How NTGPASS Works
Members contribute between 2 per cent and 6 per cent of contribution salary, and may vary their contribution rate once each year on 1 October. Member contributions and rollovers into the NTGPASS Fund are credited with interest each year.
Accrued employer contributions are paid at the time the benefit becomes due for payment. It is not paid on resignation within the first five years of employment, is partly paid within five and ten years of employment, and is fully paid thereafter.
NTGPASS lump sum benefits comprise:
- member accumulation account balance: a member financed benefit equal to the member’s contributions and rollovers with interest; and
- accrued employer component: an employer financed benefit determined by the formula:
2.5% x Benefit Salary x Total Benefit Points Accrued During Membership x Vesting Factor
Prospective Employer Component
An additional employer financed benefit applying to death and invalidity benefits. It is equal to 17.5 per cent of benefit salary for each year of foregone service (service from the member’s cessation date to maximum retirement age - usually 65) but:
- is reduced in the first 10 years of membership where the entitlement results from a pre-existing medical condition or insufficient medical information was provided on entry;
- is reduced (for employees with a maximum retirement age of 65 years) where death or invalidity retirement occurs after age 50, and is not payable after age 60;
- is offset (usually fully) where workers compensation benefits are also payable; and
- is not payable where a member dies and at the time of their death, had no dependants.
Death and invalidity retirement benefits are payable, not withstanding that a member may be on leave without pay.
New Superannuation Arrangements
NTGPASS closed to new employees commencing service with the Territory Government after 9 August 1999. New employees joining after 9 August 1999 will have full choice of the superannuation fund to which the employer will contribute the superannuation guarantee.
For further details, please refer to the information for New Employees Joining After 9 August 1999.
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Last updated: 06 September 2018