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This is a Bill, not an Act. For current law, see the Acts databases.
1998
The Parliament of
the
Commonwealth of
Australia
HOUSE OF
REPRESENTATIVES
Presented and read a first
time
Commonwealth
Superannuation Board Bill 1998
No. ,
1998
(Finance and
Administration)
A Bill for an Act to
establish a Board to administer certain legislation relating to superannuation,
and for related purposes
ISBN: 0642 377537
Contents
A Bill for an Act to establish a Board to administer
certain legislation relating to superannuation, and for related
purposes
The Parliament of Australia enacts:
This Act may be cited as the Commonwealth Superannuation Board Act
1998.
(1) Parts 1 and 2, Part 4 (other than section 20) and sections 33 and 35
commence on the day on which this Act receives the Royal Assent.
(2) The remaining provisions of this Act commence on 1 July
1999.
The object of this Act is to establish a Commonwealth Superannuation
Board to administer certain superannuation schemes applying in respect of
existing and former employees of the Commonwealth and Commonwealth authorities
and various other people.
In this Act, unless the contrary intention appears:
bank means:
(a) a body corporate that carries on the business of banking, either in
Australia or outside Australia; or
(b) any other body corporate that is an ADI (authorised deposit-taking
institution) for the purposes of the Banking Act 1959.
Board means the Commonwealth Superannuation Board established
by section 5.
Chairman means the Chairman of the Board.
CSS Board has the same meaning as in the repealed
Superannuation Act 1976.
CSS Fund means:
(a) in relation to a time before the repeal of the Superannuation Act
1976—the CSS Fund established by that Act; or
(b) in relation to a later time—that Fund as it continues in
existence because of the operation of section 11 of the Saving and Transitional
Act.
declared non-statutory superannuation instrument means a
non-statutory superannuation instrument declared by the Minister to be a
non-statutory superannuation instrument to which this Act applies.
disqualified person has the same meaning as in Part 15 of the
Superannuation Industry (Supervision) Act 1993.
elected member means a member referred to in paragraph
10(1)(c).
function includes duty.
member means a person who holds office as a member of the
Board and includes the Chairman.
money of the Board means money held by the Board other than
money forming part of a superannuation fund vested in or managed by the
Board.
non-elected member means a member referred to in paragraph
10(1)(a) or (b).
non-statutory superannuation instrument means a trust deed or
other instrument establishing, otherwise than by or under an Act, a
superannuation scheme for the benefit of people employed by or in the service of
the Commonwealth or Commonwealth authorities or those people and other
people.
Public Sector Superannuation Scheme has:
(a) in relation to a time before 1 July 1999—the same meaning as in
the Superannuation Act 1990; or
(b) in relation to a time on or after 1 July 1999—the same meaning
as in the repealed Superannuation Act 1990.
PSS Board has the same meaning as in the repealed
Superannuation Act 1990.
PSS Fund means:
(a) in relation to a time before the repeal of the Superannuation Act
1990—the PSS Fund established by the Trust Deed; or
(b) in relation to a later time—that Fund as it continues in
existence because of the operation of section 18 of the Saving and Transitional
Act.
repealed Superannuation Act 1922 means that repealed Act, and
any regulations or other instruments under that repealed Act, as that repealed
Act and those regulations or other instruments continue to apply under section
19 of the Saving and Transitional Act.
repealed Superannuation Act 1976 means that repealed Act as
it continues to apply under section 11 of the Saving and Transitional Act and,
except in a reference to a particular provision of that repealed Act, includes
any regulations or other instruments under that repealed Act, as those
regulations or other instruments continue to apply under that section.
repealed Superannuation Act 1990 means that repealed Act as
it continues to apply under section 18 of the Saving and Transitional Act and,
except in a reference to a particular provision of that repealed Act, includes
any regulations or other instruments (other than the Trust Deed) under that
repealed Act, as those regulations or other instruments continue to apply under
that section.
Saving and Transitional Act means the Superannuation
Legislation (Commonwealth Employment—Saving and Transitional Provisions)
Act 1998.
SIS Act means the Superannuation Industry (Supervision)
Act 1993 and includes the regulations in force under that Act.
superannuation fund means a provident, benefit,
superannuation or retirement fund and includes the CSS Fund and the PSS
Fund.
superannuation legislation means:
(a) the repealed Superannuation Act 1976; and
(b) the repealed Superannuation Act 1990 and the Trust Deed;
and
(c) the repealed Superannuation Act 1922; and
(d) the repealed Superannuation (Productivity Benefit) Act 1988,
and any regulations or other instruments under that repealed Act, as that
repealed Act and those regulations or other instruments continue to apply under
section 23 of the Saving and Transitional Act; and
(e) the Papua New Guinea (Staffing Assistance) Act 1973 as it
continues to apply under section 25 of the Saving and Transitional Act and any
regulations or other instruments in force for the purposes of that Act as it so
applies; and
(f) the Saving and Transitional Act.
