South Australian Superannuation Board Annual Report 2022-23

2022‑23 Annual Report: South Australian Superannuation Board


Annual Report: online version

  • To: Hon. Stephen Mullighan MP, Treasurer

    Dear Treasurer

    On behalf of the Board of Super SA, I am pleased to present the Annual Report for the financial year ended 30 June 2023.

    The Report is submitted for your information and presentation to Parliament in accordance with the requirements of section 21 and schedule 3 (section 10) of the Superannuation Act 1988 and section 16 of the Southern State Superannuation Act 2009 and Premier and Cabinet Circular PC013 Annual Reporting.

    This Report is verified to be accurate for the purposes of annual reporting to the Parliament of South Australia.

    Submitted on behalf of the South Australian Superannuation Board by:

    June Roache
    Presiding Member
    Date
    27/09/2023
  • It is our pleasure to present the 2022-23 Super SA Board Annual Report.

    Members are at the heart of everything we do

    The Annual Report highlights the key accomplishments Super SA has achieved for its members over the last financial year, notably:
    • Implemented a state-based choice of fund regime known as “fund selection” and a limited public offer facility (being the ability for private employers to contribute to Super SA Select) for eligible members of the Triple S scheme and Super SA Select
    • Investment in technology, cyber security and information management, in line with our commitment to the security of member data
    • Commenced the implementation of an industry best practice methodology for calculating superannuation scheme unit prices in line with Australian Securities and Investment Commission Regulatory Guide 94 Unit Pricing: Guide to good practice.

    Continuous improvement for best member outcomes

    Since the introduction of fund selection in November 2022, Super SA has been focusing its efforts on continually improving and providing quality outcomes to members.

    Super SA is proactively mobilising key initiatives to retain members in the competitive superannuation environment in which we now operate, by significantly enhancing our technological capabilities and service offering for members. This strategic approach aligns with community expectations of a modern super fund.

    The Board has developed its strategy in the spirit of the Australian Prudential Regulation Authority (APRA) Prudential Standard SPS 515 Strategic Planning and Member Outcomes, a standard which requires regulated superannuation funds to deliver demonstrable quality outcomes and act in the best financial interests of its members.

    Super SA has adopted this important standard, because it is in the best financial interests of our members to do so.Super SA will deliver on these requirements by:
    • Proactively engaging our investment partner Funds SA, to improve on its best practice investment model in consideration of investment strategy, returns, reporting under the Australian Securities and Investments Commission’s (ASIC) RG97 Disclosing fees and costs in PDSs and periodic statements, risk and fees
    • Designing competitive products to meet the needs of current and future members in accordance with SPS 515 Strategic Planning and Member Outcomes
    • Enhancing digital member capability and capacity with targeted member engagement, while maintaining stringent cyber security measures that protect the financial interests of members
    • Implementing a truly member-centric experience by continuing to grow a culture of members’ best financial interests
    • Continuing to administer the robust suite of governing legislation and regulatory requirements for which it is responsible.

    Investment performance

    Despite a challenging market, Super SA delivered a strong 9.6% financial year return for members in its Triple S (untaxed) Balanced option.

    Importantly, long-term performance remains positive with members benefitting from returns that generally exceed stated performance objectives for growth-based options, as at 30 June 2023.

    Investment performance was driven by strong growth in equity markets globally, with the performance of the technology sector a key driver. Economic growth has proved relatively resilient with consumer spending holding up well over the year despite a forecasted recession. Positive factors were offset by write-downs in some property assets toward the end of the year.

    The rebound in investment performance this year is a significant reminder to focus on consistent long-term performance.

    Thank you

    To all our members, thank you for your continued support.

    We also thank the Board and all Super SA staff for their continued dedication to members’ best interests throughout the past 12 months.

