The Pooled Fund covers the investment assets held on behalf of the four closed NSW public sector superannuation schemes:
It is one of the largest superannuation schemes in Australia, managing more than 148,414 accounts and more than $38 billion in assets at 30 June 2007.
The amount of a member’s benefit in a Scheme is mainly based on a multiple of their salary and years of membership. SASS also has an accumulation component — a benefit based on an accumulation of the member’s contributions and interest, less applicable fees and insurance premiums.
Members of SASS, SSS and PSS pay contributions by way of an after tax payroll deduction. The SANCS benefit (apart from the Commonwealth Government Co-contributions Account) is fully employer financed.
SASS is a lump sum Scheme, however a limited number of members have a pension option. On retirement, SSS and PSS members gain access to a pension, with lump sum options.
The Pooled Fund is an exempt public sector superannuation scheme under the Commonwealth Superannuation Industry (Supervision) Act 1993 (SIS). The SIS Legislation treats exempt public sector superannuation funds as complying funds for concessional taxation and superannuation guarantee purposes.
In May 1996, the NSW Premier and Commonwealth Treasurer signed a Heads of Government Agreement. Under that Agreement, the NSW Government undertakes to ensure that the Pooled Fund Schemes will conform with the principles of the Commonwealth’s retirement incomes policy relating to preservation, vesting and reporting to members and that members’ benefits are adequately protected.
Amendments made to the Pooled Fund legislation in March 2004 enable the NSW Government to prudentially monitor and audit the Pooled Fund and the Trustee Board activities in a manner consistent with the prudential controls of the SIS legislation. These provisions are in addition to other legislative obligations on the Trustee Board and internal processes that monitor the Trustee Board’s adherence to the principles of the Commonwealth’s retirement incomes policy.
Pooled Fund ABN 29239066746
Pooled Fund SFN 261190943
