News Archive
Christmas – New Year 2011
2010-11 Member Information Statements – 30 September 2011
NTGPASS Annual Review – 1 October 2011
MLC Investment Update – 9 August 2011
End of Financial Year Processing - Update
Last Minute Personal (Non-Concessional) Contributions - June 2011
Claiming Deductions for Personal Super Contributions - June 2011
End of Financial Year Processing - June 2011
Concluded Seminars for May 2011
NTGPASS Retained Accounts Fees
Superannuation Reform Project Update No. 2
February 2011 Cyclone Carlos
New Options for NTGPASS Superannuation
Coming Seminars
NTPS Enterprise Bargaining and NTGPASS Annual Review
Superannuation Reform Project Update No.1
Continuation of Pension Drawdown Relief for 2010-11
ASFA Super Guru website
End of Financial Year Processing
Investment Update
SUPERFRIDAY
Northern Territory Government Death
and Invalidity Scheme
2009 Member Information Statement - Available Online
2008-09 Annual Reports
NTGPASS Benefit Payments - Christmas Closure
2008-09 Member Information Statements
Budget 2009 - Key Superannuation Changes
Investment Update
Family Law Act Amendments
Changes to Member Investment Choice
Changes to Minimum Pension Drawdown
We wish to advise that the NT Superannuation Office will suspend benefit processing for one week over the Christmas period.
Superannuation Payments
The last benefit processing date for 2011 will be 20 December 2011. Benefits processing will recommence on 3 January 2012. If you are considering rolling over, or claiming all or part of your NTGPASS benefit prior to Christmas, please contact the NT Superannuation Office early.
Pension Payments
NTGPASS pensions are paid on the 14th and 28th of every month, and will continue as usual. If you require a lump sum withdrawal from your pension account prior to Christmas, please contact the NT Superannuation Office as soon as possible.
Investment Choice
The last date for processing superannuation member investment switch applications for the year will be 22 December 2011. Investment switch applications received after 20 December 2011 will not be actioned until 4 January 2012. Pension investment switches will take place in the first week of January.
If you have any questions, please contact the NT Superannuation Office.
2010-11 Member Information Statements – 30 September 2011
2010-11 Member Information Statements have been issued. A printing fault has resulted in some minor errors on the Member Information Statement for Retained members. This includes incorrect AGS number (the correct number can be found underneath), causing misalignment of the remaining information in the “Your Details” area of your statement.
Please be assured that all financial information relevant to your account shown on the statement is correct. If you have any questions, please contact our office. We apologise for any inconvenience this may have caused.
NTGPASS Annual Review – 1 October 2011
Each fortnight, as an NTGPASS member, you must contribute between two and six per cent of your contribution salary to your superannuation accumulation account. Your contribution salary is your gross annual salary plus approved allowances as at the Annual Review date on 1 October each year.
Are you getting the most from your contributions?
By contributing the maximum rate of six per cent you ensure that you will receive the maximum employer contribution in return. For more information about how the NTGPASS employer benefit is calculated, please refer to the NTGPASS/NTSSS Member Information Book
Is your salary lower than it was last year?
You can elect to keep contributing based on last year’s contribution salary if you experience a reduction in salary (except for commencing or varying part time employment).
How do I change my contribution rate or elect to contribute on last year’s higher salary?
The Annual Review is your opportunity to change your contribution rate or elect to maintain last year’s higher contribution salary. To do this you will need to download and complete the Annual Review Form and return it to your Payroll Services Area by cob Friday 23 September 2011.
Please do not return the form to the Superannuation Office.
If you don’t want to change your contribution rate, or maintain last year’s higher salary, you don’t need to do anything.
Questions
If you would like more information about your NTGPASS membership, please contact the NT Superannuation Office:
- via email at ntsuperannuation@nt.gov.au; or
- by telephone on 8901 4200 or 1800 631 630 (toll free).
MLC Investment Update – 9 August 2011
MLC Implemented Consulting, the NTGPASS implemented investment consultants, have released an investment briefing on the current market volatility.
Click here to read more
End of Financial Year Processing - Update
Due to a delay in finalising end of financial year requirements, we anticipate that processing of superannuation benefits and investment switches will recommence from 13 July 2011. We will advise members via our website should there be any change to the expected recommencement date.
Pension processing is not affected. Annual pension payment summaries are scheduled to be sent to members in the week ending Friday 8 July 2011.
Please contact the Superannuation Office if you have any queries.
