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Pensions | 12 Months Ended
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Dec. 31, 2017
Pensions [Abstract] |
Pensions | Note 13 - Pensions The Company is required to have an occupational pension scheme in accordance with the Norwegian law on required occupational pension (“lov om obligatorisk tjenestepensjon”) for the employees in DHT Management AS. The company's pension scheme satisfies the requirements of this law and comprises a closed defined benefit scheme. At the end of the year, there were 15 participants in the benefit plan. F-44 Defined benefit pension The Company established a defined benefit plan for qualifying employees in 2010. Under the plan, the employees, from the age 67, are entitled to 70% of the base salary at retirement date. Parts of the pension are covered by payments from the National Insurance Scheme in Norway. The defined benefit plan is insured through an insurance company.
(Dollars in thousands) |  |  |  |  |  |  |  |  |
Calculation of this year's pension costs: |  | 2017 |  |  | 2016 |  |  | 2015 |
Current service cost |  |  | 329 |  |  |  | 344 |  |  |  | 289 |
Financial costs |  |  | 6 |  |  |  | 6 |  |  |  | 6 |
Pension costs for the year |  |  | 335 |  |  |  | 350 |  |  |  | 296 |
The amounts recognised in the statement of financial position at the reporting date are as follows:
|  |  | 2017 |  |  |  | 2016 |  |  |  | 2015 |
Present value of the defined benefit obligation |  |  | 1,481 |  |  |  | 1,128 |  |  |  | 949 |
Fair value of plan assets |  |  | 1,266 |  |  |  | 963 |  |  |  | 801 |
Net pension obligation |  |  | 215 |  |  |  | 165 |  |  |  | 148 |
Remeasurement loss |  |  | 211 |  |  |  | 60 |  |  |  | 48 |
Net balance sheet recorded pension liability December 31 |  |  | 425 |  |  |  | 225 |  |  |  | 196 |
|  |  | 2017 |  |  |  | 2016 |  |  |  | 2015 |
Change in gross pension obligation: |  |  |  |  |  |  |  |  |  |  |  |
Gross obligation January 1 |  |  | 1,111 |  |  |  | 945 |  |  |  | 706 |
Current service cost |  |  | 325 |  |  |  | 360 |  |  |  | 285 |
Interest charge on pension liabilities |  |  | 31 |  |  |  | 27 |  |  |  | 24 |
Past service cost - curtailment/plan amendment |  |  | - |  |  |  | (19 | ) |  |  | - |
Settlement (gain) |  |  | - |  |  |  | (128 | ) |  |  | - |
Social security expenses |  |  | (44 | ) |  |  | (48 | ) |  |  | (43 | )
Remeasurements loss/(gain) |  |  | 227 |  |  |  | (18 | ) |  |  | (27 | )
Exchange rate differences |  |  | 58 |  |  |  | (8 | ) |  |  | (20 | )
Gross pension obligation December 31 |  |  | 1,708 |  |  |  | 1,111 |  |  |  | 925 |
|  |  | 2017 |  |  |  | 2016 |  |  |  | 2015 |
Change in gross pension assets: |  |  |  |  |  |  |  |  |  |  |  |
Fair value plan asset January 1 |  |  | 886 |  |  |  | 744 |  |  |  | 511 |
Interest income |  |  | 20 |  |  |  | 17 |  |  |  | 24 |
Settlement |  |  | - |  |  |  | (128 | ) |  |  | - |
Employer contribution |  |  | 313 |  |  |  | 338 |  |  |  | 303 |
Remeasurements (loss)/gain |  |  | 16 |  |  |  | (79 | ) |  |  | (79 | )
Exchange rate differences |  |  | 47 |  |  |  | (7 | ) |  |  | (30 | )
Fair value plan assets December 31 |  |  | 1,282 |  |  |  | 886 |  |  |  | 728 |
The Company expects to contribute $305 thousand to its defined benefit pension plan in 2018.
Assumptions |  | 2017 |  |  | 2016 |  |  | 2015 |
Discount rate |  |  | 2.40 | % |  |  | 2.60 | % |  |  | 2.70 | %
Yield on pension assets |  |  | 2.40 | % |  |  | 2.60 | % |  |  | 2.70 | %
Wage growth |  |  | 2.50 | % |  |  | 2.50 | % |  |  | 2.50 | %
G regulation* |  |  | 2.25 | % |  |  | 2.25 | % |  |  | 2.25 | %
Pension adjustment |  |  | 0.50 | % |  |  | 0.00 | % |  |  | 0.00 | %
Average remaining service period |  |  | 18 |  |  |  | 19 |  |  |  | 18 |
* Increase of social security base amount ("G") as per Norwegian regulations. |  |  |  |  |
F-45

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- References No definition available. + Details
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- Definition The disclosure of defined benefit plans. [Refer: Defined benefit plans [member]] + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IAS -Number 19 -IssueDate 2017-01-01 -Paragraph 138 -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&num=19&date=2017-03-01&anchor=para_138&doctype=Standard -URIDate 2017-03-09 + Details
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