November 1999 Volume 80 Number 11 "serving the protectors"
Police Super Update
By Michael Hogg

Summary of 1998-99 Report

to Members of the Police Superannuation Scheme

The following information provides you with a summary of the Report to Members for 1998-99 which was forwarded to you with your Member Benefit Statement as at 30 June 1999.

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 1999 was $213 million compared to $195.5 million as at 30 June 1998. For the 1998-99 financial year, crediting rates for the pension and lump sum scheme divisions of 14.3 and 14 per cent respectively, were applied to members’ contribution accounts at 30 June 1999.

Membership

The Police Superannuation Scheme is closed to new police officers and as at 30 June 1999 had a total of 3,296 members which comprised 3,177 contributors and 119 preserved members. During 1998-99 a total of 97 members ceased membership of the Scheme. As at 30 June 1999 a total of 1,057 pensions were being paid.

Benefit Payments

For the financial year 1998-99 pension and lump sum benefits paid to members, spouses and children totalled $30.6 million. The Government’s portion of benefit payments was $23.7 million and the Fund’s portion was $6.9 million.

Police Occupational Superannuation Scheme (POSS)

For the financial year 1998-99 a total of 105 payments were made from the POSS Scheme amounting to $892,000.

Voluntary Member Contributions Update

The Police Superannuation Board has written to the Government seeking advice if this facility can be provided to members.

Member Information

For information regarding 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

PASAweb   Index & Search   Top of Page   Comments   Email to Editor

The Police Journal Online is an official publication of the Police Association of South Australia and is published monthly. Editors of kindred publications can seek permission from the Editor to re-publish any Police Journal Online article. Copyright 1999  The Police Association of South Australia sustance