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NT Superannuation Office

A division of Northern Territory Treasury, the NT Superannuation Office administers the Northern Territory Government and Public Authorities Superannuation Scheme (NTGPASS); the Northern Territory Supplementary Superannuation Scheme (NTSSS); the Legislative Assembly Members' Superannuation Scheme (LAMS); the Northern Territory Police Supplementary Benefit Scheme; the Northern Territory Administrators Pensions Scheme; and the Northern Territory Government Death and Invalidity Scheme (NTGDIS).

AGEST, the Northern Territory Government default superannuation fund is not administered by the NT Superannuation Office. To speak to an AGEST member service officer, phone 1300 724 378 or visit the AGEST website www.agest.com.au.
 
Our focus is to deliver quality superannuation services in an efficient manner which meets the expectations of fund beneficiaries, members and employers. Our operating hours are 8:00 am to 4:20 pm Monday to Friday.

What's New

Superannuation Reform Project – Stage 2

The previous Reform Project update in March 2011 advised of legislative amendments that had occurred for Stage 1. Approval has now been provided to draft legislation for Stage 2 of the Reform Project.

This stage of the project involves a number of changes, including:
- Expanding the Superannuation Trustee Board (STB);
- Modernising 3 schemes (NTGPASS, NTSSS and NTGDIS);
- Replacing the Superannuation Review Board with the Superannuation Complaints Tribunal; and
- Amalgamating NT superannuation legislation for all schemes (except the Judges scheme) into one Act.

Legislative amendments to formalise the structure of the expanded STB have been made. Commencing on 27 April 2012, the legislation now provides for a nine-member board representing 3 schemes:
- Northern Territory Government and Public Authorities’ Superannuation Scheme (NTGPASS);
- Legislative Assembly Members’ Superannuation (LAMS) Scheme; and
- Northern Territory Police Supplementary Benefit Scheme (NTPSBS).

Representatives from the previous boards become the initial members of the expanded STB. The process of drafting legislation for the remaining Stage 2 changes is underway. Revised legislation is anticipated to be completed towards the end of this year.

NTGPASS Investment Manager Update

MLC Implemented Consulting, the investment manger and advisor for NTGPASS, has announced that it will be merging with JANA Implemented Consulting.

While MLC has owned JANA since 2000 the two organisations have operated independently. This merger will bring the two organisations together under the JANA name and will create the largest Implemented Consulting firm in Australia with some $24 billion under advice. The major initial benefit will come from the increased research and investment capabilities of the combined organisation.

There will be no changes to NTGPASS products or services as a result of this merger and the current range of NTGPASS investment options will continue to be available.

Read the MLC Announcement for more information.

Anti-detriment payments now available for NTGPASS members

An anti-detriment payment is an amount that may be paid in addition to a lump sum death benefit. The payment represents a refund of contributions tax previously paid from a superannuation account, in the event of a member’s death. An anti-detriment payment is only available where eligible dependants exist. Most details to enable payment are obtained from the Death Benefit Claim form. Superannuation Office staff will contact the executor of the estate or relevant beneficiary if additional information is required.

Read the Anti-detriment Payments fact sheet for more information.

2011-2012 Flood Levy

The Commonwealth Government has introduced a one off flood levy for the 2011-12 income year that will apply to all taxpayers that have a taxable income of more than $50 000. The levy will apply at 0.5 per cent of taxable income in excess of $50,000, and 1 per cent of taxable income in excess of $100,000. No levy is payable where the person has income of $50,000 or less and the levy will not apply to certain payments including: tax free income from account-based pensions, superannuation amounts rolled over and death benefits paid to dependants. Individuals affected by natural disasters may be eligible for an exemption.

For further information, please visit the ATO website: www.ato.gov.au

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