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
30 June Closing TimeBudget 2009 - Key Superannuation Changes
Family Law Act Amendments
Investment Update
Changes to Member Investment Choice
Changes to Minimum Pension Drawdown
The NT Superannuation Office will close at 2:00 pm on Tuesday 30 June 2009 to enable end-of-financial-year processing. Please ensure contributions are received in our office before 2:00 pm.
If you are an active
member, please note that your fortnightly compulsory contributions (between 2% and 6%
of salary) count towards your eligibility for the Commonwealth
co-contribution.
Budget 2009 - Key Superannuation Changes
A number of changes to superannuation were announced in the 2009 Federal Budget. The key changes are:
Concessional Contributions
From 1 July 2009 the concessional contribution caps will be reduced from $50,000 to $25,000 (indexed) per annum.
The transitional arrangements for those aged over 50 will be reduced from $100,000 (applicable until June 2012) to $50,000. From 1 July 2012, the lower cap of $25,000 will apply regardless of age.
Notional Taxed Contributions
As advised in last year's Report to Members, as the NTGPASS is a defined benefit scheme, a notional amount of contributions, known as notional taxed contributions, count towards the concessional caps. The Commonwealth's policy intent on concessional caps was that the limit would not include the employer component of unfunded schemes such as NTGPASS. However, the legislation does not reflect this and at this time, the NT Superannuation Office is awaiting a decision by ATO on whether the legislation will be amended. In the meantime, members have been advised to take into account a notional concessional contribution of 9.6% of their contribution salary.
The budget announcement has indicated that for members of defined benefit schemes, arrangements will stay in place for certain members whose notional taxed contributions would otherwise exceed the reduced cap. The NT Superannuation Office is currently awaiting clarification on this announcement and will provide further information to members when it becomes available.
Non-concessional Contributions
There is no change to the limits on non-concessional (after-tax) contributions. This amount will remain at $150,000 for 2009-10 and will be set at 6 times the concessional contribution limit. Therefore, it will only increase when the $25,000 cap is increased by indexing.
Co-contributions
The Government Co-contribution Scheme will be reduced to 100% of eligible contributions for 2009-10, 2010-11 and 2011-12 financial years, with the rate increasing to 125% of contributions for the 2012-13 and 2013-14 financial years and returning to its former level of 150% for the 2014-15 financial year.
Pensioners - Pension Drawdown Relief
The measures to allow pensioners to halve the minimum amount of pension they must drawdown have been extended to include the 2009-10 financial year.
More information about other budget changes affecting superannuation is available from the Commonwealth Treasury website http://www.budget.gov.au/
An investment update has been prepared to provide information and address some of the questions fund members have asked during the recent volatility across investment markets. To download the newsletter click here. If you would like a printed copy sent to you, please contact the Superannuation Office on 8901 4200 or ntsuperannuation@nt.gov.au.
The Family Law Amendment (De Facto Financial Matters and Other Measures) Act 2008 came into effect on 1 March 2009. The new legislation updates the Family Law Act 1975 to provide for opposite-sex and same-sex de facto couples to access the federal family law courts on property and maintenance matters. The changes also include recognition of financial agreements between de facto couples and superannuation splitting where determined by court proceedings. The was previously only available to legally married couples of the opposite-sex.
As a result of these amendments, each of the schemes administered by the Superannuation Office have now been reviewed to ensure they align with the new amendments. Two schemes requiring minor amendments were the Northern Territory Supplementary Superannuation Scheme (NTSSS) and the Northern Territory Police Supplementary Benefit Scheme (NTPSBS). Amending instruments have now been finalised to insert new definitions of spouse, de factor partner and de facto relationship in both the NTSSS Instrument and the NTPSBS Trust Deed that align with the equivalent definitions in the Family Law Act 1975.
Consolidated versions of the NTSSS Instrument and the NTPSBS Trust Deed
have now been updated to reflect these minor amendments. Copies of the
updated documents are available on this website under the legislation tab or available from the following link:
http://www.nt.gov.au/ntt/super/legislation.shtml.
Member Investment Choice
New Managed Cash Option
You can now choose a very low risk option, that invests in cash, deposits, bank bills and similar securities.
Investment Mixing
You can now mix your investment by choosing one option for your current account balance and a different option for future contributions.
To view the fact sheets and switch forms click on the following links:
| Member Investment Choice Fact Sheet |
| The Managed Cash Option Fact Sheet |
| Pension Investment Switch Form |
| Member Investment Choice Switch Form |
NTGPASS Pension Members
18 February 2009 - Commonwealth announces pension drawdown relief for retirees.
The Commonwealth Government has announced that recipients of allocated pensions can reduce their minimum payment amount for the remainder of this financial year.
To view the media release click here
For further information, contact our member services team at the Superannuation Office on 1800 631 630 or (08) 8901 4200.