NTGPASS Management Reforms

Reforms to the Management and Administration of NTGPASS

Bulletins and information regarding reforms to the management and administration of NTGPASS will be added to this page as they are issued.

The Northern Territory Government and Public Authorities’ Superannuation Scheme (NTGPASS) is a hybrid defined benefit scheme that closed to new members in August 1999. NTGPASS members have an accumulation account (a superannuation savings account) that contains their fortnightly contributions and investment earnings They also have an entitlement to receive a defined benefit that is paid as a lump sum by the Northern Territory Government (NTG) when they leave the scheme.

To address emerging risks related to the IT system used for NTGPASS and the highly specialised taxation and prudential reporting requirements for superannuation funds, there will be a range of management and administration reforms to the NTGPASS arrangements. This includes, among other things, a successor fund transfer (SFT) of all NTGPASS accumulation accounts to an external superannuation fund to manage and invest members’ savings on their behalf.

Importantly, there is no change to the NTGPASS defined benefits, which will continue to be paid by the NT Government whenever NTG employees cease membership of the scheme.

What is a successor fund transfer?

A SFT is a compulsory transfer of member benefits from one superannuation fund to another superannuation fund. In this case, all NTGPASS accumulation accounts will be transferred at the same time to another superannuation fund at a specified date. That successor fund will then become responsible for managing and investing NTGPASS member superannuation contributions and earnings.

The date of the transfer is yet to be determined, although it is likely to be in the first half of 2019.

Commonwealth and Territory legislation require that the transfer must be in the best interests of members and that the successor fund confers rights and benefits at least equivalent to the rights and benefits available with NTGPASS accumulation accounts.

In terms of selecting the new fund:

  • the NT Superannuation Office will form a panel to choose and recommend the successor fund and undertake the necessary due diligence
  • the Superannuation Trustee Board (which includes union representation) will review the panel’s recommendation, and will make the final decision to proceed with the transfer
  • the Board will ensure members will have (at least) equivalent rights and benefits with the new fund.

The Superannuation Trustee Board has experience in undertaking SFTs, in relation to NTGPASS. In 2015, it undertook a SFT of NTGPASS pension accounts to AustralianSuper and in 2016, it undertook a SFT of the NTGPASS accounts for former NTG employees to Sunsuper. The Board will make sure that the transfer is in members’ best interests.

Members will be provided with further details about the new superannuation fund and what it will offer once it is selected.

What this means for NTGPASS members

The external successor fund will be able to offer members many additional, contemporary services and products that the NTG cannot provide. Once transferred, members will be able to move their account to any other scheme – something they cannot do now, under the current NTGPASS arrangements.

The Superannuation Office will conduct seminars for NTGPASS members and their spouse/de facto partner in the Territory’s major population centres over the coming weeks.

These seminars will explain the changes and benefits that they will provide members. No action is required from members other than to attend seminars in their town, and keep themselves informed of changes as they progress by regularly checking this web page.

To register your attendance, please RSVP by Tuesday 19 June 2018 via email ntsuperannuation@nt.gov.au. Spaces are limited, so please book early to avoid disappointment.

Seminar dates:

ALICE SPRINGSDATETIME

Monday (night) - Mercure Alice Springs Resort
Gumtree Room
34 Stott Terrace, Alice Springs

Monday 18 June 2018

18:00-19:00

Tuesday (day) - Alice Springs Town Council
Andy McNeill Room
93 Todd St, Alice Springs

Tuesday 19 June 2018

8:30-9:30
10:00-11:00
12:00-13:00
14:00-15:00

CASUARINA  

Tracy Village Social and Sports Club
Club Function Room
28 Tambling Terrace, Lyons

Friday 22 June 2018

14:00-15:00
15:30-16:30
17:00-18:00

Tracy Village Social and Sports Club
Club Function Room
28 Tambling Terrace, Lyons

Tuesday 26 June 2018

14:30-15:30
16:00-17:00

DARWIN CITY  

Charles Darwin University, Waterfront Campus
Level 5 Theatrette
21 Kitchener Dr, Darwin City

Thursday 21 June 2018

9:00-10:00
10:30-11:30
13:00-14:00
14:30-15:30
16:00-17:00

Charles Darwin University, Waterfront Campus
Level 5 Theatrette
21 Kitchener Dr, Darwin City

Friday 22 June 2018

9:00-10:00
10:30-11:30

Charles Darwin University, Waterfront Campus
Level 5 Theatrette
21 Kitchener Dr, Darwin City

Tuesday 26 June 2018

9:00-10:00
10:30-11:30

Charles Darwin University, Waterfront Campus
Level 5 Theatrette
21 Kitchener Dr, Darwin City

Wednesday 27 June 2018

14:00-15:00
15:30-16:30
17:00-18:00

Charles Darwin University, Waterfront Campus
Level 5 Theatrette
21 Kitchener Dr, Darwin City

Thursday 28 June 2018

9:00-10:00
10:30-11:30

KATHERINE  

Knotts Crossing Resort
Corner Giles and Cameron Streets, Katherine

Monday 25 June 2018

11:30-12:30
13:00-14:00

Nhulunbuy  

Walkabout Lodge, Gulf Room
12 Westal Street, Nhulunbuy

Wednesday 20 June 2018

10:00-11:00
11:30-12:30
13:00-14:00

Palmerston  

Highway House, Level 5
14 Palmerston Circuit, Palmerston

Wednesday 27 June 2018

9:30-10:30
11:00-12:00

Highway House, Level 5
14 Palmerston Circuit, Palmerston

Thursday 28 June 2018

14:00-15:00

15:30-16:30

Tennant Creek  

Karguru Room, Karguru Centre
65 Staunton Street, Tennant Creek

Monday 18 June 2018

8:30-9:30
10:00-11:00

Member Seminar Presentation

More information is available in the bulletin below.

Bulletins

Last updated: 18 June 2018