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Pensions (Tables)
 12 Months Ended
Dec. 31, 2020
Pensions [Abstract]  
Calculation of Annual Pension Costs
Calculation of this year’s pension costs:
 
(Dollars in thousands)
 
2020
  
2019
  
2018
Current service cost
  
293
   
406
   
403
 
Financial costs
  
9
   
14
   
10
 
Pension costs for the year
  
302
   
420
   
413
 
Amounts Recognised in Statement of Financial Position
The amounts recognised in the statement of financial position at the reporting date are as follows:

  
2020
  
2019
  
2018
Present value of the defined benefit obligation
  
1,793
   
2,494
   
1,971
 
Fair value of plan assets
  
1,362
   
1,788
   
1,614
 
Net pension obligation
  
431
   
707
   
357
 
Remeasurement loss/(gain)
  
181
   
(287
)
  
182
 
Net balance sheet recorded pension liability December 31
  
612
   
420
   
539
 
Change in Gross Pension Obligation
Change in gross pension obligation:
            
Gross obligation January 1
  
1,439
   
2,090
   
1,708
 
Current service cost
  
289
   
401
   
398
 
Interest charge on pension liabilities
  
31
   
54
   
42
 
Past service cost - curtailment/plan amendment
  
-
   
-
   
-
 
Settlement (gain)
  
-
   
-
   
-
 
Social security expenses
  
(37
)
  
(31
)
  
(57
)
Remeasurements loss/(gain)
  
73
   
(1,055
)
  
119
 
Exchange rate differences
  
71
   
(21
)
  
(119
)
Gross pension obligation December 31
  
1,866
   
1,439
   
2,090
 
Change in Gross Pension Assets
Change in gross pension assets:
            
Fair value plan asset January 1
  
1,019
   
1,551
   
1,282
 
Interest income
  
18
   
36
   
27
 
Settlement
  
-
   
-
   
-
 
Employer contribution
  
266
   
216
   
404
 
Remeasurements (loss)/gain
  
(108
)
  
(768
)
  
(63
)
Exchange rate differences
  
58
   
(16
)
  
(99
)
Fair value plan assets December 31
  
1,254
   
1,019
   
1,551
 
Pension Contributions Assumptions
The Company expects to contribute $234 thousand to its defined benefit pension plan in 2021.

Assumptions
 
2020
  
2019
  
2018
Discount rate
  
1.70
%
  
2.30
%
  
2.60
%
Yield on pension assets
  
1.70
%
  
2.30
%
  
2.60
%
Wage growth
  
2.25
%
  
2.25
%
  
2.75
%
G regulation*
  
2.00
%
  
2.00
%
  
2.50
%
Pension adjustment
  
0.00
%
  
0.50
%
  
0.80
%
Average remaining service period
  
19
   
19
   
18
 

*Increase of social security base amount (“G”) as per Norwegian regulations.