    Signed by:

    June Roache, Presiding Member
    Super SA Board
    Patrick McAvaney, Acting Chief Executive
    Super SA
  • Overview: about the agency

    Our strategic focus
    Our organisational structure
    Changes to the agency
    Our Minister
    Our Board (as at 30 June 2023)
    Our Executive team
    Legislation administered by the agency

    The agency’s performance

    Performance at a glance
    Agency specific objectives and performance
    Corporate performance summary

    Financial performance

    Financial performance at a glance
    Other financial information

    Risk management

    Risk and audit at a glance
    Fraud detected in the agency
    Strategies implemented to control and prevent fraud
    Public interest disclosure 
    Reporting required under any other act or regulation

    Public complaints

    Number of public complaints reported
    Additional metrics
    Service improvements
    Compliance statement

    Appendix: Audited financial statements 2022-23

  • Our strategic focus

    Our Purpose 

    Our purpose is to champion the financial well-being of our members. The Board is responsible for the administration of:
    • Triple S Scheme
    • Pension Scheme
    • Lump Sum Scheme
    • Income Stream
    • Flexible Rollover Product
    • SA Ambulance Service Superannuation Scheme.

    Our Vision

    To be the most respected superannuation fund


    Our Values

    Dedication – we are members serving members, so we go the extra mile and always look for ways to do better
    Insight – our experience means we know our SA members, and we build on this knowledge to deliver the best outcomes
    Integrity – our ethical principles are non-negotiable, and we act in our members’ best interests transparently and consistently

    Our Functions, Objectives and Deliverables

    Our strategy is to excel and improve member experience whilst being competitive on fees and returns.

    High level strategic objectives:

    • Grow the combined funds under management of all Super SA related Schemes to $43.1 billion by 30 June 2024*
    • Net investment returns comparative to Super SA’s six key competitors
    • Fees – to be in the most cost-efficient quartile of funds while
      delivering additional services to members
    *In conjunction with Funds SA including investments, returns, employer and member contributions

    Our Strategy


    Four strategic themes:

    • Member and Employer Engagement – to enhance the member experience to drive engagement, retention and growth
    • Future Proofing – to transform the Fund for long-term sustainability
    • Competitive Products – to design product / investment options that deliver to member expectations in a competitive environment
    • Member Centric Culture – to engage and develop our people to deliver a continually improving member centric service.


    Our organisational structure 

    our organisational structure.png
    Changes to the agency

    During 2022-23 there were no changes to the agency’s structure and objectives as a result of internal reviews or machinery of government changes.

    Our Minister

    The Hon. Stephen Mullighan MP is the Treasurer and the Minister responsible for superannuation.

    Our Board (as at 30 June 2023)2

    Hon Kevin Foley
    Presiding Member (Chairman), appointed by the Governor from 2 December 2022.

    With significant experience in economic strategy, financial management, superannuation and strategic advisory, Kevin Foley served as Treasurer and Deputy Premier of South Australia from 2002 to 2011 and was the Chair of the Funds SA Board from 2015 - 2018.

    Significant Superannuation and Investment experience as a Trustee Director of Statewide Super for 11 years. Thirty years’ experience as Managing Director, Director and Chairman of Public and Private Companies. Fellow of Australian Institute of Company Directors and Institute of Chartered Accountants.

    Presiding Member, Southern Select Superannuation Corporation.

    Virginia Deegan
    Appointed by the Governor from 23 July 2020 - 22 July 2023.

    Executive Director Infrastructure, University of Adelaide.

    Extensive board and executive management experience across a range of sectors including superannuation, health, and higher education.

    A Fellow of CPA Australia (FCPA) and Member of Australian Institute of Company Directors.

    Board Member of the Southern Select Super Corporation, Member, SA Health Risk Management and Audit Committee and Director, Stawell Underground Physics Lab Pty Ltd.

    Alison Kimber

    Member representative elected from 2 October 2021 - 1 October 2024.

    Significant board and executive experience in financial markets, superannuation and community service delivery. More than 30 years’ experience in the finance, government, and not-for-profit sectors

    Fellow of the Australian Institute of Company Directors and Fellow of the Institute of Actuaries of Australia.

    Councillor, Australian Institute of Company Directors SA/NT and Board Member,

    Southern Select Super Corporation, Member, Cabaret Fringe Association Board, Member, ACT City Renewal Authority Board and Board member Can Do Group.

    William Griggs

    Member representative elected from 2 October 2021 - 1 October 2024.

    Bill Griggs brings to the Board significant leadership and board experience, with expertise in corporate governance, people and culture, superannuation, investment, and insurance. He has a particular interest in managing/coping during times of uncertainty and in evidence-based decision making.

    Current Directorships or equivalent - Director, Funds SA, Director, Return to Work SA, Board Member, Southern Select Super Corporation and Board member, St John Ambulance.

    Fellow of Australian Institute of Company Directors.

