2009-10 Annual Report - Australia Post
2009-10 Annual Report - Australia Post
2009-10 Annual Report - Australia Post
Create successful ePaper yourself
Turn your PDF publications into a flip-book with our unique Google optimized e-Paper software.
notes to And ForminG PArt oF the FinAnCiAl rePort For the year ended 30 June 20<strong>10</strong><br />
12 Superannuation<br />
(i) superannuation plan<br />
the corporation is an employer sponsor of the australia post superannuation scheme (apss) of which almost all of its employees are members.<br />
the apss provides employer-financed defined benefits to all employees who are members and member-financed accumulation benefits to those who<br />
elect. some of the corporation’s current and past employees are also entitled to benefits under the Superannuation Act 1976, but the corporation has<br />
no contribution obligation in respect of these benefits. a small percentage of australia post employees have elected not to be members of the apss<br />
and are not entitled to benefits under the Superannuation Act 1976. australia post pays the superannuation Guarantee contribution to the nominated<br />
superannuation funds of these employees. the consolidated amounts shown below are materially consistent with the corporation.<br />
(ii) Amount recognised in the statement of comprehensive income<br />
current service cost<br />
interest cost on benefit obligation<br />
expected return on plan assets<br />
plan expenses<br />
contributions tax reserve<br />
68<br />
AustrAliA <strong>Post</strong> AnnuAl rePort <strong>2009</strong>–<strong>10</strong> | Financial and statutory reports<br />
20<strong>10</strong><br />
$m<br />
200.9<br />
363.5<br />
(465.0)<br />
12.3<br />
17.6<br />
consolidated<br />
defined benefit superannuation expense (1) 129.3 46.9<br />
(1) the defined benefit superannuation expense excludes $3.3 million (net of tax) of curtailment costs, included as part of the restructuring costs.<br />
(iii) Amount recognised in the balance sheet<br />
present value of benefit obligation (wholly funded)<br />
Fair value of plan assets<br />
contributions tax reserve<br />
20<strong>10</strong><br />
$m<br />
(5,347.2)<br />
5,493.9<br />
25.9<br />
<strong>2009</strong><br />
$m<br />
(5,298.0)<br />
5,695.8<br />
70.2<br />
consolidated<br />
2008<br />
$m<br />
(5,333.3)<br />
6,688.8<br />
239.2<br />
2007<br />
$m<br />
(5,003.4)<br />
6,514.5<br />
266.7<br />
<strong>2009</strong><br />
$m<br />
191.8<br />
360.3<br />
(522.3)<br />
11.8<br />
5.3<br />
2006<br />
$m<br />
(4,544.9)<br />
5,693.4<br />
202.8<br />
net superannuation asset – non-current (2) 172.6 468.0 1,594.7 1,777.8 1,351.3<br />
(2) australia post’s entitlement to any surplus in the Fund is limited by the terms of the relevant trust deed and applicable superannuation laws. on termination, any money and other<br />
assets remaining in the fund after the payment of benefits and expenses of the fund would ultimately be realised and the proceeds distributed to the employers (including australia<br />
post) in such shares as determined by australia post. outside termination, there is scope for australia post to request a return of surplus, which may be no more than the amount<br />
(as determined by the fund’s actuary) by which the total fund value exceeds the total accrued benefit value. in addition, australia post benefits from the surplus through reduction<br />
in future superannuation expense and contributions.<br />
(iv) reconciliations<br />
Changes in the present value of the defined benefit obligation is as follows:<br />
opening defined benefit obligation at 1 July<br />
interest cost<br />
current service cost<br />
Benefits paid<br />
curtailment costs (net of tax)<br />
Member contributions<br />
actuarial loss/(gain)<br />
20<strong>10</strong><br />
$m<br />
5,298.0<br />
363.5<br />
200.9<br />
(617.4)<br />
3.3<br />
67.9<br />
31.0<br />
<strong>2009</strong><br />
$m<br />
5,333.3<br />
360.3<br />
191.8<br />
(271.3)<br />
–<br />
69.5<br />
(385.6)<br />
closing defined benefit obligation at 30 June (3) 5,347.2 5,298.0<br />
Changes in the fair value of the plan assets is as follows:<br />
opening fair value of plan assets at 1 July<br />
expected return on plan assets<br />
contributions by employer<br />
Member contributions<br />
Benefits paid<br />
actuarial losses<br />
plan expenses<br />
contributions tax reserve (4)<br />
5,695.8<br />
465.0<br />
129.3<br />
67.9<br />
(617.4)<br />
(216.8)<br />
(12.3)<br />
(17.6)<br />
6,688.8<br />
522.3<br />
46.9<br />
69.5<br />
(271.3)<br />
(1,343.3)<br />
(11.8)<br />
(5.3)<br />
Fair value of plan assets at 30 June (3) 5,493.9 5,695.8<br />
the group expects to contribute approximately $135.3 million to its defined benefit pension plan in 20<strong>10</strong>–11.<br />
(3) included in the obligation and plan assets above is $2,467.2 million (<strong>2009</strong>: $2,489.5 million) relating to member financed accumulation benefits.<br />
(4) a curtailment cost of $3.8 million has been included in the consolidated restructuring costs of $150.2 million and of this amount $0.5 million relates to contributions tax.