AGY-1087 | State Authorities Superannuation Trustee Corporation (1996- ) / State Super (1999- )

Full description

State Authorities Superannuation Trustee Corporation (legislated as the SAS Trustee Corporation or STC; commonly known as State Super) was constituted under the Superannuation Administration Act, 1996 on 1 July 1996 as a trustee for the State defined benefit public sector superannuation schemes. (1)

STC succeeded the abolished State Authorities Superannuation Board. It was trustee of the 'Pooled Funds' including the State Superannuation Scheme (SSS), Police Superannuation Scheme (PSS), State Authorities Superannuation Scheme (SASS) and the State Authorities Non-contributory Scheme (SANC). (2)

Its principal functions were:
- to administer the STC schemes
- to invest and manage the funds of the STC schemes
- to provide for the custody of the assets and securities of STC schemes
- to ensure scheme benefits are properly paid
- to determine disputes under the schemes. (3)

The management of STC was to be carried out by the STC Board consisting of 8 part-time members and 1 full-time member appointed by the Minister. Of the members one was to be appointed as Chairperson; four were to be appointed as employer representatives, and four were to be appointed as employee representatives. (4)

In 1997 there were four State Authority Superannuation Board Committees dealing with Investment, Disputes, Administration, and Audit. In addition, there was the Police Superannuation Advisory Committee which is a statutory committee established under the Police Regulation (Superannuation) Act 1906 to exercise authority delegated to it by the Trustee Corporation in relation to the Police Scheme. (5)

On 10 July 2002 the NSW Government passed legislation creating the General Government Liability Management Fund (LMF) concurrently with the Appropriation Bill 2002. Its purpose was to receive money transferred by the Crown and to use that money in due course to pay employer contributions to the Pooled Fund on behalf of government agencies. (6)

In 2009, STC became the complete owner of State Super Financial Services (SSFS), purchasing the remaining equity held by ARIA (Australian Reward Investment Alliance), the large super fund for Commonwealth public servants. (7)

In 2021, STC had four State Authority Superannuation Board Committees for Investment; Risk, Audit and Compliance; Human Resources and Nominations; and Member Services. (8)

Endnotes
1. Superannuation Administration Act 1996 (Act No.39, 1996), s.1.
2. SAS Trustee Corporation, Annual Report, 2010-2011, p.3.
3. Superannuation Administration Act 1996 (Act No.39, 1996), s.50.
4. Ibid. s.69.
5. SAS Trustee Corporation, Annual Report, 1997.
6. SAS Trustee Corporation, Pooled Fund Annual Report, 2001-2002, p.6
7. SAS Trustee Corporation, Pooled Fund Annual Report, 2009-2010, p.3
8. SAS Trustee Corporation, Annual Report, 2020-2021, pp.22-23.