) werden nach der Projected-Unit-Credit-Methode bewertet. Versicherungsmathematische Gewinne und Verluste direkt im sonstigen Ergebnis (OCI).
- Projected Unit Credit Method: künftige Gehaltssteigerungen und Fluktuationsraten sind einzubeziehen.
- Abzinsungssatz: Marktzinssatz für erstklassige Unternehmensanleihen.
- Versicherungsmathematische Gewinne/Verluste (Remeasurements): erfolgsneutral in OCI.
- Service Cost und Net Interest Cost in der GuV.
- Saldierung mit Planvermögen verpflichtend.
Treatment under German GAAP (HGB)
Pensionsrückstellungen nach § 253 HGB mit dem durchschnittlichen Marktzins der letzten 10 Jahre. Kein OCI; alle Änderungen durch die GuV.
- § 249 Abs. 1 HGB: Pflicht zur Rückstellungsbildung.
- § 253 Abs. 2 HGB: Abzinsung mit dem durchschnittlichen Marktzinssatz der letzten 10 Geschäftsjahre (Pensionsverpflichtungen), publiziert von der Deutschen Bundesbank.
- § 266 Abs. 3 HGB: Rückstellungen in der Bilanzgliederung (Passivseite).
- Bewertung üblicherweise nach versicherungsmathematischen Verfahren (z.B. Anwartschaftsbarwertverfahren).
Key differences
- Abzinsungssatz: HGB 10-Jahres-Durchschnitt vs. IFRS aktueller Marktzinssatz – teils erhebliche Bewertungsunterschiede.
- Kein OCI-Konzept nach HGB; alle versicherungsmathematischen Effekte gehen durch die GuV.
- Unterschiedsbetrag aus der BilMoG-Erstanwendung: Ansammlungswahlrecht über bis zu 15 Jahre (Art. 67 EGHGB).
- Saldierung mit Deckungs-/Planvermögen nach HGB nur unter den engen Voraussetzungen des § 246 Abs. 2 S. 2 HGB.
Example
Worked example
Assumptions (highly simplified): A vested, unfunded pension promise pays a single sum of €1,000,000 in 15 years. For illustration the obligation is calculated as the present value of this single payment (a real obligation – the DBO – is determined using the projected-unit-credit method with salary, turnover and mortality assumptions). IFRS – current market rate on high-quality corporate bonds, assumed here 3.5% (IAS 19.83). HGB – average market rate of the last 10 years (§ 253 (2) HGB), assumed here 1.8%. Which obligation is higher depends on the interest-rate environment. All amounts in euros, rounded.
Step 1 – Discount rate and size of the obligation
Present value = €1,000,000 ÷ (1 + rate)15. A lower rate produces a higher obligation.
| System | Discount rate | Present value of obligation |
|---|---|---|
| IFRS (current market rate) | 3.5% | 596,891 |
| HGB (10-year average) | 1.8% | 765,218 |
| Difference | — | 168,327 |
Step 2 – Interest-rate sensitivity
The measurement is highly sensitive to the discount rate – the key driver of the valuation difference between IFRS and HGB.
| Discount rate | Present value of obligation |
|---|---|
| 1.8% | 765,218 |
| 2.5% | 690,466 |
| 3.5% | 596,891 |
Step 3 – Recognition of changes (OCI vs P&L)
| Item | IFRS | HGB |
|---|---|---|
| Current service cost | P&L | P&L |
| Unwinding of the discount (interest) | P&L | P&L (§ 277 (5) HGB) |
| Actuarial gains/losses (remeasurements) | OCI | P&L |
| Effect of a change in the discount rate | OCI | P&L |
| Offset against plan assets | mandatory | only § 246 (2) HGB (narrow) |
Step 4 – Journal entries (illustrative, one year)
IFRS – unwinding of the discount (net interest = €596,891 × 3.5%) and an actuarial loss (illustrative €30,000) recognised in OCI:
| Account | Debit | Credit |
|---|---|---|
| Interest expense (P&L) | 20,891 | |
| Pension provision | 20,891 | |
| Other comprehensive income (remeasurement) | 30,000 | |
| Pension provision | 30,000 |
HGB – unwinding of the discount (€765,218 × 1.8%) and the same effect entirely through profit or loss:
| Account | Debit | Credit |
|---|---|---|
| Interest expense (P&L) | 13,774 | |
| Pension provision | 13,774 | |
| Other expense (P&L, rate effect) | 30,000 | |
| Pension provision | 30,000 |
Current service cost affects profit or loss under both systems and is not quantified here.
Key takeaway
Two levers drive the differences: (1) the discount rate – IFRS uses the current market rate, HGB a 10-year average – producing different obligation amounts; (2) the recognition of actuarial effects – IFRS in OCI, HGB fully in profit or loss. As a result HGB profit is more volatile to changes in rates and assumptions, whereas IFRS keeps such fluctuations out of the period result. Note: the difference between the 10-year and 7-year average measurement is subject to a distribution block under § 253 (6) HGB.