December 2001 Volume 82 Number 12
"serving the protectors"
| December 2001 Volume 82 Number 12 "serving the protectors" |
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Police Super Update |
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| By Micheal Hogg |
Summary Of 2000-2001 Report To Members of the Police Superannuation Scheme
The following information provides you with a summary of the Report to Members for 2000-2001, which was forwarded to you with your member benefit statement as at 30 June 2001.
Police Superannuation Board
The Police Superannuation Board is responsible to the treasurer for all aspects of the administration of the Police Superannuation Scheme and the Police Occupational Superannuation Scheme. Funds SA is responsible for the management and investment of the assets of the Police Superannuation Fund.
Police Superannuation Scheme
Investments
The market value of the Police Superannuation Fund (member contributions with interest) as at 30 June 2001 was $249.6 million compared to $245.5 million as at 30 June 2000. For the 2000-2001 financial year, crediting rates for the pension and lump sum scheme divisions of 9.8% pa and 9.9% pa respectively, were applied to members’ contribution accounts at 30 June 2001.
Membership
The Police Superannuation Scheme is closed to new police officers and as at 30 June 2001 had a total of 3,045 members which comprised 2,897 contributors and 148 preserved members. During 2000-2001 a total of 124 members ceased membership of the scheme. As at 30 June 2001 a total of 1,076 pensions were being paid.
Benefit Payments
For the financial year 2000-2001 pension and lump sum benefits paid to members, spouses and children totalled $40.1 million. The government’s portion of benefit payments was $31.1 million and the fund’s portion was $9 million.
Police Occupational Superannuation Scheme (POSS)
For the financial year 2000-2001 a total of 149 payments were made from the POSS Scheme amounting to $1.6 million.
Member Information
For information regarding superannuation contact the Police Superannuation Office. Group information sessions can be arranged upon request. Phone: 8204 2964 or 8204 2965 Fax: 8204 2303.
Season’s greetings
The Police Superannuation Board and the staff of the Police Superannuation Office wishes all serving and retired members and their families a merry Christmas and a happy New Year.
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