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PENSIONS (Tables) | 12 Months Ended
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Dec. 31, 2022
Retirement Benefits [Abstract] |
Components of net periodic benefit cost | The components of net periodic benefit costs are as follows:
| Year ended December 31,
(in thousands of $) | 2022 | 2021 | 2020
Service cost | (75) |  | (120) |  | (155) |
Interest cost | (1,087) |  | (879) |  | (1,271) |
Expected return on plan assets | 254 |  | 214 |  | 318 |
Recognized actuarial loss | (774) |  | (1,131) |  | (848) |
Net periodic benefit cost | (1,682) |  | (1,916) |  | (1,956) |
Reconciliation of benefit obligation | The change in projected benefit obligation and plan assets and reconciliation of funded status for the year ended December 31, 2022 and 2021 are as follows:
(in thousands of $) | 2022 | 2021
Reconciliation of benefit obligation: |  |
Benefit obligation at January 1 | 47,215 |  | 54,122 |
Service cost | 75 |  | 120 |
Interest cost | 1,087 |  | 879 |
Actuarial gain (1) | (10,106) |  | (4,081) |
Foreign currency exchange rate changes | (1,227) |  | (120) |
Benefit payments | (2,966) |  | (3,705) |
Benefit obligation at December 31 | 34,078 |  | 47,215 |
(1) Actuarial gain 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, 2022 and 2021 was $33.9 million and $46.7 million, respectively.
(in thousands of $) | 2022 | 2021
Reconciliation of fair value of plan assets: |  |
Fair value of plan assets at January 1 | 15,858 |  | 16,864 |
Actual return on plan assets | (4,392) |  | (46) |
Employer contributions | 2,900 |  | 2,900 |
Foreign currency exchange rate changes | (1,591) |  | (155) |
Benefit payments | (2,966) |  | (3,705) |
Fair value of plan assets at December 31 | 9,809 |  | 15,858 |
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, 2022 and 2021. (1) Our defined benefit pension plan is comprised of two schemes as follows:
| December 31, 2022 | December 31, 2021
(in thousands of $) | UK Scheme | Marine Scheme | Total | UK Scheme | Marine Scheme | Total
Fair value of benefit obligation | (7,073) |  | (27,005) |  | (34,078) |  | (11,608) |  | (35,607) |  | (47,215) |
Fair value of plan assets | 8,801 |  | 1,008 |  | 9,809 |  | 15,077 |  | 781 |  | 15,858 |
Funded (unfunded) status at end of year | 1,728 |  | (25,997) |  | (24,269) |  | 3,469 |  | (34,826) |  | (31,357) |
Asset allocation of retirement schemes | The fair value of our plan assets, by category, as of December 31, 2022 and 2021 are as follows:
(in thousands of $) | 2022 | 2021
Equity securities | 8,801 |  | 15,077 |
Cash | 1,008 |  | 781 |
| 9,809 |  | 15,858 |
The asset allocation for our Marine scheme at December 31, 2022 and 2021, by asset category are as follows:
Marine scheme | 2022 (%) | 2021 (%)
Cash | 100 |  | 100 |
Total | 100 |  | 100 |
The asset allocation for our UK scheme at December 31, 2022 and 2021, by asset category are as follows:
UK scheme | 2022 (%) | 2021 (%)
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, 2023, 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
2023 | 340 |  | 2,600 |
2024 | 370 |  | 2,500 |
2025 | 470 |  | 2,400 |
2026 | 390 |  | 2,300 |
2027 | 400 |  | 2,200 |
2028 - 2032 | 2,140 |  | 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:
| 2022 | 2021
Discount rate | 4.94 | % | 2.43 | %
Rate of compensation increase | 2.61 | % | 2.70 | %
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:
| 2022 | 2021
Discount rate | 4.93 | % | 2.44 | %
Expected return on plan assets | 1.81 | % | 1.31 | %
Rate of compensation increase | 2.49 | % | 2.75 | %

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