    Mr Richard Dennis

    Appointed by the Governor from 23 July 2021 - 22 July 2024.

    Richard Dennis is a legal practitioner and consultant and held the position of South Australian Parliamentary Counsel 2006-2015.

    Governor of the Wyatt Trust, Member, Anglican Diocese of Adelaide Drafting Committee and Board Member, Southern Select Super Corporation.

    Attendance at Board and Committee meetings

    All members serve in a part-time capacity.

    Board members attend a variety of national conferences and education seminars.

    During the 2022-23 year, Board members attended the Association of Superannuation Funds of Australia Conference (Brisbane, February 2023) and the Australian Institute of Superannuation Trustees’ Conference of Major Super Funds (Melbourne, March 2023).

    Name

    Board

    Audit, Risk and Finance Committee

    Member Outcomes and Insurance Committee

     

    Eligible to attend

    Attended

    Eligible to attend

    Attended

    Eligible to attend

    Attended

    Kevin Foley

    7

    7

    2

    2

    1

    0

    Greg Boulton4

    5

    4

    1

    1

    1

    1

    Virginia Deegan

    15

    15

    5

    5

     

     

    Richard Dennis

    15

    14

    5

    5

     

     

    Bill Griggs

    15

    11

     

     

    3

    3

    Alison Kimber

    15

    15

    2

    2

    3

    3


    Our Executive Team

    Dascia Bennett, Chief Executive

    Responsible for leading the organisation and delivering on the Board’s strategic agenda whilst ensuring that Super SA meets legislative and reporting requirements for all superannuation funds managed.

    In addition to leading the Executive Team, during 2022-23, the delivery of human resources and organisational development was re-aligned to report directly to the Chief Executive.

    Patrick McAvaney, Director Policy and Governance

    Responsible for the provision of leadership and advice in the areas of legislation, policy, dispute resolution, risk management, compliance and governance practices across Super SA.

    This role is also responsible for board and committee services.

    Lorna Harrison, Director Operations

    Responsible for leading the Operations team to ensure the timely and accurate collection of contributions and member data, payment of benefits, administration of post retirement services and the annual review process for the funds administered by Super SA.

    In addition, the role leads the insurance delivery service.

    Karen Raffen, Director Brand and Member Engagement

    Responsible for leading the design and implementation of a contemporary brand, marketing and member experience strategy for the Fund.

    Karen is responsible for the areas of member services, financial planning, marketing and member experience.

    The role also develops business solutions that optimise the Board’s strategic objectives in relation to maintaining and improving scale through membership retention and growth.

    Adrian De Silva, Director Strategy, Product and Transformation

    Responsible for providing leadership and management of product and strategic advice across Super SA.

    This includes accountability for the design and alignment of superannuation product offerings to meet member outcomes.

    The role’s responsibilities also include Super SA’s project management office, with oversight of major transformational projects, contemporary change management practices and oversight of the Funds SA operational relationship.

    Mike Gulliver, Director Technology and Information Security

    Responsible for providing strategic and operational leadership to deliver technology and data services in support of Super SA’s strategy and ongoing benefit for members. This includes responsibility for technology roadmap development,

    Information Communication Technology (ICT) service delivery model, and cyber security practices aligned to government requirements and APRA Prudential Standards.

    This role is also accountable for managing contractual ICT service level agreements, budgets, and key relationships with agencies, regulators and external technology partners.

    Mark Hordacre, Director Finance

    Responsible for leading the Finance, Actuarial and Procurement group in the design and delivery of sound financial management services for the benefit of our members and relevant agencies.

    This includes responsibility for the provision of financial and management accounting services to the Schemes and the Board, tax and investment operations for the Schemes.

    Legislation administered by the agency

    The Super SA Board is responsible to the Treasurer for all aspects of the administration of:
    • Southern State Superannuation Act 2009 (Triple S, Flexible Rollover Product and Income Stream); and
    • Superannuation Act 1988 (Lump Sum and Pension Schemes) except for the management and investment of the funds.

    The Board also acts as trustee of the SA Ambulance Service Superannuation Scheme and is responsible for administering the Trust Deed and rules.

    The Government of South Australia, other state and territory governments and the Commonwealth Government have entered into a Heads of Government Agreement on superannuation (HOGA) that recognises certain public sector schemes are exempt public sector superannuation schemes and therefore exempt from the Commonwealth’s Superannuation Industry (Supervision) Act 1993 (SIS Act).

