94 NOTEs TO THE FINANCIAL sTATEMENTs  FAIRFAx MEDIA LIMITED AND CONTROLLED ENTITIES FOR THE PERIOD ENDED 30 JUNE 2013 21. PENsION AssETs AND LIABILITIEs SUPERANNUATION PLAN The Group contributes to defined contribution and defined benefit plans which provide benefits to employees and their  nominated dependants on retirement, disability or death. All defined benefit plans are closed to new members. The superannuation arrangements in Australia are managed in a sub-plan of the Mercer Super Trust, called Fairfax Media  Super. The Trustee of the Trust is Mercer Investment Nominees Limited. The superannuation arrangements in New Zealand  are managed by AoN Consulting New Zealand Limited in three funds – Fairfax NZ Retirement Fund, Fairfax New Zealand  Superannuation Fund and Fairfax NZ Senior Executive Superannuation Scheme. All New Zealand funds have defined  contribution plans and the Fairfax NZ Retirement Fund has a defined benefit section.  The defined contribution plans receive fixed contributions from employees and from Group companies and the Group’s legally  enforceable obligation is limited to these contributions. The defined benefit plans receive employee contributions plus Group  company contributions at rates recommended by the plans’ actuaries. The following sets out details in respect of the defined benefit plans only and in the case of the Fairfax NZ Retirement Fund,  excludes $59.2 million (2012: $49.8 million) of defined contribution assets and entitlements. NOTE 30June 2013 $’000 24 JUNE 2012 $’000 (A) BAlAnCe SHeeT The amounts recognised in the balance sheet are determined as follows: Pension assets  709   149  Pension liabilities  (1,273)  (3,933) net pension liabilities  (564)  (3,784) Present value of the defined benefit plan obligation  (B)   (14,128)  (21,974) Fair value of defined benefit plan assets (C)  13,564   18,190  net pension liabilities  (564)  (3,784) (B) ReConCiliATion oF THe PReSenT VAlue oF deFined BeneFiT PlAn oBliGATion Balance at the beginning of the financial year  21,974   22,644  Current service cost  768   917  Interest cost  497   999  Contributions by employees  160   234  Actuarial (gains)/losses  (463)  2,364  Benefits paid  (3,376)  (1,585) Taxes, premiums and expenses paid  (109)  (590) Exchange differences on foreign plans  24   4  Curtailments  (924)  (410) Settlements  (4,423)  (2,603) Balance at the end of the financial year   14,128   21,974  (C) ReConCiliATion oF THe FAiR VAlue oF deFined BeneFiT PlAn ASSeTS Balance at the beginning of the financial year  18,190   19,309  Expected return on plan assets  1,131   1,257  Actuarial losses/(gains)   1,890   (1,368) Contributions by Group companies and employees  204   3,761  Benefits paid  (3,376)  (1,585) Taxes, premiums and expenses paid  (109)  (590) Exchange differences on foreign plans  57   9  Settlements  (4,423)  (2,603) Balance at the end of the financial year   13,564   18,190 