Last Minute Personal (Non-Concessional) Contributions - June 2011
NTGPASS members wishing to make personal (non-concessional) contributions to their accounts on Thursday 30 June 2011 will need to do so by 4.30pm if they would like it to be included for the 2010-11 financial year. Eligible members who make personal contributions to their superannuation accounts may be entitled to the government co-contribution. To be eligible for the co-contribution, your income must be below the upper income threshold. For more information about the co-contribution, and to find out if you might be eligible, click here.
If you are an Active member, the compulsory fortnightly contributions that you make to your NTGPASS accumulation account are non-concessional contributions. These contributions will count towards the government's co-contribution scheme for eligible members.
For details about making personal contributions, including eligibility, contributions caps, and payment methods, click here. Please remember that depending on how your payment is made, it can take a few days to be received, so please allow for this if making a contribution close to 30 June. Contributions received in the NT Superannuation Office after 4.30pm on June 30 will not be credited to your account until the following day.
Claiming Deductions for Personal Super Contributions - June 2011
Please be aware that self-employed retained or spouse members who may otherwise be eligible to claim a deduction for personal superannuation contributions, are not able to do so through the NTGPASS. By claiming a deduction for personal superannuation contributions, the contribution is converted from a non-concessional contribution to a concessional contribution. Contributions to NTGPASS retained or spouse accounts can only be in the form of non-concessional contributions, hence, requests to claim deductions for personal superannuation contributions cannot be accepted.
If you have any questions regarding the above, please contact the NT Superannuation Office.
End of Financial Year Processing - June 2011
Due to end of financial year requirements, the last 2010-11 processing date for benefit payments and investment switches is 22 June 2011. Processing for 2011-12 will recommence on 6 July 2011.
Pension processing will continue as usual, with payment dates of 28 June and 14 July. Annual pension payment summaries are scheduled to be sent to members in the week ending Friday 8 July 2011.
Please contact the Superannuation Office if you have any queries in regard to processing of your benefit.
Coming Seminars - May 2011
Seminars will be held in various locations during May and June 2011. You can register your attendance now.
Alice Springs |
17 May Concluded |
Introduction of Fees on NTGPASS Retained Accounts - April 2011
An annual account keeping fee for retained accounts commences from 1 April 2011. The fee of $52 is being introduced to cover administration costs associated with the day to day running of the fund and is equivalent to $1 per week. This amount is in line with the fee charged by the Northern Territory Public Sector default superannuation fund, AGEST, and similar industry superannuation funds.
The fee will accrue on a pro rata basis throughout the year and will be deducted from your accumulation account at the end of each financial year, or when your account is closed. Details of all fees deducted from your account will be provided on your annual Member Information Statement.
While we strive to keep fees as low as possible for all NTGPASS members, those members with low account balances will be covered under member protection legislation. Member protection means that members with an account balance of less than $1000 are not charged more in account keeping fees than the investment return on their account.
Active NTGPASS members are not subject to an account keeping fee.
Superannuation
Reform Project Update No. 2
March 2011
Legislative amendments to enact Stage 1 of the Superannuation Reform Project were passed by the Legislative Assembly in December 2010. The commencement dates for the reforms are as follows:
• removal of the new entrant medical requirements for NTGDIS – April 2010;
• opt out and implementation of transition to retirement for NTGPASS and NTSSS members – January 2011;
• restructuring the three Trustee boards (i.e. NTGPASS, LAMS and NTPSBS) to a single board (Superannuation Trustee Board). NTGPASS and LAMS come under this arrangement from 15 March 2011, with NTPSBS to follow later in the year; and
• introduction of an account keeping fee for NTGPASS retained members – April 2011.
Additional information on these reforms can be found in the following publications:
Further work is continuing to simplify the calculation of NTGPASS and NTSSS benefits and to formalise the composition of the Superannuation Trustee Board.
Fact Sheets:
• NTGDIS
• NTGPASS and NTGDIS Death Benefits
• Transition to Retirement
Forms:
February 2011 - Cyclone Carlos
We wish to advise that the NT Superannuation Office has suspended benefit processing for one week due to interruption to normal administrative processes following cyclone Carlos. Benefits processing will recommence on 22 February 2011. Please contact the Superannuation Office on 8901 4200 or via our email address ntsuperannuation@nt.gov.au if you have any queries in regard to the processing of your benefit.
