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The Papua New Guinea (PNG) superannuation schemes

From 1 July 2011 the Commonwealth Superannuation Corporation (CSC) became responsible for the superannuation scheme provided for by the regulations made under the Papua New Guinea (Staffing Assistance) Act 1973 (PNG).

Previously, the Commissioner for Superannuation was responsible for the payment of pensions under the Superannuation Ordinance 1917 of the Territory of Papua and the Superannuation Ordinance 1928 of the Territory of New Guinea. The funds that were established under these ordinances have not existed for many years and the full cost of these pensions is met from consolidated revenue.

The Superannuation (Papua New Guinea) Ordinance 1951 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. The Superannuation Board which was constituted under the 1951 Ordinance was also empowered to administer the funds established under the Superannuation Ordinance 1917 of the Territory of Papua and the Superannuation Ordinance 1928 of the Territory of New Guinea. Since 1 July 1976, the Papua New Guinea Superannuation Scheme has been administered by the Commissioner for Superannuation in accordance with section 20 of the Papua New Guinea (Staffing Assistance) Act 1973 (the Act).

The Papua New Guinea (Staffing Assistance) (Superannuation) Regulations made under section 65 of the Act came into operation on 1 December 1973. These regulations provided retirement benefits of the same nature and at the same levels as the 1951 Ordinance and provided for continuity with respect to the payment of benefits approved in accordance with the 1917 and 1928 Ordinances. The regulations also contain detailed provisions of the scheme.

 

Last updated September 14, 2011