Defined Benefit information

For the employer-sponsors of Local Authorities Superannuation Fund defined benefit sub-plan (LASF DB).

Vested Benefit Index (VBI)

Defined Benefit plans are required by law to have an actuarial investigation at least once every three years. Because LASF DB provides lifetime pensions, a mini review is held every in-between year.  The vested benefit position of the sub-plan is reviewed on a quarterly basis. Details of the VBIs are as follows.

VESTED BENEFIT INDEX (VBI)
YearQTR 1 - September (estimated)QTR 2 - December (estimated)QTR 3 - March (estimated)QTR 4 - June (actual)
2012/1396.6%97.9%99.4%100.7%
2013/14103.1%105.1%104.6%103.4%
2014/15102.6%103.1%108.5%105.8%
2015/16104.0%104.4%102.4%102.0%
2016/17103.7%105.4%106.6%103.1%
2017/18103.8%106.4%106.2%106.0%
2018/19106.9%101.9%105.4% 107.1%
2019/20107.3% 107.7%102.1%104.6%
2020/21104.5%

Employer information booklet

Employer updates

Regular updates previously sent to employers regarding Defined Benefit funding.

Actuarial investigation reports

At the end of each triennial review, the Fund Actuary issues a report that outlines the findings and recommendations of the review. You’ll find copies of the reports below.

30 June 2020
30 June 2019
30 June 2018
30 June 2017
30 June 2014
31 Dec 2011

Benefit certificates

The Fund Actuary has issued the following Benefit Certificates, confirming that employers have met their Superannuation Guarantee obligations in relation to their defined benefit employees. The Certificates will remain current for five years unless a notifiable event occurs.

CertificateEffective dateValid until*
LASF Benefit Certificate 20181 July 201830 June 2023
LASF Benefit Certificate 20151 April 201531 March 2020
LASF Benefit Certificate 20131 July 201330 June 2018
LASF Benefit Certificate 20081 July 20081 July 2013
*Unless a notifiable event occurs.

Funding and solvency certificate

Vision Super regularly obtains a Funding and Solvency Certificate from the Fund Actuary. They are valid for five years unless a notifiable event occurs. Under the regulations, the Certificates must be replaced 12 months before they expire. Copies of the Certificates are below.

 

CertificateEffective dateExpiry dateReplacement date
FSC 20181 July 201830 June 202330 June 2022
FSC 20151 April 201531 March 202031 March 2019
FSC 20131 July 201330 June 201830 June 2017
FSC 201227 March 201231 Dec 201631 Dec 2015

Funding apportionment methodolgy

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 relation to the 2011 Funding call.

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).

Workers compensation and payroll tax

All employers pay Workers compensation premiums and some pay Payroll tax. Generally, 100% of an employer’s defined benefit contributions are included in the employer’s Workers compensation and Payroll tax calculations. However, where a funding call is made, a portion of the funding call payment may be excluded for Workers compensation/Payroll tax purposes. The Fund Actuary has provided letters advising what proportion of a funding call is assessable. 

Workers CompensationPayroll Tax 
2010 letter2010 letter
2011 letter2011 letter

Please note: Worksafe has raised a number of issues regarding the treatment of a funding call for WorkCover purposes. The Worksafe letter may be of assistance.

FAQs

What are the LASF DB demographics at the dates of the recent actuarial reviews?

The fund membership statistics were as follows.

 Member typeReview date
Active member30 June 202030 June 201930 June 201830 June 201730 June 201431 Dec 2011
Number 1,9542,1982,5292,8553,983 4,971 
Average Age  57.3 years56.9 years56.7 years56.3 years55.2 years  54.1 years 
Average Past Membership 32.2 years31.3 years30.4 years29.5 years26.9 years 24.6 years 
Average Salary $93,843$91,326 $88,738 $86,885 $78,502 $70,727 
Lifetime Pensioners      
Number 4,1894,4654,4494,5974,882 5,132 
Average Age 77.4 years78.2 years 78.3 years 78.5 years 79.0 years 79.1 years 
Average Annual Pension $14,184$12,948$12,102$11,187$8,862 $7,172 
Deferred Beneficiaries      
Number 1,2921,366 1,5111,598 1,910 2,212 
Average Age 56.3 years55.6 years 55.0 years 54.3 years 52.9 years 51.7 years 
Average Account Balance $240,311$234,464$218,851$204,048$180,571 $149,842 

We're here to help

You might find the answer to your question in the FAQ below. If you don’t find it there, you can call our Employer hotline on 1300 304 947.

Frequently asked questions

Accumulation members

For Employers using SAFF, the address details changes will automatically flow through to Vision Super via their file.

DB Members and ad-hoc address updates for Accumulation members

Employers can update an address for a member anytime via the Employer Online portal. Go to Member Maintenance > Search for and select the member > Click Edit and the follow the prompts.

Accumulation members

For Employers using SAFF, the Termination details will automatically flow through to Vision Super via their file.

DB Members and ad-hoc Terminations for Accumulation members

Employers can process a Termination for a member anytime either by submitting Form 19 which you can find on the website under resources or via the Employer Online portal. Just following the path Member Maintenance > Search for and select the member > Click Terminate and the follow the prompts.

Please send an email to [email protected] detailing your request or call the Employer Hotline on 1300 304 947

We do not currently charge a fee to use our Clearinghouse solution, but per the Clearinghouse agreement we do reserve the right to change this at any time.

You can resent your password but visiting the Employer login page and clicking the Forgotten your password? Link.

If you have any issues with resetting your password, please call the Employer Hotline on 1300 304 947.

If you call us on 1300 304 947 we can arrange for booklets and PDS to be delivered as well as our induction video that’s available for new employees.

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