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MPs pension fund statements for 2007 tabled

The financial statements for the Ministers and Senators pension fund are four years out of date.

Yesterday the 2007 statement for the fund was tabled, it stated there were $7.28 million in net assets available for benefits.

This was up $560,000 from the previous year.

Their pension plan is a contributory, defined benefit pension scheme.

Their contributions represent 25 percent of their salaries, which range from $30,367 for Opposition Senators to $224,092 for the Premier.

Auditor Heather Jacobs Matthews said the statements fairly presented the financial position of the fund that year.

In December Senator David Burt Sen said the Ministers and members of the Legislature Pension Fund had $9.4 million in assets as of March 31, 2010.

Spuring a debate about increasing pension payments he said the net assets were roughly 21 times more than the annual projected payout of some $454,000 in pension benefits.

Sen Burt added that the increase in pensions for Ministers and members of the legislature only amounted to $59,000 in additional benefit payments this year.

The pension increase meant benefits went up $1,379 bringing the total to $35,857.

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Published March 19, 2011 at 7:07 am (Updated March 19, 2011 at 7:07 am)

MPs pension fund statements for 2007 tabled

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