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(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 and therefore will not match
the balance of ARTC fair value of plan assets as disclosed in g(i).
(g) Non-current liabilities - Defined benefit plans (continued)
Consolidated
2017
Consolidated
2016
The major category
of plan assets are as
follows:
Quoted
$m
Un-
quoted
$m
Total
$m
Quoted
$m
Un-
quoted
$m
Total
$m
Equity instruments
17,981 3,519
21,500
18,198 3,617 21,815
Property
926 2,527
3,453
1,113 2,537 3,650
Short term securities
3,077
10
3,087
2,044
6 2,050
Fixed interest securities
1 2,981
2,982
1 3,554 3,555
Alternatives
391 8,675
9,066
471 6,645 7,116
22,376 17,712 40,088
21,827 16,359 38,186
Consolidated
2017
%
2016
%
Equity instruments
54
57
Property
9
10
Short term securities
8
5
Fixed interest securities
7
9
Alternatives
22
19
100
100
(iv) Actuarial assumptions and sensitivity
Actuarial assessment undertaken by Mercer as at 30 June 2017 contains the following
significant independent actuarial assumptions (expressed as weighted averages):
Consolidated
2017
2016
Discount rate
4.3%
3.6%
Rate of CPI increase
2.5%
2.4%
Future salary increases
3.2%
3.1%
96
NOTE 7
NON-FINANCIAL ASSETS AND LIABILITIES (CONTINUED)