The following table presents the significant actuarial assumptions of the pension plans: Dec. 31, 2014 Dec. 31, 2015 German plans Dutch plans U.S. plans German plans Dutch plans U.S. plans 120 Notes to Consolidated Financial Statements Discount rate 2.0 % 2.0 % 3.9 % 2.6 % 2.6 % 4.1 % Rate of pension increase 1.8 % 0.5 % 1.8 % 0.5 % As in the previous year, the discount rate for employee benefit and similar obligations was determined based on the “Mercer Yield Curve Approach”. In the current reporting period Mercer reviewed the discount rate and further improved the method of calculation. Had ALTANA applied the discount rate excluding these changes as of December 31, 2015, it would have been higher by 10 basis points and the obligation lower by approximately € 4 million. The life expectancy in Germany is based on the “Richttafeln 2005 G”, which were devel- oped by Prof. Dr. Klaus Heubeck. For the Netherlands the life expectancy is based on the latest mortality tables published by the Dutch Actuarial Association, which is subject to age- related adjustments. The “RP-2000 Mortality Tables” are applied in the U.S. with appro- priate updates and projections taken into account. The following table shows the changes in the present value of the defined benefit obligation resulting from changes in the relevant actuarial assumptions with the other assumptions remaining unchanged. This means no possible correlation effects were considered. For the German plans an increase or decrease of life expectancy of one year is assumed for a per- son who is exactly 65 years old. For employees who are either younger or older than 65, a cor- responding adjustment is made, i. e. the change in life expectancy of younger employees is more than one year and that of older employees is less than one year. For the plans in the Netherlands and the U.S. an age-independent shift in the employees’ life expectancy is assumed as of the reporting date: Dec. 31, 2014 Dec. 31, 2015 Effect on defined benefit obligation Effect on defined benefit obligation Change in actuarial assumption Defined benefit obligation Change Defined benefit obligation Change in € thousand in % in € thousand in % Present value of the defined benefit obligation1 278,750 – 275,284 – Discount rate Increase by 0.5 basis points 257,597 (7.6) 255,652 (7.1) Decrease by 0.5 basis points 303,277 8.8 297,351 8.0 Rate of pension increase Increase by 0.5 basis points 290,016 4.0 285,948 3.9 Decrease by 0.5 basis points 268,626 (3.6) 265,697 (3.5) Life expectancy Increase by 1 year 286,950 2.9 282,936 2.8 Decrease by 1 year 270,370 (3.0) 267,468 (2.8) ¹ Present value of the German, Dutch and U.S. plans applying the actuarial assumptions as stated in the table above
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