LONG SERVICE AUTHORITY The Long Service Leave Authority is a Territory Authority established under the Long Service Leave (Portable Schemes) Act 2009. This Statement of Intent for 2017-18 has been prepared in accordance with Section 61 of the Financial Management Act 1996. The responsible Minister, Ms Rachel Stephen-Smith, was consulted during the preparation of the Statement of Intent. The Statement of Intent, which focuses on the 2017-18 Budget year, has been developed in the context of a four year forward planning horizon to be incorporated, as far as practicable, into the Long Service Leave Authority’s strategic and business planning processes. The Long Service Leave Authority’s 2017-18 Statement of Intent has been agreed between: Glenys Roper Chairperson on behalf of the Governing Board Andrew Barr MLA Treasurer Rachel Stephen-Smith MLA Minister for Workplace Safety and Industrial Relations
Ensure that long service leave administered schemes’ funds are invested to ensure a surplus of assets over liabilities. Annual net return for each administered scheme on funds under management is in accordance with the Investment Plan. 3.5% above CPI averaged over five years for each scheme 3.5% above CPI averaged over five years for each scheme 3.5% above CPI averaged over five years for each scheme 3.5% CPI averaged over five years for each scheme Ensure each scheme has adequate assets to meet its liabilities. The of total assets over total liabilities as at 30 June of the financial year for each administered scheme is maintained at least of the target. 110% 110% 110% 110% Assessment of performance against 2016-17 objectives Objective Measure Planned 201617 Est. Outcome 201617 Explanation of variance Ensure the maximum number of eligible employers and their employees are registered with the Authority. Percentage of employer registrations completed within 10 working days of receipt of a correctly completed and verified application form. 97% 100% All applications processed in the required time frame. Number of visits to employer sites or premises to ensure that all employees working in the covered industries are registered with the Authority. 80 90 Additional employer visits undertaken to assist employers with scheme compliance. Percentage of eligible unregistered active businesses, 100% 100% N/A term
identified through a Yellow Pages review, are contacted and registered with the Authority. Annual statements made available to employees by 30 September. 100% 100% N/A Ensure that employers’ contribution levies are collected efficiently and effectively. Percentage of employer returns and payments submitted by due date (five working days the end of the month following the relevant quarter). 80% 83% N/A Ensure that payments to employees, contractors and reimbursements to employers are made in accordance with the Act. Percentage of payments completed within 10 working days of receipt of a correctly completed and verified form. 85% 100% All of the applications are expected to be processed in the required time frame. Ensure that long service leave administered schemes’ funds are invested to ensure a long-term surplus of assets over liabilities. Annual net return for each administered scheme on funds under management in accordance with the Investment Plan. 3.5% above CPI averaged over five years for each scheme. 6.2% above CPI averaged over five years for each administered scheme. The market has stabilised the flow on effect of the global financial crisis and has performed relatively well in the last five years. The Authority also increased the growth asset allocation from 55% to 65% in 2014 after the current investment plan was endorsed by the Treasurer. Ensure each scheme has adequate assets to meet its liabilities. The of total assets over total liabilities as at 30 June of the 110% Construction: 114% Cleaning:162% Community:123% All the four administered schemes are expected to meet