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Background The Tasmanian Accumulation Scheme (TAS) is established by a Trust Deed signed by the Treasurer, on behalf of the State Government, and by the RBF Board. The Trust Deed is published on the RBF website. The TAS commenced operation on 25 April 2000 with the closure of the RBF non-contributory scheme (NCS). The TAS is a fully funded, fully taxed scheme. The scheme covers all RBF non-contributory scheme members as at 24 April 2000, together with all permanent and fixed-term, temporary and casual employees appointed after 15 May 1999, unless they choose to belong to another complying superannuation scheme. Parliamentarians first elected on or after 1 July 1999 and judges, statutory legal officers and governors appointed on or after 1 July 1999 also become members of the TAS unless they elect to join a private sector complying superannuation scheme of their choice. Trustee The trustee of the TAS is the RBF Board. Scheme Design The TAS is an accumulation scheme, comprising employer contributions at a defined rate and employee contributions (if any). The level of employer superannuation contributions for employees in the TAS is the prevailing Superannuation Guarantee (SG) rate (refer to Table 19 for the rate relevant to certain periods). This is currently nine per cent of salary. The PSSR Act requires employees to contribute to the TAS at the rate of five per cent of salary, unless they elect to contribute at a greater or lesser rate (in multiples of one per cent of salary), including making nil contributions. The TAS includes a basic level of death and disability benefits for all employees under the age of 60 years, with options to increase or decrease this level of cover. The cost of the cover is deducted from the member’s TAS-SG account. Membership With the transfer of non-contributory scheme members to TAS, the RBF Board took the opportunity to consolidate a number of NCS accounts. This rationalisation accounts for the difference between the number of NCS accounts for 30 June 1999 as shown in Table 6 and the number of TAS accounts as at 30 June 2000. Membership of the TAS is outlined in Table 8. Table 8 Membership of the TAS
Funding All members of the TAS have a fully funded, and fully portable, superannuation benefit. TAS members are able to exercise fund choice, which allows them to elect to have their employer (and any employee) superannuation contributions paid to a complying superannuation scheme of their choice, subject only to the restriction that the Head of Agency may choose not to pay employer contributions to the nominated scheme if the scheme does not accept such contributions by way of electronic funds transfer. Liabilities Given that the employer contributions in respect of public sector employees who commenced employment on or after 15 May 1999 and members of Parliament, judges and statutory legal officers who were first elected or appointed on or after 1 July 1999 are paid to either the TAS or a superannuation fund of their choice immediately the liability accrues, there are no unfunded liabilities pertaining to the TAS.
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