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PENSIONS (Tables)
 12 Months Ended
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
%