Detailed Outline
This Circular applies to executive officers who are members of the closed NSW public sector employees' superannuation schemes; the State Superannuation Scheme, the Police Superannuation Scheme, and the State Authorities Superannuation Scheme. Members are also automatically members of the State Authorities Non-contributory Superannuation Scheme (SANCS). Under the schemes' governing legislation, executive officers are required to pay the employer cost of their superannuation and to nominate an amount of salary for the purposes of each Act. The maximum nominated salary allowable is the total value of the remuneration package paid to the executive officer, less the cost of providing employer's contributions to superannuation and any performance-related incentive payment. Recent legislative amendments clarify that the cost of providing employer contributions to superannuation is only those amounts required under SANCS and the Act governing each executive officer's closed scheme. No reference is to be made to additional contributions made on a salary sacrifice (or pre-tax) basis into First State Super, or another complying fund, for the calculation of nominated salary under the closed schemes. Further details will be included in the revised SES Guidelines. C Gellatly Director-General Issued : Superannuation Policy and Advice (Public Employment Office). Date: 15 August 2005. This circular has not superseded any other Memorandum/Circular.
Overview
Compliance
- Not Mandatory
AR Details
- Date Issued
- Aug 15, 2005
- Review Date
- Aug 15, 2015
- Replaces
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- Replaced By
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Contacts
- Contact
- Contact us
- Phone
- 02 9228 5555
- Publishing Entity
- Department of Premier and Cabinet
- Issuing Entity
- Department of Premier and Cabinet