Defined Benefit information

Local Authorities Superannuation Fund

This information is for the employer-sponsors of Local Authorities Superannuation Fund defined benefit sub-plan (LASF DB).

Employer information booklet

Employer information booklet

You can download a comprehensive employer information booklet here

Vested benefit index (VBI)

Vested benefit index (VBI)

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

Vested Benefit Index (VBI)
Year QTR 1 - September
(estimated)
QTR 2 - December
(estimated)
QTR 3 - March
(estimated)
QTR 4 - June
(actual)
2012/13 96.6% 97.9% 99.4% 100.7%
2013/14 103.1% 105.1% 104.6% 103.4%
2014/15 102.6% 103.1% 108.5% 105.8%
2015/16 104.0% 104.4% 102.4% 102.0%
2016/17 103.7% 105.4% 106.6% 103.1%

Sample employer superannuation note for financial statements

Sample employer superannuation note for financial statements

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 you prepare your financial statement notes, every year Vision Super prepares a sample note as a guide. We consult with the Victorian Auditor General’s Office (VAGO) during the preparation of the notes and take their feedback into consideration prior to finalising the sample notes. Our consultation with VAGO includes their technical group. As VAGO is not auditing Vision Super, VAGO does not give us their ‘approval’. However, VAGO provides feedback on our original draft note (including where VAGO believes that we have not necessarily provided sufficient explanations) and they see subsequent versions. Vision Super does not release the sample note until we have no further comments from VAGO on the latest version they see.

PDF copies of the sample notes for the last three years are linked below:

Year ended 30 June Short-form Long-form
2017 Reduced sample superannuation note for the year ended 30 June 2017 Sample superannuation note for the year ended 30 June 2017
2016 Reduced sample superannuation note for the year ended 30 June 2016 Sample superannuation note for the year ended 30 June 2016
2015 Reduced sample superannuation note for the year ended 30 June 2015 Sample superannuation note for the year ended 30 June 2015
2014 N/A Sample superannuation note for the year ended 30 June 2014
2013 N/A Sample superannuation note for the year ended 30 June 2013

Actuarial Investigation reports

Actuarial Investigation reports

At the end of each triennial review, the Fund Actuary issues a report outlining the findings and recommendations of the review. A copy of these reports are below:

30 June 2014
31 December 2011

Benefit Certificates

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 notifable event occurs.

Certificate Effective date Valid until *
LASF Benefit Certificate 2015 1 April 2015 31 March 2020
LASF Benefit Certificate 2013 1 July 2013 30 June 2018
LASF Benefit Certificate 2008 1 July 2008 1 July 2013

 * Unless a notifiable event occurs

Funding and Solvency Certificate

Funding and Solvency Certificate

Vision Super obtains a Funding and Solvency Certificate from the Fund Actuary on a regular basis. These are valid for 5 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:

Certificate Effective date Expiry date Replacement date
FSC 2015 1 April 2015 31 March 2020 31 March 2019
FSC 2013 1 July 2013 30 June 2018 30 June 2017
FSC 2012 27 March 2012 31 December 2016 31 December 2015

Funding apportionment methodology

Funding apportionment methodology

The same process for apportioning liabilities has been applied since 1998. Application of the process was externally reviewed by PriceWaterhouseCoopers in relation to the 2011 Funding call.

Methodology
Review - July 2012

Workers compensation and Payroll tax

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 Compensation Payroll Tax 
2010 letter 2010 letter
2011 letter 2011 letter

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

FAQs

FAQs

What are the LASF DB demographics at the dates of the recent actuarial reviews?
The fund membership statistics were as follows.

Review date
Active member 30 June 2014 31 December 2011
Number  3,983  4,971 
Average Age   55.2 years   54.1 years 
Average Past Membership  26.9 years  24.6 years 
Average Salary  $78,502  $70,727 
Lifetime Pensioners     
Number  4,882  5,132 
Average Age  79.0 years  79.1 years 
Average Annual Pension  $8,862  $7,172 
Deferred Beneficiaries     
Number  1,910  2,212 
Average Age  52.9 years  51.7 years 
Average Account Balance  $180,571  $149,842 

Please call your Account Manager or the Employer Hotline on 1300 304 947 if you require further information about any of the content displayed on this page.

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