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PENSIONS (Tables) | 12 Months Ended
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Dec. 31, 2021
Retirement Benefits [Abstract] |
Components of net periodic benefit cost | The components of net periodic benefit costs are as follows:
(in thousands of $) | 2021 |  | 2020 |  | 2019
Service cost | (120) |  |  | (155) |  |  | (162) |
Interest cost | (879) |  |  | (1,271) |  |  | (1,740) |
Expected return on plan assets | 214 |  |  | 318 |  |  | 375 |
Recognized actuarial loss | (1,131) |  |  | (848) |  |  | (777) |
Net periodic benefit cost | (1,916) |  |  | (1,956) |  |  | (2,304) |
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 $) | 2021 |  | 2020
Reconciliation of benefit obligation: |  |  |
Benefit obligation at January 1 | 54,122 |  |  | 49,943 |
Service cost | 120 |  |  | 155 |
Interest cost | 879 |  |  | 1,271 |
Actuarial (gain)/loss (1) | (4,081) |  |  | 5,458 |
Foreign currency exchange rate changes | (120) |  |  | 372 |
Benefit payments | (3,705) |  |  | (3,077) |
Benefit obligation at December 31 | 47,215 |  |  | 54,122 |
(1) Actuarial (gain)/loss is sensitive to changes in key actuarial assumptions specifically discount rates, mortality rates and assumed future salary increases.
Reconciliation of fair value of plan assets | The accumulated benefit obligation at December 31, 2021 and 2020 was $46.7 million and $53.4 million, respectively.
(in thousands of $) | 2021 |  | 2020
Reconciliation of fair value of plan assets: |  |  |
Fair value of plan assets at January 1 | 16,864 |  |  | 15,223 |
Actual return on plan assets | (46) |  |  | 1,355 |
Employer contributions | 2,900 |  |  | 2,900 |
Foreign currency exchange rate changes | (155) |  |  | 463 |
Benefit payments | (3,705) |  |  | (3,077) |
Fair value of plan assets at December 31 | 15,858 |  |  | 16,864 |
Reconciliation of funded status | Employer contributions and benefits paid under the pension plans include $2.9 million paid from employer assets for the years ended December 31, 2021 and 2020. (1) Our defined benefit pension plan comprises of two schemes as follows:
| December 31, 2021 |  | December 31, 2020
(in thousands of $) | UK Scheme |  | Marine Scheme |  | Total |  | UK Scheme |  | Marine Scheme |  | Total
Fair value of benefit obligation | (11,608) |  |  | (35,607) |  |  | (47,215) |  |  | (12,727) |  |  | (41,395) |  |  | (54,122) |
Fair value of plan assets | 15,077 |  |  | 781 |  |  | 15,858 |  |  | 15,822 |  |  | 1,042 |  |  | 16,864 |
Funded (unfunded) status at end of year | 3,469 |  |  | (34,826) |  |  | (31,357) |  |  | 3,095 |  |  | (40,353) |  |  | (37,258) |
Asset allocation of retirement schemes | The fair value of our plan assets, by category, as of December 31, 2021 and 2020 are as follows:
(in thousands of $) | 2021 |  | 2020
Equity securities | 15,077 |  |  | 15,822 |
Cash | 781 |  |  | 1,042 |
| 15,858 |  |  | 16,864 |
The asset allocation for our Marine scheme at December 31, 2021 and 2020, by asset category are as follows:
Marine scheme |  |  | 2021 (%) |  | 2020 (%)
Cash |  |  | 100 |  |  | 100 |
Total |  |  | 100 |  |  | 100 |
The asset allocation for our UK scheme at December 31, 2021 and 2020, by asset category are as follows:
UK scheme |  |  | 2021 (%) |  | 2020 (%)
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, 2022, 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
2022 | 380 |  |  | 2,600 |
2023 | 390 |  |  | 2,500 |
2024 | 430 |  |  | 2,400 |
2025 | 540 |  |  | 2,300 |
2026 | 430 |  |  | 2,200 |
2027 - 2031 | 2,460 |  |  | 9,500 |
Weighted average assumptions used | The weighted average assumptions used to determine the benefit obligation for our defined benefit pension plans for the years ended December 31 are as follows:
| 2021 |  | 2020
Discount rate | 2.43 | % |  | 1.68 | %
Rate of compensation increase | 2.70 | % |  | 2.29 | %
The weighted average assumptions used to determine the net periodic benefit cost for our defined benefit pension plans for the years ended December 31 are as follows:
| 2021 |  | 2020
Discount rate | 2.44 | % |  | 1.69 | %
Expected return on plan assets | 1.31 | % |  | 2.06 | %
Rate of compensation increase | 2.75 | % |  | 2.31 | %

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