Trust Deed means:
(a) in relation to a time before the repeal of the Superannuation Act
1990—the deed referred to in section 4 of that Act as that deed has
been subsequently amended; or
(b) in relation to a later time—that deed as it continues in
existence because of the operation of section 18 of the Saving and Transitional
Act.
There is established by this section a board called the Commonwealth
Superannuation Board.
(1) The Board:
(a) is a body corporate with perpetual succession; and
(b) has a common seal; and
(c) may acquire, hold and dispose of real and personal property;
and
(d) may sue and be sued in its corporate name.
(2) The common seal of the Board is to be kept in such custody as the
Board directs and is to be used only as authorised by the Board.
(3) All courts, judges and persons acting judicially must take judicial
notice of the common seal of the Board and must presume that it was duly
affixed.
(1) The Board has the functions and powers conferred on it by this Act and
the superannuation legislation.
(2) The Board is also responsible for the general administration of the
superannuation legislation and for such other matters related to the
superannuation legislation as the Minister specifies in a written notice given
to the Board.
(3) The Board also has such functions, powers and responsibilities, in
relation to declared non-statutory superannuation instruments as the Minister
determines.
(4) A determination under subsection (3) has effect despite anything in
the declared non-statutory superannuation instrument concerned.
(5) Without limiting the Board’s powers under any of the provisions
of the superannuation legislation or under subsection (3), the Board has power,
for or in connection with the performance of its functions, to enter into
contracts, including, to remove any doubt, contracts for the engagement of
employees and contracts for the engagement of persons to provide services to the
Board.
(6) Despite anything in any provision of the superannuation legislation or
in any provision of a declared non-statutory superannuation instrument, if, in a
particular case (the relevant case), the Board is of the opinion
that:
(a) the operation of the legislation or instrument would otherwise produce
a result that is not in the spirit of the legislation or instrument;
and
(b) the circumstances of the case are unusual or exceptional;
the Board may, having regard to the purposes of, or any principles in, the
legislation or instrument and the need for equity between people who are, or may
become, entitled to pensions or other benefits (including deferred or preserved
benefits) under the legislation or instrument, make a determination:
(c) varying any of the components or factors applying in the determination
of a pension or other benefit in the relevant case, whether or not the pension
or other benefit is immediately payable; or
(d) providing for the payment in the relevant case of a pension or other
benefit that would not otherwise be payable.
(1) Subject to subsection (2), the Minister may make determinations
varying the operation of any provisions of the superannuation legislation or of
a declared non-statutory superannuation instrument.
(2) The Minister may not make a determination under subsection (1)
unless:
(a) the Board has consented to the making of the determination;
or
(b) the determination:
(i) relates to a payment by an employer-sponsor within the meaning of the
SIS Act that will, after the making of the determination, be required or
permitted to be made under the legislation or instrument; or
(ii) relates solely to the termination, in whole or in part, of the
legislation or instrument or of any superannuation scheme constituted by or
under the legislation or instrument; or
(iii) is made in circumstances covered by regulations made for the
purposes of subparagraph 60(1)(b)(iii) of the SIS Act.
(3) The Minister may give the Board a written statement setting out the
policy of the Commonwealth Government on any matter affecting the operation or
administration of the superannuation legislation or of any declared
non-statutory superannuation instrument.
(4) Subject to this section and the SIS Act, the Board may make
determinations varying the operation of any provisions of the superannuation
legislation or of a declared non-statutory superannuation instrument for the
purpose of:
(a) giving effect to the policy set out in a statement given under
subsection (3); or
(b) complying with a requirement of the SIS Act or ensuring that the
provisions are consistent with a requirement of any other law of the
Commonwealth; or
(c) simplifying or facilitating the operation of the legislation or
instrument.
(5) The references in subsections (1) and (4) to determinations varying
the operation of any provisions of the superannuation legislation or of a
declared non-statutory superannuation instrument include references to
determinations inserting new provisions in the legislation or
instrument.
(6) The reference in subsection (4) to provisions of the superannuation
legislation does not include a reference to:
(a) provisions determining the people who are eligible employees for the
purposes of the repealed Superannuation Act 1976 or the people who are
members for the purposes of the repealed Superannuation Act 1990;
or
(b) provisions determining the authorities or other bodies that are
approved authorities for the purposes of either of those repealed Acts;
or
(c) provisions conferring powers on the Board; or
(d) the Saving and Transitional Act.
