Richemont is one of the world's leading luxury - Alle jaarverslagen

20. Retirement benefit obligationsThe net liabilities reflected in non-current liabilities in the balance sheet in respect of post-employment benefit plans are determined as follows:2009 2008€ m € mPresent value of funded obligations (632) (635)Fair value of plan assets 618 723Net funded obligations (14) 88Present value of unfunded obligations (41) (38)Unrecognised actuarial loss/(gain) 16 (19)Amount not recognised due to asset limit – (73)Net liabilities (39) (42)The movement in the present value of the defined benefit obligation was as follows:2009 2008€ m € mBalance at 1 April of prior year (673) (663)Exchange adjustments – 15Current service cost (31) (29)Contributions by plan participants (19) (15)Interest cost (29) (26)Actuarial gains 53 44Gains on curtailments – 4Liabilities extinguished on settlements 4 1Liabilities assumed in business combinations (2) (32)Benefits paid 24 28Balance at 31 March (673) (673)Present value of funded obligations (632) (635)Present value of unfunded obligations (41) (38)The movement in the fair value of plan assets was as follows:(673) (673)2009 2008€ m € mBalance at 1 April of prior year 723 642Exchange adjustments (2) (14)Expected return on plan assets 37 31Actuarial losses (178) (45)Assets distributed on settlements (3) –Contributions paid by employer 44 90Contributions paid by plan participants 19 15Assets acquired in business combinations 2 32Benefits paid (24) (28)Balance at 31 March 618 723Richemont Annual Report and Accounts 2009 87Consolidated financial statements