Annual Report 2005 - Publications Unit - The University of Western ...

`THE UNIVERSITY OF WESTERN AUSTRALIANOTES TO THE FINANCIAL STATEMENTS31 DECEMBER 2005ConsolidatedUniversity2005 2004 2005 2004Notes $'000 $'000 $'000 $'00033. Provisions (continued)(v) Amounts recognised in income statementsCurrent service cost 69 114 69 114Interest cost 688 738 688 738Expected return on plan assets - - - -Actuarial (gains)/losses (700) 813 (700) 813Past service cost - - - -Losses (gains) on curtailments and settlements - - - -Total included in employee benefits expenses 57 1,665 57 1,665(vi) Principal actuarial assumptionsThe principal actuarial assumptions used (expressed as weighted averages) were as follows:Discount rate 5.5% 5.2% 5.5% 5.2%Expected return on plan assets - - - -Future salary increases 4.0% 4.0% 4.0% 4.0%Future inflation 3.0% 3.0% 3.0% 3.0%Future pension increases 4.0% 4.0% 4.0% 4.0%(vii) Employer contributionEmployer contributions are made to meet the cost of the defined benefits as they fall due.(viii) Net financial position of the planThe plan is not a regulated superannuation fund.(ix) Historic summaryPresent value of defined benefit obligation 12,372 13,984 12,372 13,984Fair value of plan assets - - - -(Surplus)/Deficit in plan 12,372 13,984 12,372 13,984Experience adjustment – plan liabilities (559) 501 (559) 501Experience adjustment – plan assets - - - -61