Endeavour Energy Annual Performance Report - Parliament of New ...

09
Financial
statements
Notes to the Financial Statements
For the year ended 30 June 2011
14 employee Benefits – Superannuation
(a) Superannuation plans
Endeavour Energy has a defined benefit superannuation plan covering a significant number of employees,
which requires contributions to be made to a separately administered fund.
The superannuation plan provides for defined benefits based on years of service and final average salary.
Employees contribute to the plan at various percentages of their wages and salaries. Endeavour Energy also
contributes to the plan, generally at the rate of twice the employees’ contributions. Contributions by Endeavour
Energy of up to 9% of employees’ wages and salaries are legally enforceable in Australia.
General description of the type of plan
The Energy Industries Superannuation Scheme
Division B
Division C
Division D
These Divisions are all defined benefit schemes – at least a component of the final benefit is derived from a multiple
of member salary and years of membership.
All divisions are closed to new members.
The following tables summarise the components of net benefit expense recognised in the profit or loss, actuarial
gains and losses recognised in other comprehensive income, and the funded status and amounts recognised in the
Statement of Financial Position for the plan.
(b) Expense recognised in profit or loss
2011
$’000
2010
$’000
Net superannuation expense (7,780) (11,064)
Expense recognised in profit or loss (7,780) (11,064)
Assets invested in entity or in property occupied by the entity
All Scheme assets are invested by the trustee at arm’s length through independent Scheme managers.
(c) Amounts recognised in the Statement of Financial Position
2011
$’000
2010
$’000
Present value of the defined benefit obligation (354,746) (329,764)
Fair value of plan assets 289,611 268,056
Net superannuation asset/(liability) (65,135) (61,708)
76