2011/2012 Annual Report - Metro Tasmania

NOTES TO THE FINANCIAL STATEMENTS
Note 28. SUPERANNUATION AND DEFINED BENEFIT PLAN
General Information
The following provides the information that is required to be disclosed in the notes to the financial
statements for the year ended 30 June 2012 pursuant to AASB 119. The disclosures are set out in
paragraph 120A of the standard. Those parts of paragraph 120A that do not relate to the RBF Fund
have not been included.
Note that the changes made to the AASB 119 standard in April 2007 removed the paragraph 121
disclosures. Metro is therefore no longer required to disclose information relating to the funding
arrangements or the most recent actuarial valuation of the Fund.
Due to rounding, some figures may not add exactly to the totals.
Accounting Policy
Actuarial gains and losses are recognised immediately through retained earnings in the year in which
they occur. Interest costs are recognised in finance costs, service costs and expected returns on assets
are recognised in employee and related expenses in the Statement of Comprehensive Income in the
year in which they occur.
Fund Information
Defined benefit members receive lump sum benefits on resignation and lump sum or pension benefits
on retirement, death or invalidity. The defined benefit section of RBF is closed to new members. All new
members receive accumulation only benefits.
Reconciliation of the Defined Benefit Obligation – Para 120A(c)
Financial year ending 30 June 2012 30 June 2011
$’000 $’000
Present value of defined benefit obligations at beginning of the year 24,292 25,603
(+) Current service cost 497 576
(+) Interest cost 1,303 1,338
(+) Estimated contributions by plan participants 200 212
(+) Actuarial (gains)/losses 5,960 (1,324)
(-) Estimated benefits paid 1,657 2,063
(-) Estimated taxes, premiums and expenses paid 49 50
(+) Transfers in – –
(-) Contributions to accumulation section – –
(+) Past service cost – –
(+) Curtailments – –
(+) Settlements – –
(+) Exchange rate changes – –
Present value of defined benefit obligations at end of the year 30,546 24,292
54 METRO Annual Report 2011 | 2012