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Friday, 30 October 1970


Mr Lionel Bowen (KINGSFORD-SMITH, NEW SOUTH WALES) asked the Treasurer, upon notice:

(1)   What was the total contribution by employees to the Commonwealth Superannuation Fund in each of the last 5 years.

(2)   What interest has been earned by the Fund on investments in each of the last 5 years.

(3)   Are the contributions by the employees themselves the only amounts available for investment.

(4)   What amounts have been paid out in pensions in each of the last 5 years.

(5)   Does section 33 of the Superannuation Act limit the Commonwealth contribution to the pension and, accordingly, does the Commonwealth not make any contribution to the fund for investment.

(6)   Does the Commowealth^ contribution to the pension approximate the ratio of 70 (Commonwealth) to 30 (employees' contribution plus investment return).

(7)   What amounts would have been required to have been paid by the Commonwealth in each of the last 5 years to provide a ratio of 70 (Commonwealth) to 30 (employees' contribution).

(8)   By what amounts would the income from investments have increased in each of the last 5 years if the Commonwealth bad made contributions to the fund on the ratio of 70 (Commonwealth) to 30 (employees' contribution).

(9)   Does the Government intend to amend the Superannuation Act to provide that the Commonwealth shall make contributions to the fund on the basis of 70 (Commonwealth) to 30 (employees' contribution).


Mr Bury - The answer to the honourable member's question is as follows:

(I)   The figures for the year 1969-70 are not yet available. Those for the previous 5 years are:

 

(3)   In addition to the contributions by employees themselves amounts received as interest on investments and the proceeds of matured and realised investments are available for investment.

(4)

 

(5)   Yes. In accordance with section 33 of the Superannuation Act 1922-1969 the Commonwealth's contributions to pensions are when the pensions are payable and these amounts are, accordingly, not available for investment. Any amounts paid into the Fund by the Commonwealth under section18 are available for investment.

(6)   The Commonwealth normally meets fivesevenths (71.43 per cent) of the pension payable in respect of each contributory unit although a higher proportion may be met in certain circumstances for example, when sub-sections (3), (4) and (5) of section 33, and section 61 apply. The Commonwealth meets the full cost of pensions paid in respect of non-contributory units and of pension increases granted after retirement.

(7)   The following amounts would have been required to have been paid by the Commonwealth in each of the 5 years 1964-65 to 1968-69 if the Commonwealth has . contributed on the basis of two and one-half time employee's contributions for units of pension.

 

(8)It is not possible to answer this question without making assumptions as to the investment opportunities that would have been available.

(9)   This is not a matter that is under consideration by the Government at this time.







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