PT BANK MANDIRI PERSERO Tbk. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2015 and for the year then ended Expressed in millions of Rupiah, unless otherwise stated
173
50. EMPLOYEE BENEFITS continued Pension Plan
continued
b. Four defined benefit pension funds, Dana Pensiun Pemberi Kerja Program Pensiun Manfaat Pasti DPPK-PPMP which were derived from the respective pension plans of the ex-legacy Merged
Banks, namely Dana Pensiun Bank Mandiri Satu or DPBMS BBD, DPBMD BDN, DPBMT Bank Exim and DPBME Bapindo. Participants of defined benefit pension plans are come from
the legacy banks with three years working periods or more at the time of the merger consisting of active employees of the bank, former employees employees who stopped working and did not
transfer his rights to another pension fund and retirees.
The regulations of the respective pension plans were approved by the Minister of Finance of the Republic of Indonesia’s through its decision letters No. KEP-394KM.0171999, No. KEP-
395KM.0171999, No. KEP-396KM.0171999
and No. KEP-397KM.0171999
all dated
November 15, 1999. Based on the approval from shareholders No. S-923M-MBU2003 dated March 6, 2003, Bank Mandiri has adjusted pension benefits for each Pension Fund. Such approval
has been incorporated in each of the Pension Fund’s Regulations Peraturan Dana Pensiun PDP which have been approved by the Minister of Finance of the Republic of Indonesia based
on its decision letters No. KEP115KM.62003 for PDP DPBMS, No. KEP116KM.62003 for PDP DPBMD, No. KEP117KM.62003 for PDP DPBMT, and No. KEP118KM.62003 for DPBME, all
dated March 31, 2003.
Based on the decision of the General Meeting of Shareholders dated May 28, 2007, Bank Mandiri increased the pension benefit from each of the Pension Plans. The decision was stated in each
Pension Plan Regulation and has been approved by the Minister of Finance of the Republic of Indonesia with decision letter No. KEP-144KM.102007 DPBMS; No. KEP-145KM.102007
DPBMD; No. KEP-146KM.102007 DPBMT and No. KEP-147KM.102007 DPBME, all dated July 20, 2007.
Based on the approval of the General Meeting of Shareholders AGM on May 17, 2010, Bank Mandiri increased the retirement benefits of each pension fund. Decision to increase pension
benefits was set forth in the Regulation of Pension Fund respectively and has been approved by the Minister of Finance Decree No. KEP-441KM.102010 dated August 10, 2010 DPBMS;
No. KEP-442KM.102010 dated August 10, 2010 DPBMD; No. KEP-443KM.102010 dated August 10, 2010 DPBMT and No. KEP-444KM.102010 dated August 10, 2010 DPBME.
Based on the approval of the General Meeting of Shareholders AGM on May 23, 2011, Bank Mandiri increased the retirement benefits of each pension fund. Decision to increase pension
benefits was set forth in the Regulation of Pension Fund respectively and has been approved by the Minister of Finance Decree No. KEP-588KM.102011 dated July 20, 2011 DPBMS;
No. KEP-589KM.102011 dated July 20, 2011 DPBMD; No. KEP-590KM.102011 dated July 20, 2011 DPBMT and No. KEP-591KM.102011 dated July 20, 2011 DPBME.
Based on the approval of the General Meeting of Shareholders AGM on April 2, 2013, Bank Mandiri increased the retirement benefits of each pension fund. Decision to increase pension
benefits was set forth in the Regulation of Pension Fund respectively and has been approved by the Minister of Finance Decree No. KEP-349NB.12013 dated June 14, 2013 DPBMS;
No. KEP-350NB.12013 dated June 14, 2013 DPBMD; No. KEP-351NB.12013 dated June 14, 2013 DPBMT and No. KEP-352NB.12013 dated June 14, 2013 DPBME.
The AGM also decided granting of another benefits as well as the delegation of authority to the Board to decide on the increase in pension benefits and other benefits to the extent consistent with
applicable regulations, ie after the increase in pension benefits or the provision of other benefits Adequacy Ration Fund, DPBMS, DPBMD, DPBMT and DPBME minimum of 115.
