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PENSION PLANS | 12 Months Ended
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Dec. 31, 2018
Pension Plans |
PENSION PLANS | NOTE 37 PENSION PLANS The Bank has an additional benefit available to its principal executives, consisting of a pension plan. The purpose of the pension plan is to endow the executives with funds for a better supplementary pension upon their retirement. For this purpose, the Bank will match the voluntary contributions made by the beneficiaries for their future pensions with an equivalent contribution. The executives will be entitled to receive this benefit only when they fulfill the following conditions:
| a. | Aimed at the Bank’s management
| b. | The general requisite to apply for this benefit is that the employee must be carrying out his/her duties when turning 60 years old
| c. | The Bank will create a pension fund, with life insurance, for each beneficiary in the plan, Periodic contributions into this fund are made by the manager and matched by the Bank
| d. | The Bank will be responsible for granting the benefits directly
If the working relationship between the manager and the respective company ends, before s/he fulfills the abovementioned requirements, s/he will have no rights under this benefit plan. In the event of the executive’s death or total or partial disability, s/he will be entitled to receive this benefit. The Bank will make contributions to this benefit plan on the basis of mixed collective insurance policies whose beneficiary is the Bank. The life insurance company with whom such policies are executed is not an entity linked or related to the Bank or any other Santander Group company. Plan Assets owned by the Bank at the end of 2018 totaled Ch$6,804 million (Ch$7,919 million in 2017). The amount of the defined benefit plans has been quantified by the Bank, based on the following criteria: Calculation method: Use of the projected unit credit method which considers each working year as generating an additional amount of rights over benefits and values each unit separately. It is calculated based primarily on fund contributions, as well as other factors such as the legal annual pension limit, seniority, age and yearly income for each unit valued individually. Assets related to the pension fund contributed by the Bank into the Seguros Euroamérica insurance company with respect to defined benefit plans are presented as net of associated commitments. Actuarial hypothesis assumptions: Actuarial assumptions with respect to demographic and financial variables are non-biased and mutually compatible with each other. The most significant actuarial hypotheses considered in the calculations were:
| Plans post-employment |  | Plans post- employment
| 2018 |  | 2017
Mortality chart | RV-2014 |  | RV-2014
Termination of contract rates | 5,0% |  | 5,0%
Impairment chart | PDT 1985 |  | PDT 1985
Activity for post-employment benefits is as follows:
| As of December 31,
| 2018 |  | 2017
| MCh$ |  | MCh$
Plan assets | 6,804 |  | 7,919
Commitments for defined-benefit plans |  |  |
For active personnel | (5,958) |  | (6,998)
Incurred by inactive personnel | - |  | -
Minus: |  |  |
Unrealized actuarial (gain) losses | - |  | -
Balances at year end | 846 |  | 921
Year’s cash flow for post-employment benefits is as follows:
| For the years ended December 31,
| 2018 |  | 2017 |  | 2016
| MCh$ |  | MCh$ |  | MCh$
a) Fair value of plan assets |  |  |  |  |
Opening balance | 7,919 |  | 6,612 |  | 6,945
Expected yield of insurance contracts | 353 |  | 307 |  | 335
Employer contributions | 836 |  | 1,931 |  | 886
Actuarial (gain) losses | - |  | - |  | -
Premiums paid | - |  | - |  | -
Benefits paid | (2,304) |  | (931) |  | (1,554)
Fair value of plan assets at year end | 6,804 |  | 7,919 |  | 6,612
b) Present value of obligations |  |  |  |  |
Present value of obligations opening balance | (6,998) |  | (4,975) |  | (5,070)
Net incorporation of Group companies | - |  | - |  | -
Service cost | (1,069) |  | (2,039) |  | 150
Interest cost | - |  | - |  | -
Curtailment/settlement effect | - |  | - |  | -
Benefits paid | - |  | - |  | -
Past service cost | - |  | - |  | -
Actuarial (gain) losses | - |  | - |  | -
Other | 2,109 |  | 16 |  | (55)
Present value of obligations at year end | (5,958) |  | (6,998) |  | (4,975)
Net balance at year end | 846 |  | 921 |  | 1,637
Plan expected profit:
| As of December 31,
| 2018 |  | 2017 |  | 2016
Type of expected yield from the plan’s assets | UF + 2.50% annual |  | UF + 2.50% annual |  | UF + 2.50% annual
Type of yield expected from the reimbursement rights | UF + 2.50% annual |  | UF + 2.50% annual |  | UF + 2.50% annual
Plan associated expenses:
| For the years ended December 31,
| 2018 |  | 2017 |  | 2016
| MCh$ |  | MCh$ |  | MCh$
Current period service expenses | 1,069 |  | 2,039 |  | (150)
Interest cost | - |  | - |  | -
Expected yield from plan’s assets | (353) |  | (307) |  | (335)
Expected yield of insurance contracts linked to the Plan: | - |  |  |  |
Extraordinary allocations | - |  | - |  | -
Actuarial (gain)/ losses recorded in the period | - |  | - |  | -
Past service cost | - |  | - |  | -
Other | - |  | - |  | -
Total | 716 |  | 1,732 |  | (485)

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