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Forest NSW Annual Report 2012

Notes to the financial statements For the year ended 30 June 2012 SASS SANCS SSS Total Financial Year Financial Year Financial Year A$ to 30 June 2007 to 30 June 2007 to 30 June 2007 A$ A$ A$ Present value of defined benefit obligation 38 737 079 3 656 706 - 42 393 785 Fair value of Fund assets (43 038 415) (4 588 782) - (47 627 197) (Surplus)/Deficit in Fund (4 301 336) (932 076) - (5 233 412) Experience adjustments – Fund liabilities 2 422 459 12 171 - 2 434 630 Experience adjustments – Fund assets (2 888 629) (268 220) - (3 156 849) Expected contributions SASS SANCS SSS Total Financial Year Financial Year Financial Year A$ Financial Year to 30 June 2012 to 30 June 2012 to 30 June 2012 to 30 June 2012 A$ A$ A$ Expected employer contributions to be paid in 896 625 194 400 - 1 091 025 the next reporting period Funding Arrangements for Employer Contributions (a) Surplus/deficit The following is a summary of the 30 June 2012 financial position of the Fund calculated in accordance with AAS25 “Financial Reporting by Superannuation Plans”; SASS SANCS SSS Total Financial Year Financial Year Financial Year A$ Financial Year to 30 June 2012 to 30 June 2012 to 30 June 2012 to 30 June 2012 A$ A$ A$ Accrued benefits 32 835 437 3 621 735 - 36 457 172 Net market value of Fund assets (31 142 453) (3 350 631) - (34 493 085) Net (surplus)/deficit 1 692 984 271 103 - 1 964 087 (b) Contribution recommendations Recommended contribution rates for the entity are SASS SANCS SSS multiple of member contributions % member salary multiple of member contributions 1.90 2.50 0.00 (c) Funding method Contribution rates are set after discussions between the employer, STC and NSW Treasury. (d) Economic assumptions The economic assumptions adopted for the 2012 actuarial review of the Fund are: Weighted-Average Assumptions 30-June-12 Expected rate of return on Fund assets backing current pension liabilities   8.3% pa Expected rate of return on Fund assets backing other liabilities   7.3% pa Expected salary increase rate   4.0% pa Expected rate of CPI increase   2.5% pa Nature of Asset/Liability If a surplus exists in the employer’s interest in the Fund, the employer may be able to take advantage of it in the form of a reduction in the required contribution rate, depending on the advice of the Fund’s actuary. Where a deficiency exists, the employer is responsible for any difference between the employer’s share of Fund assets and the defined benefit obligation. Forests NSW Annual Report 2011–12 Social, Environmental and Economic Performance 107


Forest NSW Annual Report 2012
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