PT BANK MANDIRI PERSERO TBK. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Years Ended December 31, 2008 and 2007 Expressed in millions of Rupiah, unless otherwise stated
106
42. PENSION AND SEVERANCE continued
Pension Plan continued b. Four employer defined benefit pension plans, Dana Pensiun Pemberi Kerja Program Pensiun Manfaat
Pasti DPPK-PPMP are derived from the respective pension plans of the Merged Banks, namely Dana Pensiun Bank Mandiri Satu or DPBM I BBD, DPBM II BDN, DPBM III Bank Exim and DPBM IV
Bapindo. The regulations of the respective pension plans were legalized by the Minister of Finance of the Republic of Indonesia’s in his 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 of 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 his decision letters No. KEP115KM.62003 for PDP DPBM I, No. KEP116KM.62003 for PDP DPBM II,
No. KEP117KM.62003 for PDP DPBM III, and No. KEP118KM.62003 for PDP DPBM IV, all dated March 31, 2003.
The members of the defined benefit pension plans originated from the legacy banks who have rendered three or more service years at the time of merger and are comprised of active employees of
the Bank, deferred members those whose employment has been terminated but for whom the beneficial rights were not transferred to other pension plans, and pensioners.
Based on the decision of General Shareholders’ Meeting dated May 28, 2007, Bank Mandiri increased the pension benefit from each 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 DPBM I; No. KEP-145KM.102007 DPBM II; No. KEP-146KM.102007 DPBM
III and No. KEP-147KM.102007 DPBM IV all dated July 20, 2007. As of December 31, 2008 and 2007, the calculation of the fair value of plan assets and projected
benefit obligation is based on the independent actuarial report of PT Eldridge Gunaprima Solution dated January 30, 2009 and PT Dayamandiri Dharmakonsilindo dated January 31, 2008 for the years
ended December 31, 2008 and 2007, respectively. In its calculation, the actuary used the following assumptions:
DPBM I DPBM II
DPBM III DPBM IV
Discount rate 12 per annum
2007: 9.5 12 per annum
2007: 9.5 12 per annum
2007: 9.5 12 per annum
2007: 9.5 Expected rate of return on
plan assets 10 per annum
2007: 9.5 10 per annum
2007: 9.5 10 per annum
2007: 9.5 10 per annum
2007: 9.5 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
As of January 1, 2003, adjusted
amount over legacy banks’ pensionable
salary As of January 1, 2003,
adjusted amount over legacy banks’
pensionable salary As of January 1,
2003, adjusted amount over legacy
banks’ pensionable salary
As of January 1, 2003, adjusted
amount over legacy banks’ pensionable
salary Expected rates of PhDP
increase Nil
Nil Nil
Nil
PT BANK MANDIRI PERSERO TBK. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Years Ended December 31, 2008 and 2007 Expressed in millions of Rupiah, unless otherwise stated
107
42. PENSION AND SEVERANCE continued
Pension Plan continued
DPBM I DPBM II
DPBM III DPBM IV
Mortality Rate Table Indonesia Mortality
Table 1999 TMI II for active members
and Group Annuity Mortality 1983
GAM ’83 for pensioners
2007: CSO -1958 Indonesia Mortality
Table 1999 TMI II for active members
and Group Annuity Mortality 1983
GAM ’83 for pensioners
2007: CSO -1958 Indonesia Mortality
Table 1999 TMI II for active members
and Group Annuity Mortality 1983
GAM ’83 for pensioners 2007:
CSO -1958 Indonesia Mortality
Table 1999 TMI II for active members
and Group Annuity Mortality 1983
GAM ’83 for pensioners 2007:
CSO -1958 Turnover rate
5 up to employees’ age of
25 and reducing linearly by 0.167
for each year up to 0 up to at age 55
and there after 2007: 5 up to
employees’ age of 25 and reducing
linearly by 0.25 for each year up to 0
at age 45 and thereafter
5 up to employees’ age of
25 and reducing linearly by 0.167
for each year up to 0 up to at age 55
and there after 2007: 5 up to
employees’ age of 25 and reducing
linearly by 0.25 for each year up to
0 at age 45 and thereafter
5 up to employees’ age of
25 and reducing linearly by 0.167
for each year up to 0 up to at age 55
and there after 2007: 5 up to
employees’ age of 25 and reducing
linearly by 0.25 for each year up to
0 at age 45 and thereafter
5 up to employees’ age of
25 and reducing linearly by 0.167
for each year up to 0 up to at age 55
and there after 2007: 5 up to
employees’ age of 25 and reducing
linearly by 0.25 for each year up to
0 at age 45 and thereafter
Disability rate 10 of TMI II
2007: 10 of mortality rate
10 of TMI II 2007: 10 of
mortality rate 10 of TMI II
2007: 10 of mortality rate
10 of TMI II 2007: 10 of
mortality rate Actuarial method
Projected Unit Credit
Projected Unit Credit
Projected Unit Credit
Projected Unit Credit
Normal pension age 56 years for all
grades 56 years for all
grades 56 years for all
grades 56 years for all
grades Maximum defined benefit
amount 80 of latest
gross pensionable salary PhDP
80 of latest gross pensionable
salary PhDP 62.50 of latest
gross pensionable salary PhDP
75 of latest gross pensionable
salary PhDP Expected rate of pension
benefit increase Nil
Nil Nil
4 every 2 years Tax rates - average
5 of pension benefit
2007: 15 of pension benefit
5 of pension benefit
2007: 15 of pension benefit
5 of pension benefit
2007: 15 of pension benefit
5 of pension benefit
2007: 15 of pension benefit
