Company: WEBNF
Filing Date: 2025-11-04
Form Type: 20-F
Source: 0001104659-25-105894
Chunk: 141

Company: WESTPAC BANKING CORP
Filing Date: 2025-11-04
Form: 20-F
Item: Item 14
Chunk 141
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 by setting benchmarks for the allocation of plan assets between asset classes. The long-term investment strategy will often adopt relatively high levels of equity investment in order to:

●   Secure attractive long-term investment returns; and
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●   Provide an opportunity for capital appreciation and dividend growth, which gives some protection against inflation.
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Funding recommendations for the WGP, WNZS and the UKSS are made based on actuarial valuations. The funding valuations of the defined benefit plans are based on different assumptions to the calculation of the defined benefit surplus/deficit for accounting purposes. Based on the most recent valuations, the defined benefit plan assets are adequate to cover the present value of the accrued benefits of all members with a combined surplus of $161 million (2024: $140 million). Current contribution rates are as follows:

●   WGP – contributions are made to the WGP at the rate of 16.9% of members’ salaries;
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●   WNZS – contributions are made to the WNZS at the rate of 17.4% of members’ salaries; and
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●   UKSS – not required to make contributions under the 2024 actuarial assessment.
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FINANCIAL   EXHIBITS INDEX   STRATEGIC   PERFORMANCE   EXHIBIT 15.4   ADDITIONAL    117
REPORT                       REVIEW      REVIEW                       INFORMATION      
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Note 32.Superannuation commitments (Continued)
Contributions​

          ​              ​     ​      ​      ​     ​     ​      ​      ​  
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​                         ​         Consolidated    ​        Parent Entity
$m                            2025          2024        2025          2024
Employer contributions          29            30          28            30
Member contributions             6             7           6             7
​
Expected employer contributions for the year ending 30 September 2026 were $23 million.
Expense recognised​

                    ​                        ​     ​    ​     ​     ​     ​     ​     ​      ​      ​  
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​                                                                Consolidated             Parent Entity
$m                                               2025        2024        2023        2025          2024
Current service cost                               23          27          26          23            26
Net interest cost on net benefit liability        (9)        (11)        (14)