    Each scheme is, however, deemed to be a complying fund in terms of the SIS Act, for superannuation guarantee purposes under the Superannuation Guarantee (Administration) Act 1992 and for income tax purposes under the Income Tax Assessment Act 1936.

    In terms of the HOGA, the state government has made a commitment to use best endeavours to ensure that the exempt public sector schemes conform to the principles of the Commonwealth’s retirement income policy objectives.

    Other related agencies (within the Minister's area/s of responsibility)

    Super SA

    On behalf of the Super SA Board, the State Superannuation Office (Super SA) is responsible for managing SA Public Sector superannuation schemes in line with relevant governing legislation and instruments.

    This arises from section 10(3) of the Superannuation Act 1988, which enables the Board to make use of the staff or facilities of an administrative unit of the SA Public  Sector, with the approval of the Minister of that administrative unit. Super SA, a branch of the Department of Treasury and Finance, provides administrative services to the Board on this basis.

    The Board's service level contract with the Under Treasurer sets out specific performance standards. The contract expired on 30 June 2023, with a new contract commencing for a term of three years with effect from 1 July 2023.

    The annual budget for the operation of Super SA is presented to the Board for its approval.

    The use of consultants, contractors, Work, Health and Safety reporting and executive employment statistics are included in the Department of Treasury and Finance's Annual Report.


    Funds SA

    Funds are managed by a specialist investment manager, Superannuation Funds Management Corporation of South Australia (Funds SA). Funds SA manages the investments for each scheme in accordance with sections 17 and 19 of the Superannuation Act 1988, sections 10 and 11 of the Southern State Superannuation

    Act 2009, and the provisions of the Superannuation Funds Management Corporation of South Australia Act 1995.

    The current Memorandum of Agreement between Funds SA and Super SA was executed in February 2022. Funds SA provides this service under legislation. The agreement is reviewed on a three yearly basis or when a significant change occurs.


    1 The Super SA office also provides administration services to other public sector superannuation funds, which are governed by other Boards and the Treasurer, i.e. Southern Select Super Corporation Board, Parliamentary Superannuation Scheme Board, Governors’ Scheme Pension Fund and Judges’ Scheme Pension Fund.
    2 Gregory Boulton AM, was Presiding Member of the Super SA Board from 1 July 2022 until the conclusion of his term appointment on 8 September 2022.
    3 Board member participation in out of session decisions made by circular resolution as defined in the Board’s regulations have also been included.
    4 Gregory Boulton AM, was Presiding Member from 1 July 2022 until the conclusion of his term appointment on 8 September 2022.

  • Performance at a glance

    Super SA’s performance is assessed continuously against key objectives every quarter. This will ensure the projects and initiatives conducted throughout the year are aligned to meet the key objectives.

    Over the last financial year, Super SA has delivered on a number of multi-year initiatives that focus on improving the fund’s operating model and continue to enhance services to members:
    • Operational implementation of fund selection and limited public offer
    • Technology roadmap and target operating model review
    • Ongoing implementation of the recommendations of the ICAC’s Evaluation of the practices, policies and procedures of Super SA
    • Project management office upgrade - change management
    • New modern staff intranet
    • Continued low account balance consolidation / transfers to the Australian Taxation Office (ATO).
    Super SA has aligned itself with the Australian Prudential Regulatory Authority (APRA) standards, where possible. The Heads of Government Agreement on superannuation requires that Super SA use a best endeavours approach to do so. In striving to achieve this we have undertaken:
    • Ongoing development of a SPS515 Strategic Planning and Member Outcomes framework for Super SA and implemented changes to budgeting, business planning and business case preparation
    • Ongoing delivery of the Protecting Your Super program that addresses account erosion due to excessive fees
    • SuperStream Rollover upgrade to meet ATO requirements
    • Continued development of a cyber security strategy in line with Australian Prudential Regulation Authority’s CPS 234 Information Security and CPS 231 Material Outsourcing.


    Agency contribution to whole of Government objectives

    Key objective

    Agency’s contribution

    Lower costs

    • Net investment returns comparative to Super SA’s key competitors
    • Fees – in the most cost-efficient quartile of funds

    Better Services

    Implementation and operational delivery of fund selection and limited public offer providing members with choice since 30 November 2022.


