Dec 2000 Volume 81 Number 12 "serving the protectors"
Summary Of 1999/2000 Report To Members of the Police Superannuation Scheme

The following information provides you with a summary of the Report to Members for 1999/2000 which was forwarded to you with your Member Benefit Statement as at 30 June 2000.

Police Superannuation Board

The Police Superannuation Board is responsible to the Treasurer for all aspects of the administration of the Police Superannuation Scheme, except for the management and investment of the assets of the Police Superannuation Fund, which is undertaken by Funds SA. The Board is also responsible for the administration of the Police Occupational Superannuation Scheme.

Police Superannuation Scheme

Investments

The market value of the Police Superannuation Fund (member contributions with interest) as at 30 June 2000 was $245.5 million compared to $213 million as at 30 June 1999. For the 1999/2000 financial year, crediting rates for the pension and lump sum scheme divisions of 13 per cent and 12.9 per cent respectively, were applied to members’ contribution accounts at 30 June 2000.

Membership

The Police Superannuation Scheme is closed to new police officers and as at 30 June 2000 had a total of 3,166 members which comprised 3,035 contributors and 131 preserved members. During 1999/2000 a total of 132 members ceased membership of the Scheme. As at 30 June 2000 a total of 1,069 pensions were being paid.

Benefit Payments

For the financial year 1999/2000 pension and lump sum benefits paid to members, spouses and children totalled $37.8 million. The Government’s portion of benefit payments was $29.3 million and the Fund’s portion was $8.5 million.

Police Occupational Superannuation Scheme (POSS)

For the financial year 1999/2000 a total of 149 payments were made from the POSS Scheme amounting to $1.4 million.

Member Information

For information regarding your superannuation please contact the Police Superannuation Office. Group information sessions can be arranged upon request. Phone: 8204 2964 or 8204 2965. Fax: 8204 2303.

E-mail: polsuper@adelaide.on.net.

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