5 2020 CONSOLIDATED FINANCIAL STATEMENTS Notes to the consolidated financial statements
Projected benefit outflows by the funds, which had a total of €1,851.3 million in assets at 31 December 2020, are as follows, in millions of pounds sterling, over the next ten years:
terms of voluntary and compulsory retirement under the Syntec collective bargaining agreement. The resulting liability fluctuates according to demographic assumptions such as mortality rates (public statistics) and the discount rate (Bloomberg eurozone index). This plan is exposed to interest rate risk, inflation risk and the risk of changes in demographic assumptions. In Germany , there are six plans, two of which are material (€55.9 million). Since these plans are not funded, they are covered by a provision. The purpose of the main plan is to pay a minimum pension equal to 14.1% of the salary paid up to the social security ceiling and 35.2% beyond that ceiling. This plan only involves employees who entered into service prior to 1 January 1986, and pension entitlements have been frozen since 30 September 1996. This plan is exposed to interest rate risk, inflation risk and the risk of changes in demographic assumptions. There are also plans in Poland, Cameroon, Côte d’Ivoire, Tunisia and Belgium. The plan in Belgium is funded and serves to pay an annuity to plan members on retirement. The other plans cover end-of-contract bonuses payable. These plans are grouped together under “Other”, with the plan in Belgium being the main contributor to this item.
less than two years: £134.1 million; p two to five years: £215.0 million; p five to ten years: £398.5 million. p
These outflows correspond to benefits provided and estimates for transfers of obligations (and the related assets), at the request of recipients, to external asset managers. Assets covering these obligations came to €1,703.9 million at 31 December 2020. These plans include the payment of contributions to fund the deficit existing in the funds (contributions less mandatory expenses and deductions) and to fund the current service cost for the financial year. In 2020, over 12 months, contributions paid totalled €29.5 million, including €22.3 million to fund the deficit (€25.3 million including other related disbursements). The contribution to be paid in 2021 is expected to amount to £25.6 million, including £20.4 million to fund the deficit. In France , the defined-benefit plan concerns the payment of retirement bonuses. The Group recognises provisions for its employee benefit obligations, principally in accordance with the