New Options for NTGPASS Superannuation
Superannuation reforms have been approved which allow active members to opt out of NTGPASS and NTSSS once they reach preservation age (currently 55). Eligible members who opt out will not need to resign from the NTPS to claim their NTGPASS and NTSSS superannuation benefits.
If you choose to opt out:
• you will no longer be an active NTGPASS member and will no longer make compulsory NTGPASS member contributions of between 2% and 6% of salary;
• you will move from defined benefit superannuation arrangements to Choice of Fund (superannuation guarantee) arrangements. Your employing agency will make superannuation guarantee contributions to your nominated superannuation fund each pay day;
• you must select a superannuation fund to receive your superannuation guarantee contributions and any salary sacrifice contributions. This cannot be NTGPASS; and
• you can retain your superannuation benefits with NTGPASS or roll it over to another superannuation fund.
View the NTGPASS/NTSSS Opt Out Form for more details.
If you choose to retain your benefits with NTGPASS, you can commence an NTGPASS transition to retirement pension, provided you meet the following criteria:
• you must have a minimum account balance of $50 000 to establish the pension;
• you must draw a minimum annual pension, calculated as a percentage of your account balance at the beginning of each year and based on your age (this is currently 2% for members aged 55 to 64); and
• you cannot draw more than 10% of your account balance each year.
View the Transition to Retirement fact sheet for more details.
If you would like further information or have any queries, please
contact the NT Superannuation Office on (08) 8901 4200, or free-call
1800 631 630 or via email at ntsuperannuation@nt.gov.au.
NTGPASS Benefit
and Pension Payments – Christmas Closure
December 2010
We wish to advise that the NT Superannuation Office
will suspend benefit processing for one week over the Christmas period.
Superannuation Payments
The last benefit processing date for 2010 will be 21 December 2010.
Benefits processing will recommence early in the New Year with the first
processing date being 4 January 2011. If you are considering rolling
over, or claiming all or part of your NTGPASS benefit prior to
Christmas, please contact the NT Superannuation Office to discuss.
Pension Payments
NTGPASS pensions are paid on the 14th and 28th of every month, however,
as the 28th of December 2010 is a public holiday, the pension payment
due for that day will be brought forward to 24 December 2010. Payments
will continue as normal from 14 January 2011. If you require a lump sum
withdrawal from your pension account prior to Christmas, please contact
the NT Superannuation Office as soon as possible.
Seminars will be held in various locations during October 2010. You can register your attendance now.
Alice Springs
6 and 7 October
Darwin 11, 12 and 13 October
Katherine 14 October
Nhulunbuy 19 October
NTPS
Enterprise Bargaining and NTGPASS Annual Review
Email advice was recently sent to members in regards to the NTGPASS Annual Review on 1 October 2010. The Annual Review is used to calculate the compulsory contributions for the next year, based on members' contributions salary at that date.
You will be aware that negotiations to replace the 2008-10 Union Collective Agreement are currently underway. Should the agreement not be finalised by 1 October, member contribution salaries will exclude the proposed 3 per cent salary increase. That is, members' compulsory contributions for the next year will be based on existing salary levels and will not be re-calculated following the finalisation of the agreement. This policy is consistent with previous years where the NTGPASS Annual Review has been finalised prior to the conclusion of enterprise bargaining negotiations.
There will be no effect on any employer-financed benefit from NTGPASS as a result of this action. Where an NTGPASS member resigns after the agreement is approved and becomes operational, their benefit salary will be adjusted by the Superannuation Office to reflect the 3 per cent salary increase effective from 9 August 2010.
Members have the choice of contributing between 2 and 6 per cent of their contribution salary. The effect of a 3 per cent salary increase on a member with a contribution salary of $55 000 contributing at the maximum rate of 6%, would be to pay an additional $3.80 per pay or $98.00 for the year. Members who are already contributing the maximum contribution can elect to make additional contributions to their NTGPASS accumulation account by contacting their payroll or salary packaging section.
Superannuation
Reform Project Update No. 1
Over the past 12
months work has progressed on the Superannuation Reform Project. To date, Cabinet has
approved:
· removal of the new entrant medical requirements for NTGDIS;
· implementation of transition to retirement for NTGPASS and NTSSS members;
· introduction of an account keeping fee for NTGPASS retained members; and
· restructuring of the three Trustee boards (i.e. NTGPASS, LAMS and NTPSBS).
Legislative amendments to formalise these changes are expected to be made later this year and to commence in early 2011.
