Update for members of state superannuation schemes
30 July 2013
Member of one of the three state superannuation schemes - the State Authorities Superannuation Scheme (SSAS), the State Superannuation Scheme (SSS), and the State Authorities Non-contributory Superannuation Scheme (SANCS) - may have read with concern recent press reports regarding funding shortfalls in these schemes, and wondered what the University was doing to protect your superannuation. I am writing to reassure you that we are actively lobbying both state and federal governments to resolve this situation.
These schemes currently have a significant unfunded component. The newspaper articles reported that the NSW Auditor General has called on both state and federal governments to resolve the shortfall, and recommended that NSW universities should make strong representations to the federal government to resolve the problem within the next 12 months.
We were glad to receive the Auditor General's support, but didn't need a reminder as we've been in regular contact with both the federal department and the State Trustee about this matter for some time, and we are pressing them to resolve it as a matter of urgency. We are also collaborating with other NSW universities with the aim of achieving an early resolution.
We are optimistic that the federal government will provide funding to cover the unfunded component, but a specific commitment has not been made on when that will occur. We understand that the delay is due to protracted negotiations between the federal and state governments on an arrangement to share costs.
Unfortunately, at this point we don't have any more precise information about what impact this might have on your superannuation, but we will keep you informed of further developments as soon as they come to hand. If you have any questions in the meantime, please contact Lachlan McLean (Senior Superannuation Officer).
Director, Human Resources