b'STAATSOLIE MAATSCHAPPIJ SURINAME N.V.NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2020 (Continued)Executive pension planPensionsinpaymentanddeferredpensionsmaybeincreasedintheeventofageneralincreaseTheexecutivepensionplanisafinalpayscheme; inthecostofliving.Thispossibilityhasnotbeenthepensionbaseisequaltothesalary.Thepension appliedyet.Pensionsinpaymentanddeferredplan provides entitlements to retirement andpensionsshall,inanycase,beadjustedannuallydisabilitypensionforthebenefitoftheparticipant basedonprofitsharingbasedonexcessinterest,andtheirwidows,widowers,andorphanspension arising from the agreement with the insurance forthebenefitoftheirspouseandchildren. company.Theretirementpensioncommencesuponreaching Thepensionentitlementsarisingfromtheplanaretheageof60andamountsto: insuredwithAssuriaLevensverzekeringenN.V.1. f or Executive Board members designated by(Assuria),forwhichStaatsoliehasenteredintoanStaatsolie:atretirement70%ofthelastsalary; agreementwith,whichprovidesforprofitsharingbased on excess interest on assets of Assuria.2.forotherExecutiveBoardmembers:peryearof TheparticipantsandStaatsoliecontributetotheservice,uptoamaximumof28yearsofservice, financingofthisplan.Theparticipantscontribute2.5% of the last salary. a set percentage of their salary. Other costs of the Thepensionentitlementsareaccruedtime- plan are fully borne by Staatsolie.proportionately.Thedisabilitypensionisequal Theplanassetvalueforthisinsuredexecutivetothepotentialretirementpension.Thewidows/ pension plan consists of the insurance policy widowerspensionis70%ofthe(potential) covering participants. As the insurance policy retirement pension. Upon termination ofexactly matches the amount and timing of the employment of a participant who has participated inaccruedpensionentitlementsoftheparticipants,theschemeforlessthan3years,thecontributions the fair value of the insurance policy has been paid by the director shall be refunded. As soon asset at the present value of the related obligations a participant who has participated in the plan forexcluding any effects of future salary increases. atleast3years,thedirectorshallbeentitledtothe pension entitlements accrued up to the date of termination of employment. It is noted that the 5-yearperiodbasedontheWetPensioenfondsenenVoorzieningsfondsenshouldbereducedtooneyear or less.(X US$ 1,000) 2020 2019Fair value of assets 3,5444,500117'