• Parliamentary Pension Scheme

    The Parliamentary Pension Scheme is a defined benefit, contributory pension scheme provided by the Parliamentary Superannuation Act 1970

     Member contributions to the scheme are payable from the date the Member takes office and are either deducted from their post-tax salary, or paid before tax through salary sacrifice. The compulsory member contribution level of 12.5% of total parliamentary salary received reduces to 6.5% after 20 years’ of membership, and consists of: 

    Total salary = Basic salary + Higher Office Allowance, if applicable. 
    This scheme was closed to new members on 10 October 2000. Since its closure, superannuation for Members of Parliament has been provided under ‘choice of fund’ arrangements, in which their employer’s contribution rate is determined by the Salaries and Allowance Tribunal. 

    The scheme is outlined in the Parliamentary Pension Scheme Explanatory Booklet.   

    Parliamentary Superannuation Board 

    The Parliamentary Superannuation Board meets twice each year, and is responsible for administering the Parliamentary Pension Scheme, assisted by GESB. The Board also advocates on behalf of the Parliamentarians participating in the superannuation arrangements introduced on 10 October 2000. 
     
    The six-member Board is reconstituted at the commencement of each new Parliament, and consists of:
    • the Treasurer as Chairperson (who may nominate a Member of either House of Parliament to act as Chairperson)
    • two Members from the Legislative Council, and two Members from the Legislative Assembly
    • one former Member in receipt of a Parliamentary Pension, as parliamentary pensioner representative. 
     

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