Defined Benefit plans are required by law to have an actuarial investigation at least once every three years. Because Vision Super’s Defined Benefit plan (LASF DB) provides lifetime pensions, a mini review is held every in-between year. The vested benefit position of the LASF DB is reviewed on a quarterly basis. Details of the recent VBIs are as follows.
2023/24 QTR 2 - December (estimated) | 103.8% |
|---|---|
2023/24 QTR 3 - March (estimated) | 106.3% |
2023/24 QTR 4 - June (actual) | 105.4% |
2024/25 QTR 1 - September (estimated) | 107.3% |
2024/25 QTR 2 - December (estimated) | 106.5% |
2024/25 QTR 3 - March (estimated) | 105.0% |
2024/25 QTR 4 - June (actual) | 110.5%. |
2025/26 QTR 1 - September (estimated) | 112.2% |
While market conditions are volatile, we monitor the VBI more frequently. When we are monitoring the VBI more frequently, the monthly VBIs will be shown.
At the end of each triennial/annual review, the Fund Actuary issues a report that outlines the findings and recommendations of the review. You’ll find the latest report below.
Employers are required to make specific superannuation disclosures in their financial statements in relation to the LASF DB in accordance with AASB 119 – Accounting for Employee Benefits. To help employers participating in LASF DB we prepare a sample note as a guide each year. Downloadable PDF copies of these sample notes are available below:
The same process for apportioning pension and active member liabilities has been applied since 1998 when LASF was set up under its trust deed. This reflects the methodology established in 1997 when LASF was operated under State legislation. Application of the process was externally reviewed by PriceWaterhouseCoopers.
In summary, the methodology provides for two components:
Pre-30 June 1993 Component
Unfunded lifetime pension liabilities are apportioned to each Authority on the basis of their individual share of the Plan’s total defined benefit salaries as at 30 June 1993.
The unfunded liabilities for active members’ pre 30 June 1993 membership is apportioned in the same way.
Post-30 June 1993 Component
The unfunded liabilities for active members’ post-30 June 1993 service is apportioned to each Authority on the basis of their individual share of the Plan’s total defined benefit salaries at 31 December 2011 (the date of the actuarial investigation).