Transfer of NTGPASS Retained Accounts
The Northern Territory Government approved a successor fund transfer (SFT) for NTGPASS retained accounts in April 2015. Members were provided with up to date information regarding the SFT on the Successor Fund Transfer News page.
NTGPASS retained accounts
Following changes to the NTGPASS Rules on 15 January 2016, NTGPASS members can no longer elect to open a NTGPASS retained account. The majority of NTGPASS retained accounts were transferred to Sunsuper under a SFT on 15 February 2016. The only exceptions were accounts for deceased NTGPASS members and those whose account included a “transfer value”.
If you have a NTGPASS retained account with a "transfer value":
- You can consolidate your superannuation by rolling over funds from other superannuation funds into your retained account.
- Non-concessional contributions (from your personal after-tax income) can be made to your retained account. Please note that the Commonwealth Government has set annual limits on non-concessional contributions.
- Investment returns are applied to retained accounts at the same rate as contributing NTGPASS members. Current rates and NTGPASS fees are published on this website.
- Annual member information statements are provided.
- An annual account keeping fee of $156 is charged to cover administration costs associated with the running of the fund. Fees accrue on a pro rata basis throughout the year and are deducted from your accumulation account at the end of each financial year, or when your account is closed.
Please note that concessional contributions for example employer contributions and salary sacrifice cannot be accepted into your retained account.
In accordance with Commonwealth Government superannuation legislation, you cannot access any preserved superannuation monies until you meet a condition of release. Conditions of release include, but are not limited to: permanent retirement from the work force after your preservation age, or on the grounds of invalidity, or, your death.
Death and invalidity benefits
Please be aware that your entitlement to additional death and invalidity benefits ceased to be available from your exit date and is not available for NTGPASS retained account members. The benefit payable in the event of your death or invalidity is the balance of your retained account.
Last updated: 18 April 2018