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PENSIONS (Tables)

12 Months Ended

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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