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Notes to the Consolidated Financial Statements
(Thousands of US dollars)
71
Dar Al-Maal Al-Islami Trust
Annual Report 2014
34. Funds
under management
35. Retirement benefit plans
Funds under management aggregated $4.0 billion (2013: $3.7 billion) and
represented amounts invested by clients and placed with funds managed by
the Group. These funds are invested without recourse to the Group. The Group
earned fees of approximately $45.1 million associated with such funds in 2014
(2013: $42.4 million). At 31 December 2014, the Group had amounts due to
funds under management of $710.0 million (2013: $981.2 million) and due
from of $256.5 million (2013: $177.9 million).
Substantially all employees of the Group’s European incorporated subsidiaries
are covered either by insured or state pension plans. In accordance with local
practice, no pension plans exist in certain countries in which the Group operates.
The Group’s retirement benefit plans are in Switzerland and are defined benefit
plans. The assets of the funded plans are held in separate trustee administered
funds. These plans are valued by independent actuaries every year using the
projected unit credit method.
The table below outlines the group’s post-employment amounts and activity
included in the financial statements.
2014
2013
Balance sheet obligations for pension benefits
7,931
1,796
Income statement charge for pension benefits
1,571
(2,591)
Remeasurements for pension benefits
5,945
(7,511)
The amounts recognised in the balance sheet are determined as follows:
2014
2013
Present value of funded obligations
59,634
57,230
Fair value of plan assets
(51,703)
(55,434)
Deficit of funded plans
7,931
1,796
Liability in the balance sheet
7,931
1,796
At year end the present value of the defined benefit obligation comprised
approximately $46.1 million (2013: $40.7 million) relating to active
employees, $Nil million (2013: $0.7 million) relating to deferred members and
$13.6 million (2013: $15.8 million) relating to members in retirement.