SECTION 7  STAFF COSTS AND REMUNERATION 7.3  Retirement benefit obligations and similar obligations Retirement benefit obligations and similar  obligations comprise payments to retired directors that are not covered by an insur- ance company. The plan is unfunded. The actuarial assumptions underlying the calculations are based on local economic conditions and labour market  conditions. The interest rate cost, DKK 0m, is recognised in the income statement, while the actuarial losses, DKK 3m, are  recognised in other comprehensive income. Parent Company SECTION 7: STAFF COSTS AND REMUNERATION 157 Carlsberg Group Annual Report 2013 OBLIGATIONS DKK million 2013 2012 Total obligations at 1 January 45 45 Interest cost - 1 Actuarial losses  3 2 Benefits paid -3 -3 Total obligations at 31 December 45 45 2013 2012 Discount rate 1.0% 1.0% Future retirement benefit increases 2.0% 2.0% DKK million <1  year 1-5  years >5 years Total Pension benefits 3 14 28 45 ASSUMPTIONS APPLIED MATURITY OF PENSION OBLIGATIONS