Northern Territory Explanatory Statements Northern Territory Explanatory Statements[Index] [Search] [Download] [Bill] [Help]
2005
LEGISLATIVE
ASSEMBLY OF THE
NORTHERN
TERRITORY
CHIEF
MINISTER
CLOSURE OF THE ADMINISTRATORS PENSIONS SCHEME
EXPLANATORY STATEMENT
GENERAL
OUTLINE
The
Administrators’ pension scheme is a defined benefit scheme established by
the Administrators Pensions
Act.
This Bill amends the
Administrators Pensions Act
to:
(a) close the
Administrators’ pension scheme to future Administrators of the Northern
Territory; and
(b) provide for
continuity of pension arrangements for the current Administrator and retired
Administrators and their
partners.
NOTES ON
CLAUSES
This clause provides that the Administrators
Pensions Act is referred to as the Principal Act in this Bill
This clause removes the definition of
“Administrator” and by doing so prevents future Administrators from
having claim to a pension entitlement under the Administrators Pensions
Act.
This clause inserts a new section to close the
Administrators pensions scheme to acting and future Administrators and to
preserve the right of the current Administrator to a pension from the
scheme.
Sub-clause (1) provides that an acting or future
Administrator will not be eligible to receive a pension from the Administrators
pensions scheme.
Sub-clause (2)
defines the term “current Administrator” to mean the Administrator
holding office at the time the legislation commences. The effect is to preserve
the right of the current Administrator to receive a pension from the
Administrators pensions
scheme.
Sub-clause (2) defines the
term “future Administrator” to mean an Administrator appointed after
the expiration of the current Administrator’s term of office. The effect
is to prevent future Administrator becoming entitled to a pension from the
Administrators pensions scheme.