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SUPERANNUATION John Montague 25 November 2011

SUPERANNUATION John Montague 25 November 2011. Commonwealth superannuation reforms Territory superannuation reforms Other issues. Agenda. Commonwealth superannuation reforms. STRONGER SUPER Create a new simple, low cost default superannuation product (MySuper);

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SUPERANNUATION John Montague 25 November 2011

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  1. SUPERANNUATION John Montague 25 November 2011

  2. Commonwealth superannuation reforms Territory superannuation reforms Other issues Agenda

  3. Commonwealth superannuation reforms • STRONGER SUPER • Create a new simple, low cost default superannuation product (MySuper); • Raise the bar for those managing the superannuation system, particularly for • those managing default superannuation funds • Provide APRA, ASIC and the ATO with the tools they need to improve their • oversight of superannuation • Make the processing of everyday transactions easier, cheaper and faster • (SuperStream). • Superannuation Guarantee (SG) to rise from 9% to 12% • The SG rate will gradually increase with initial increments of 0.25% on 1 July 2013 and 1 July 2014. Further increments of 0.5% will apply annually up to 2019/20, when the SG rate will be set at 12%.

  4. Implemented in January 2011 NT Death and Invalidity Scheme (NTGDIS) New entrant medical declarations no longer required Make sure new recruits received information on the scheme Transition to retirement NTGPASS and NTSSS members can opt out at preservation age 30 members have opted out CSS members can opt out if they change employment status Policy developed with OCPE Not administered by the Superannuation Office Employee must first obtain approval from CEO to change employment status Need to complete CSS transition to retirement form Need to complete NTSSS opt out form (new form being developed) Territory superannuation reformsSTAGE 1

  5. Cabinet approval in October 2011: Finalise restructure of Superannuation Trustee Board Restructure and modernise NTGPASS and NTSSS Combine NTGPASS and NTSSS defined benefits Remove outdated provisions, e.g. vesting Simplify salary and allowance and LWOP rules Replace October review with a salary review in June each year Allow members to salary sacrifice their mandatory contributions Allow members to change their contribution rate Replace the current NTGPASS appeal process with the Superannuation Complaints Tribunal Amalgamate the Territory’s superannuation legislation into a single Act and Regulations Territory superannuation reformsSTAGE 2

  6. Other issues • Information on NTGPASS and CSS • nt.gov.au/ntt/super/forms.shtml#Forms • http://www.css.gov.au/documents/index.shtml • Tender for default super fund

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