(7) The reference in subsection (4) to provisions of a declared
non-statutory superannuation instrument does not include a reference to
provisions determining the people who are members of a superannuation scheme
established under or for the purposes of that instrument.
(8) In making a determination under subsection (4), the Board must take
into account:
(a) the purpose and intent of the provisions; and
(b) the policy set out in a statement given under subsection (3) in
relation to the legislation or instrument; and
(c) the interests of the people who are, or may become, entitled to
pensions or other benefits under the legislation or instrument; and
(d) the interests of the Commonwealth.
(9) The Board must not make a determination under subsection (4) that
would increase the cost of the relevant superannuation scheme unless the
Minister has agreed to the making of the determination.
(10) A determination made under this section is a disallowable instrument
for the purposes of section 46A of the Acts Interpretation Act
1901.
(11) Subsection 48(2) of the Acts Interpretation Act 1901 does not
apply in relation to a determination made under this section.
Board to comply with requirements of SIS Act
(1) If the Board would, except for a provision of the superannuation
legislation, be required by the SIS Act to do a particular act, then, despite
the provision, the Board is to comply with the requirement.
Powers conferred by SIS Act to be subject to superannuation
legislation
(2) Except as provided by subsection (1), nothing in the SIS Act permits
the Board to do any act that is not expressly authorised by the superannuation
legislation to be done by the Board.
Prohibitions in SIS Act to override superannuation
legislation
(3) If the Board would, except for a provision of the superannuation
legislation, be prohibited by the SIS Act from doing a particular act, then,
despite the provision, the Board is prohibited from doing that
act.
(1) The Board is to consist of 7 members, as follows:
(a) a Chairman appointed by the Minister with the agreement of the members
referred to in paragraphs (b) and (c);
(b) 3 people appointed by the Minister;
(c) 3 people chosen by an electoral process determined under subsection
(2), and appointed by the Minister.
(2) The electoral process for choosing people for appointment as elected
members, or choosing people for appointment under subsection 12(2) to act as
elected members, is to be determined by the Minister.
(3) The electoral process determined under subsection (2):
(a) must not allow a person to be a candidate for election by the process
if the person is not eligible for appointment as a member; and
(b) may provide for people who are candidates for election by the process
to be taken to be chosen by the process if the number of candidates does not
exceed the number of people to be chosen.
(4) The people who are eligible to vote in the electoral process
determined under subsection (2) are people who have reached the age of 18 years
and:
(a) are eligible employees or pensioners for the purposes of the
Superannuation Act 1976*; or
(b) are members of, or are receiving pensions or other payments of a
continuing nature under, the Public Sector Superannuation Scheme or a
superannuation scheme established under or for the purposes of a declared
non-statutory superannuation instrument; or
(c) have deferred or preserved benefits under an Act or superannuation
scheme referred to in paragraph (a) or (b); or
(d) are receiving pensions under the Superannuation Act
1922*; or the Papua New Guinea (Staffing
Assistance) Act 1973.
Note: For the meaning of the references to the
Superannuation Act 1976 and the Superannuation Act 1922 on or
after 1 July 1999, see subsections 11(3) and 19(3) of the Saving and
Transitional Act.
(5) A disqualified person is not eligible for appointment as a
member.
(6) A person is not eligible for appointment as a member referred to in
paragraph (1)(b) unless the person is qualified for the appointment because of
the person’s knowledge of, or experience in, law, public administration,
public policy or the investment of money.
(7) A person is not eligible for appointment as a member unless the
person:
(a) is ordinarily resident in Australia; and
(b) has reached the age of 18 years.
(8) A person is not eligible for appointment as a member if the person is
prohibited, or is prohibited without the leave of a court, under the
Corporations Law from managing a corporation (within the meaning of that
Law).
(9) A non-elected member holds office for the period, not exceeding 3
years, specified in the instrument of appointment.
(10) An elected member holds office for 3 years.
(11) The members hold office on a part-time basis.
(12) Subject to this section, a member is eligible for
re-appointment.
(13) A member holds office on such terms and conditions (in respect of
matters not provided for by this Act) as are determined by the
Minister.
(1) The Minister may, with the agreement of the members, appoint a person
(other than a person who is not eligible for appointment as a member) to act as
Chairman:
(a) during a vacancy in the office of Chairman; or
(b) during any period, or during all periods, when the Chairman is absent
from duty or from Australia or is, for any other reason, unable to perform the
functions of the office of Chairman.
(2) An appointment of a person under subsection (1) may be expressed to
have effect only in circumstances set out in the instrument of
appointment.
