February 2008 report to the Legislative Assembly
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Northern Territory Auditor-General's Office
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50 Auditor-General for the Northern Territory February 2008 Report Analysis of the Treasurers Annual Financial Statement cont Public Sector Superannuation Liabilities The largest liability of Northern Territory Government is that of superannuation. The liability for superannuation represents the value of unfunded employee benefits and at 30 June 2007 that liability was $2,087.4 million ($1,773.2 million at 30 June 2006). That liability is held entirely by the General Government Sector. The various schemes, and the unfunded liability in respect of each, at 30 June 2007 were as follows: Table 11 Unfunded Superannuation Liabilities As At 30 June 2007 2007 2006 Scheme $million $million Northern Territory Government and Public Authorities Superannuation Scheme 593.4 585.6 Commonwealth Superannuation Scheme 1,208.5 960.2 Northern Territory Supplementary Superannuation Scheme 167.2 162.2 Northern Territory Police Supplementary Benefit Scheme 30.8 29.4 Legislative Assembly Members Superannuation Trust 7.0 - Northern Territory Death and Invalidity Scheme1 37.4 - Other Schemes2 43.1 35.8 2,087.4 1,773.2 1 The Northern Territory Death and Invalidity Scheme took effect from 1 July 2007 following amendments to the Superannuation Act passed by the Legislative Assembly in October 2007. 2 Comprises the unfunded liability of benefits accrued pursuant to the Administrators Pensions Act and the Supreme Court (Judges Pensions) Act.
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