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Pensions (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2020
Disclosure of defined benefit plans [abstract] |
Net pension cost [table text block] |
Net pension cost
(in USD million) | 2020 | 2019 | 2018
Current service cost | 184 | 206 | 214
Losses/(gains) from curtailment, settlement or plan amendment | 0 | 3 | 20
Notional contribution plans | 55 | 56 | 55
Defined benefit plans | 238 | 265 | 289
Defined contribution plans | 192 | 182 | 173
Total net pension cost | 432 | 446 | 462
Disclosure of defined benefit plans [table text block] |
(in USD million) | 2020 | 2019
Defined benefit obligations at 1 January | 8,363 | 8,176
Current service cost | 184 | 206
Interest cost | 203 | 263
Actuarial (gains)/losses - Financial assumptions | 443 | (23)
Actuarial (gains)/losses - Experience | (61) | 6
Benefits paid | (250) | (236)
Losses/(gains) from curtailment, settlement or plan amendment | 0 | 0
Paid-up policies | (7) | (14)
Foreign currency translation effects | 286 | (71)
Changes in notional contribution liability | 55 | 56
Defined benefit obligations at 31 December | 9,216 | 8,363
Fair value of plan assets at 1 January | 5,589 | 5,187
Interest income | 117 | 143
Return on plan assets (excluding interest income) | 385 | 384
Company contributions | 96 | 127
Benefits paid | (113) | (195)
Paid-up policies and personal insurance | (7) | (13)
Foreign currency translation effects | 167 | (44)
Fair value of plan assets at 31 December | 6,234 | 5,589
Net pension liability at 31 December | (2,981) | (2,774)
Represented by: |  |
Asset recognised as non-current pension assets (funded plan) | 1,310 | 1,093
Liability recognised as non-current pension liabilities (unfunded plans) | (4,292) | (3,867)
DBO specified by funded and unfunded pension plans | 9,216 | 8,363
Funded | 4,927 | 4,496
Unfunded | 4,288 | 3,867
Actual return on assets | 501 | 527
Actuarial losses and gains recognised directly in Other comprehensive income [text block] |
Actuarial losses and gains recognised directly in Other comprehensive income (OCI) |  |  |
(in USD million) | 2020 | 2019 | 2018
Net actuarial (losses)/gains recognised in OCI during the year | 3 | 401 | (282)
Foreign currency translation effects | (109) | 27 | 172
Tax effects of actuarial (losses)/gains recognised in OCI | 19 | (98) | 22
Recognised directly in OCI during the year, net of tax | (87) | 330 | (88)
Cumulative actuarial (losses)/gains recognised directly in OCI, net of tax | (899) | (812) | (1,141)
Actuarial assumptions [text block] |
Actuarial assumptions
| Assumptions used to determine benefit costs in % | Assumptions used to determine benefit obligations in %
Rounded to the nearest quartile | 2020 | 2019 | 2020 | 2019
Discount rate | 2.25 | 2.75 | 1.75 | 2.25
Rate of compensation increase | 2.25 | 2.75 | 2.00 | 2.25
Expected rate of pension increase | 1.50 | 2.00 | 1.25 | 1.50
Expected increase of social security base amount (G-amount) | 2.25 | 2.75 | 2.00 | 2.25
Weighted-average duration of the defined benefit obligation |  |  | 15.6 | 15.8
Disclosure of sensitivity analysis for actuarial assumptions [table text block] |
| Discount rate | Expected rate of compensation increase | Expected rate of pension increase | Mortality assumption
(in USD million) | 0.50% | -0.50% | 0.50% | -0.50% | 0.50% | -0.50% | + 1 year | - 1 year
Effect on: |  |  |  |  |  |  |  |
Defined benefit obligation at 31 December 2020 | (651) | 738 | 191 | (181) | 598 | (541) | 333 | (364)
Service cost 2021 | (22) | 25 | 11 | (11) | 17 | (15) | 9 | (10)
Portfolio weighting as approved by the board of Statoil Pension [text block] |
Pension assets on investments classes | Target portfolio weight
(in %) | 2020 | 2019
Equity securities | 34.1 | 32.3 | 27 - 38
Bonds | 50.2 | 46.4 | 40 - 53
Money market instruments | 9.4 | 14.5 | 0 - 29
Real estate | 6.4 | 6.3 | 5 - 10
Other assets, including derivatives | (0.1) | 0.5 |
Total | 100.0 | 100.0 |

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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 2019-01-01 -Paragraph 138 -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=19&code=ifrs-tx-2019-en-r&anchor=para_138&doctype=Standard -URIDate 2019-03-27 + Details
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