The South Australian Parliamentary Superannuation Board (the Board) established under the Parliamentary Superannuation Act 1974 (the Act), is responsible for the collection of contributions from members of the Parliamentary Superannuation Scheme (the Scheme) and for the payment of superannuation benefits to members and members’ families.
The main financial administration arrangements that apply in relation to the Scheme involve the Parliamentary Superannuation Fund (the Fund). The Fund, established under the Act, records as income to the Fund, members’ and the Government’s contributions and revenue derived from the investment of those monies, and also records as payments from the Fund, benefit payments and administration costs.
The investment management responsibility for the Fund is vested with the Superannuation Funds Management Corporation of South Australia (Funds SA) under the Act.
The Board utilises the services of the Department of Treasury and Finance - Superannuation Office to administer the Scheme.
The financial statements for the year ended 30 June 2002 have been finalised however, the audit had not been completed at the date of finalisation of this Report.
The audited financial statements of the Board for the year ended 30 June 2002 will be included in a Supplementary Audit Report to Parliament.