(3) The Minister may:
(a) determine the terms and conditions of appointment, including
remuneration and allowances, of a person acting as Chairman; and
(b) terminate such an appointment at any time.
(4) If a person who is acting as Chairman becomes ineligible for
appointment as a member under subsection 10(5) or (8), the person’s
appointment to act as Chairman terminates by force of this subsection.
(5) If there is no determination in operation under paragraph (3)(a) in
relation to the remuneration or allowances of a person acting as Chairman, the
person is not to be paid any remuneration or allowances but, if the person or
the person’s employer incurs any expenses in connection with the
performance of the person’s duties as acting Chairman, the person or
employer, as the case may be, is to be reimbursed for those expenses.
(6) If a person is acting as Chairman in accordance with paragraph (1)(b)
and the office of Chairman becomes vacant while the person is so acting, then,
subject to subsection (2), the person may continue so to act until the Minister
otherwise directs or the vacancy is filled, whichever first happens.
(7) A person appointed to act as Chairman may resign by writing signed by
the person and delivered to the Minister.
(8) While a person is acting as Chairman, the person has and may exercise
all the powers, and is to perform all the functions, of the Chairman under this
Act or any other law.
(1) In this section:
member does not include the Chairman.
(2) Subject to subsections (3) and (4), the Minister may appoint a person
(other than a person who is not eligible for appointment as a member) to act as
a member:
(a) if there is a vacancy in an office of member, whether or not an
appointment has previously been made to the office under section 10;
or
(b) during any period, or during all periods, when a member is absent from
duty or from Australia or is, for any other reason, unable to perform the
functions of the office of member.
(3) If a vacancy referred to in paragraph (2)(a) exists because no one has
previously been appointed to the office concerned under section 10, no person
who is appointed to act in the office during the vacancy may continue so to act
after the end of the period of 6 months beginning on the date of commencement of
this Part or such further period as the Minister, with the agreement of the
members, determines.
(4) A person cannot be appointed under subsection (2):
(a) to act in a vacant office the previous holder of which was an elected
member; or
(b) to act in an office the holder of which is an elected
member;
unless the person is chosen by an electoral process determined in
accordance with subsection 10(2) or, if there is no one available for
appointment who was chosen by that electoral process, the members have agreed to
the person’s appointment.
(5) A reference in subsection (4) to a person chosen by an electoral
process is a reference to a person chosen at the last election held by that
electoral process to choose people for appointment under subsection
(2).
(6) An appointment of a person under subsection (2) may be expressed to
have effect only in circumstances set out in the instrument of
appointment.
(7) The Minister may:
(a) determine the terms and conditions of appointment, including
remuneration and allowances, of a person acting as a member; and
(b) terminate such an appointment at any time.
(8) If a person who is acting as a member becomes ineligible for
appointment as a member under subsection 10(5) or (8), the person’s
appointment to act as a member terminates by force of this subsection.
(9) If there is no determination in operation under paragraph (7)(a) in
relation to the remuneration or allowances of a person acting as a member, the
person is not to be paid any remuneration or allowances but, if the person or
the person’s employer incurs any expenses in connection with the
performance of the person’s duties as an acting member, the person or
employer, as the case may be, is to be reimbursed for those expenses.
(10) If a person is acting as a member in accordance with paragraph (2)(b)
and the office of that member becomes vacant while the person is so acting,
then, subject to subsection (6), the person may continue so to act until the
Minister otherwise directs or the vacancy is filled, whichever first
happens.
(11) A person appointed to act as a member may resign by writing signed by
the person and delivered to the Minister.
(12) While a person is acting as a member, the person has and may exercise
all the powers, and is to perform all the functions, of a member under this Act
or any other law.
(1) A member is to be paid remuneration and allowances as determined by
the Remuneration Tribunal.
(2) However, if no determination by the Tribunal is in operation in
relation to a member, the member is to be paid remuneration and allowances as
determined by the Minister.
(3) If no determination by the Tribunal or the Minister is in operation in
relation to a member, the member is not to be paid remuneration or allowances
but, if the member or the member’s employer incurs any expenses in
connection with the performance of the member’s duties as a member, the
member or employer, as the case may be, is to be reimbursed for those
expenses.
(1) The remuneration and allowances of the Chairman or of a person acting
as Chairman are to be paid:
(a) partly out of the CSS Fund and partly out of the PSS Fund;
or
(b) if the Board has functions in relation to a declared non-statutory
superannuation instrument—partly out of those Funds and partly out of the
fund established under or for the purposes of the instrument;
as determined by the Board.
