Telstra 2013 Annual Report Download - page 156
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NOTES TO THE
FINANCIAL STATEMENTS
(CONTINUED)
154 Telstra Annual Report 2013 Telstra Corporation Limited and controlled entities
(c) Reconciliation of changes in the present value of the wholly
funded defined benefit obligation
(i) Benefits paid include $230 million (2012: $180 million) of
entitlements to exiting defined benefit members which have been
retained in Telstra Super and transferred to the defined contribution
scheme.
For financial year 2014, we expect to pay total benefit payments of
$243 million (including benefits retained) to defined benefit
members of Telstra Super.
(d) Amounts recognised in the income statement and in other
comprehensive income
24. POST EMPLOYMENT BENEFITS (CONTINUED)
Telstra Group
As at 30 June
2013 2012
$m $m
Present value of defined benefit obligation at beginning of year . . . . . . . . . . . . . . . . . . . . 3,266 2,762
Current service cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 125 107
Interest cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 125 146
Member contributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36 15
Benefits paid (i). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (244) (202)
Actuarial (gain)/loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (321) 429
Curtailment loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (17) 7
Foreign currency exchange differences . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 72
Present value of wholly funded defined benefit obligation at end of year . . . . . . . . . . . . . . . 2,977 3,266
Telstra Group
Year ended 30 June
2013 2012
Note $m $m
Components of the defined benefit plan expense recognised in the income statement within
labour expenses
Current service cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 125 107
Interest cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 125 146
Expected return on plan assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (194) (200)
Member contributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (30) (32)
Curtailment loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (17) 7
Plan expenses after tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23 13
Adjustment for contributions tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 78
39 49
Employer contributions - defined contribution plan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 184 174
Total expense recognised in the income statement . . . . . . . . . . . . . . . . . . . . . . . . . . 7 223 223
Actuarial gain/(loss) recognised directly in other comprehensive income . . . . . . . . . . . . . . . . . . 678 (755)
Cumulative actuarial losses recognised directly in other comprehensive income . . . . . . . . . . . . . . (144) (822)