Qantas 2010 Annual Report Download - page 88

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THE QANTAS GROUP 86
for the year ended 30 June 2010
Notes to the Financial Statements continued
Qantas Group
2010
$M
2009
$M
2008
$M
2007
$M
2006
$M
HISTORICAL AMOUNTS
Fair value of plan assets 1,964 1,944 2,142 2,353 2,411
Present value of de ned bene t obligation 2,210 2,098 1,846 1,691 2,042
(De cit)/surplus (246) (154) 296 662 369
Experience adjustments on plan assets 36 (343) (271) 27 180
Experience adjustments on plan liabilities (81) (37) (138) 112 4
Qantas Group
2010
%
2009
%
PRINCIPAL ACTUARIAL ASSUMPTIONS (EXPRESSED AS WEIGHTED AVERAGES PER ANNUM)
Discount rate 5.3 5.7
Expected return on plan assets 7.4 7.6
Future salary increases 3.0 3.0
The expected long-term rate of return is based on the weighted average of expected returns on each individual asset class where the weightings
re ect the proportion of de ned bene t assets invested in each asset class. Each asset class’ expected return is based on expectations of average
returns over the next 10 years.
Employer contributions to the de ned bene t superannuation plans are based on recommendations by the plans’ actuaries. It is estimated that
$108 million will be paid by Qantas for employees accruing de ned bene ts in the year ended 30 June 2011 (2010: $121 million).
In April 2009, Qantas and the Trustee of the QSP agreed to additional funding of up to $66 million over three years following the adverse performance
of investment markets as a result of the Global Financial Crisis. As at 30 June 2010, Qantas has contributed $35 million of the additional funding.
De ned contribution fund
The Qantas Group’s results include $142 million (2009: $131 million) of expenses in relation to de ned contribution funds.
31. Related Parties
(A) KEY MANAGEMENT PERSONNEL
The Key Management Personnel (KMP) of the Qantas Group during the year were:
Directors
Leigh Clifford, AO, Chairman
Alan Joyce, Chief Executive Of cer
Colin Storrie, Chief Financial Of cer (ceased as a Director and KMP effective 5 March 2010)
Peter Cosgrove, AC, MC, Non-Executive Director
Patricia Cross, Non-Executive Director
Richard Goodmanson, Non-Executive Director
Garry Hounsell, Non-Executive Director
Paul Rayner, Non-Executive Director
John Schubert, Non-Executive Director
James Strong, AO, Non-Executive Director
Barbara Ward, Non-Executive Director
Key Management Executives
Bruce Buchanan, Chief Executive Of cer Jetstar
Gareth Evans, Chief Financial Of cer (appointed as KMP effective 15 June 2010)
Rob Gurney, Group Executive Qantas Commercial
Simon Hickey, Chief Executive Of cer Qantas Frequent Flyer
Lyell Strambi, Group Executive Qantas Operations
30. Superannuation continued