129 q Annual Report 2013-2014 HORSHAM RURAL CITY COUNCIL


NOTES TO THE FINANCIAL STATEMENTS (Cont.) FOR THE YEAR ENDED 30th JUNE, 2014


32 . SUPERANNUATION (cont.)


Accrued benefits The Fund's liability for accrued benefits was determined in the 31 December 2011 actuarial investigation pursuant to the requirements of Australian Accounting Standard AAS25 as follows:


31-Dec-11 $'000


Net Market Value of Assets


Accrued Benefits (per accounting standards) Difference between Assets and Accrued Benefits


Vested Benefits (Minimum sum which must be paid to members when they leave the fund)


------------------- 4,315,324 4,642,133


------------------- (326,809)


------------------- 4,838,503


The financial assumptions used to calculate the Accrued Benefits for the defined benefit category of the Fund were:


Net Investment Return Salary Inflation Price Inflation


7.5% p.a. 4.25% p.a. 2.75% p.a.


The next full actuarial investigation of the Fund's liability for accrued benefits will be based on the Fund's position as at 30 June 2014. The anticipated completion date of this actuarial investigation is 19 December 2014.


Superannuation Contributions Contributions by Council (excluding any unfunded liability payments) to the above superannuation plans for the financial year ended 30 June 2014 are detailed below:


Scheme


Vision Super Vision Super


Type of scheme


Defined benefits Accumulation plan


Rate


9.25% 9.25%


2014 $'000


1,017 2013 $'000


------------------- -------------------- 186


190 913


There were $77,000 contributions outstanding and ($nil) loans issued from or to the above schemes at as 30 June 2014. The expected contributions to be paid to the defined benefit category of Vision Super for the year ending 30 June 2015 is $193,000.


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