Read the Transition to Retirement fact sheet for further details.
More information will be provided when available.
Continuation
of Pension Drawdown Relief for 2010-11
The Government has announced today (30/6/10) that drawdown relief which has been available to account-based pension holders for the past two financial years, will be extended to the 2010-11 year. This measure enables pension members to halve the minimum age-based pension required to be withdrawn from their pension account. You can view the full details of the press release here.
A link for ASFA Super Guru has been added to our Useful Resources. Super guru is a new website developed by the Association of Superannuation Funds of Australia (ASFA), to provide superannuation related information which is easy to understand. It has news, fact sheets and interactive learning modules which explain the basics of superannuation. Clink on the link under Useful Resources to check it out.
End
of Financial Year Processing
Due to end of financial year requirements, the last benefit payment processing date for 2009-10 is 23 June 2010. Processing for 2010-11 will recommence on 7 July 2010.
Pension processing will continue as usual, with payment dates of 28 June and 14 July. Annual pension payment summaries are scheduled to be sent to members in the week ending Friday 9 July 2010.
Please contact the Superannuation Office if you have any queries in regard to processing of your benefit.
An investment update has been prepared to provide information on the current market situation. 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.
NTGPASS will be participating in the third annual Super Day hosted by the NT Discussion Group of the Association of Superannuation Funds of Australia (ASFA).
It provides an opportunity for face-to-face interaction with NTGPASS staff, and to get your super questions answered.
SUPERFRIDAY will be held on Friday 30 April 2010 at Raintree Park in the Darwin Mall, 10am to 2pm. Check the Media Release for more information.
Northern Territory Government Death and Invalidity Scheme
The Northern Territory Government Death and Invalidity Scheme (NTGDIS) provides free death and invalidity cover to eligible NTG employees.
From 1 April 2010, employees are no longer required to complete medical declarations or undertake medical assessments. Instead an automatic level of cover will be provided to all NTPS employees. The reduced benefit classification system will no longer be applied and all previously issued reduced benefit certificates or reduced benefit classifications will become redundant.
This means that from 1 April 2010, benefits will no longer be reduced based on a person's medical status. Instead, all eligible persons will be entitled to receive a full NTGDIS benefit.
Check the fact sheet for more information about NTGDIS.
2009 Member Information Statements -
Available Online
2009 NTGPASS Member Information Statements are now available
electronically. This service is only available to active contributing
members of the NTGPASS via the internal NT Government Intranet.
Please note that access is limited to employees of agencies using ePASS.
To download a copy of your statement, please go to http://uluru.nt.gov.au, click on 'Online Systems', then 'NTGPASS Online Member Statements'. You will require your ePASS login and password.
If you have any questions regarding your 2009 Member Information Statement, please contact the Superannuation Office on (08) 8901 4200 or free-call 1800 631 630.
NTGPASS Benefit Payments - Christmas Closure
We wish to advise that the Superannuation Office will suspend benefits processing over the Christmas period.
Superannuation Payments
The last benefit processing date for 2009 will be 15 December. Benefits processing will recommence early in the New Year with the first processing date being 5 January 2010. If you are considering rolling over or claiming all or part of your NTGPASS benefit prior to Christmas, please contact the Superannuation Office to discuss.
Pension Payments
Regular pension payments will continue during this period, ie payments due on 28 December 2009 and 14 January 2010 will be made as usual. Should you require a lump sum withdrawal from your pension account prior to Christmas, please contact the Superannuation Office as soon as possible.
If you would like further information or have any queries, please contact the Superannuation Office on (08) 8901 4200 or free-call 1800 631 630.
2008-09 Member Information Statements
Mail out of the 2008-09 Member Information Statements commenced on 11 September 2009. However, a number of errors in the statements for active NTGPASS members have been identified. As a result, the benefit details on these statements received are likely to be incorrect and should be disregarded.
Statements for active members are being re-printed now and will be sent out during the week commencing 14 September 2009. We apologise for any inconvenience that this may cause. If there is an urgent need for a statement in the meantime, please contact the Superannuation Office on 8901 4200. We also hope to have statements available on-line by 18 September 2009.
Budget 2009 - Key Superannuation Changes
May 2009
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/
April 2009
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.
April 2009
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
March 2009 - 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:
| Fact Sheets: |
| Member Investment Choice |
| The Managed Cash Option |
| Forms: |
| Pension Investment Switch |
| Member Investment Choice Switch |
NTGPASS Pension Members
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.