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## Retirement benefit obligations and similar obligations 

A number of the Group’s employees are covered by retirement benefit plans. The nature of the retirement benefit plans varies depending on labour market conditions, legal requirements, tax legislation and economic conditions in the individual countries. Benefits are generally based on wages and salaries and length of employment. Retirement ben- efit obligations cover both present and future retirees’ entitlement to retirement benefits. 

The future retirement obligation is primarily based on seniority and salary at the point of retirement. 

## DEFINED CONTRIBUTION PLANS 

Approximately 40% (2012: 64%) of the Group’s retirement benefit costs relate to defined contribution plans, which limit the Group’s obligation to the contributions paid. The retirement benefit plans are funded by payments to funds that are independent of the Group. 

## DEFINED BENEFIT PLANS 

The defined benefit plans typically guarantee the employees covered a retirement benefit based on the salary at the time of retirement. 

## OBLIGATION, NET 

<img src='content_image/199555.jpg'>

The total return on plan assets for the year amounted to DKK 563m (2012: DKK 585m). 

For defined benefit plans, the Group assumes the risk associated with future developments in interest rates, inflation, mortality and dis- ability etc. 

The majority of the obligations are funded, with assets placed in independent pension funds in e.g. Switzerland, Norway, the UK and Hong Kong. 

In some countries, primarily in Germany, Sweden and Italy, the obligation is unfunded. For these unfunded plans, the retirement benefit obligations amounted to DKK 1,543m (2012: DKK 1,612m) or approximately 14% (2012: 14%) of the total gross liability. 

The Group’s net obligation is specified below. 

