Note 15: Financial non-current assets

Financial non-current assets

In € millions, at December 31

2020

2021

Pension assets

1,543

1,638

Loans and receivables

331

360

Other financial non-current assets

77

78

Total

1,951

2,076

Pension assets (€1,638 million) relate to pension plans in an asset position (2020: €1,543 million). For more information on post-retirement benefit provisions, refer to Note 19.

Loans and receivables include the subordinated loan of €88 million (2020: €87 million) granted to the Pension Fund APF in the Netherlands. In 2020, this balance also included the non-current part of an escrow account in the amount of €71 million related to the pre-funding of the Akzo Nobel (CPS) Pension Scheme in the UK; in 2021, the non-current part is €nil. The total balance of this escrow account at year-end 2021 amounts to €53 million44 million) and is reported as other receivables within trade and other receivables, refer to Note 17. Of this amount, €5 million4 million) will be contributed to the CPS pension scheme and €48 million40 million) is expected to be repaid to AkzoNobel in the first quarter of 2022.

Loans and receivables are considered to have low credit risk, and thus the impairment provision recognized during the period was limited to 12 months expected losses.