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South Australian Superannuation Scheme

Functional responsibility

The South Australian Superannuation Scheme (the Scheme) was established by the Superannuation Act 1988.

The Superannuation Act 1988 provides for superannuation benefits for persons employed by the SA Government and other prescribed persons and makes provisions for the families of such persons.

The Scheme is divided into two segments – the Pension Scheme and the Lump Sum Scheme.

The Pension Scheme is the superannuation scheme for SA Government employees who elected to contribute to the Scheme before 30 May 1986. Contributors to the Pension Scheme are entitled to a pension based benefit.

The Lump Sum Scheme is the superannuation scheme for SA Government employees who elected to contribute to the Scheme after 1 July 1988 and before 3 May 1994. Contributors to the Lump Sum Scheme are entitled to a lump sum based benefit.

The South Australian Superannuation Board is responsible for administering the Scheme. The Department of Treasury and Finance – State Superannuation Office provides services to administer the Scheme.


Financial statistics
Liability for accrued benefits: $10.3 billion
   
Net assets available to pay benefits: $5 billion
   
Excess of liabilities for accrued benefits over net assets: $5.3 billion
   
Past service liability funding: $360.2 million
   
Benefits paid and payable:  
   Pension Scheme $600.1 million
   Lump Sum Scheme $252.2 million
   
Number of members:  
   Pension Scheme 16 749
   Lump Sum Scheme 4 839
      Total 21 588

Financial statement opinion
Unmodified