NOTE 08
NON-FINANCIAL ASSETS AND LIABILITIES (CONTINUED)
(ii) 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 Rail
Infrastructure Corporation/State Rail Authority and
now currently employed by ARTC are members of the
following defined benefit funds:
State Authorities Superannuation Scheme (SASS)
SASS is a split benefit scheme, which means it is made
up of an accumulation style contributor financed
benefit and a defined benefit style employer financed
benefit. Employees can elect to contribute between
1% and 9% of their salary to SASS and can vary their
contribution rate each year. Generally, each percentage
of salary that a member contributes each year buys
the member one benefit point which is used in the
calculation of the employer financed benefit.
State Superannuation Scheme (SSS)
SSS is a defined benefit scheme subsidised
by the employer. Contributions to the defined
contribution fund are recognised as an expense as
they become payable.
State Authorities Non-contributory Superannuation
Scheme (SANCS)
SANCS is a productivity type superannuation benefit
accrued by SASS members in addition to their
contributory scheme benefits. Calculated at 3% of final
average salary or final salary, depending on the mode
of exit, for each year of service from 1 April 1988. It is
fully employer financed.
All the schemes are closed to new members.
The schemes in the Pooled Fund are established
and governed by the following NSW legislation:
Superannuation Act 1916, State Authorities
Superannuation Act 1987, Police Regulation
(Superannuation) Act 1906, State Authorities Non-
contributory Superannuation Scheme Act 1987, and
their associated regulations.
Under a Heads of Government agreement, the New
South Wales Government undertakes to ensure that
the Pooled Fund will conform with the principles of the
Commonwealth’s retirement incomes policy relating
to preservation, vesting and reporting to members and
that members’ benefits are adequately protected.
An actuarial investigation of the Pooled Fund is
performed every three years. The last actuarial
investigation was performed as at 30 June 2012.
The Fund’s Trustee is responsible for the governance
of the Fund. The Trustee has a legal obligation to act
solely in the best interests of fund beneficiaries. The
Trustee has the following roles:
•
•
Administration of the fund and payment to the
beneficiaries from fund assets when required in
accordance with the fund rules;
•
•
Management and investment of the fund assets; and
•
•
Compliance with other applicable regulations.
(iii) Change in accounting policy
The Group has applied the revised accounting
standard for employee benefits from 1 July 2013. This
has affected some of the amounts recognised and
disclosed in the financial statements. The information
shown in this note has been restated based on the new
rules. The adjustments made are explained in note 2.
The Group has elected to recognise remeasurement
gains and losses directly in retained earnings.
(g) Non-current liabilities - Defined benefit plans (continued)
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