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94
Spirit of Australia
~Notes to the Financial Statements~
for the year ended 30 June 2005
27. Superannuation commitments continued
The last actuarial reviews of the Plans were as follows:
Plan Type of Plan
Name and
Qualifications of Actuary1Date
Qantas Superannuation Plan Defined benefit Mr Mark Thompson, BSc, FIAA 30 June 2002
Accumulation n/a
Australian Airlines Flight Engineers’ Superannuation Plan2Defined benefit Mr Mark Thompson, BSc, FIAA 30 June 2003
1 Actuarial valuations performed by actuary then employed by Towers Perrin (now Russell Investment Group) in Australia.
2 This Plan has been wound up with effect from 1 July 2005.
Certain controlled entities have a legally enforceable obligation under various awards to contribute to industry plans on behalf of some
employees. These Plans operate on an accumulation basis and provide lump sum benefits for members on resignation, retirement or death.
As at 30 June 2005, the net market value of the Qantas Superannuation Plan assets was estimated to be in excess of the vested benefits
of the Plan.
The following defined benefit superannuation plans are sponsored by the Qantas Group:
Qantas Group 2005
Plan
Present
value of
accrued
benefits
as at the
most recent
actuarial
valuation
$M
Net
market
value of
Plan assets
as at
30 June 20041
$M
Excess
$M
Employer
contributions
to Plan for
year ended
30 June 20041
$M
Vested
benefits
as at
30 June 20041
$M
Qantas Superannuation Plan23,636.5 4,205.1 568.6 230.1 4,040.0
Australian Airlines Flight Engineers’ Superannuation Plan37.8 17.5 9.7 – 7.3
Total 3,644.3 4,222.6 578.3 230.1 4,047.3
1 Extracted from the most recent audited financial statements of the Plans. The net market value of the Plan assets does not represent the actuarial value
of assets, as it does not include allowance for fluctuations in the value of the Plans assets.
2 The most recent actuarial valuation of the Qantas Superannuation Plan was as at 30 June 2002. The most recent audited financial statements prepared
by the Qantas Superannuation Plan were as at 30 June 2004. Accordingly, comparison of accrued benefits as at 30 June 2002 to the net market value of
Plan assets as at 30 June 2004 is inappropriate due to the different dates.
3 The most recent actuarial valuation was undertaken as at 30 June 2003.
Qantas Group 2004
Plan
Present
value of
accrued
benefits
as at the
most recent
actuarial
valuation
$M
Net
market
value of
Plan assets
as at
30 June 20031
$M
Excess/
(deficit)
$M
Employer
Contributions
to Plan for
year ended
30 June 20031
$M
Vested
benefits
as at
30 June 20031
$M
Qantas Superannuation Plan23,636.5 3,612.0 (24.5) 230.0 3,512.0
Australian Airlines Flight Engineers’ Superannuation Plan37.8 16.7 8.9 – 7.8
Total 3,644.3 3,628.7 (15.6) 230.0 3,519.8
1 Extracted from the most recent audited financial statements of the Plans. The net market value of the Plan assets does not represent the actuarial value
of assets, as it does not include allowance for fluctuations in the value of the Plans assets.
2 The most recent actuarial valuation of the Qantas Superannuation Plan was at 30 June 2002. The most recent audited financial statements prepared by
the Qantas Superannuation Plan were as at 30 June 2003. Accordingly, comparison of accrued benefits as at 30 June 2002 to the net market value of
Plan assets as at 30 June 2003 is inappropriate due to the different dates.
3 The most recent actuarial valuation was undertaken as at 30 June 2003.
Vested benefits are benefits that are not conditional upon continued membership of the Plans and include benefits which members were
entitled to receive had they terminated their membership of the Plans as at balance date.
The Directors, based on the advice of the Trustees of the Plans, are not aware of any changes in circumstances since the date of the most
recent financial statements of the Plans that would have a material impact on the overall financial position of the Plans, unless otherwise
disclosed.