Appendix 3: Registered Superannuation Schemes: Accounts Summary and Membership Analysis

Report of the Government Actuary for the Year Ended 30 June 2005

[ Last Updated 13 November 2006 ]

	In force on scheme balance dates in the 12 months:		Included in (b):
	to 31 Dec 1990 (a)	to 31 Dec 2004 (b)	Prior period reports (c)	Terminating schemes (d)
Number of Schemes	2,863	625	16	52
ACCOUNTS SUMMARY	$m	$m	$m	$m
Opening Balance	11,044	15,626	12	84
Add:
Contributions	908	1,829	1	8
Investment Accrual	578	1,729	1	7
Transfers In	0	299	0	0
Other Income	330	1	0	0
Less:
Pension Payments	227	231	0	0
Retirement Lump Sums	481	665	0	1
Deaths/Disablements	49	77	0	0
Redundancies	0	87	0	2
Transfers Out	0	285	0	17
Other Exits	764	991	1	22
Administration Expenses	112	140	0	1
Insurance Premiums	106	24	0	0
Taxation	90	118	0	0
Closing Balance	11,032	16,867	13	56
CURRENT MEMBERS
At start of year	511,940	631,646	670	1,981
Add:
New members	62,406	44,125	5	253
Transfers In	6,765	5,427	0	0
Less:
Retirements	13,684	17,331	13	8
Deaths/Disablements	2,132	1,841	0	3
Transfers Out	14,171	6,224	0	426
Redundancies	0	1,943	0	39
Other Exits	42,929	38,564	48	343
At end of year	508,195	615,295	614	1,415
OTHER MEMBERS with preserved benefits	3,411	1,672	1	4
CURRENT PENSIONERS	35,747	27,476	12	32
TOTAL MEMBERS AND PENSIONERS	547,353	644,443	627	1,451

Notes:

1. 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 31/12/04; refer column (c).

2. 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 31/12/04; refer column (d), which may include some cases in column (c).

3. 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.

4. 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.

5. 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.

6. 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.

7. 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.

8. Some totals may not add exactly due to rounding.

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Printed: 12/03/2010