Australia Post Annual Report 2008–09

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Notes to and forming part of the Financial Report for the year ended 30 June 2009 12 Superannuation (i) Superannuation plan The corporation is an employer sponsor of the Australia Post Superannuation Scheme (APSS), of which almost all of its employees are members. The APSS provides employer-financed defined benefits to all employees who are members, and member-financed accumulation benefits to those who elect. Some of the corporation’s current and past employees are also entitled to benefits under the Superannuation Act 1976, but the corporation has no contribution obligation in respect of these benefits. A small percentage of Australia Post employees have elected not to be members of the APSS and are not entitled to benefits under the Superannuation Act 1976. Australia Post pays the Superannuation Guarantee contribution to the nominated superannuation funds of these employees. The consolidated amounts shown below are materially consistent with the corporation. (ii) Amount recognised in the income statement Current service cost Interest cost on benefit obligation Expected return on plan assets Plan expenses Contributions tax reserve 80 Australia Post Annual Report 2008–09 | Financial and statutory reports 2009 $m 191.8 360.3 (522.3) 11.8 5.3 Consolidated Defined benefit superannuation expense 46.9 34.7 (iii) Amount recognised in the balance sheet Present value of benefit obligation (wholly funded) Fair value of plan assets Contributions tax reserve 2009 $m (5,298.0) 5,695.8 70.2 2008 $m (5,333.3) 6,688.8 239.2 2007 $m (5,003.4) 6,514.5 266.7 2006 $m (4,544.9) 5,693.4 202.8 2008 $m 187.8 329.0 (496.8) 11.2 3.5 Consolidated 2005 $m (4,171.0) 4,922.1 132.5 Net superannuation asset – non-current (1) 468.0 1,594.7 1,777.8 1,351.3 883.6 (1) 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 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 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 (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 in future superannuation expense and contributions. (iv) Reconciliations Changes in the present value of the defined benefit obligation is as follows: Opening defined benefit obligation at 1 July Interest cost Current service cost Benefits paid Member contributions Actuarial losses on obligation 2009 $m 5,333.3 360.3 191.8 (271.3) 69.5 (385.6) 2008 $m 5,003.4 329.0 187.8 (290.0) 65.5 37.6 Closing defined benefit obligation at 30 June (1) 5,298.0 5,333.3 Changes in the fair value of the plan assets is as follows: Opening fair value of plan assets at 1 July Expected return on plan assets Contributions by employer Member contributions Benefits paid Actuarial losses Plan expenses Contributions tax reserve 6,688.8 522.3 46.9 69.5 (271.3) (1,343.3) (11.8) (5.3) 6,514.5 496.8 34.7 65.5 (290.0) (118.0) (11.2) (3.5) Fair value of plan assets at 30 June (1) 5,695.8 6,688.8 (1) Included in the obligation and plan assets above is $2,489.5 million (2008: $2,763.5 million) relating to member-financed accumulation benefits. The group expects to contribute approximately $129.3 million to its defined benefit pension plan in 2009–10.
12 Superannuation (continued) (v) Categories of plan assets The major categories of plan assets as a percentage of the fair value of total plan assets is as follows: Public market equities Public market debt Cash Real estate Other 2009 (1) % 3 6 18 35 38 Consolidated (1) Within the Real Estate and Other categories included in the 2009 year above, approximately 6% of the assets were valued at or before 31 December 2008, 89.4% were valued between 31 March and 30 June 2009, 4.6% were valued at 30 June 2009 and 0% were valued at cost. All Public market equities and debt were valued at 30 June 2009. The expected rate of return on assets is determined based on the valuation of assets prevailing on that date, applicable to the period over which the obligation is to be settled. There are no in-house assets included in the fair value of the APSS assets, however there may be an immaterial amount of indirect investments in shopping centres where the corporation has leased certain areas for Australia Post shops. (vi) Actual return on plan assets Actual (loss)/return on plan assets (944.2) 389.8 (vii) Cumulative actuarial gains and losses Actuarial losses recognised in the year in the statement of recognised income and expense Contributions tax 1,126.7 183.1 Cumulative actuarial losses/(gains) recognised in the statement of recognised income and expense 405.7 (721.0) (viii) Experience adjustments Experience adjustments on plan liabilities Experience adjustments on plan assets 2009 $m 377.6 (1,343.3) 2008 $m (68.7) (118.0) (ix) Actuarial assumptions The principal actuarial assumptions used in determining superannuation obligations for the group’s plan are shown below (expressed as weighted averages): Discount rate (1) Expected after-tax rate of return on assets Future salary increases 2007 $m (308.8) 547.1 2009 $m 957.7 169.0 2006 $m (240.0) 521.7 (1) In 2008, an allowance was made in the discount rate for 15% investment tax. The 2009 rate is a pre-tax rate. The change occurs prospectively and has arisen due to a change in the industry interpretation of the accounting standard. 2009 % 5.5 8.3 5.0 2008 % 11 15 12 31 31 2008 $m 155.6 27.5 Consolidated 2005 $m (171.2) 312.7 Consolidated 2008 % 5.5 8.0 5.0 (x) 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 Commonwealth Superannuation Scheme (CSS) liabilities for any Australia Post employees (past and present) remaining in the CSS. Disclosures regarding the CSS Scheme are located in the Department of Finance and Deregulation (Finance) Annual Financial Report. Australia Post Annual Report 2008–09 | Financial and statutory reports 81