Based on the approval of the Board of Commissioner Meeting on July 2, 2014, Bank Mandiri gave other benefits to each pension fund. Decision to give this other benefits was set forth in the
respective Regulation of Pension Fund and has been approved by the Minister of Finance Decree No. KEP-1773NB.12014 dated July 17, 2014 DPBMS; No. KEP-1774NB.12014 dated
PT BANK MANDIRI PERSERO Tbk. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2015 and for the year then ended Expressed in millions of Rupiah, unless otherwise stated
174
50. EMPLOYEE BENEFITS continued Pension Plan
continued
July 17, 2014 DPBMD; No. KEP-1775NB.12014 dated July 17, 2014 DPBMT and No. KEP- 1776NB.12014 dated July 17, 2014 DPBME.
Based on the approval of the Board of Commissioner of Bank Mandiri dated June 3, 2015, Bank Mandiri provides other benefits to earch pension fund. Fund the devision to provide other benefits
embodied in the regulations of each pension fund and it has been approved by OJK Board of Commissioners through decree No. KEP-525NB.12015 dated June 29, 2015 DPBMS,
No. KEP-526NB12015 dated June 29, 2015 DPBMD, No. KEP-527NB.12015 DPBMT and No. KEP-528NB.12015 dated June 29, 2015 DPBME.
The provision for pension benefit obligation are calculated by the independent actuary as shown in the independent actuarial report of PT Dayamandiri Dharmakonsilindo dated January 5, 2016 for
the year ended December 31, 2015. The assumptions used for the years ended December 31, 2015 and 2014 are as follows:
DPBMS DPBMD
DPBMT DPBME
Discount rate 9.50 per annum
2014: 8.50
9.50
per annum 2014: 8.50
9.50
per annum 2014: 8.50
9.50
per annum 2014: 8.50
Expected rate of return on pension
plan assets 9.50 per annum
2014: 9.50 9.50 per annum
2014: 9.00
9.50
per annum 2014: 8.50
9.50 per annum 2014: 9.00
Working period used As of July 31, 1999
As of July 31, 1999 As of July 31, 1999
As of July 31, 1999 Pensionable salary
PhDP used Last month salary of
July 31, 1999, which adjusted on January 1,
2003 Last month salary of July 31,
1999, which adjusted on January 1, 2003
Last month salary of July 31, 1999, which adjusted on
January 1, 2003 Last month salary of
July 31, 1999, which adjusted on January 1, 2003
Expected rates of PhDP increase
Nil Nil
Nil Nil
Mortality Rate Table 2015 and 2014:
Indonesian Mortality Table 2011 TM III for employee
and former employee and Group Annuity Mortality
1983 GAM ’83 for pensioners
2015 and 2014: Indonesian Mortality Table
2011 TMI III for employee and former employee and
Group Annuity Mortality 1983 GAM ’83 for
pensioners 2015 and 2014:
Indonesian Mortality Table 2011 TMI III for employee
and former employee and Group Annuity Mortality
1983 GAM ’83 for pensioners
2015 and 2014: Indonesian Mortality Table
2011 TMI III for employee and former employee and
Group Annuity Mortality 1983 GAM ’83 for
pensioners Turnover rate
2015 and 2014: 5.00 for employees’ age of
25 and decreasing linearly 0.167 every year up to
0.00 at age 55 2015 and 2014:
5.00 for employees’ age of 25 and decreasing linearly
0.167 every year up to 0.00 at age 55
2015 and 2014: 5.00 for employees’ age of
25 and decreasing linearly 0.167 every year up to
0.00 at age 55 2015 and 2014:
5.00 for employees’ age of 25 and decreasing
linearly 0.167 every year up to 0.00 at age 55
Disability rate 2015 and 2014:
10.00 of TMI III 2015 and 2014:
10.00 of TMI III 2015 and 2014:
10.00 of TMI III 2015 and 2014:
10.00 of TMI III Actuarial method
Projected Unit Credit Projected Unit Credit
Projected Unit Credit Projected Unit Credit
Normal retirement age 48 years to 56 years
depending on the grades
56 years for all grades
56 years for all grades
56 years for all grades
Maximum defined benefit amount
80.00 of PhDP 75.00 of PhDP
62.50 of PhDP 75.00 of PhDP
Expected rate of pension benefit
increase Nil
Nil Nil
2.00 per year Tax rates - average
2015 and 2014: 3.00 of pension benefit
2015 and 2014: 3.00 of pension benefit
2015 and 2014: 3.00 of pension benefit
2015 and 2014: 3.00 of pension benefit
