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Forest NSW Annual Report 2012

Forestry Commission Division Annual Financial Statements Year ended 30 June 2012 ABN 83 326 008 792 Notes to the financial statements For the year ended 30 June 2012 Expected contributions SASS SANCS SSS Total Financial Year Financial Year Financial Year A$ Financial Year to 30 June 2011 to 30 June 2011 to 30 June 2011 to 30 June 2011 A$ A$ A$ Expected employer contributions to be paid in 870 381 195 013 - 1 065 393 the next reporting period Funding Arrangements for Employer Contributions (a) Surplus/deficit The following is a summary of the 30 June 2011 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 2011 to 30 June 2011 to 30 June 2011 to 30 June 2011 A$ A$ A$ Accrued benefits 35 969 716 3 976 342 - 39 946 058 Net market value of Fund assets (35 652 892) (4 054 473) - (39 707 365) Net (surplus)/deficit 316 824 (78 131) - 238 693 (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 2011 actuarial review of the Fund are: Weighted-Average Assumptions 30-June-11 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. 112 Forests NSW Annual Report 2011–12 Social, Environmental and Economic Performance


Forest NSW Annual Report 2012
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