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1809 2009 Australia Post Annual Rep
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Over the past 200 years, Australian
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Our business Celebrating 200 years
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For 200 years, we have developed ou
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We handled 5.3 billion items of mai
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Our business Managing Director’s
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Mail volumes m 6,000 5,000 4,000 3,
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Our business Performance against ta
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Core businesses Australia’s posta
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Core businesses Letters & associate
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Collaborative solutions across the
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Rewarding customer loyalty Australi
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Core businesses Agency services & r
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1968 Behind the front counter of th
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Sending home comforts to the world
Page 31 and 32: Core businesses Parcels & logistics
Page 33 and 34: 1936 Transporting mail from the SS
Page 35 and 36: Expanding Business, Naturally When
Page 37 and 38: Corporate responsibility From a wor
Page 39 and 40: Corporate responsibility Highlights
Page 41 and 42: Employment by occupation % Administ
Page 43 and 44: 1950s A postie delivering mail in s
Page 45 and 46: Human Resources Committee Incorpora
Page 47 and 48: Treasury A comprehensive and pruden
Page 49 and 50: Mark Darras LLM, BA LLB, BEd Direct
Page 51 and 52: Contents - Financial and statutory
Page 53 and 54: Statements by directors for the yea
Page 55 and 56: Australia Post Annual Report 2008-0
Page 57 and 58: Balance sheet as at 30 June 2009 No
Page 59 and 60: Cashflow statement for the year end
Page 61 and 62: Schedule of contingencies as at 30
Page 63 and 64: Reference Title Nature of change to
Page 65 and 66: Where settlement of any part of the
Page 67 and 68: (iii) Translation of group companie
Page 69 and 70: (ii) Held-to-maturity investments N
Page 71 and 72: is increased to its recoverable amo
Page 73 and 74: 2 Revenues and other income Revenue
Page 75 and 76: 4 Finance costs Bonds (1) Interest
Page 77 and 78: 5 Income tax (continued) (e) Unreco
Page 79 and 80: 9 Non-current assets - trade and ot
Page 81: 11 Investments in jointly controlle
Page 85 and 86: 13 Analysis of property, plant & eq
Page 87 and 88: 15 Investment properties Opening ba
Page 89 and 90: 20 Provisions Current provisions An
Page 91 and 92: 22 Analysis of total equity (contin
Page 93 and 94: 24 Dividends paid Final ordinary di
Page 95 and 96: 26 Segment information (continued)
Page 97 and 98: 27 Key management personnel remuner
Page 99 and 100: 27 Key Management personnel remuner
Page 101 and 102: 28 Related parties (continued) Tran
Page 103 and 104: 29 Financial and capital risk manag
Page 111 and 112: 32 Corporate information The financ
Page 113 and 114: Auditor-General’s report - perfor
Page 115 and 116: Domestic letter service monitor for
Page 117 and 118: Survey certification for the year e
Page 119 and 120: Reserved/non-reserved services for
Page 121 and 122: Australian Postal Corporation Act 1
Page 123 and 124: Statutory reporting requirements fo
Page 125 and 126: Consultative arrangements The Stake
Page 127 and 128: Australia Post - the statistics for
Page 129 and 130: 5 Mail delivery network Private hou
Page 131 and 132: 9 Overall letter service performanc
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Index Australia Post Annual Report
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I (continued) interest 11, 57 inter
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Contact details Australia Post Head
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Stamp gallery 2008-09 Australia Pos
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AAT: International Polar Year 2007-
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Australia Post Annual Report 2008–09

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