    Agency specific objectives and performance

     

    2022-23
    Actual

    2022-23
    Target

    2021-22
    Actual

    2021-22
    Target

    2020-21
    Actual

    Achievement of approved service level standards by 30 June each year

    73%

    90%

    68%5

    90%

    85%

    Benchmarking of administrative costs with industry standards — remain in the most cost- efficient quartile of industry standards* while providing additional services to members.

    In the most cost- efficient quartile

    In the most cost- efficient quartile

    In the most cost- efficient quartile

    In the most cost- efficient quartile

    In the most cost- efficient quartile

    *Based on last available Chant West Super Fund Fee Survey (June 2023)

    Agency objectives

    Indicators

    Performance

    Member and Employer Engagement – to enhance the member experience to drive engagement, activation and retention

    Achievement of service level standards target 90%

    Not Achieved 
    73%

    Complaints management

    target 250 complaints per year

    249

    Education registrations
    target 20,000 members

    Achieved
    24,669

    Future Proofing -
    Transform the Fund for long-term sustainability

     

    Introduce fund selection
    and limited public offer
    facility for members of the
    Triple S scheme

    Achieved
    Implemented 30
    November 2022

    Competitive Products

    SuperRatings rating

    Achieved
    Triple S received Gold
    Rating from SuperRatings

    Future Proofing -
    Transform the Fund for long-term sustainability

    Review the target operating model and registry system

    Achieved
    Review completed

    Future Proofing -
    Transform the Fund for long-term sustainability

    Review technology target
    operating model in line with cyber security industry best practice

    Achieved
    Completed - 3 year plan
    developed in line with
    Technology Roadmap

    Future Proofing - Transform the Fund for long-term sustainability

    Conduct the three yearly review of insurance premium settings

    This was undertaken in 2021 and a new premium setting will be introduced in 2023

    Future Proofing –
    Transform the Fund for long-term sustainability

    Conduct the three yearly review of insurance premium settings

    Achieved
    Completed March 2023

    Member Centric Culture –
    To engage employees to
    deliver an efficient and member centric service

    Staff culture target 70%

    Achieved
    76%

     

    Corporate performance summary

    In measuring fund sustainability, Super SA monitors the funds under management by scheme.

    Funds under management

    The comparison of the 2023 and 2022 funds under management by scheme is shown in the graph below.

    funds under mgmt.png


    Investment returns for Triple S

    The comparison of the 2023 and 2022 investment returns for Triple S over each investment option is shown in the graph below:


    Triple S.PNG



    5 Service level standards were impacted across the organisation due to additional security measures applied due to the December 2021 SA Government Frontier data breach.

  • Financial performance at a glance

    The funds under management was $35.6 billion as at 30 June 2023.The total number of members as at 30 June 2023 was 215,318 which represents an increase of 5,188 members from the prior year. This figure comprises the following categories of members:

    • Triple S active and preserved
    • Pension Scheme superannuant, active and preserved
    • Lump Sum Scheme active and preserved
    • SA Ambulance Service Superannuation Scheme active and preserved
    • Super SA Income Stream active, and
    • Flexible Rollover Product active.

    No. of contributors/ members in state schemes:

    2022-23
    Forecast

    2022-23
    Actual

    2023-24
    Forecast

    Members

    209,439

    215,318

    215,751

    • Triple S (total)

    173,021

    177,907

    177,907

    Non-contributors

    98,156

    96,929

    95,723

    Salary Sacrifice contributors only

    20,182

    18,735

    18,750

    After Tax contributors only

    7,838

    8,204

    7,916

    Both After Tax and Salary Sacrifice

    3,134

    2,693

    2,264

    Preserved > $6000 account balance

    32,444

    35,288

    37,197

    Preserved < $6000 account balance6

    11,267

    16,058

    16,058

    • Flexible Rollover Product

    8,362

    8,074

    8,576

    • Income Stream

    12,063

    13,381

    14,032

    • Superannuants

    13,282

    13,262

    12,905

    • Other retirement schemes (Pension, Lump Sum, SA Ambulance)7

    2,711

    2,694

    2,331

    Pension

    203

    207

    151

    Lump Sum

    1,928

    1,920

    1,656

    SA Ambulance

    580

    567

    524


    The total Triple S preserved membership rose by 7,635 individuals, reaching a new total of 51,346 members. However, Triple S active members only declined by 2,749 resulting in an increase in total Triple S membership. All open schemes increased in membership. All closed schemes continued to decline in membership.