(2) The remuneration and allowances of a member other than the Chairman,
or of a person acting as a member other than the Chairman, may be
paid:
(a) partly out of the CSS Fund and partly out of the PSS Fund;
or
(b) out of the money of the Board; or
(c) partly out of the CSS Fund, partly out of the PSS Fund and partly out
of the money of the Board; or
(d) if the Board has functions in relation to a declared non-statutory
superannuation instrument—partly as mentioned in any of the preceding
paragraphs and partly out of the fund established under or for the purposes of
the instrument;
as determined by the Board.
(3) If a member, an acting member or the employer of a member or acting
member is entitled to be reimbursed for expenses incurred by the member, acting
member or employer in connection with the performance of the duties of the
member or acting member, the reimbursement is to be made out of the money of the
Board.
The Minister may grant leave of absence to a member on such terms and
conditions as to remuneration or otherwise as the Minister determines.
A member may resign from office by writing signed by the member and
delivered to the Minister.
(1) The Minister may terminate the appointment of a member for:
(a) misbehaviour or physical or mental incapacity; or
(b) inefficiency or incompetence.
(2) If a member:
(a) becomes bankrupt, applies to take the benefit of any law for the
relief of bankrupt or insolvent debtors, compounds with his or her creditors or
makes an assignment of his or her remuneration for their benefit; or
(b) fails, without reasonable excuse, to comply with section 19;
or
(c) is absent, except on leave granted by the Minister, from 3 consecutive
meetings of the Board of which the member has had notice; or
(d) ceases to be ordinarily resident in Australia;
the Minister may terminate the member’s appointment.
(3) If a member becomes a person who would be ineligible for appointment
as a member under subsection 10(5) or (8), the member’s appointment
terminates by force of this subsection.
(1) The Board is to hold such meetings as are necessary for the
performance of its functions.
(2) The Chairman:
(a) may convene a meeting at any time; and
(b) must convene a meeting within 30 days after receiving a written
request signed by another member.
(3) The Chairman is to preside at all meetings at which he or she is
present.
(4) If the Chairman is not present at a meeting:
(a) a member nominated by him or her is to preside; or
(b) if no member is so nominated—the members present are to elect
one of them to preside.
(5) At a meeting, 5 members form a quorum.
(6) Decisions at a meeting must be affirmed by at least 5 votes of members
present at the meeting.
(7) The Board must keep accurate minutes of all its meetings.
(8) In this section:
Chairman includes a person who is acting as
Chairman.
member includes a person who is acting as a member.
(1) Each member must:
(a) as soon as practicable after, but in any case not later than 60 days
after, becoming a member; and
(b) as soon as practicable after, but in any case not later than 60 days
after, each anniversary of becoming a member;
present to a meeting of the Board a statement in writing setting out
particulars of all the member’s interests, whether pecuniary or otherwise
and whether direct or indirect, as at the day of becoming a member or as at that
anniversary, as the case requires, that could reasonably be expected to conflict
with the proper performance of the member’s duties as a member.
(2) If:
(a) a member acquires an interest, whether pecuniary or otherwise and
whether direct or indirect, that could reasonably be expected to conflict with
the proper performance of his or her duties as a member; and
(b) a statement setting out particulars of the interest has not been
presented to a meeting of the Board under subsection (1);
the member must, as soon as possible after acquiring the interest, present
to a meeting of the Board a statement in writing setting out particulars of the
interest.
(3) A statement presented to a meeting under subsection (1) or (2) is to
be incorporated in the minutes of the meeting.
(4) A member who has a direct or indirect pecuniary interest in a matter
being considered by the Board must, as soon as possible after the relevant facts
have come to his or her knowledge, disclose the nature of the interest at a
meeting of the Board.
(5) A disclosure under subsection (4) is to be recorded in the minutes of
the meeting and the member must not, unless the Board or the Minister otherwise
determines:
(a) be present during any deliberation of the Board with respect to the
matter to which the disclosure relates; or
(b) take part in any decision of the Board with respect to that
matter.
(6) For the purpose of the making of a determination by the Board under
subsection (5), a member who has a direct or indirect pecuniary interest in the
matter to which the disclosure relates must not:
(a) be present during any deliberation of the Board for the purpose of
making the determination; or
(b) take part in making the determination.
(7) Subsection (4) applies whether or not particulars of the interest in
question have been disclosed under subsection (1) or (2).
(8) In this section:
member includes acting member.
(1) The Board may, by writing under its common seal, delegate
to:
(a) a member; or
(b) an acting member; or
(c) an employee of the Board; or
(d) an officer of the Department; or
(e) any person who provides administrative services to the Board;
or
(f) any other person who performs duties in connection with the
administration of any of the superannuation legislation or any declared
non-statutory superannuation instrument;
all or any of its powers under this Act, the superannuation legislation, or
any declared non-statutory superannuation instrument, except its power to
reconsider its own decisions or decisions made by its delegates.
