2004-05 Annual Report - Australia Post

NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS
29. SUPERANNUATION
FOR THE YEAR ENDED 30 JUNE 2005
The corporation is an employer sponsor of the Australia Post Superannuation Scheme (APSS), of which all its
employees are members. Some of the corporation’s current and past employees are also entitled to benefits
under the Superannuation Act 1976.
Australia Post Superannuation Scheme (APSS)
Benefit design Lump sum – employer-financed defined benefit plus
member-financed accumulation benefit.
Basis of employer contribution Under the trust deed contributions are determined by
the corporation on the advice of the scheme’s actuary after
consultation with the trustee, having regard to the assets
and liabilities of the scheme.
Amounts paid or payable by the corporation 2004–05, $35.0 million (2003–04, $15.0 million).
The actuary to the Australia Post Superannuation Scheme is Dr AJ Goddard (FIAA, FIA) of Russell Employee
Benefits Pty Ltd.
In accordance with standard practice and legislative requirements, actuarial reviews are scheduled every
three years. The actuarial review currently used to assess scheme affairs was carried out as at 30 June 2003.
The next review is scheduled as at 30 June 2006. However, to comply with Australian Equivalents to International
Financial Reporting Standards, annual actuarial updates will be required.
Actuarial updates for accrued benefits and vested benefits have been used to prepare the following information.
Net market value of assets held by the APSS to meet
future benefit payments
2005
$m
Consolidated Corporation
2004
$m
2005
$m
2004
$m
4,923.7 4,484.4 4,919.4 4,480.8
Present value of employees’ accrued benefits 3,952.5 3,612.9 3,948.2 3,609.3
Excess of assets held to meet future benefit
payments over the present value of employees’
accrued benefits
971.2 871.5 971.2 871.5
Employer contributions to the APSS 35.0 15.0 35.0 15.0
Vested benefits 3,948.8 3,608.3 3,944.5 3,604.7
Superannuation Act 1976
The superannuation liability under the Superannuation Act 1976 is recognised in the financial statements of the
Commonwealth and is settled by the Commonwealth in due course. The Commonwealth takes full responsibility
for the CSS liabilities for any Australia Post employees (past and present) remaining in the CSS.
Australia Post Annual Report 2004/05 Financial and Statutory Reports Notes to and forming part of the financial statements
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