(g) Non-current liabilities
- Defined benefit plans
(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 business unit 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 to the
principles of the Commonwealth’s retirement
incomes policy relating to preservation, vesting
and reporting to members and that member
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 next triennial review is as
at 30 June 2015.
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) Categories of plan assets
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.
All Pooled Fund assets are invested by SASS
Trustee Corporation at arm’s length through
independent fund managers, assets are not
separately invested for each entity and it is
not possible or appropriate to disaggregate
and attribute fund assets to individual
entities. As such, the disclosures below
relate to total assets of the Pooled Fund.
NOTE 06
NON-FINANCIAL ASSETS AND LIABILITIES
(CONTINUED)
80
