29. Retirement benefit obligations

Introduction

TMF Group has defined retirement benefit obligations of minor importance in Switzerland. Minor retirement benefit obligations are present in some other countries.

Switzerland

A minor retirement benefit obligation is present in Switzerland. The benefits in the scheme results from the conversion of a savings account into a retirement pension. The conversion factor of the savings account into a retirement pension is further defined in the rules of the pension plan. The benefits are financed by both TMF Group and the employees. TMF Group contributes approximately two third of the total costs.

The net liability, the results on remeasurement and expenses recognized in income statement, this retirement benefit obligation is considered not material to TMF Group. As such, only limited IAS 19 disclosures have been included in these financial statements.

Other countries

Some minor retirement benefit obligations are present in other countries. As the individual retirement benefit obligations have negligible impact on TMF Group's financials, no further disclosures have been included in these financial statements.

Liability in the balance sheet

The amounts in the balance sheet were determined as follows and are based on external actuarial reports:

In millions of Euro	31 December 2023	31 December 2022
Liability in the balance sheet	0.6	-
Present value of funded obligations	3.3	-
Fair value of plan assets	2.7	-
Liability in the balance sheet	0.6	-
Switzerland	0.6	-
Other countries	-	-

The remeasurement gain is almost fully related to a gain from actuarial assumptions.

Movement in the liability for defined benefit obligations

In millions of Euro	2023	2022
End of year	3.3	-
Beginning of year	-	-
Acquired through business combinations	5.4	-
Current service cost	0.5	-
Remeasurement (gains) / losses	0.1	-
Net benefits paid	(0.1)	-
Interest cost	0.1	-
Plan change/curtailment	(2.7)	-
End of year	3.3	-
Switzerland	3.3	-
Other countries	-	-

Movement in plan assets

In millions of Euro	2023	2022
End of year	2.7	-
Beginning of year
Acquired through business combinations	5.1	-
Employer contributions	0.4	-
Employee contributions	0.1	-
Remeasurement gains/(losses)	(0.1)
Net benefits paid (and net of pension transfers)	(0.1)	-
Interest income	0.1	-
Plan change/curtailment	(2.8)	-
End of year	2.7	-
Switzerland	2.7	-
Other countries	-	-

Expense recognised in the income statement

In millions of Euro	2023	2022
Total included in personnel expenses	0.4	-
Current service cost (less employee contribution)	0.4	-
Total included in personnel expenses	0.4	-
Switzerland	0.4	-
Other countries	-	-

Principal actuarial assumptions – Switzerland

Principal actuarial assumptions	2023	2022
Mortality	LPP2020_G	n.a.
Discount rate	1.5%	n.a.
Future salary increases/inflation	2.0%	n.a.
Indexation	0.0%	n.a.
Turnover rate	18%	n.a.