Qantas 2011 Annual Report Download - page 91
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89 ANNUAL REPORT 2011
for the year ended 30 June 2011
Notes to the Financial Statements continued
The Qantas Superannuation Plan (QSP) is a hybrid dened benet/dened contribution fund with separate divisions which commenced
operation in June . In addition to the QSP, there are a number of small offshore dened benet plans.
The Qantas Group makes contributions to dened benet superannuation plans that provide dened benet amounts for employees upon
retirement. Under the plans, employees are entitled to retirement benets determined, at least in part, by reference to a formula based on
years of membership and salary levels. The total plan assets include shares in Qantas with a fair value of $ million (: $ million). As at
June the plan assets also included an investment in a trust of $ million which owned a per cent interest in property occupied
by the Qantas Group. This investment was sold in July .
Qantas Group
$M
$M
CHANGES IN THE PRESENT VALUE OF DEFINED BENEFIT OBLIGATION
Opening dened benet obligation , ,
Current service cost
Past service cost () –
Interest cost
Actuarial (gains)/losses ()
Exchange differences on foreign plans () ()
Benets paid () ()
Closing dened benet obligation , ,
CHANGES IN THE FAIR VALUE OF PLAN ASSETS
Opening fair value of plan assets , ,
Expected return
Actuarial (losses)/gains ()
Exchange differences on foreign plans () ()
Contributions by employer
Contributions by plan participants
Benets paid () ()
Closing fair value of plan assets , ,
EXPENSE RECOGNISED IN THE CONSOLIDATED INCOME STATEMENT
Current service cost
Past service cost () –
Interest cost
Contributions by plan participants () ()
Expected return on plan assets () ()
Actuarial losses
Increase in allowance for contributions tax on net liability
Expenses
Total included in manpower and staff related expenditure
ACTUAL RETURN GAIN ON PLAN ASSETS
Actual return gain on plan assets
% %
MAJOR CATEGORIES OF PLAN ASSETS AS A PERCENTAGE OF TOTAL PLAN ASSETS
Equity instruments (Australian and overseas)
Fixed interest, cash and indexed bonds (Australian and overseas)
Property
Alternative assets
$M $M
RECONCILIATION TO THE CONSOLIDATED BALANCE SHEET
Fair value of plan assets , ,
Present value of dened benet obligation , ,
Decit () ()
Less: unrecognised actuarial losses () ()
Recognised prepayments in the Consolidated Balance Sheet (refer to Note )
30. Superannuation