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(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
benefit scheme 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 triennial review was performed 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 8 (CONTINUED)
NON-FINANCIAL ASSETS AND LIABILITIES
(f) Non-current liabilities - Defined benefit plans (continued)
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