Territory Stories

February 2008 report to the Legislative Assembly

Details:

Title

February 2008 report to the Legislative Assembly

Collection

Report to the Legislative Assembly; Reports; PublicationNT

Date

2008

Description

Made available via the Publications (Legal Deposit) Act 2004 (NT).

Notes

Date:2008-02

Language

English

Subject

Northern Territory. Auditor-General's Office -- Periodicals; Finance, Public -- Northern Territory -- Accounting -- Periodicals; Northern Territory -- Appropriations and expenditures -- Periodicals

Publisher name

Northern Territory Auditor-General's Office

Place of publication

Darwin

ISSN

1323-7128

Copyright owner

Check within Publication or with content Publisher.

Parent handle

https://hdl.handle.net/10070/223559

Citation address

https://hdl.handle.net/10070/686148

Page content

126 Auditor-General for the Northern Territory February 2008 Report Northern Territory Police Supplementary Benefit Scheme Audit findings and Analysis of the financial statements for the year ended 30 June 2007 Background The Northern Territory Police Supplementary Benefit Scheme (NTPSBS) differs from other superannuation schemes discussed in this report in that it was established under a Trust Deed rather than by legislation and is intended to supplement pensions payable from the Commonwealth Superannuation Scheme (CSS) for members of the Northern Territory Police, Fire and Emergency Services. Eligibility for membership of the CSS ceased from 1 January 1988 and all members of the police force recruited after that date were required to join the NT Government and Public Authorities Superannuation Scheme. The NTPSBS is therefore closed to new members and membership of the scheme is declining steadily as a consequence. At 30 June 2007 there were 121 (135 in 2006) members and 133 (123 in 2006) pensioners. Members finance a share of scheme benefits by contributing one per cent of their salary to the fund, which is managed by the Trustees. Each member has an accumulation account in the fund representing the members contributions and interest earnings. A member qualifies for a supplementary benefit if: the member is at least 50 years of age or has at least 25 years CSS contributory service when ceasing to be a member of the scheme; and the member becomes entitled to a CSS age retirement pension, early retirement pension, deferred pension or postponed pension on or after ceasing to be a member of the scheme. The supplementary benefit is based on the amount of the members CSS employerfinanced pension and the members age when ceasing to be a member of the NT Police Force or a CSS contributor, whichever occurs later. Upon qualification for a supplementary benefit, the members accumulated contributions and interest are paid to the Territory, which is responsible for the payment of the supplementary benefit.