Output EBT 1 Superannuation Provision Account
Overview
The Superannuation Provision Account (SPA) was established to recognise the investment assets and defined benefit employer superannuation liabilities of the Territory which includes past and current ACT employees who are members of the Australian Government's Commonwealth Superannuation Scheme (CSS) and Public Sector Superannuation Scheme (PSS) and Members of the Legislative Assembly Defined Benefit Superannuation Scheme.
The directorate, through the financial operations of the SPA, assisted the Government to effectively manage the defined benefit employer superannuation liabilities of the Territory. This included the responsibility for the management of the financial investment assets set aside to fund those liabilities.
Highlights
Against this output in 2015-16 the directorate:
- managed the SPA investment portfolio in accordance with the established investment plan and policies;
- completed the annual actuarial review of the defined benefit employer superannuation liabilities of the Territory;
- continued to progress and implement the operational requirements of the Responsible Investment Policy;
- completed the annual Principles for Responsible Investment (PRI) reporting assessment which is mandatory for signatories to the PRI, achieving a performance rating of ‘A’ for the overall approach to responsible investment;
- achieved a net investment portfolio return for the financial year that exceeded the portfolio's performance benchmark return;
- administered benefit entitlements for Members of the Legislative Assembly defined benefit superannuation arrangement; and
- procured the services of an investment asset consultant.
The directorate met all its 2015-16 accountability targets against this output.
Government's Responsible Investment Policy
Reporting and disclosure of responsible investment related activity is available from the directorate’s website. This includes the disclosure of:
- the Government's Responsible Investment Policy;
- the Investment Plan;
- directly-owned share holdings (updated quarterly);
- a summary of the Sustainability Proxy Voting guidelines; and
- share voting activity for the financial year (updated quarterly).
Future Direction
In 2016-17, the directorate will:
- manage the Investment Plan and the financial investment assets of the SPA;
- manage and report on the Government's Responsible Investment Policy;
- complete an annual actuarial review of the defined benefit employer superannuation liabilities using salary and membership data as at 30 June 2016; and
- procure external investment management related service providers as required.
For further information contact:
Patrick McAuliffe
Director
Asset Liability Management
+61 2 6207 0187
Patrick.McAuliffe@act.gov.au
