Volume Five 2010 focus on Public Financing Enterprises
The Auditor-General, Mr Peter Achterstraat, today released his Volume Five Report to Parliament for 2010. The report includes comments on NSW Treasury and agencies in the finance and superannuation sectors.
The New South Wales public sector superannuation funds’ investments were $42.2 billion at 30 June 2010, up from $38.5 billion in 2009.
Investment returns improve
“It is pleasing to note that investment returns reached 14.5 per cent in 2009-10”, Mr Achterstraat said. “This is a significant improvement on the investment returns of up to negative 18.4 per cent at the peak of the global financial crisis in 2008”, he added.
Unfunded superannuation liabilities increase
Unfunded superannuation liabilities increased to $20.3 billion at 30 June 2010 from $19.8 billion 30 June 2009. These liabilities relate to defined benefit superannuation schemes for public servants and politicians – these schemes are closed to new members.
“Unfunded superannuation liabilities pose significant challenges for the New South Wales Government, as the liabilities are borne by the Government”, Mr Achterstraat said.
Parliamentary Contributory Superannuation Scheme’s unfunded liabilities increased from $154 million at 30 June 2009 to $166 million at 30 June 2010.
Police Superannuation Scheme members mostly retire hurt on duty
‘Hurt on duty’ remains the most common way Police Superannuation Scheme members retire. At 30 June 2010, 65 per cent of police superannuation scheme pensioners were receiving a ‘hurt on duty’ pension. The average age for these members on retirement is 45. In 2009-10, 176 members retired ‘hurt on duty’ compared to 186 for 2008-09.
Barry Underwood Executive Officer on 9275 7220 or 0403 073 664