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Note 27 – Provisions

 Pension provisionRestructuring reserveOther non-current employee benefitsOther provisionsGroup
SEK m31 dec 202031 dec 201931 dec 202031 dec 201931 dec 202031 dec 201931 dec 202031 dec 201931 dec 202031 dec 2019
Opening balance29 26 36 20 18 17 6589 68 
Provision27 6118 35 
Amount released-1 -1 -24 -11 -9 -8 -20-36 -20 
Dissolution recognized in income-5 -2 --1-5 -3 
Change in value-1-1 -1-3 
Other----1-1-2
Closing balance 2729 11 36 17 18 10 65 89 

Restructuring

Restructuring costs in 2020 relates to additional restructuring costs in Germany to coordinate Hoist Finance's operations in Germany, and a minor provision in the Netherlands. These provisions are expected to be utilised in 2021. Restructuring costs in 2019 related to costs resulting from the decision to coordinate Hoist Finance's operations in France to fewer offices, and additional restructuring costs in Germany. The provisions are to a majority utilised in 2020 and the remaining are expected to be utilised in 2021.

Pensions

The Group has defined-benefit pension schemes for Hoist Finance AB (publ) (SEK 6t), the German branch Hoist Finance AB (publ) Niederlassung (SEK 27m) and in the Greek subsidiary Hoist Hellas SA (SEK 315t), based on the employees’ pensionable remuneration and length of service. Pension commitments are determined using the Projected Unit Credit Method, which includes current pensions, vested rights and future increases in these parameters in the valuation.

 Group
SEK m31 dec 202031 dec 2019
Net pension provision, recognised in the balance sheet  
Defined-benefit commitment32 34
Fair value of plan assets5
Net pension provision27 29
   
Pension commitments  
Opening balance34 30
Interest expense1
Pension payments-1 -1
Actuarial gains (–)/losses (+)4
Currency effects, etc.-1 0
Other0
Closing balance32 34
   
Assets under management  
Opening balance4
Interest income0
Employer-contributed funds1
Benefits paid-1 -1
Actuarial gains (+)/losses (–)1
Currency effects0
Closing balance5

All plan assets are invested in investment funds. 

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- Annual Report 2020 -
- Årsredovisning 2020 -