Report & Accounts - JLT

31. Retirement benefit obligations cont.UK SchemeUS SchemeDefined benefit liability 2005 2004 2005 2004£’000 £’000 £’000 £’000Present value of funded obligations (477,145) (388,499) (29,979) (25,560)Fair value of plan assets 331,308 273,150 22,625 19,896Net liability recognised in the balance sheet (145,837) (115,349) (7,354) (5,664)UK SchemeUS SchemeReconciliation of defined benefit liability 2005 2004 2005 2004£’000 £’000 £’000 £’000Opening defined benefit liability (115,349) (156,963) (5,664) (4,410)Exchange differences - - (694) 405Pension (expense)/income (13,633) (13,041) 1,541 (663)Employer contributions 14,022 65,353 - 479Total loss recognised in consolidated statement of recognised income and expense (30,877) (10,698) (2,537) (1,475)Net liability recognised in the balance sheet (145,837) (115,349) (7,354) (5,664)UK SchemeUS SchemeReconciliation of defined benefit obligation 2005 2004 2005 2004£’000 £’000 £’000 £’000Opening defined benefit obligation (388,499) (347,160) (25,560) (25,088)Exchange differences - - (2,970) 1,957Service cost (10,960) (11,211) (596) (893)Interest cost (21,123) (19,273) (1,528) (1,532)Employee contributions (2,942) (3,003) - -Loss on defined benefit obligation (62,519) (13,838) (2,389) (1,081)Actual benefit payments 9,200 6,020 1,179 998Settlement/curtailment - - 2,069 79Past service cost adjustment (302) (34) (184) -Closing defined benefit obligation (477,145) (388,499) (29,979) (25,560)UK SchemeUS SchemeReconciliation of fair value of assets 2005 2004 2005 2004£’000 £’000 £’000 £’000Opening value of assets 273,150 190,197 19,896 20,678Exchange differences - - 2,276 (1,552)Expected return on assets 18,752 17,477 1,780 1,683Gain/(loss) on assets 31,642 3,140 (148) (394)Employer contributions 14,022 65,353 - 479Employee contributions 2,942 3,003 - -Actual benefit payments (9,200) (6,020) (1,179) (998)Closing value of assets 331,308 273,150 22,625 19,896Financial Statements Jardine Lloyd Thompson Group plc Annual Report & Accounts 200593