Ongoing Qantas Airways Support for Qantas Superannuation Plan
Sydney, 03 April 2009
Qantas Superannuation Limited (the Trustee) and Qantas Airways Limited (the Company) announced today that they had agreed to a revised funding plan for the defined benefit divisions of the Qantas Superannuation Plan (the Plan) to reflect the adverse performance of financial markets over recent months.
In addition to current contributions, further payments totalling $66 million will be made by the Company over the next three years. The Plan currently has assets of around $5 billion.
The new funding plan has been prepared by the independent Actuary and has been agreed by the Company and the Trustee. Confirmation of the new funding plan has also been provided to the Australian Prudential Regulation Authority, the regulator for superannuation.
Qantas Airways Limited confirmed its ongoing support for the Plan and that the Plan remains in a strong financial position, despite the challenging economic environment. Member benefits continue to be met and the Trustee maintains its focus on managing the Plan over the long term for the benefit of all Members.
Issued by Qantas Corporate Communication (3908)