Northern Territory Government and Public Authorities Superannuation Scheme Actuarial Review as at 30 June 1989
Tabled Paper 194
Tabled Papers for 6th Assembly 1990 - 1994; Tabled Papers; ParliamentNT
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DATA To carry out the investigation I have been supplied with the following: 1. Particulars relating to contributors as at 30 June 1989. 2. Details relating to the movement of contributors during the three year period ending 30 June 1989. In addition I obtained similar details from the (Commonwealth) Retirement Benefits Office (RB0) relating to those persons who chose to remain in the CSS. Details of the Classification Structure of staff positions including salary ranges effective from 1 September 1990 were also given to me. THE SCHEME Lump Sums The Scheme provides contributory superannuation benefits in the form of lump sums, part of which are financed by contributions by the members and part of which are employer-financed. Members elect to contribute 2%,3%,4%,5%, or 6S of their contribution salary - the rate may be varied once a year on the 1 October. These contributions are accumulated with investment earnings in the employees' fund and are paid out to the member when he or she leaves the Scheme for whatever reason. As mentioned above this part of the Scheme, which is self-financing, calls for no investigation. The employer-financed benefits are based on the rate of contribution chosen by the member: each one per cent of contribution paid by the member for a year gives entitlement to one percentage benefit point (pro-rata for a contribution paid for part of a year). At the time of exit from the Scheme the percentage points are totalled and the total percentage is multiplied by 2.5 and applied to the Benefit salary. The Benefit salary is the average of the final three contribution salaries up-dated to the date of exit using an Average Weekly Earnings index. The resulting benefit is paid as a lump sum to the member on all types of exit except on resignation within the first five years of membership when the member receives only a return of his own contributions with interest. From the fifth year the employer-financed resignation benefit paid is a part of the full benefit, progressively increasing to the full benefit at the tenth year. JOHN FORD G ASSOCIATES