Document ID: chunk:federal_register_of_legislation:F2024L00075:reg:38:p17
Version: federal_register_of_legislation:F2024L00075
Segment Type: reg
Provision Reference: reg 38 (pt 17/76)
Character Range: 76203–80030

of approximately 0.25% of funds under management as appropriate for the Plan in respect of both defined contribution member interests and defined benefit member interests.

 Operational risk reserve         $000

 Defined contribution membership  5,657
 Defined benefit membership       20,238
                                  25,895

     Note D – Investment reserve

The Investment reserve comprises the difference between the cumulative amount of investment income (net of investment expenses) allocated to members' accounts compared with the cumulative investment income (net of investment expenses) earned.

     Note E – Defined benefit plans that are (over) or under funded

      Note  $000

 ABC  F     2,316
 OPQ  G     (2,589)
 RST  H     42,897
 XYZ  H     6,957
            49,581

Note F – plan ABC

Based on the existing contribution rate of the employer-sponsor of plan ABC, member benefits are projected, based on current assumptions, to be fully funded within the next two financial years.

Note G – plan OPQ

The employer-sponsor of plan OPQ intends to reduce contributions to the minimum amount required to meet its superannuation guarantee obligations, which is projected, based on current assumptions, to eliminate the surplus to zero within three years.

Note H – plans RST and XYZ

The employer-sponsors of plans RST and XYZ intend to increase their contributions for a period of three financial years to a level that is projected, based on current assumptions, to result in member liabilities being fully funded by the end of those three years.

Note I – Net assets attributable to defined benefit members

In respect of all four defined benefit plans, the entity has worked with the relevant employer-sponsors to develop a contributions strategy to fund the deficits that exist in three of the plans (ABC, RST and XYZ) and use up the surplus in one of the plans (OPQ).  At the current rate of contributions from those employer-sponsors, each plan that currently has a deficit of liabilities over assets is scheduled to be fully funded within three years, and the plan that currently has a surplus is scheduled to be in balance within two years.

Income Statement for Hybrid Superannuation Plan
for the year ended 30 June 20XX

                                                                   Note  $000
Superannuation activities
   Interest revenue                                                      190,696
   Dividend revenue – listed Australian shares held directly             91,338
   Distributions from wholesale international share trusts               12,881
   Unlisted property trust distributions                                 261,878
   Other income                                                          1,496
   Net remeasurement changes in assets measured at fair value            170,804
   Total revenue                                                         729,093

   Investment expenses                                                   (27,404)
   Administration expenses                                               (12,042)
   Other operating expenses                                        J     (998)
   Total expenses                                                        (40,444)

   Operating result                                                      688,649
   Net benefits allocated to defined contribution member accounts        (142,293)
   Net change in defined benefit member benefits                         (580,138)
   Operating result before income tax expense                            (33,782)
   Income tax expense                                                    (38,470)
   Operating result after income tax                                     (72,252)

Note J – Other operating expenses  $000

Trustee fees                       (198)