309 BMW Group Report 2024 To Our Stakeholders Combined Management Report Group Financial Statements Responsibility Statement and Auditor’s Report Remuneration Report Other Information Notes to the Group Financial Statements Based on the measurement principles contained in IAS 19, the following balance sheet carrying amounts apply to the Group’s pension plans: Germany United Kindgom Other Total in € million 31.12.2024 31.12.2023 31.12.2024 31.12.2023 31.12.2024 31.12.2023 31.12.2024 31.12.2023 Present value of defined benefit obligations 13,255 12,721 4,847 5,306 892 891 18,994 18,918 Fair value of plan assets 13,391 12,528 5,560 6,079 752 740 19,703 19,347 Effect of limiting net defined benefit asset to asset ceiling – – 766 797 5 2 771 799 Carrying amounts – 136 193 53 24 145 153 62 370 thereof pension provisions 3 193 72 77 147 157 222 427 thereof assets – 139 – – 19 – 53 – 2 – 4 – 160 – 57 The most significant of the BMW Group’s pension plans are de- scribed below. Germany Employer-funded as well as employee-funded benefit plans exist in Germany. In addition to retirement benefits, pension benefits also include disability and surviving dependents' benefits. The level of ongoing pension payments is adjusted in accordance with § 16 of the Company Pensions Act (Betriebsrentengesetz). Two employer-funded pension plans are in place that are based on defined contributions for which the level of benefits depends on developments on the capital markets. Benefits granted by the two plans are funded by a combination of the payment of fixed monthly contributions by the Company, a deferred remuneration option for employees and a matching contribution by the Com- pany. Further contributions are made on the basis of the BMW Group’s performance. A further plan is in place that is funded en- tirely out of deferred remuneration. Due to the minimum interest rate guaranteed by the BMW Group, these plans are all classified as defined benefit plans in accordance with IAS 19. In addition to the above plans, an employer-funded, defined benefit pension plan with lifelong pension benefits remains in place which is now closed to new entrants. The pension benefit is calculated by mul- tiplying a fixed amount by the number of completed years of ser- vice. Only employees who did not agree to a one-time option to switch to the defined contribution system in 2021 and 2022 will receive future increases in entitlements under this plan. The assets of the German pension plans are invested by BMW Trust (a German association) in accordance with a CTA. The rep- resentative bodies of the association are the Board of Directors and the Members' General Meeting. BMW Trust currently has seven members and three members of the Board of Directors elected by the Members' General Meeting. The Board of Directors is responsible for investments, drawing up and deciding on in- vestment guidelines as well as monitoring compliance with those guidelines. The members of the association can be employees, employee representatives, senior executives and members of the Board of Management of BMW AG. An ordinary Members' Gen- eral Meeting takes place once every calendar year, and deals with a range of matters, including receiving and approving the associ- ation's annual report, ratifying the activities of the Board of Direc- tors and adopting changes to the association's statutes. UK Defined benefit plans exist in the UK which are closed for all plan participants. Vested benefits remain in place. New benefits are covered by contributions made to a defined contribution plan. The defined benefit pension plans are administered by BMW Pension Trustees Limited, Farnborough, and BMW (UK) Trustees Limited, Farnborough, both trustee companies which act inde- pendently of the BMW Group. BMW (UK) Trustees Limited is rep- resented by ten trustees and BMW Pension Trustees Limited by five trustees. A minimum of one-third of the trustees must be elected by plan participants. The trustees represent the interests of plan participants and decide on investment strategies. Funding contributions to the funds are determined in agreement with the BMW Group.