    Below is a summary of the number of preserved members as at 30 June 2023 (preserved membership numbers as at 30 June 2022 is shown for comparison).

    No. of preserved members in state schemes:

    30 June 2023

    30 June 2022

    change

    Members

    52,248

    44,721

    7,527

    Triple S (total)

    51,346

    43,711

    7,635

    Pension

    114

    143

    (29)

    Lump Sum

    710

    786

    (76)

    SA Ambulance

    78

    81

    (3)


    Other financial information

    The State Government has a strategy to fund both its accruing and accrued past service superannuation liabilities by 30 June 2034.

    South Australian Superannuation Fund

    Esther Conway, an actuary with Mercer Consulting (Australia) Pty Ltd, performed the actuarial review of the South Australian Superannuation Fund (Pension and Lump Sum Schemes) as at 30 June 2022, and the results are contained in a report dated 23 June 2023.
    The review was performed to meet the requirements of section 21 of the Superannuation Act 1988, which stipulate actuarial reviews be undertaken every three years. This section of the Act requires the actuary to provide a report on the following aspects:
    • the cost of the scheme to the State Government at the time of the report and in the foreseeable future
    • the proportion of future benefits under Part 5 of the Act that can be met from the Fund.
    The next actuarial review of the South Australian Superannuation Fund (Pension and Lump Sum Schemes) will be performed as at 30 June 2025.

    Triple S Insurance Pool

    A triennial review of the Triple S Insurance Pool as at 30 June 2022 was performed by Nathan Bonarius, an actuary with PricewaterhouseCoopers (PwC).
    This report was prepared in accordance with the requirements of section 17 of the Southern State Superannuation Act 2009.
    The report assesses:
    • the cost and funding of insurance benefits provided through the scheme as at 30 June 2022
    • the extent to which the premiums paid by members and held by the Board are sufficient to meet the scheme's anticipated liabilities at 30 June 2022 and in the foreseeable future.
    The next actuarial review of the Triple S Insurance Pool is due to be performed as at 30 June 2025.

     

    SA Ambulance Service Superannuation Scheme

    Esther Conway, an actuary acting on behalf of Mercer Consulting (Australia) Pty Ltd, performed the actuarial review as at 30 June 2020 to meet the requirements of the scheme’s governing rules, which stipulate that actuarial reviews are to be undertaken every three years.

    The next actuarial review of the SA Ambulance Superannuation Scheme is due to be performed as at 30 June 2023.

    Full audited financial statements for 2022-2023 are attached to this report.


    6The Super SA Board has agreed to opt into the Commonwealth's Inactive Low Balance Account regime for Triple S.
    7Comprises both active and preserved members.

  • Risk and audit at a glance

    The Super SA Governance and Risk team’s responsibilities include oversight of risk management, compliance, the Board’s anti-money laundering and counter-terrorism financing program, incident management and business continuity management. The team also manage internal audit reviews conducted by an external provider.

    Fraud detected in the agency

    Category/nature of fraud

    Number of instances

    Financial Impact to Super SA ($)

    Fraudulent transactions attempted by external parties on member accounts

    7

    NIL

    Applications for unauthorised early release of superannuation on compassionate grounds

     

    10

    NIL

    NB: Fraud reported includes actual and reasonably suspected incidents of fraud.

    Strategies implemented to control and prevent fraud

    To ensure a strong control environment exists to prevent the occurrence of fraud, the Super SA office has implemented strong monitoring and validation controls over benefit payments, including verification with members of large benefit payment requests, system-based identification of unusual member account activity, validation of proof of identity prior to payment and independent review and authorisation of all benefit payments.

    Regular information is provided to the Super SA Board from internal and external audit, the Audit, Risk and Finance Committee and the Chief Executive.

    The Super SA office maintains the Board’s Risk Management Strategy and Plan; a Business Continuity Framework and Plan; an Internal Audit Plan; a Compliance Framework and an Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) Program.

    Data for previous years is available here.

