SYDNEY PORTS CORPORATION ANNUAL REPORT 12

70
Sydney PortS CorPoration
noteS to the FinanCiaL StateMentS
note 15. defined Benefit SUPerannUation SChemeS
The Corporation has three defined benefit superannuation schemes covering certain employees, all of which require
contributions to be made to separately administered funds.
The Pooled Fund (the “Fund”) holds in trust the investments of the following closed NSW public sector superannuation
schemes, in which the Corporation participates:
■■ State Authorities Superannuation Scheme (SASS)
■■ State Authorities Non-Contributory Superannuation Scheme (SANCS)
■■ State Superannuation Scheme (SSS)
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.
Amounts in the statement of financial position
Other non-current liabilities 45,298 14,248
Net liability 45,298 14,248
(a) Reconciliation of the assets and liabilities recognised in the statement of financial position
Sydney PortS CorPoration finanCial rePort 2011/12
SaSS
$000
SanCS
$000
At 30 June 2012
Present value of partially funded defined benefit obligation 19,779 3,774 89,952 113,505
Fair value of Fund assets (15,610) (2,920) (49,677) (68,207)
Net liability recognised in the statement of financial position 4,169 854 40,275 45,298
SaSS
$000
SanCS
$000
At 30 June 2011
Present value of partially funded defined benefit obligation 18,701 3,586 64,555 86,842
Fair value of Fund assets (17,343) (3,394) (51,857) (72,594)
Net liability recognised in the statement of financial position 1,358 192 12,698 14,248
There are no unrecognised past service costs, unrecognised (gains)/losses and adjustments for the limit on net assets in
2012 and 2011.
2012
$000
SSS
$000
SSS
$000
2011
$000
total
$000
total
$000