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1annual amount to individuals’ accounts based on an employee’s current salary. Dependent on 2the plan rules, the accounts increase either at a fixed interest rate or participate in market 3movements of certain underlying investments to limit the associated investment risk. 4Sometimes, in particular in Germany, there is a guaranteed benefit amount within the plan 5rules, e. g. payment of at least the amounts contributed. Upon retirement, beneficiaries may 6usually opt for a lump sum or for conversion of the accumulated account balance into an 7annuity. This conversion is often based on market conditions and mortality assumptions at 8retirement.9The following amounts of expected benefit payments by the Group in respect of defined 10benefit plans include benefits attributable to employees’ past and estimated future service 11and include both amounts paid from external pension trusts and paid directly by the Group in 12respect of unfunded plans.13Expected future benefit payments14in € m. (unless stated otherwise) Germany15EMEA 16(excluding 17Germany) APAC Total18Actual benefit payments 2023 11 1 1 1219Benefits expected to be paid 2024 12 3 1 1620Benefits expected to be paid 2025 12 3 1 1521Benefits expected to be paid 2026 14 3 1 1722Benefits expected to be paid 2027 15 3 1 1923Benefits expected to be paid 2028 17 2 1 2124Benefits expected to be paid 2029-2033 107 15 5 12725Weighted average duration of defined benefit 26obligation (in years) 10 12 7 1027Multi-Employer Plans28Mainly in the UK and the US, some employees participate in defined benefit plans sponsored 29by another entity within the wider Deutsche Bank Group, for example retirement benefit plans 30in the UK as well as post-employment medical plans in the US. Generally the risk associated 31to the plan is within the sponsoring entity while the Group entities are obliged to pay for costs 32incurred for their respective employees within the sponsoring entity.33Selected legal entities of the Group are member of the BVV Versicherungsverein des 34Bankgewerbes a.G. (BVV) together with other financial institutions. The BVV, pension provider 35for Germany’s financial industry, offers retirement benefits to eligible employees in Germany 36and Luxembourg as a complement to post-employment benefit commitments of the Group. 37Both employers and employees contribute on a regular basis to the BVV. The BVV provides 38annuities of a fixed amount to individuals on retirement and increases these fixed amounts if 39surplus assets arise within the plan. Under legislation in Germany, the employer is ultimately 40liable for providing the benefits to its employees. An increase in benefits may also arise due to 41additional obligations to retirees for the effects of inflation. BVV is a multi-employer defined 42benefit plan. In line with industry practice, the Group accounts for these benefits as a defined 43contribution plan since insufficient information is available to identify assets and liabilities 44relating to the Group’s current and former employees because the BVV does not fully allocate 45plan assets to beneficiaries or to member companies. According to the BVV’s most recent 46disclosures, there is no current deficit in the plan that may affect the amount of future Group 47contributions. Furthermore, any plan surplus emerging in the future will be distributed to the 48plan members, hence it cannot reduce future Group contributions. 49Oversight and Risk Management50Oversight for the Group’s pension plans and related risks is performed by the Risk and Control 51Committee, as mandated by the Executive Board. The Risk and Control Committee is 52supported by the Pension Working Group. This mandate covers oversight with regards to 53guidelines for funding, asset allocation, actuarial assumption setting and risk management. 54Risk management includes the management and control of risks for the Group related to 55market developments, asset investment, regulatory or legislative requirements, as well as 56monitoring demographic changes leveraging Deutsche Bank Group’s pension oversight and 57operative control mechanism implemented. During and after acquisitions or changes in the 58external environment (e. g. legislation, taxation), topics such as the general plan design or 59potential plan amendments are considered. To the extent that pension plans are funded, the 60assets held mitigate some of the liability risks, but introduce investment risk.61The Group’s largest post-employment benefit plan risk exposures relate to potential changes 62in credit spreads, interest rates, price inflation and longevity, although these have been 63partially mitigated through the investment strategy adopted.64Overall, the Group is seeking to minimize the impact of pensions on its financial position from 65market movements, subject to balancing the trade-offs involved in financing post-66employment benefits, regulatory capital and constraints from local funding or accounting 67requirements. Deutsche Bank Group measures pension risk exposures on a regular basis 68using specific metrics developed for this purpose. This process covers Deutsche Bank Group 69overall including the oversight of the Group’s exposures.70         71To our 72Shareholders73Summarised 74Management Report75Consolidated 76Financial Statements Compensation Report Corporate Govern-77ance Statement78Supplementary 79Information DWS 2023 Annual Report80 81Additional Notes82115 19 – Employee Benefits