❓ A parliamentary question regarding the Treasurer's actions to address concerns raised in the Auditor-General's report on the Government Employees Superannuation Board (GESB). The answer details improvements in administration costs and contribution processing.
AnsweredQoN 1373Legislative Assembly
QuestionView source ↗
I refer to the Auditor-General’s Report No. 3, June 2004 and ask -
(1) What action has been taken to correct the two areas identified by the Auditor-General as “warranting further attention” and to implement the Auditor-General’s recommendations?
(1) What action has been taken to correct the two areas identified by the Auditor-General as “warranting further attention” and to implement the Auditor-General’s recommendations?
AnswerView source ↗
Answered
12 September 2006
Response time
28 days
Actions relating to administration costs included: implementing a more rigorous and efficient product development process; improving sourcing models for Information Technology service providers, and implementing more efficient internal processes in relation to system testing and release management. As a result, GESB's total administration expense per total asset ratio is forecast to fall from 0.73% in 2005/06 to 0.55% in 2006/07 [1 ] . In 2005 Chant West [2 ] awarded GESB its highest possible rating the '5 apple' rating, based on the investment performance, fee structure, organisational strengths, administration, member services and employer services of superannuation funds and is only awarded to funds of the highest quality. Actions relating to processing of contributions included: streamlining processes through enhanced employer on-line services (e-Business Project); and providing employers with direct debit arrangements for both Gold State Super and West State Super contributions. All employers now validate their own data (e.g. member identity and contribution type) prior to submitting it on-line to GESB. Agencies representing 95% of the active membership base are now using direct debit for employer contributions. [1] Figures taken from the 2005/06-2009/2010 and 2006/07-2010/2011 Strategic Development Plans [2] http://www.chantwest.com.au
Actions relating to processing of contributions included: streamlining processes through enhanced employer on-line services (e-Business Project); and providing employers with direct debit arrangements for both Gold State Super and West State Super contributions. All employers now validate their own data (e.g. member identity and contribution type) prior to submitting it on-line to GESB. Agencies representing 95% of the active membership base are now using direct debit for employer contributions. [1] Figures taken from the 2005/06-2009/2010 and 2006/07-2010/2011 Strategic Development Plans [2] http://www.chantwest.com.au
[1] Figures taken from the 2005/06-2009/2010 and 2006/07-2010/2011 Strategic Development Plans [2] http://www.chantwest.com.au
[2] http://www.chantwest.com.au
Actions relating to processing of contributions included: streamlining processes through enhanced employer on-line services (e-Business Project); and providing employers with direct debit arrangements for both Gold State Super and West State Super contributions. All employers now validate their own data (e.g. member identity and contribution type) prior to submitting it on-line to GESB. Agencies representing 95% of the active membership base are now using direct debit for employer contributions. [1] Figures taken from the 2005/06-2009/2010 and 2006/07-2010/2011 Strategic Development Plans [2] http://www.chantwest.com.au
[1] Figures taken from the 2005/06-2009/2010 and 2006/07-2010/2011 Strategic Development Plans [2] http://www.chantwest.com.au
[2] http://www.chantwest.com.au
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