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PENSIONS (Tables)

12 Months Ended

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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