29. Retirement benefit obligations

Introduction

TMF Group has identified retirement benefit obligations in Switzerland. Some of the other countries in which we operate also have minor retirement benefit obligations.

Switzerland

There is a minor retirement benefit obligation in Switzerland. These benefits result from converting a savings account into a retirement pension. The conversion factor is defined in the pension plan rules. The benefits are financed by TMF Group and the employees. TMF Group contributes around two-thirds of the total costs.

The net liability, the results of remeasurement and the expenses are recognised in the income statement. TMF Group considers this retirement benefit obligation not to be material. Consequently, only limited IAS 19 disclosures have been included in these financial statements.

Other countries

There are minor retirement benefit obligations in some of the other countries in which we operate. As these obligations have a negligible impact on TMF Group's finances, no further disclosures have been included in these financial statements.

Liability in the balance sheet

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

Almost all of the remeasurement gain is related to a gain from actuarial assumptions.

Movement in the liability for defined benefit obligations

Movement in plan assets

Expenses recognised in the income statement

Principal actuarial assumptions – Switzerland