New NTGPASS and default super funds
The new default government super and NTGPASS funds have been selected.
Statewide Superannuation is the next default government super fund and the new NTGPASS fund.
Default superannuation fund
Following a competitive process, the Treasurer has appointed Statewide Superannuation as the next default superannuation fund for new government employees.
Effective 10 February 2019, if a new government employee doesn’t specify where they want their superannuation to be paid, they will become a member of Statewide. This arrangement will be in place for the next three years, with a possible extension for a further two years.
Selecting a default superannuation fund has occurred every three to five years ever since 1999, in order to regularly test which is the best possible superannuation fund for new government employees.
New NTGPASS fund
Separately, the Superannuation Trustee Board, trustee of the fund within the Northern Territory Government and Public Authorities’ Superannuation Scheme (NTGPASS), has selected Statewide to receive the transfer of NTGPASS accumulation accounts (members’ savings and earnings). The transfer is expected to occur mid-2019.
Importantly, the transfer will not change the defined benefits of NTGPASS members, which will continue to be paid by the Government whenever employees cease membership of the scheme.
Selection of Statewide
Statewide was selected from a pool of high calibre superannuation funds following a competitive process. Key to Statewide’s selection was a history of providing consistently strong investment returns for members and a willingness to double Territory-based staff to four employees to service members directly. Two of these staff will be associate financial planners, offering members access to free financial advice.
Statewide is a South Australian-based industry superannuation fund with a member centre in Adelaide and two staff currently located in the Territory.
Key features of Statewide include:
- history of providing consistently strong investment performance for members
- choice of 10 investment options from conservative to high growth
- flexible low-cost insurance (life, total and permanent disability and income protection)
- online tools, calculators, resources and free member seminars
- transition-to-retirement and account-based pensions available.