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20. Retirement benefit obligations continuedThe principal actuarial assumptions used for accounting purposes reflected prevailing market conditions in each of the countries in which theGroup operates and were as follows:2009 Weighted 2008 WeightedRange average Range averageDiscount rate 1.8% to 7.0% 4.3% 1.4% to 6.6% 4.5%Expected return on plan assets 3.2% to 6.0% 5.1% 2.0% to 6.1% 5.3%Future salary increases 1.8% to 4.9% 2.6% 1.4% to 6.0% 2.8%Future pension increases 2.2% to 3.3% 3.0% 2.3% to 3.4% 3.1%Assumptions used to determine the benefit expense and the end-of-year benefit obligations for the defined benefit plans varied within the rangesshown above. The weighted average rate for each assumption used to measure the benefit obligation is also shown. The assumptions used todetermine end-of-year benefit obligations are also used to calculate the following year’s cost.The Group’s major benefit plans are in Switzerland, the UK and Germany.In Switzerland, the Group operates a foundation covering the majority of employees in Switzerland, which holds assets separately to the Group.The foundation operates as a defined contribution plan with the Group’s annual contribution being a fixed percentage of salary. Under IAS 19,Employee Benefits, the foundation is accounted for as a defined benefit plan on account of underlying benefit guarantees. For 2009, the expenserecognised in the Group’s consolidated income statement in respect of the foundation is equal to the Group’s contribution.In the UK, the Group operates a defined contribution plan for new hires and a defined benefit plan, which is closed to new entrants. For thedefined benefit plan, benefits are related to service and final salary. The plan is funded through a trustee-administered fund, which is held separatelyto the Group, with a funding target to maintain assets equal to the value of the accrued benefits based on projected salaries. Contributions tothe defined contribution arrangements are in addition and charged directly to the income statement.In January 2008, a new plan was set up in Germany. Although this plan is largely defined contribution in nature it is accounted for under IAS 19 asa defined benefit plan due to some underlying guarantees applying. The plan is available to new hires from January 2008 and existing employeeswho chose to move from the old plan. The old plan is funded through a contractual trust agreement.Benefits under arrangements other than those detailed above are generally related to service and either salary or grade. They are funded in alllocations where this is consistent with local practice; otherwise the liability is recognised in the balance sheet.The Group does not have any significant liabilities in respect of any other post-employment benefits, including post-retirement healthcare liabilities.Defined benefit pension plans for the current and previous periods:2009 2008 2007 2006 2005€ m € m € m € m € mPresent value of defined benefit obligation (673) (673) (663) (632) (562)Fair value of plan assets 618 723 642 590 501Surplus/(deficit) in plan (55) 50 (21) (42) (61)Experience adjustments on plan liabilities 53 44 9 (30) (20)Experience adjustments on plan assets (178) (45) 1 46 9Richemont Annual Report and Accounts 2009 89Consolidated financial statements