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(vi) Defined benefit liability and employer
contributions
In accordance with the Occupational
Superannuation Standards Regulations
and Australian Accounting Standard AASB
1056 “Superannuation Entities” funding
arrangements are reviewed at least every
three years following the release of the
triennial actuarial review and was last
reviewed following completion of the triennial
review as at 30 June 2015. Contribution
rates are set after discussions between
the employer, STC and NSW Treasury.
The next triennial review is at 30 June 2018,
the report is expected to be released by the
end of 2018.
Funding positions are reviewed annually
and funding arrangements may be adjusted
as required after each annual review.
Expected contributions to defined benefit
plans for the year ending 30 June 2018 are
$1.4m. Following the triennial review of the
Defined Benefit Fund as at 30 June 2015 it
was determined that ARTC had an estimated
funding shortfall of approximately 12% that
the Trustees are endeavouring to recover
over the 3 year period from 1 July 2016 to 30
June 2019. The impact is that the employer
contribution will increase to $1.4m p.a. for
each of the next 3 years and be subject
to ongoing review.
The weighted average duration of the
defined benefit obligation is 12.9 years
(2016:16.8 years).
(g) Non-current liabilities - Defined benefit plans (continued)
NOTE 7
NON-FINANCIAL ASSETS AND LIABILITIES (CONTINUED)
Consolidated
2017
$’000
2016
$’000
Current service cost
571
535
Interest cost on benefit obligation
484
300
1,055
835
(viii) Amounts recognised in other comprehensive income
Consolidated
2017
$’000
2016
$’000
Actuarial (losses)/gains on liabilities
(1,446)
(7,174)
Actual return on Fund assets less interest income
(1,578)
(593)
(3,024)
(7,767)
(vii) Amounts recognised in consolidated income statement
The amounts recognised in the consolidated income statement in employee benefits
expense are as follows:
98