in thousands of EUR

2019

2018

Co-worker costs:

 

 

• salary expenses

83,498

77,625

• pension expenses

11,146

11,888

• social security expenses

16,281

14,807

• temporary co-workers

18,619

15,397

• other staff costs

10,255

8,320

• capitalised co-worker costs

–5,828

–7,256

 

133,971

120,781

 

 

 

Other administrative expenses:

 

 

• office costs

5,844

5,110

• IT costs

16,125

13,560

• external administration costs

9,846

8,882

• travel and lodging expenses

3,997

3,900

• fees for advice and auditor

10,363

11,156

• advertising charges

7,449

6,290

• accommodation expenses

9,795

8,812

• regulatory expenses

14,391

12,133

• other expenses

6,440

7,788

 

84,250

77,631

 

 

 

 

218,221

198,412

 

 

 

Average number FTE’s during the year

1,345.6

1,296.7

Pension expenses

in thousands of EUR

2019

2018

Pension expenses, defined contribution schemes

11,146

5,808

Pension expenses, defined benefit pension schemes

6,080

 

11,146

11,888

The pension expenses for the defined contribution schemes and the defined benefit pension schemes are based on the contributions owed for the financial year.

Pension scheme per country

Triodos Bank's pension scheme in The Netherlands is a defined contribution scheme. The commitment to the participating co-workers consists of paying the outstanding contribution to a maximum of EUR 107,593.

In The Netherlands, co-workers of related parties also participate in the pension scheme. The total pension commitment and the resulting expenses are reported within the Notes to the consolidated Annual Accounts of Triodos Bank N.V.. Part of the expenses are charged to the respective related parties, based on their share of the total salaries of the participating co-workers.

The Triodos Bank pension schemes in Belgium, the United Kingdom, Spain and Germany are defined contribution schemes that have been placed with life insurance companies in those countries. The commitment to the participating co-workers consists of paying any outstanding contribution. Participation in the pension scheme is obligatory for co-workers in Belgium, Spain and the United Kingdom. In Belgium, co-workers' contribution is 2% of salary and the employer's contribution is 6%. In Spain, the pension contribution is 1.5% of salary, paid in full by the employer. In the United Kingdom, the co-workers’ contributions are optional with those who opt to do so contributing between 1% and 20% of their salary, and the employer's contribution amounts to 8% or 10% of salary depending on length of service.

In Germany, participation in the pension scheme is voluntary. The co-workers' contribution is 3.33% of the salary and the employer's contribution is 6.67%. 98% of the co-workers in Germany participate in the pension scheme.

Auditor’s fees

The table below specifies the fees of the PricewaterhouseCoopers Accountants N.V. (‘PwC Accountants NV’) audit firm that relates to services concerning the financial year.

The column Other PwC network specifies the fees that were invoiced by PwC units with the exception of PwC Accountants NV.

2019
in thousands of EUR

PwC
Accountants N.V.

Other
PwC network

Total
PwC network

Audit of the financial statements

1,149

582

1,731

Other audit-related engagements

144

8

152

Tax-related advisory services

Other non-audit services

Total

1,293

590

1,883

2018
in thousands of EUR

PwC
Accountants N.V.

Other
PwC network

Total
PwC network

Audit of the financial statements

790

318

1,108

Other audit-related engagements

65

65

Tax-related advisory services

Other non-audit services

Total

855

318

1,173

The increase of the audit fees mainly relates to the start of the subsidiary Triodos Bank UK Ltd and the preparation for the implementation of the International Financial Reporting Standards (IFRS) as adopted by the European Union.

Our independent auditor, PricewaterhouseCoopers Accountants NV, has rendered, for the period to which our statutory audit 2019 relates, in addition to the audit of the statutory financial statements the following services to the company and its controlled entities:

  • Audit of the regulatory returns to be submitted to the Dutch Central Bank and the National Bank of Belgium
  • Assurance engagement on cost price models to be submitted to the AFM
  • Assurance engagement on segregation of assets to be submitted to the AFM
  • Assurance engagement on the sustainability report
  • Assurance engagement profit forecast
  • ISAE type II engagement relating to Triodos Investment BV
  • Agreed upon procedures on interest rate risk to the Dutch Central Bank
  • ISAE type II on DGS reporting to the Dutch Central Bank
  • Assurance engagement on credit claims to the Dutch Central Bank

Regulatory expenses

The regulatory expenses can be broken down as follows:

in thousands of EUR

2019

2018

Bank tax

3,043

2,877

Depository Guarantee Scheme

10,488

8,488

Single resolution fund

860

768

 

14,391

12,133