Appendix 3

Report of the Government Actuary for the year ended 30 June 2004

[ Last Updated 11 October 2006 ]

Registered Superannuation Schemes: Accounts Summary and Membership Analysis

	In force on scheme balance dates in the 12 months:		Included in (b):
	to 31 Dec 1990 (a)	to 31 Dec 2003 (b)	Prior period reports (c)	Terminating schemes(d)
Number of Schemes	2,863	675	15	50
Accounts Summary ($m)
Opening Balance	11,044	16,830	6	100
Add:
Contributions	908	1,784	0	6
Investment Accrual	578	-250	-1	1
Transfers In	0	214	0	0
Other Income	330	23	0	0
Less:
Pension Payments	227	230	0	4
Retirement Lump Sums	481	927	0	6
Deaths / Disablements	49	91	0	0
Redundancies	0	142	0	2
Transfers Out	0	182	0	30
Other Exits	764	1,141	1	20
Administration Expenses	112	145	0	1
Insurance Premiums	106	21	0	0
Taxation	90	48	0	0
Closing Balance	11,032	15,675	4	44
Current Members
At start of year
Add:	511,940	647,488	60	1,705
New members	62,406	49,764	5	80
Transfers In	6,765	3,900	0	0
Less:
Retirements	13,684	22,183	1	24
Deaths / Disablements	2,132	2,720	0	1
Transfers Out	14,171	2,917	0	378
Redundancies	0	2,259	0	21
Other Exits	42,929	39,384	14	711
At end of year	508,195	631,724	50	650
Other Members with preserved benefits	3,411	1,739	19	19
Current Pensioners	35,747	28,553	3	65
Total Members and Pensioners	547,353	662,016	72	734

Notes

The data in column (b) includes data for schemes which are presumed current but which have not forwarded their annual reports for the balance date falling in the 12 months ending 31 December 2003; refer column (c).
The data in column (b) includes the latest data for schemes which we have been informed will terminate after the balance date falling in the 12 months ending 31 December 2003; refer column (d), which may include some cases in column (c).
The data has been obtained from annual reports made by the trustees of superannuation schemes "registered" under the Superannuation Schemes Act 1989 to the members and pensioners of those schemes. Data in respect of the Government Superannuation Fund is not included.
Some registered superannuation schemes are "investment only" schemes, whose members are trustees of other registered superannuation schemes. To avoid double counting, investment only schemes are excluded from this data.
Some registered superannuation schemes are "multiple class" schemes, whose members may be trustees of other registered superannuation schemes. Some double counting may therefore exist in this and later appendices.
Accounts Summary
The figures for Investment Accrual, Administration Expenses and Taxation are understated: for many schemes the investment figure has been reported net of some expense charge and/or taxation.
Beginning in November 1994, amounts transferred in or out from other superannuation schemes, and amounts paid out on redundancy, have been recorded by the Office separately from the amounts paid on resignation, to the extent that reporting by scheme trustees makes the distinction. The figure of "Other Exits" comprises amounts paid on resignation, and in respect of reports filed before November 1994, amounts paid on redundancy and amounts transferred to other superannuation schemes. Similarly, the figure for "Other Income" includes amounts transferred in from other superannuation schemes in respect of reports filed before November 1994.
Membership
Some double counting may exist in the figures for numbers of members and pensioners: some persons may contribute to, and draw pensions from, different schemes.
"Transfers In" and "Transfers Out" refer to persons transferring membership between schemes. These figures do not seem to have been reported correctly. "Other Exits" includes resignation and, in respect of reports filed before November 1994, redundancy.
Some totals may not add exactly due to rounding.

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Printed: 03/09/2010