Superannuation Unit

EXPENSES ON BEHALF OF THE TERRITORY
PRINCIPAL MEASURES	
EBT 1:  SUPERANNUATION UNIT	
Description:		Management of the superannuation provision account and administration of the superannuation scheme for members of the Legislative Assembly.	

Measures 	2004-05
Targets 	2004-05
Estimated Outcome	
Quantity			
Monitor and review the investment performance of the Superannuation Investment portfolio.	4	4	
Actuarial revision of Territory superannuation liability.	1	1	
Quality/Effectiveness			
Ratio of investment return divided by the financial benchmark	1	1	
Timeliness			
Investment portfolio performance reported by the 15th business day after the end quarter.	100%	100%	
Production of annual member statements for MLA superannuation scheme.	End Oct 2004	End Oct 2004	
Cost			
Cost of provision of Superannuation Unit functions1	$3  577  000	$3  799  000	
			
TOTAL COST ($’000)2	$253  102.0	$266  777.0	
EXPENSE ON BEHALF OF THE TERRITORY ($’000)3	$1  832.0	$1  351.0	
Notes
1.	The main contributor to being over budget in 2004-05 is higher salaries and administration expenses due to the temporary resources engaged to establish the superannuation entitlements of past Totalcare employees.
2.	The main factors in the increase in total costs are an increase in the emerging cost payment ($11.220m) and the cessation of amortisation of actuarial gains/losses ($2.347m).
3.	Expense on behalf of the Territory was under budget due to lower than expected MLA superannuation benefit payments following the ACT elections.