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Forest NSW Annual Report 2012

Notes to and forming part of the financial statements For the year ended 30 June 2012 Note 17: Employee Defined Benefits Actuarial gains and losses are recognised immediately in other comprehensive income in the year in which they occur. Fund information The Pooled Fund holds in trust the investments of the closed NSW public sector superannuation schemes: State Authorities Superannuation Scheme (SASS) State Superannuation Scheme (SSS) Police Superannuation Scheme (PSS) State Authorities Non-contributory Superannuation Scheme (SANCS). These schemes are all defined benefit schemes – at least a component of the final benefit is derived from a multiple of member salary and years of membership. All the Schemes are closed to new members Reconciliation of the present value of the defined benefit obligation 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$ Present value of partly funded defined benefit 39 583 911 4 347 937 - 43 931 848 obligation at beginning of the year Current service cost 596 850 186 084 - 782 934 Interest cost 1 981 188 215 620 - 2 196 808 Contributions by Fund participants 471 908 - - 471 908 Actuarial (gains)/losses 2 868 365 351 954 - 3 220 319 Benefits paid (4 912 407) (852 227) - (5 764 634) Past service cost - - - - Curtailments - - - - Settlements - - - - Business Combinations - - - - Exchange rate changes - - - - Present value of partly funded defined benefit 40 589 815 4 249 368 - 44 839 183 obligation at end of the year Reconciliation of the fair value of Fund assets 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$ Fair value of Fund assets at beginning of the year 35 652 892 4 054 473 - 39 707 365 Expected return on Fund assets 2 917 416 332 389 - 3 249 805 Actuarial gains/(losses) (3 651 281) (333 482) - (3 984 763) Employer contributions 663 925 149 478 - 813 403 Contributions by Fund participants 471 908 - - 471 908 Benefits paid (4 912 407) (852 227) - (5 764 634) Settlements - - - - Business combinations - - - - Exchange rate changes - - - - Fair value of Fund assets at end of the year 31 142 453 3 350 631 - 34 493 084 Forests NSW Annual Report 2011–12 Social, Environmental and Economic Performance 77


Forest NSW Annual Report 2012
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