(2) The Board may, by writing under its common seal:
(a) delegate to a Reconsideration Advisory Committee established under
section 153AB of the repealed Superannuation Act 1976 the Board’s
power under that repealed Act to reconsider its own decisions or decisions made
by its delegates; or
(b) delegate to a Reconsideration Advisory Committee established under the
Trust Deed the Board’s power under that Deed to reconsider its own
decisions or decisions made by its delegates.
An act done by the Board is not invalid merely because of a vacancy or
vacancies in the membership of the Board.
(1) The appointment of a person:
(a) as a member; or
(b) to act as a member;
is not invalid because of a defect or irregularity in connection with the
appointment.
(2) Subsection (1) does not apply to a defect or irregularity in
connection with the electoral process to choose people as elected members, or to
choose people to act as elected members.
(3) Anything done by or in relation to a person purporting to act as a
member is not invalid merely because:
(a) the occasion for the person’s appointment had not arisen;
or
(b) the occasion for the person to act had not arisen or had ceased;
or
(c) the person’s appointment had ceased to have
effect.
(1) The costs of and incidental to the management of the CSS Fund are to
be paid out of that Fund.
(2) The costs of and incidental to the administration of the repealed
Superannuation Act 1976, the repealed Superannuation Act 1922 and
the Papua New Guinea (Staffing Assistance) Act 1973 (other than costs
referred to in subsection (1)) are to be paid out of the money of the
Board.
(3) The cost of a medical examination carried out for the purposes of
section 16 or 16AB of the repealed Superannuation Act 1976 is part of the
costs of and incidental to the administration of that Act.
(4) The Board may prepare an estimate of the costs referred to in
subsection (2) that are likely to be incurred for a financial year.
(5) The authorised person may, by writing signed by him or her, direct an
agency to pay to the Board, in respect of a period that is, or is included in, a
financial year for which an estimate of costs has been prepared under subsection
(4), such part of the costs so estimated as:
(a) the authorised person thinks appropriate to be paid by the agency;
and
(b) is stated in the direction.
(6) In deciding whether to give a direction to an agency under subsection
(5), and in determining the part of the estimated costs to be stated in the
direction, the authorised person is to take into account the Board’s
responsibilities referred to in subsection 7(2) and any other matters that he or
she thinks relevant.
(7) Subsection (6) does not prevent an agency from agreeing with the Board
in respect of a financial year:
(a) if the authorised person has not given a direction to the agency to
pay to the Board a part of the estimated costs—to pay to the Board an
amount in respect of the costs referred to in subsection (2) in relation to the
financial year; or
(b) if the authorised person has given a direction to the agency to pay to
the Board a part of the estimated costs—to pay to the Board an additional
amount in respect of the costs referred to in subsection (2) in relation to the
financial year.
(8) An agency:
(a) must pay to the Board:
(i) any amount that it is directed to pay to the Board under subsection
(5); and
(ii) any amount that it agrees to pay to the Board under subsection (7);
and
(b) may apply for the purpose of making any such payment any money under
its control.
(9) The Minister may, by writing, authorise a person to give directions to
an agency under subsection (5).
(10) In this section:
(a) a Department of State; or
(b) a Department of the Parliament; or
(c) a branch or part of the Australian Public Service in relation to which
a person has, under an Act, the powers of, or exercisable by, the Secretary to a
Department of the Australian Public Service; or
(d) an authority or other body (other than a State or a State authority)
that employs people who are eligible employees for the purposes of the repealed
Superannuation Act 1976;
and includes an authority or other body that is an approved authority for
the purposes of the repealed Superannuation Act 1976.
authorised person means the Minister or a person authorised
by the Minister under subsection (9) to give directions to agencies under
subsection (5).
(1) The costs of and incidental to the management of the PSS Fund are to
be paid out of that Fund.
(2) The costs of and incidental to the administration of the repealed
Superannuation Act 1990 and the Trust Deed (other than costs referred to
in subsection (1)) are to be paid out of the money of the Board.
(3) The cost of a medical examination carried out for the purposes of the
Rules for the administration of the Public Sector Superannuation Scheme set out
in the Schedule to the Trust Deed is part of the costs of and incidental to the
administration of the repealed Superannuation Act 1990 and the Trust
Deed.
(4) The Board may prepare an estimate of the costs referred to in
subsection (2) that are likely to be incurred for a financial year.
(5) The authorised person may, by writing signed by him or her, direct an
agency to pay to the Board, in respect of a period that is, or is included in, a
financial year for which an estimate of costs has been prepared under subsection
(4), such part of the costs so estimated as:
(a) the authorised person thinks appropriate to be paid by the agency;
and
(b) is stated in the direction.
