A number of different superannuation arrangements operate in the Tasmanian public sector for public sector employees, members of Parliament, the judiciary and statutory legal officers. Most State Government employees are members of a superannuation scheme administered by the Retirement Benefits Fund (RBF) Board. These schemes comprise defined benefit schemes and accumulation schemes.

All public sector employees first appointed on or after 15 May 1999 have employer contributions provided at the superannuation guarantee (SG) rate of nine per cent of salary set by the Commonwealth Government. This amount is deposited into an accumulation scheme account administered by the RBF Board, unless the employee elects, either before or after commencing employment, to become a member of another complying superannuation fund.

Under the Administrative Arrangements Act 1990, the Treasurer is responsible for the administration of the following State legislation dealing with public sector superannuation arrangements:

• Retirement Benefits Act 1993;
• Parliamentary Salaries, Superannuation and Allowances Act 1973;
• Public Sector Superannuation Reform Act 1999;
• Judges’ Contributory Pensions Act 1968;
• Solicitor-General Act 1983 (in so far as it relates to the pension or other superannuation entitlements of the Solicitor-General);
• Governor of Tasmania Act 1982 (in so far as it relates to the pension or other superannuation entitlements of the Governor); and
• Director of Public Prosecutions Act 1973 (in so far as it relates to the pension or other superannuation entitlements of the Director of Public Prosecutions).

Treasury is therefore responsible for providing policy advice to the Treasurer in relation to the superannuation schemes established in or by the above-mentioned legislation, including in relation to changes that may impact on the Consolidated Fund.

The defined benefit schemes established under the above legislation were closed to new employees in 1999.

Following the approval of legislation by Parliament in November 2002, the parliamentary superannuation schemes established under the now repealed Parliamentary Superannuation Act 1973 and the now repealed Parliamentary Retiring Benefits Act 1985 have been established under the provisions of the Retirement Benefits Act 1993, with the Parliamentary Superannuation Fund (PSF) and the Parliamentary Retiring Benefits Fund (PRBF) becoming subfunds of the Retirement Benefits Fund (RBF).

The RBF Board is responsible for the administration of those superannuation schemes established under the provisions of the Retirement Benefits Act 1993 and the Tasmanian Accumulation Scheme established under the provisions of the Public Sector Superannuation Reform Act 1999.