THE UNIVERSITY OF NEWCASTLE Notes to the Financial Statements For the year ended 31 December 2012 36
DEFINED BENEFITS PLANS (continued)
(b)
Present value obligations (continued)
2012 Net liability Present value of defined benefit obligations Fair value of plan assets Total net liability (asset) in the statement of financial position Expense recognised Current service cost Interest on obligation Actuarial losses (gains) Expected return on plan assets
SASS $’000
SANCS $’000
SSS $’000
Pension $’000
Total $’000
56,873 (49,599)
9,409 (5,726)
376,093 (75,541)
31,022 -
473,397 (130,866)
7,274
3,683
300,552
31,022
342,531
386 323 (567)
346 12,829 (6,219)
1,102 1,206 -
2,527 16,119 1,206 (10,465)
142
6,956
2,308
9,387
5,360
695
9,196
-
15,251
Present value of defined benefit obligations Opening present value of defined benefit obligations Current service cost Interest cost Contributions from plan participants Actuarial losses (gains) Benefits paid
49,697 1,700 2,656 780 2,215 (3,949)
9,247 405 482 287 (982)
287,052 241 15,548 862 69,214 (16,703)
28,567 1,540 2,747 (2,041)
374,563 2,346 20,226 1,642 74,463 (23,675)
Closing present value of defined benefit obligations
53,099
9,439
356,214
30,813
449,565
Fair value of plan assets Opening fair value of plan assets Expected return on plan assets Actuarial gains (losses) Contributions from the employer Contributions from plan participants Benefits paid
46,902 3,846 (3,727) 1,626 780 (3,949)
6,302 618 (728) 725 (983)
98,490 7,704 (9,130) 582 862 (16,702)
-
151,694 12,168 (13,585) 2,933 1,642 (21,634)
Closing fair value of plans assets
45,478
5,934
81,806
-
133,218
Net liability Present value of defined benefit obligations Fair value of plan assets
53,099 (45,478)
9,439 (5,934)
356,214 (81,806)
30,813 -
449,565 (133,218)
Total net liability (asset) in balance sheet
7,621
3,505
274,408
30,813
316,347
Expense (income)
1,795 1,865 (3,679) (19)
Actual returns Actual return on plan assets 2011
52 | THE UNIVERSITY OF NEWCASTLE