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Forest NSW Annual Report 2012

Forests NSW Consolidated Annual Financial Reports Year ended 30 June 2012 ABN 43 141 857 613 Notes to and forming part of the financial statements For the year ended 30 June 2012 SASS SANCS SSS Total Financial Year Financial Year Financial Year A$ to 30 June 2006 to 30 June 2006 to 30 June 2006 A$ A$ A$ Present value of defined benefit obligation 35 192 664 3 357 132 - 38 549 796 Fair value of Fund assets (38 132 139) (3 923 711) - (42 055 850) (Surplus)/Deficit in Fund (2 939 475) (566 579) - (3 506 054) Experience adjustments – Fund liabilities 181 759 (55 200) - 126 559 Experience adjustments – Fund assets (1 072 855) (82 045) - (1 154 900) 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 - 1 065 394 the next reporting period Funding Arrangements for Employer Contributions (a) Surplus/deficit 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 2012 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. 86 Forests NSW Annual Report 2011–12 Social, Environmental and Economic Performance


Forest NSW Annual Report 2012
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