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Police Superannuation Scheme

Functional responsibility

The Police Superannuation Scheme (the Scheme) and the Police Superannuation Board (the Board) were established under the Police Superannuation Act 1990.

The Board is responsible for administering the Scheme which provides for benefit payments to police officers who commenced employment before 1 June 1990.

The Scheme comprises a Pension Division which consists of the Police Superannuation Fund and the Police Superannuation Scheme Employer Contribution Account (the Police Employer Account).

The Superannuation Funds Management Corporation of South Australia is responsible for the investment and management of the Police Superannuation Fund and the Police Employer Account.

Note 1 of the financial report provides further details on the Scheme’s administration and funding arrangements.

Financial statistics
Net assets available to pay benefits: $1418 million
Total accrued benefits: $2005 million
Number of Scheme members and pensioners: 2980

Significant events and transactions

The unfunded liability for accrued benefits decreased by $117 million during the year to $587 million.

Financial statement opinion