Telstra 2008 Annual Report Download - page 202
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Telstra Corporation Limited and controlled entities
199
Notes to the Financial Statements (continued)
(b) Reconciliation of changes in fair value of plan assets
The actual return on defined benefit plan assets was -5.7% (2007:
16.6%) for Telstra Super and 1.88% (2007: 19.5%) for HK CSL Retirement
Scheme.
(c) Reconciliation of changes in present value of wholly funded
defined benefit obligation
(i) Benefits paid include $760 million (2007: $653 million) of
entitlements (to exiting defined benefit members) which have been
retained in Telstra Super but transferred to the defined contribution
scheme.
For fiscal 2009, we expect to pay total benefit payments of $345
million (including benefits retained) to defined benefit members of
Telstra Super and HK CSL Retirement Scheme.
24. Post employment benefits (continued)
Telstra Group Telstra Entity
As at 30 June As at 30 June
2008 2007 2008 2007
$m $m $m $m
Fair value of defined benefit plan assets at beginning of year . . . . . . . . . . . . . . 4,342 4,553 4,244 4,458
Expected return on plan assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 321 316 315 310
Employer contributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13--
Member contributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36 30 36 30
Notional transfer of funds for defined contribution benefits. . . . . . . . . . . . . . . . . (142) (114) (142) (114)
Benefits paid (i) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (806) (685) (790) (682)
Actuarial (loss)/gain. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (525) 261 (526) 252
Plan expenses after tax. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (10) (10) (10) (10)
Foreign currency exchange differences. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (12) (12) --
Fair value of defined benefit plan assets at end of year . . . . . . . . . . . . . . . . . . 3,205 4,342 3,127 4,244
Telstra Group Telstra Entity
As at 30 June As at 30 June
2008 2007 2008 2007
$m $m $m $m
Present value of defined benefit obligation at beginning of year . . . . . . . . . . . . 3,646 3,675 3,578 3,605
Current service cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 175 188 171 184
Interest cost. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 183 187 180 184
Member contributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 12 13 12
Benefits paid (i) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (806) (685) (790) (682)
Actuarial (gain)/loss. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (155) 240 (165) 237
Curtailment loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 338 338
Foreign currency exchange differences. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (11) (9) --
Present value of wholly funded defined benefit obligation at end of year. . . . . . . 3,048 3,646 2,990 3,578