    Reporting required under any other act or regulation

    Act or Regulation

    Requirement

    Section 29(1) - Southern State Superannuation Act 2009

    The Board may give such directions as are reasonably necessary to resolve a doubt or difficulty that arises under the Act/regulations or circumstances that has arisen that are not addressed under the Act/regulations and any such direction will have effect according to its terms. If the Board gives such a direction, the Board’s report to the Minister in the financial year in which the action is taken must include details of the action.
    Details to be reported.Nil

    Section 29(2)(a) - Southern State Superannuation Act 2009

     

    If, in the opinion of the Board, a time limit under this Act or the regulations should be extended in particular circumstances, the Board may extend the time limit (even if it has already expired). If the Board extends a time limit, the Board’s report to the Minister in the financial year in which the action is taken must include details of the action.

    Details to be reported: 85 (with further details of applicable extended time limits set out below):
    Applicable legislative reference


    Number of times the power to extend the time limit was exercised

    Section 25(1a)

    The time limit by which a member must request a review by the Super SA Board of a decision (within 3 months of receiving notice of the decision)

    1

    Reg 36AA(1)

                 
    The time limit by which a member must apply for income protection benefits (within 6 months of first absence from work, or within 6 months of ceasing workers compensation/leave)        

    37

    Reg 48(8) & (9)

    The time limit by which a Triple S member/spouse member is required to invest in the Flexible Rollover Product and continue death and Total and Permanent Disablement (TPD) insurance (60 days)             

    35

    Reg 6(4)(a)(i)(C) & 58(12)

    The time limit by which a member must lodge a TPD claim (2 years from termination of employment)        

    12

    Section 29(2)(b) - Southern State Superannuation Act 2009


     

     

    If, in the opinion of the Board, a procedural step under this Act or the regulations should be waived in particular circumstances, the Board may waive compliance with the procedural step. If the Board waives a procedural step, the Board’s report to the Minister in the financial year in which the action is taken must include details of the action.
    Details to be reported: 1 (with further details of applicable  waiver of procedural steps set out below):

    Applicable legislative reference

     

    Number of times the power to waive a procedural step was exercised

    Reg 37(4) and 37A

    Waiver of procedural step to apply for income protection insurance in certain circumstances.

    1

    Schedule 3, section 10 Superannuation Act 1988

    Super SA must, in conjunction with each annual report of the Board under this Act, provide a report on the operation of this Schedule in relation to any administered scheme that is within the ambit of a declaration under clause 2(1)(b) during the financial year to which the annual report relates.
    The report must include—
    a) a copy of any accounts or financial statements that are required to be audited under this Schedule in respect of each relevant scheme for the financial year; and
    b) if a fund has been managed under Part 3 Division 1 in respect of any part of the relevant financial year—a copy of the audited accounts and financial statements for that fund provided by the Superannuation Funds Management Corporation of South Australia.

    Details to be reported: The report on the operation of the SA Ambulance Service Superannuation Scheme and requisite financial statements is included within this annual report.

    Superannuation (Unclaimed Money and Lost Members) Act 1999 (Cwth)

     

    Pursuant to this legislation, prescribed exempt public sector superannuation schemes are permitted, rather than required, to transfer amounts to the ATO. A number of Super SA Schemes are prescribed within the Commonwealth legislation and the Super SA Board has set policies in relation to which unclaimed money, lost members and inactive low balance accounts are to be transferred to the ATO.

    Unclaimed Money
    (Part 3, Section 18AA)

    Triple S accounts were transferred to the ATO on 27 and 28 October 2022 (30 June 2022 reporting) and 27 April 2023 (31 December 2022 reporting) a total of $3,984,909.94 covering 262 members

    Lost Accounts
    (Part 4A section 24HA)

    Triple S accounts were transferred to the ATO on 27 and 28 October 2022 (30 June 2022 reporting) and 27 April 2023 (31 December 2022 reporting) for $761,676.78 covering
    415 members

    Inactive Low Balance Accounts
    (Part 3B, section 20QH)

    Triple S accounts were transferred to the ATO on
    27 and 28 October 2022 (30 June 2022 reporting) and
    27 April 2023 (31 December 2022 reporting) to the value of $3,303,052.40 and covering 2,349 members


    Public complaints

    Number of public complaints reported

    Complaint categories

    Sub-categories

    Example

    Number of Complaints
    2022-23

    Professional behaviour

    Staff attitude

    Failure to demonstrate values such as empathy, respect, fairness, courtesy, extra mile; cultural competency

