Ensure that long Annual net return for each 3.5% 3.5% 3.5% 3.5% service leave administered scheme on funds under above above above CPI administered management is in accordance with the CPI CPI CPI averaged schemes’ funds Investment Plan. averaged averaged averaged over are invested to over over over five five years ensure a five years five years years for for each term surplus of for each for each each scheme assets over scheme scheme scheme liabilities. Ensure each The of total assets over total 110% 110% 110% 110% scheme has liabilities as at 30 June of the financial adequate assets year for each administered scheme is to meet its maintained at least of the target. liabilities. Assessment of performance against 2016-17 objectives Objective Measure Planned 201617 Est. Outcome Explanation of 201617 variance Ensure the Percentage of 97% 100% All applications maximum number employer processed in the of eligible registrations required time employers and completed within frame. their employees 10 working days of are registered with receipt of a the Authority. correctly completed and verified application form. Number of visits to 80 90 Additional employer sites or employer visits premises to ensure undertaken to that all employees assist employers working in the with scheme covered industries compliance. are registered with the Authority. Percentage of 100% 100% N/A eligible unregistered active businesses,
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
SoI-Long-Service-Leave-Authority.docx