Note 29
Defined benefit plans
(a) Superannuation plan
On commencement on 5 September 2004 of
the 60 year lease with the NSW Government
to operate the NSW interstate main lines,
the Hunter Valley rail corridor and dedicated
metropolitan freight lines to the Sydney ports,
employees previously employed by RIC/SRA and
now currently employed by ARTC are members of
the following defined benefit funds:
••
State Authorities Superannuation
Scheme (SASS)
••
State Superannuation Scheme (SSS)
••
State Authorities Non ‑ Contributory
Superannuation Scheme (SANCS)
All the Schemes are closed to new members.
The following sets out details in respect of the
defined benefit section.
(b) Consolidated balance sheet
amounts
The amounts recognised in the Balance Sheet are
determined as follows:
Consolidated
2012
2011
$’000
$’000
Present value of the defined benefit obligation
33,435
38,368
Fair value of defined benefit plan assets
(22,232)
(32,205)
Net liability/(asset) in the Balance Sheet
11,203
6,163
(c) Categories of plan assets
Consolidated
2012
2011
%
%
Cash
20
5
Equity instruments
52
63
Fixed interest securities
7
9
Property
9
10
Other assets
12
13
Total
100
100
The asset recognised does not exceed the present value of any economic benefits available in the form of
reductions in future contributions to the plan.
98