    1

    Professional behaviour

    Staff competency

    Failure to action service request; poorly informed decisions; incorrect or incomplete service provided

    0

    Professional behaviour

    Staff knowledge

    Lack of service specific knowledge; incomplete or out-of-date knowledge

    0

    Communication

    Communication quality

    Inadequate, delayed or absent communication with customer

    29

    Communication

    Confidentiality

    Customer’s confidentiality or privacy not respected; information shared incorrectly

    4

    Service delivery

    Systems/technology

    System offline; inaccessible to customer; incorrect result/information provided; poor system design

    25

    Service delivery

    Access to services

    Service difficult to find; location poor; facilities/ environment poor standard; not accessible to customers with disabilities

    2

    Service delivery

    Process

    Processing error; incorrect process used; delay in processing application; process not customer responsive

    136

    Policy

    Policy application

    Incorrect policy interpretation; incorrect policy applied; conflicting policy advice given

    6

    Policy

    Policy content

    Policy content difficult to understand; policy unreasonable or disadvantages customer

    31

    Service quality

    Information

    Incorrect, incomplete, outdated or inadequate information; not fit for purpose

    4

    Service quality

    Access to information

    Information difficult to understand, hard to find or difficult to use; not plain English

    0

    Service quality

    Timeliness

    Lack of staff punctuality; excessive waiting times (outside of service standard); timelines not met

    0

    Service quality

    Safety

    Maintenance; personal or family safety; duty of care not shown; poor security service/ premises; poor cleanliness

    0

    Service quality

    Service responsiveness

    Service design doesn’t meet customer needs; poor service fit with customer expectations

    0

    No case to answer

    No case to answer

    Third party; customer misunderstanding; redirected to another agency; insufficient information to investigate

    3

    Investments

    Investments

    Investment fees; Dissatisfaction with investment of assets

    6

     

     

    Total

    249



    Additional metrics

    Total

    Number of positive feedback comments

    122

    Number of negative feedback comments

    43

    Total number of feedback comments

    165

    % Complaints resolved within policy timeframes

    79%
    within 45 days
    (for responses issued in the 2022-23 financial year)

    Data for previous years is available here.

    Service improvements

    • Implemented the new industry best-practice disputes resolution process on 1 July 2022, which better aligns to the Australian Securities and Investment Commission’s regulatory guide - RG271 Dispute Resolution. The new process makes it easier for our members to raise a complaint and imposes more stringent recording and reporting of complaints, including the identification of trends and systemic issues.
    • With the implementation of the new disputes resolution process, the Board set a key performance indicator to keep complaint numbers below 250 for the 2022-23 financial year and this was achieved with 249 complaints received.
    • New Fund Selection, portability and Limited Public Offer (LPO) arrangements were introduced. The new regime provides eligible members with more options and flexibility in regard to their superannuation.
    • Engagement of a new medical advisory service to enhance the claims assessment and insurance process and reduce turnaround times.
    • Further revised the Board delegations to allow for a more simplified and streamlined payment process for smaller, or low risk payments, to improve response times.
    • Introduced rules and processes to enable the acceptance of electronic or digital signatures on instructions from members in particular (low-risk) circumstances to streamline our processes and make it simpler and easier for members.
    • Made further improvements to the member online portal to make it easier for members to register, while maintaining enhanced security measures.
    • Revised the communication option to ‘electronic’ as a default for all members who are registered with Member Portal, to provide faster and safer communication.
    • Updated the Annual Statements to communicate important information, including details around insurance premiums, the effect of low balance accounts on insurance and the distribution of payments upon death.
    • Revised numerous communications, including forms and fact sheets to provide clearer information and instructions.
    • Improvements to a number of other communications, including confirmation to members who purchase insurance, or who are claiming insurance benefits, to pre-empt queries and reduce confusion.

    Compliance statement

    Super SA is compliant with Premier and Cabinet Circular 039 – Complaint Management in the South Australian Public Sector (PC039)

    Y

    Super SA has communicated the content of PC 039 and the agency’s related complaints policies and procedures to employees

    Y

    The Super SA Board has its own complaints policy, based on the timelines and processes adopted by the superannuation industry.


    8 Disclosure of public interest information was previously reported under the Whistleblowers Protection Act 1993 and repealed by the Public Interest Disclosure Act 2018 on 1/7/2019.