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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 three defined
benefit funds listed below. As part of that
arrangement ARTC is required to make an
annual contribution that covers all three
schemes to assure that the schemes are
sufficiently funded.
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 which
means that benefits are based on a specified
formula, and as such are not affected by
investment returns. SSS members contribute
towards units of fortnightly pension
throughout their membership.
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.
(g) Non-current liabilities - Defined benefit plans (continued)
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NOTE 7
NON-FINANCIAL ASSETS AND LIABILITIES (CONTINUED)