UBI Banca Group

demographic tables;
the characteristics of the prediction model with regard to the disbursement of the
returns;
• the accounting procedures employed for actuarial gains and losses 1 were aligned with those
in use in the UBI Group which involves the recognition of these items in a special valuation
reserve in equity instead of recognising them through profit or loss.
The alignments described above had no impacts on profit and loss but only on the balance sheet
as follows:
• the restatement in a special valuation reserve against retained earnings of €8.7 million in
relation to actuarial losses recognised through profit and loss in prior years;
• the recognition in a separate valuation reserve against the item “Provisions for risks and
charges: pension and similar obligations” of 2011 actuarial losses amounting to
approximately €7.4 million.
To complete the information, because the above amounts were not significant with respect to
Group equity, no restatement of the comparative figures for 2010 was performed.
Three defined benefit funds existed as at 31.12.2011 as follows:
1. The fund to supplement I.N.P.S. (national insurance institute) benefits for compulsory
invalidity, old age and survivors insurance for retired staff of the former Cassa di Risparmio di
Calabria e Lucania (Reg. No. 9059 in the Pension Fund Register);
2. The fund to supplement I.N.P.S. (national insurance institute) benefits for compulsory
invalidity, old age and survivors insurance for retired staff of the former Cassa di Risparmio di
Puglia (Reg. No. 9124 in the Pension Fund Register);
3. The fund to supplement I.N.P.S. (national insurance institute) benefits for compulsory
invalidity, old age and survivors insurance for retired staff of the former Cassa di Risparmio
Salernitana (Reg. No. 9053 in the Pension Fund Register).
The funds pay the following welfare benefits as a direct pension for:
• old age, when the participants have reached 60 years of age if men and 55 years of age if
women, provided that they have participated in the fund for at least 15 years;
• length of service, at any age when the participants have participated in the fund for 35 years if
men and 30 years if women;
• invalidity at any age when permanently and completely unable to work through disability and
participating in the fund (in addition, for the fund of the former Cassa di Risparmio di Puglia, the
invalidity must be caused by work and for the fund of the former Cassa di Risparmio Salernitana,
participation for at least five years is required).
Furthermore, survivors of participants receive an ‘indirect pension’ if a participant dies while in
service and a surviving dependent’s pension if a participant dies, provided a direct pension has
been paid.
1 In accordance with IAS 19, actuarial gains and losses represent changes in the liability which occur in the period
generated:
• by differences between the assumptions used in the calculation model and the actual changes in the magnitudes
subjected to verification;
• by changes that occur in the assumptions in the period in question.
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