annual report/2006 - University of Melbourne

financial statements/
Notes to and forming part of the Financial Statements
36.3 State Government Schemes
The University has a number of employees who are members of the State Employees Retirement Benefits Scheme and the
State Superannuation Fund administered by the Government Superannuation Office. These schemes are defined benefits
schemes and are closed to future University employees.
At 30 June, the State Superannuation Fund was carrying total liabilities for member benefits greater than the value of the
net market value of the plan’s assets. As a result an unfunded superannuation liability exists and is recognised in the financial
statements of the Scheme. The University’s portion of the unfunded liability comprises of employees who transferred to
the University from the former Melbourne College of Advanced Education together with those employees of the former
subsidiaries Hawthorn Institute of Education Ltd and Victorian College of Agriculture and Horticulture Ltd and those employees
of the Victorian College of the Arts.
As at 30 June the unfunded superannuation liability determined by the Victorian Government Superannuation Office amounted to:
2006 2005
$’000 $’000
University of Melbourne 90,723 95,390
Victorian College of the Arts 14,733 15,499
105,456 110,889
The values as at 30 June 2006 are the values that have been included in the accounts. Funding to meet payments incurred will
be provided to the University of Melbourne by the Australian Government. The cost is shared between the State of Victoria and
the Australian Government.
36.4 The total superannuation contributions by the University during the year in respect of the above plans were:
2006 2005
$’000 $’000
UniSuper - Defined Benefit Division, Accumulation Super (2) and Accumulation Super (1) 63,936 57,472
State Government Schemes 419 756
Other Superannuation Funds 7,818 7,960
72,173 66,188
Note 37 Workcover - Self Insurance
As from 1 October 1990, the University became a Self Insurer for Workers’ Compensation and WorkCover. The actuarial
assessment carried out as at 31 December 2006 assessed liabilities at $5,062,000 ($5,042,000 at 31 December 2005) which
are projected to decrease to $5,014,000 by 31 December 2007.
The University of Melbourne Annual Report 2006
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