Territory Stories

Debates Day 3 - Thursday 19 November 2015



Debates Day 3 - Thursday 19 November 2015

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Parliamentary Record 24


Debates for 12th Assembly 2012 - 2016; ParliamentNT; Parliamentary Record; 12th Assembly 2012 - 2016




Made available by the Legislative Assembly of the Northern Territory





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Hansard Office

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Attribution International 4.0 (CC BY 4.0)

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Legislative Assembly of the Northern Territory



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DEBATES Thursday 19 November 2015 7395 NTGPASS. The bill does not close NTGPASS for active members. NTGPASS adherents or retained members have largely resigned or retired from the NT Public Service and crystallised the Territory-funded defined benefit. Two-thirds of the group no longer reside or work in the Territory. I understand the government has consulted broadly with effective members of the scheme and with the CPSU, which is a sensible approach. It would be remiss of me to not briefly mention the historical role of the Labor Party and the broader labour movement in the creation of compulsory superannuation in this country. I am sure even the Treasurer, who has worked in the industry, would acknowledge what an outstanding success compulsory super has been for everyday mum and dad retirees, but also for the broader economic strength and resilience of this country. It should serve as a reminder that we need to think big with creativity, imagination and courage to secure the long-term prosperity I am sure all members of this House want to create. Madam Acting Deputy Speaker, once again, I thank the Treasurer for this bill. I am sure I have repeated many of the things he said in his second reading. I commend the bill to the House. Mr TOLLNER (Treasurer): Madam Acting Deputy Speaker, I thank the Leader of the Opposition for his support of this bill. I spoke to the Leader of the Opposition about it and made personal contact with member representatives of NTGPASS, explaining what was being put forward and that this is a considerable opportunity for retained members of the fund to access better services that are beyond the ability of the Northern Territory Government and Public Authority Superannuation Scheme to deliver. In that regard I am very happy for the support of the opposition on this bill. It was an interesting discussion. It is worth mentioning that after speaking to the member representatives of NTGPASS, they consulted with their relevant union organisations and the like. I was contacted by phone and this person I will not name him said to me, Dave, I have raised it with everybody concerned. They are all supportive of it. They are not necessarily sure what it means. The fact is we know you, and we know you stand up for members of superannuation funds. We trust you when it comes to making sure members interests are looked after and we are happy to take your guidance on this. I found that rather flattering, but it is good legislation. Madam Acting Deputy Speaker, I thank the opposition for its support. Motion agreed to; bill read a second time. Mr TOLLNER (Treasurer)(by leave): Madam Acting Deputy Speaker, I move that the bill be now read a third time. Motion agreed to; bill read a third. LEGISLATIVE ASSEMBLY MEMBERS SUPERANNUATION CONTRIBUTIONS AMENDMENT BILL (Serial 133) Continued from 26 August 2015. Mr GUNNER (Opposition Leader): Madam Acting Deputy Speaker, I thank the government for bringing this bill before the Assembly. I indicate that the opposition will support it. The bill provides for the members of the Assembly to nominate complying self-managed superannuation funds for employer and employee contributions. It will allow members the flexibility to choose a product suitable to their circumstances. NT public service employees have had the ability to nominate a self-managed superannuation fund since 2004 under the Superannuation Act. A number of state jurisdictions have enacted provisions similar to those contained in this bill. I trust the members of the Assembly will take the appropriate advice before nominating a selfmanaged fund. Madam Acting Deputy Speaker, these are sensible amendments and the opposition supports them. Ms PURICK (Goyder): Madam Acting Deputy Speaker, today I speak not just as the member for Goyder but also with the knowledge I have from my role as Speaker about the origins of this legislation, which will bring members into line with the rest of the community concerning their ability to hold superannuation in self-managed superannuation funds. It is not well known in the community at large that the generous defined benefit superannuation scheme which previously applied to members of the Legislative Assembly was closed to new members 10 years ago. Many people in the community have a misapprehension that all members in the Assembly will receive a golden parachute if they lose their seat in the Assembly. This is not correct. Except for two members elected prior to 2005, this is not the case. Just like any other Territorian, members have to contribute to their superannuation schemes if they want to top up the compulsory contribution of 9.5% required by federal law.