Changes boost superannuation for police officers

CHANGES to the federal government’s assessment of NSW Police death and disability insurance payments will boost officers’ superannuation benefits, Lindsay MP David Bradbury said on Wednesday.

‘‘This will enable police officers in NSW to save more for their retirement,’’ Mr Bradbury, who is also federal Assistant Treasurer, said.

In 2012 the state government changed the police’s life insurance scheme so that it was funded entirely through superannuation.

This counted the government’s own employer contributions to the scheme as extra superannuation payments to officers.

‘‘The change resulted in some officers exceeding the [superannuation tax concessions] cap, giving rise to an excess contributions tax liability,’’ Mr Bradbury said.

‘‘The federal government will exempt employer contributions to police death and disability cover from the cap to ensure those payments will not be counted as super contributions.

‘‘Hardworking police officers who put their lives on the line should be allowed to put money aside for their retirement, as do other workers in NSW.’’

NSW Police Association president Scott Weber thanked Mr Bradbury and said he hoped the federal Coalition would also adopt the policy.

‘‘We have police officers who can’t contribute to their superannuation because of large tax bills,’’ Mr Weber said.

‘‘This is a great decision, but we have to make sure it’s taken on by whoever is in government.’’

Mr Bradbury said the policy would cost $3.3 million and was fully costed.

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