(6) In deciding whether to give a direction to an agency under subsection
(5), and in determining the part of the estimated costs to be stated in the
direction, the authorised person is to take into account the Board’s
responsibilities referred to in subsection 7(2) and any other matters that he or
she thinks relevant.
(7) Subsection (6) does not prevent an agency from agreeing with the Board
in respect of a financial year:
(a) if the authorised person has not given a direction to the agency to
pay to the Board a part of the estimated costs—to pay to the Board an
amount in respect of the costs referred to in subsection (2) in relation to the
financial year; or
(b) if the authorised person has given a direction to the agency to pay to
the Board a part of the estimated costs—to pay to the Board an additional
amount in respect of the costs referred to in subsection (2) in relation to the
financial year.
(8) An agency:
(a) must pay to the Board:
(i) any amount that it is directed to pay to the Board under subsection
(5); and
(ii) any amount that it agrees to pay to the Board under subsection (7);
and
(b) may apply for the purpose of making any such payment any money under
its control.
(9) The Minister may, by writing, authorise a person to give directions to
an agency under subsection (5).
(10) In this section:
(a) a Department of State; or
(b) a Department of the Parliament; or
(c) a branch or part of the Australian Public Service in relation to which
a person has, under an Act, the powers of, or exercisable by, the Secretary to a
Department of the Australian Public Service; or
(d) an authority or other body (other than a State or a State authority)
that employs people who are members of the Public Sector Superannuation
Scheme;
and includes an authority or other body that is an approved authority for
the purposes of the repealed Superannuation Act 1990.
authorised person means the Minister or a person authorised
by the Minister under subsection (9) to give directions to agencies under
subsection (5).
(1) Any matter or thing done, or omitted to be done, in good faith
by:
(a) a member, or a person acting as a member, in the performance of
functions or the exercise of powers under this Act, the superannuation
legislation or a declared non-statutory superannuation instrument; or
(b) a delegate of the Board in the performance of functions or the
exercise of powers under this Act, the superannuation legislation or a declared
non-statutory superannuation instrument; or
(c) an employee of the Board in the performance of functions or the
exercise of powers under this Act, the superannuation legislation or a declared
non-statutory superannuation instrument; or
(d) a member of a Reconsideration Advisory Committee established under the
repealed Superannuation Act 1976 or the Trust Deed in the performance of
functions or the exercise of powers under that repealed Act or the Trust Deed;
or
(e) any other person who performs duties in connection with the
administration of any of the superannuation legislation or any declared
non-statutory superannuation instrument;
does not subject the person concerned to any action, liability, claim or
demand.
(2) Subsection (1) does not preclude the Board from being subject to any
action, liability, claim or demand.
(1) Except in cases where the SIS Act does not so permit:
(a) any money becoming payable by the Board in respect of an action,
liability, claim or demand arising out of the repealed Superannuation Act
1976 is to be paid out of the CSS Fund; and
(b) any money becoming payable by the Board in respect of an action,
liability, claim or demand arising out of the repealed Superannuation Act
1990 or the Trust Deed is to be paid out of the PSS Fund; and
(c) any money becoming payable by the Board in respect of an action,
liability, claim or demand arising out of a declared non-statutory
superannuation instrument is to be paid out of any superannuation fund
established under or for the purposes of the instrument.
(2) If an amount is paid out of a fund under subsection (1), an amount
equal to the amount so paid is to be paid into the fund concerned out of the
Consolidated Revenue Fund.
(3) Any money becoming payable by the Board in respect of an action,
liability, claim or demand arising out of the repealed Superannuation Act
1922 or the Papua New Guinea (Staffing Assistance) Act 1973 is to be
paid out of the Consolidated Revenue Fund.
(4) The Consolidated Revenue Fund is appropriated for the purposes of
subsections (2) and (3).
(1) Subject to this section, the Board in so far as it is a trustee, the
CSS Fund and the PSS Fund are not liable to pay tax under:
(a) a law of the Commonwealth; or
(b) a law of a State or Territory to which the Commonwealth is not
subject.
(2) Subsection (1) does not apply to the following laws:
(a) the Income Tax Assessment Act 1936;
(b) the Income Tax Assessment Act 1997;
(c) the Superannuation Contributions Tax (Assessment and Collection)
Act 1997;
(d) a law declared by the regulations to be a law to which subsection (1)
does not apply.
(3) Subject to the following provisions of this section, except in so far
as it is a trustee, the Board is not liable to pay tax under:
(a) a law of the Commonwealth; or
(b) a law of a State or Territory to which the Commonwealth is not
subject.
