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PENSIONS (Tables) | 12 Months Ended
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Dec. 31, 2018
Retirement Benefits [Abstract] |
Components of net periodic benefit cost | The components of net periodic benefit costs are as follows:
(in thousands of $) | 2018 |  |  | 2017 |  |  | 2016 |
Service cost | 250 |  |  | 313 |  |  | 302 |
Interest cost | 1,687 |  |  | 1,901 |  |  | 2,051 |
Expected return on plan assets | (926 | ) |  | (843 | ) |  | (806 | )
Recognized actuarial loss | 1,392 |  |  | 1,182 |  |  | 1,060 |
Net periodic benefit cost | 2,403 |  |  | 2,553 |  |  | 2,607 |
Reconciliation of benefit obligation | The change in benefit obligation and plan assets and reconciliation of funded status as of December 31 are as follows:
(in thousands of $) | 2018 |  |  | 2017 |
Reconciliation of benefit obligation: |  |  |
Benefit obligation at January 1 | 51,171 |  |  | 50,376 |
Service cost | 250 |  |  | 313 |
Interest cost | 1,687 |  |  | 1,901 |
Actuarial (gain)/ loss | (3,265 | ) |  | 873 |
Foreign currency exchange rate changes | (599 | ) |  | 1,008 |
Benefit payments | (3,151 | ) |  | (3,300 | )
Benefit obligation at December 31 | 46,093 |  |  | 51,171 |
Reconciliation of fair value of plan assets | The accumulated benefit obligation at December 31, 2018 and 2017 was $45.3 million and $50.2 million, respectively.
(in thousands of $) | 2018 |  |  | 2017 |
Reconciliation of fair value of plan assets: |  |  |
Fair value of plan assets at January 1 | 13,634 |  |  | 12,503 |
Actual (loss)/ return on plan assets | (249 | ) |  | 1,039 |
Employer contributions | 3,617 |  |  | 2,316 |
Foreign currency exchange rate changes | (730 | ) |  | 1,076 |
Benefit payments | (3,151 | ) |  | (3,300 | )
Fair value of plan assets at December 31 | 13,121 |  |  | 13,634 |
(in thousands of $) | 2018 |  |  | 2017 |
Projected benefit obligation | (46,093 | ) |  | (51,171 | )
Fair value of plan assets | 13,121 |  |  | 13,634 |
Unfunded status (1) | (32,972 | ) |  | (37,537 | )
Reconciliation of funded status | The details of these schemes are as follows:
| December 31, 2018 |  | December 31, 2017
(in thousands of $) | UK Scheme |  |  | Marine Scheme |  |  | Total |  |  | UK Scheme |  |  | Marine Scheme |  |  | Total |
Projected benefit obligation | (9,818 | ) |  | (36,275 | ) |  | (46,093 | ) |  | (11,654 | ) |  | (39,517 | ) |  | (51,171 | )
Fair value of plan assets | 12,291 |  |  | 830 |  |  | 13,121 |  |  | 12,968 |  |  | 666 |  |  | 13,634 |
Funded (unfunded) status at end of year | 2,473 |  |  | (35,445 | ) |  | (32,972 | ) |  | 1,314 |  |  | (38,851 | ) |  | (37,537 | )
Asset allocation of retirement schemes | The fair value of our plan assets, by category, as of December 31, 2018 and 2017 were as follows:
(in thousands of $) | 2018 |  |  | 2017 |
Equity securities | 12,291 |  |  | 9,921 |
Debt securities | — |  |  | 3,047 |
Cash | 830 |  |  | 666 |
| 13,121 |  |  | 13,634 |
The asset allocation for our Marine scheme at December 31, 2018 and 2017, by asset category are as follows:
Marine scheme |  |  | 2018 (%) |  | 2017 (%)
Cash |  |  | 100 |  | 10,000
Total |  |  | 100 |  | 100
The asset allocation for our UK scheme at December 31, 2018 and 2017, by asset category are as follows:
UK scheme |  |  | 2018 (%) |  | 2017 (%)
Equity |  |  | 100 |  | 76.5
Bonds |  |  | — |  | 23.5
Total |  |  | 100 |  | 100
Amounts recognized in accumulated other comprehensive income | The amounts recognized in accumulated other comprehensive income consist of:
(in thousands of $) | 2018 |  |  | 2017 |
Net actuarial loss (see note 26) | 9,218 |  |  | 12,799 |
As at December 31, 2018, 2017 and 2016, our accumulated other comprehensive loss balances consisted of the following components:
| Pension and post retirement benefit plan adjustments | Share of affiliates comprehensive (loss) income | Total accumulated comprehensive (loss) income
Balance at December 31, 2015 | (12,400 | ) | (192 | ) | (12,592 | )
Other comprehensive (loss) income | (556 | ) | 3,606 |  | 3,050 |
Balance at December 31, 2016 | (12,956 | ) | 3,414 |  | (9,542 | )
Other comprehensive income | 157 |  | 1,616 |  | 1,773 |
Balance at December 31, 2017 | (12,799 | ) | 5,030 |  | (7,769 | )
Other comprehensive income (loss) | 3,581 |  | (24,324 | ) | (20,743 | )
Balance at December 31, 2018 | (9,218 | ) | (19,294 | ) | (28,512 | )
Expected contributions to pension schemes | We are expected to make the following contributions to the schemes during the year ended December 31, 2019, as follows:
(in thousands of $) | UK scheme |  | Marine scheme |
Employer contributions | 510 |  |  | 2,900 |
Expected pension disbursements | We are expected to make the following pension disbursements as follows:
(in thousands of $) | UK scheme |  |  | Marine scheme |
2019 | 330 |  |  | 3,000 |
2020 | 410 |  |  | 3,000 |
2021 | 535 |  |  | 3,000 |
2022 | 355 |  |  | 3,000 |
2023 | 370 |  |  | 3,000 |
2024 - 2028 | 2,310 |  |  | 12,500 |
Weighted average assumptions used | The weighted average assumptions used to determine the benefit obligation for our plans for the years ended December 31 are as follows:
| 2018 |  |  | 2017 |
Discount rate | 3.90 | % |  | 3.40 | %
Rate of compensation increase | 2.20 | % |  | 2.32 | %
The weighted average assumptions used to determine the net periodic benefit cost for our plans for the years ended December 31 are as follows:
| 2018 |  |  | 2017 |
Discount rate | 3.40 | % |  | 3.87 | %
Expected return on plan assets | 6.75 | % |  | 6.75 | %
Rate of compensation increase | 2.32 | % |  | 2.38 | %

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