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PENSIONS (Tables) | 12 Months Ended
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Dec. 31, 2023
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 $) | 2023 | 2022 | 2021
Service cost | (33) |  | (75) |  | (120) |
Interest cost | (1,622) |  | (1,087) |  | (879) |
Expected return on plan assets | 427 |  | 254 |  | 214 |
Recognized actuarial loss | (307) |  | (774) |  | (1,131) |
Net periodic benefit cost | (1,535) |  | (1,682) |  | (1,916) |
Reconciliation of benefit obligation | The change in projected benefit obligation and plan assets and reconciliation of funded status for the years ended December 31, 2023 and 2022 are as follows:
(in thousands of $) | 2023 | 2022
Reconciliation of benefit obligation: |  |
Benefit obligation at January 1 | 34,078 |  | 47,215 |
Service cost | 33 |  | 75 |
Interest cost | 1,622 |  | 1,087 |
Actuarial loss/(gain) (1) | 246 |  | (10,106) |
Foreign currency exchange rate changes | 383 |  | (1,227) |
Benefit payments | (2,929) |  | (2,966) |
Projected benefit obligation at December 31 | 33,433 |  | 34,078 |
(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, 2023 and 2022 was $33.2 million and $33.9 million, respectively.
(in thousands of $) | 2023 | 2022
Reconciliation of fair value of plan assets: |  |
Fair value of plan assets at January 1 | 9,809 |  | 15,858 |
Actual return on plan assets | 433 |  | (4,392) |
Employer contributions | 2,175 |  | 2,900 |
Foreign currency exchange rate changes | 474 |  | (1,591) |
Benefit payments | (2,929) |  | (2,966) |
Fair value of plan assets at December 31 | 9,962 |  | 9,809 |
Reconciliation of funded status | Employer contributions and benefits paid under the pension plans include $2.2 million and $2.9 million paid from employer assets for the years ended December 31, 2023 and 2022, respectively. Our defined benefit pension plan is comprised of two schemes as follows:
| December 31, 2023 | December 31, 2022
(in thousands of $) | UK Scheme | Marine Scheme | Total | UK Scheme | Marine Scheme | Total
Fair value of benefit obligation | (7,597) |  | (25,836) |  | (33,433) |  | (7,073) |  | (27,005) |  | (34,078) |
Fair value of plan assets | 9,331 |  | 631 |  | 9,962 |  | 8,801 |  | 1,008 |  | 9,809 |
Funded (unfunded) status at end of year | 1,734 |  | (25,205) |  | (23,471) |  | 1,728 |  | (25,997) |  | (24,269) |
Asset allocation of retirement schemes | The fair value of our plan assets, by category, as of December 31, 2023 and 2022 are as follows:
(in thousands of $) | 2023 | 2022
Equity securities | 9,331 |  | 8,801 |
Cash | 631 |  | 1,008 |
| 9,962 |  | 9,809 |
The asset allocation for our Marine scheme at December 31, 2023 and 2022, by asset category are as follows:
Marine scheme | 2023 (%) | 2022 (%)
Cash | 100 |  | 100 |
Total | 100 |  | 100 |
The asset allocation for our UK scheme at December 31, 2023 and 2022, by asset category are as follows:
UK scheme | 2023 (%) | 2022 (%)
Equity | 99 |  | 98 |
Cash | 1 |  | 2 |
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 | — |  | 2,175 |
Expected pension disbursements | We are expected to make the following pension disbursements as follows:
Year ending December 31, | UK scheme | Marine scheme
(in thousands of $) |  |
2024 | 410 |  | 2,600 |
2025 | 510 |  | 2,500 |
2026 | 410 |  | 2,400 |
2027 | 420 |  | 2,300 |
2028 | 420 |  | 2,200 |
2029 - 2033 | 2,400 |  | 9,000 |
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:
| 2023 | 2022
Discount rate | 4.63 | % | 4.94 | %
Rate of compensation increase | 2.47 | % | 2.61 | %
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:
| 2023 | 2022
Discount rate | 4.64 | % | 4.93 | %
Expected return on plan assets | 4.31 | % | 1.81 | %
Rate of compensation increase | 2.54 | % | 2.49 | %

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