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PENSIONS (Tables)

12 Months Ended

Dec. 31, 2019

Retirement Benefits [Abstract]

Components of net periodic benefit cost

The components of net periodic benefit costs are as follows:

(in thousands of $)			2019						2018						2017
Service cost			162						250						313
Interest cost			1,740						1,687						1,901
Expected return on plan assets			(375)						(926)						(843)
Recognized actuarial loss			777						1,392						1,182
Net periodic benefit cost			2,304						2,403						2,553

Reconciliation of benefit obligation

The change in projected benefit obligation and plan assets and reconciliation of funded status as of December 31 are as follows:

(in thousands of $)			2019						2018
Reconciliation of benefit obligation:
Benefit obligation at January 1			46,093						51,171
Service cost			162						250
Interest cost			1,740						1,687
Actuarial (gain)/ loss			4,581						(3,265)
Foreign currency exchange rate changes			433						(599)
Benefit payments			(3,066)						(3,151)
Benefit obligation at December 31			49,943						46,093

Reconciliation of fair value of plan assets

The accumulated benefit obligation at December 31, 2019 and 2018 was $49.2 million and $45.3 million, respectively.

(in thousands of $)			2019						2018
Reconciliation of fair value of plan assets:
Fair value of plan assets at January 1			13,121						13,634
Actual return/(loss) on plan assets			1,216						(249)
Employer contributions			3,411						3,617
Foreign currency exchange rate changes			541						(730)
Benefit payments			(3,066)						(3,151)
Fair value of plan assets at December 31			15,223						13,121

Reconciliation of funded status

(in thousands of $)			2019						2018
Projected benefit obligation			(49,943)						(46,093)
Fair value of plan assets			15,223						13,121
Unfunded status (1)			(34,720)						(32,972)

Employer contributions and benefits paid under the pension plans include $3.4 million paid from employer assets for the year ended December 31, 2019 (2018: $3.6 million).

(1) Our plan comprises two schemes. The details of these schemes are as follows:

			December 31, 2019																														December 31, 2018
(in thousands of $)			UK Scheme						Marine Scheme						Total						UK Scheme						Marine Scheme						Total
Projected benefit obligation			(11,479)						(38,464)						(49,943)						(9,818)						(36,275)						(46,093)
Fair value of plan assets			14,323						900						15,223						12,291						830						13,121
Funded (unfunded) status at end of year			2,844						(37,564)						(34,720)						2,473						(35,445)						(32,972)

Asset allocation of retirement schemes

The fair value of our plan assets, by category, as of December 31, 2019 and 2018 is as follows:

(in thousands of $)			2019						2018
Equity securities			14,323						12,291
Cash			900						830
			15,223						13,121

The asset allocation for our Marine scheme at December 31, 2019 and 2018, by asset category are as follows:

Marine scheme									2019 (%)						2018 (%)
Cash									100						100
Total									100						100

The asset allocation for our UK scheme at December 31, 2019 and 2018, by asset category are as follows:

UK scheme									2019 (%)						2018 (%)
Equity									100						100
Total									100						100

Expected contributions to pension schemes

We are expected to make the following contributions to the schemes during the year ended December 31, 2020, as follows:

(in thousands of $)			UK scheme						Marine scheme
Employer contributions			—						2,900

Expected pension disbursements

We are expected to make the following pension disbursements as follows:

(in thousands of $)			UK scheme						Marine scheme
2020			410						3,000
2021			570						3,000
2022			360						3,000
2023			370						3,000
2024			410						3,000
2025 - 2029			2,410						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:

			2019						2018
Discount rate			2.61		%				3.90		%
Rate of compensation increase			2.15		%				2.20		%

The weighted average assumptions used to determine the net periodic benefit cost for our plans for the years ended December 31 are as follows:

			2019						2018
Discount rate			2.63		%				3.40		%
Expected return on plan assets			2.81		%				6.75		%
Rate of compensation increase			2.20		%				2.32		%

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