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130 Qantas Annual Report 2009
Notes to the Financial Statements
for the year ended 30 June 2009
30. Superannuation
TheQantasSuperannuationPlan(QSP)isahybriddenedbenet/denedcontributionfundwith14separatedivisionswhichcommencedoperation
inJune1939.InadditiontotheQSP,thereareanumberofsmalloffshoredenedbenetplans.
TheQantasGroupmakescontributionstodenedbenetsuperannuationplansthatprovidedenedbenetamountsforemployeesupon
retirement.Undertheplans,employeesareentitledtoretirementbenetsdetermined,atleastinpart,byreferencetoaformulabasedonyearsof
membershipandsalarylevels.ThetotalplanassetsincludenancialinstrumentsissuedbyQantaswithafairvalueof$6million(2008:$18million).
Planassetsalsoincludeaninvestmentinatrustwhichownsa50percentinterestinpropertyoccupiedbytheQantasGroup.Thevalueofthis
investment is $28 million (2008: $17 million).
Qantas Group Qantas
2009 2008 2009 2008
CHANGES IN THE PRESENT VALUE OF DEFINED BENEFIT OBLIGATION $M $M $M $M
Openingdenedbenetobligation 1,846 1,691 1,846 1,691
Current service cost 149 142 149 142
Interest cost 105 99 105 99
Actuarial losses 176 180 176 180
Exchangedifferencesonforeignplans 8 (17) 8 (17)
Benefits paid (186) (249) (186) (249)
Closing defined benefit obligation 2,098 1,846 2,098 1,846
CHANGES IN THE FAIR VALUE OF PLAN ASSETS
Opening fair value of plan assets 2,142 2,353 2,142 2,353
Expectedreturn 170 178 170 178
Actuarial losses (343) (271) (343) (271)
Exchangedifferencesonforeignplans 6 (15) 6 (15)
Contributionsbyemployer 130 120 130 120
Contributionsbyplanparticipants 25 26 25 26
Benefits paid (186) (249) (186) (249)
Closing fair value of plan assets 1,944 2,142 1,944 2,142
EXPENSE RECOGNISED IN THE INCOME STATEMENT
Service cost 135 131 135 131
Interest cost 105 99 105 99
Contributionsbyplanparticipants (25) (26) (25) (26)
Expectedreturnonplanassets (170) (178) (170) (178)
Actuarial gains – (33) – (33)
Increaseinallowanceforcontributionstaxonnetliability 7 5 7 5
Expenses 7 6 7 6
Total included in manpower and staff related expenditure 59 4 59 4
ACTUAL RETURN ON PLAN ASSET
Actual loss on plan assets 173 93 173 93
MAJOR CATEGORIES OF PLAN ASSETS AS A PERCENTAGE OF TOTAL PLAN ASSETS % % % %
Equity instruments (Australian and overseas) 55 55 55 55
Fixedinterestandcash(Australianandoverseas) 14 14 14 14
Property (direct and listed) 10 10 10 10
Australianindexedbond 6 6 6 6
Alternative asset 15 15 15 15
RECONCILIATION TO THE BALANCE SHEET $M $M $M $M
Fairvalueofplanassets 1,944 2,142 1,944 2,142
Presentvalueofdenedbenetobligation 2,098 1,846 2,098 1,846
(Deficit)/surplus (154) 296 (154) 296
Less: unrecognised actuarial (losses)/gains (380) 141 (380) 141
Recognised prepayments in the balance sheet 226 155 226 155