BPCE - 2019 Universal Registration Document
5
FINANCIAL REPORT
BPCE PARENT COMPANY ANNUAL FINANCIAL STATEMENTS
Analysis of assets and liabilities included in the balance sheet
Other long-term employee benefits
Other long-term employee benefits
Post-employment defined-benefit plans
Post-employment defined-benefit plans
Supple- mentary pension benefits and other
Supple- mentary pension benefits and other
Long- service awards
End-of- career awards
Long- service awards
End-of- career awards
CGPCE plan
CARBP plan
CGPCE plan
CARBP plan
12/31/2018
12/31/2019
in millions of euros
Actuarial liabilities (1)
117
20
288
69
10
504
102
19
248
40
4
413
Fair value of plan assets Effect of ceiling on plan assets
(135)
(11)
(223)
(29)
(398)
(123)
(10)
(218)
(12)
(363)
7
7
7
7
Unrecognized actuarial gains/(losses) (2)
11
(2)
(45)
(1)
(37)
14
(1)
(4)
4
13
Unrecognized past service cost NET AMOUNT REPORTED ON THE BALANCE SHEET Employee benefit commitments
0
0
0
7
20
39
10
76
0
8
26
32
4
70
recorded in the balance sheet Plan assets recorded in the balance sheet
0
7
20
39
10
76
0
8
26
32
4
70
0
0
0
0
The changes in actuarial liabilities on supplementary pension schemes and other schemes mainly concern unrecognized actuarial gains and losses. (1) The reduction in discount rates caused a slight change in the net amount shown in the balance sheet. (2)
Changes in end-of-career awards are mostly related to the takeover of employee benefit commitments for employees transferred from Natixis when the Financial Solutions and Expertise division was created (representing €20 million in actuarial liabilities at December 31, 2019). BPCE received compensation from Natixis for this transfer of staff, which was used in the amount of €17 million to cover these liabilities with an insurance company. Similarly, the change in long-service awards was mostly due to this transfer of employees from Natixis. At December 31, 2019, pension plan assets were allocated as follows:
for Banque Populaire’s CARBP pension plan: 55.1% in bonds, • 42.2% in equities, and 2.7% in money-market assets. In 2019, of the +€2.2 million in actuarial gains generated on CARBP’s actuarial liabilities, +€2.1 million can be attributed to gains related to updated financial assumptions, and +€0.1 million to experience adjustments; for Caisse d’Epargne’s CGPCE pension plan: 87.9% in bonds, • 9% in equities, 2% in real estate assets and 1.1% in money-market assets. In 2019, of the +€15.2 million in actuarial gains generated on CGPCE’s actuarial liabilities, +€16.3 million can be attributed to gains related to updated financial assumptions, and -€1.1 million to experience adjustments.
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UNIVERSAL REGISTRATION DOCUMENT 2019 | GROUPE BPCE
www.groupebpce.com
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