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PENSIONS (Tables) | 12 Months Ended
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Dec. 31, 2020
Retirement Benefits [Abstract] |
Components of net periodic benefit cost | The components of net periodic benefit costs are as follows:
(in thousands of $) | 2020 |  | 2019 |  | 2018
Service cost | 155 |  |  | 162 |  |  | 250 |
Interest cost | 1,271 |  |  | 1,740 |  |  | 1,687 |
Expected return on plan assets | (318) |  |  | (375) |  |  | (926) |
Recognized actuarial loss | 848 |  |  | 777 |  |  | 1,392 |
Net periodic benefit cost | 1,956 |  |  | 2,304 |  |  | 2,403 |
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 $) | 2020 |  | 2019
Reconciliation of benefit obligation: |  |  |
Benefit obligation at January 1 | 49,943 |  |  | 46,093 |
Service cost | 155 |  |  | 162 |
Interest cost | 1,271 |  |  | 1,740 |
Actuarial loss | 5,458 |  |  | 4,581 |
Foreign currency exchange rate changes | 372 |  |  | 433 |
Benefit payments | (3,077) |  |  | (3,066) |
Benefit obligation at December 31 | 54,122 |  |  | 49,943 |
Reconciliation of fair value of plan assets | The accumulated benefit obligation at December 31, 2020 and 2019 was $53.4 million and $49.2 million, respectively.
(in thousands of $) | 2020 |  | 2019
Reconciliation of fair value of plan assets: |  |  |
Fair value of plan assets at January 1 | 15,223 |  |  | 13,121 |
Actual return on plan assets | 1,355 |  |  | 1,216 |
Employer contributions | 2,900 |  |  | 3,411 |
Foreign currency exchange rate changes | 463 |  |  | 541 |
Benefit payments | (3,077) |  |  | (3,066) |
Fair value of plan assets at December 31 | 16,864 |  |  | 15,223 |
Reconciliation of funded status |
(in thousands of $) | 2020 |  | 2019
Fair value of benefit obligation | (54,122) |  |  | (49,943) |
Fair value of plan assets | 16,864 |  |  | 15,223 |
Unfunded status (1) | (37,258) |  |  | (34,720) |
Employer contributions and benefits paid under the pension plans include $2.9 million paid from employer assets for the year ended December 31, 2020 (2019: $3.4 million). (1) Our plan comprises two schemes. The details of these schemes are as follows:
| December 31, 2020 |  | December 31, 2019
(in thousands of $) | UK Scheme |  | Marine Scheme |  | Total |  | UK Scheme |  | Marine Scheme |  | Total
Fair value of benefit obligation | (12,727) |  |  | (41,395) |  |  | (54,122) |  |  | (11,479) |  |  | (38,464) |  |  | (49,943) |
Fair value of plan assets | 15,822 |  |  | 1,042 |  |  | 16,864 |  |  | 14,323 |  |  | 900 |  |  | 15,223 |
Funded (unfunded) status at end of year | 3,095 |  |  | (40,353) |  |  | (37,258) |  |  | 2,844 |  |  | (37,564) |  |  | (34,720) |
Asset allocation of retirement schemes | The fair value of our plan assets, by category, as of December 31, 2020 and 2019 is as follows:
(in thousands of $) | 2020 |  | 2019
Equity securities | 15,822 |  |  | 14,323 |
Cash | 1,042 |  |  | 900 |
| 16,864 |  |  | 15,223 |
The asset allocation for our Marine scheme at December 31, 2020 and 2019, by asset category are as follows:
Marine scheme |  |  | 2020 (%) |  | 2019 (%)
Cash |  |  | 100 |  |  | 100 |
Total |  |  | 100 |  |  | 100 |
The asset allocation for our UK scheme at December 31, 2020 and 2019, by asset category are as follows:
UK scheme |  |  | 2020 (%) |  | 2019 (%)
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, 2021, 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
2021 | 590 |  |  | 2,700 |
2022 | 370 |  |  | 2,600 |
2023 | 380 |  |  | 2,500 |
2024 | 420 |  |  | 2,400 |
2025 | 660 |  |  | 2,300 |
2026 - 2030 | 2,350 |  |  | 11,000 |
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:
| 2020 |  | 2019
Discount rate | 1.68 | % |  | 2.61 | %
Rate of compensation increase | 2.29 | % |  | 2.15 | %
The weighted average assumptions used to determine the net periodic benefit cost for our plans for the years ended December 31 are as follows:
| 2020 |  | 2019
Discount rate | 1.69 | % |  | 2.63 | %
Expected return on plan assets | 2.06 | % |  | 2.81 | %
Rate of compensation increase | 2.31 | % |  | 2.20 | %

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