Commonwealth Superannuation Corporation Annual Report 2017–18

7. Our Superannuation Schemes

PNG

Papua New Guinea Superannuation Fund

Overview of PNG

PNG is a closed public sector scheme with no contributing members. Constituted under the Superannuation (Papua New Guinea) Ordinance 1951, PNG provided retirement benefits for employees of the administration of the Territory of Papua and New Guinea through the establishment of the Papua and New Guinea Superannuation Fund. Since 1 July 1976, the scheme has been administered in accordance with section 38 of the PNG Act.

PNG membership

Figure 23. PNG pensioners over five years

Note: Figures are at 30 June of each year; ‘pensioners’ represent the number of pension accounts, not the exact number of pensions (e.g. multiple recipients such as a spouse and orphan children may be paid under one account).

PNG Administration

Benefit payments

Figure 24. PNG pension payments over five years

Changes to PNG’s legislation and trust deed

No changes were made to the Papua New Guinea (Staffing Assistance) Act 1973 or to the Papua New Guinea (Staffing Assistance) (Superannuation) Regulations 1973.