Territory Stories

Annual Report 1989-1990 Legislative Assembly Members Superannuation Trust

Details:

Title

Annual Report 1989-1990 Legislative Assembly Members Superannuation Trust

Other title

Tabled Paper 94

Collection

Tabled Papers for 6th Assembly 1990 - 1994; Tabled Papers; ParliamentNT

Date

1991-02-12

Description

Deemed

Notes

Made available by the Legislative Assembly of the Northern Territory under Standing Order 240. Where copyright subsists with a third party it remains with the original owner and permission may be required to reuse the material.

Language

English

Subject

Tabled papers

File type

application/pdf

Use

Copyright

Copyright owner

See publication

License

https://www.legislation.gov.au/Details/C2021C00044

Parent handle

https://hdl.handle.net/10070/292784

Citation address

https://hdl.handle.net/10070/398342

Page content

Note 10 Actuarial Review Under Section 8(1) of the Legislative Assembly Members Superannuation Act, liic three yearly actuarial review of the Fund as at 30 June 1989 was completed by the John Ford & Associates Pty Ltd, Consulting Actuaries who advised his findings in a report dated 30 January 1990. The aggregate funding method was adopted in the valuation. This method determines a Government contribution rate in such a way that the present value of future member and Government contributions in respect of the existing members together with the value of the assets of the Fund would be sufficient to cover the present value of all benefits respectively payable to existing and former members in respect of their past and future service. The Actuary determined the present value of benefits prospectivcly payable for existing members and beneficiaries to be $13.418M (assuming 80% commutation of benefits). The present value of future contributions from members was S1.086M and the value of existing assets was $12.204M. He reported that if no further contributions were made by the government in respect of existing members and pensions a slight deficiency of S0.128M would result. The deficiency would be converted to a surplus of S2.030M if all members commuted their benefits. In his report the Actuary recommended the Territorys contribution rate be reduced from 25.0% of members salaries to a nil contribution rate commencing in the 1989/90 financial year. The Territorys contribution rate will be reviewed at the 1992 valuation.