WorkCover SA Announces Strong Improvement in Scheme Performance

WorkCover SA have released the attached media release indicating that things are turning around in relation to scheme performance.

WorkCoverSA today announced a $234 million improvement in the WorkCover scheme’s unfunded liability and a resulting 7.3% increase in the funding ratio to 71%.

WorkCoverSA Chairman Jane Yuile commented that the Board was very pleased with the result. She noted that it reflected management’s “active” approach to managing the scheme and said this has been the catalyst behind a marked increase in return to work rates resulting in the actuarial release of $298 million.

She also noted that WorkCoverSA’s investment strategy also delivered a strong performance with a 12.6% ($290 million) return for the 12 months to June 30.

Full Media Release