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Annual Report 2011/2012 Legislative Assembly Members' Superannuation Fund



Annual Report 2011/2012 Legislative Assembly Members' Superannuation Fund

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Tabled paper 87


Tabled Papers for 12th Assembly 2012 - 2016; Tabled Papers; ParliamentNT






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Legislative Assembly Members Superannuation Fund Annual Report 2011-12 3 Introduction The Legislative Assembly Members Superannuation (LAMS) scheme is established by the Legislative Assembly Members Superannuation Fund Act (the Act) and provides superannuation benefits for eligible members of the Northern Territory Legislative Assembly. The LAMS scheme commenced operation on 23September1979 and was closed to new members on 9May2005. Since that date, parliamentarians elected to the Legislative Assembly for the first time have the 9percent superannuation guarantee paid to their nominated complying superannuation fund. Trustee Board The Act provides for the Trustee Board to have overall responsibility for the management and the investments of the LAMS fund. Day-to-day administration is undertaken by the Commissioner of Superannuation. In 2010, amendments were made to the Act and the Superannuation Act to restructure the governance arrangements by creating a single trustee board to oversee the Territorys superannuation funds. The amendments are part of ongoing reforms to improve administrative efficiency and modernise the Territorys superannuation arrangements. Effective from 15 March 2011, the Superannuation Trustee Board (STB) established under the Superannuation Act, became responsible for the LAMS fund. Further legislative amendments effective 27 April 2012 expanded membership of the STB to nine members, with representation from the three schemes administered by the STB. The Commissioner of Superannuation continues to be responsible for day-to-day administration of the LAMS scheme on behalf of the STB. There is no change to member benefits or entitlements. The STB met four times during the year. The meetings related to general business of the STB and investment decisions of the fund. Legislative Amendments Amendments to the Superannuation Act and the Legislative Assembly Members Superannuation Fund Act, effective 27 April 2012, implemented changes to the composition of the STB. Membership now includes nine members with representation from each of the three schemes: Northern Territory Government and Public Authorities Superannuation Scheme (NTGPASS); Northern Territory Police Supplementary Benefit Scheme (NTPSBS); and LAMS. Draft legislation is advancing to combine most Northern Territory public sector superannuation schemes, including LAMS, into a single Act and regulations to improve administrative efficiency.

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