(4) Subsection (3) does not apply to a law declared by the regulations to
be a law to which that subsection does not apply.
(5) No tax or charge is payable under a law of the Commonwealth or a law
of a State or Territory in respect of anything done (including any contract
made, transaction entered into, or document made, executed, lodged or given) in
connection with:
(a) the assumption by the Board of responsibilities in relation to any of
the superannuation legislation or any declared non-statutory superannuation
instrument; or
(b) anything done by the Board for the purposes of the assumption of any
of those responsibilities; or
(c) the vesting in, or transfer to, the Board under section 40A of the
repealed Superannuation Act 1976 of:
(i) the CSS Fund; or
(ii) any assets of that Fund; or
(iii) any assets acquired out of, or by the investment of, money in that
Fund; or
(iv) any assets of the CSS Board; or
(v) any liabilities of the CSS Fund; or
(vi) any liabilities of the CSS Board; or
(d) the vesting in, or transfer to, the Board under section 4A of the
repealed Superannuation Act 1990 of:
(i) the PSS Fund; or
(ii) any assets of that Fund; or
(iii) any assets acquired out of, or by the investment of, money in that
Fund; or
(iv) any assets of the PSS Board; or
(v) any liabilities of the PSS Fund; or
(vi) any liabilities of the PSS Board; or
(e) the securing of the registration of any right, title or interest of
the Board in any land that vests in the Board as mentioned in paragraph (c) or
(d) or the registration of the ownership by the Board of any other asset that
vests in the Board as mentioned in either of those paragraphs, including the
giving or lodging of a certificate under section 5, 6, 13 or 14 of the Saving
and Transitional Act or the doing of anything as the result of the giving or
lodging of such a certificate.
(6) The reference in subsection (5) to a document made, executed, lodged
or given includes, to avoid doubt, a reference to any instrument of transfer,
statement or return required to be made, executed, lodged or given under a law
of the Commonwealth or a law of a State or Territory.
(7) No tax is payable under a law of a State or Territory in respect of
income derived from the investment of money standing to the credit of the CSS
Fund or the PSS Fund or otherwise from the management of either of those Funds
by the Board.
(8) In this section:
tax means a tax of any description and, to avoid
doubt:
(a) despite subsection 269A(3) of the Income Tax Assessment Act
1936 and any provision of the Income Tax Assessment Act 1997,
includes income tax; and
(b) includes stamp duty.
The Board is to give to the Minister such information as the Minister
from time to time requires relating to its functions, powers and
responsibilities, including the investment of the CSS Fund, the PSS Fund and any
superannuation fund established under or for the purposes of a declared
non-statutory superannuation instrument.
The Board is not a Commonwealth authority for the purposes of the
Commonwealth Authorities and Companies Act 1997.
(1) The Board may open and maintain accounts with banks and must pay into
such an account all money received by it that is money of the Board.
(2) The Board may invest money of the Board that is not immediately
required for the purposes of the Board:
(a) on deposit with a bank; or
(b) in securities of the Commonwealth, of a State or of a Territory;
or
(c) in securities guaranteed by the Commonwealth, by a State or by a
Territory; or
(d) in any other manner approved by the Treasurer.
Note: For
the Board’s obligations in relation to money that forms part of the CSS
fund and the PSS Fund, see section 41 of the repealed
Superannuation Act 1976 and section 27 of the
repealed Superannuation Act 1990 as those sections continue to apply
because of the operation of Parts 3 and 5 of the Saving and Transitional
Act.
(1) The Board must keep proper accounts and records of the Board’s
transactions and affairs in accordance with the accounting principles generally
applied in commercial practice.
(2) The Board must do all things necessary to ensure that:
(a) all payments out of the money of the Board are correctly made and
properly authorised; and
(b) adequate control is maintained over:
(i) the assets of the Board; and
(ii) the incurring of liabilities by the Board.
(3) This section does not impose obligations on the Board in relation
to:
(a) transactions and affairs of a superannuation fund vested in or managed
by the Board; or
(b) assets of such a fund; or
(c) the incurring of liabilities in respect of such a fund.
Note: For the Board’s obligations in relation to
matters referred to in this subsection, see section 44 of the repealed
Superannuation Act 1976 and section 27A of the repealed Superannuation
Act 1990 as those sections continue to apply because of the operation of
Parts 3 and 5 of the Saving and Transitional Act.
(4) If a requirement of this section is contravened, each member
who:
(a) caused the contravention; or
(b) failed to take all reasonable steps to comply with the requirement, or
secure compliance with the requirement;
is guilty of an offence punishable on conviction by imprisonment for not
more than 6 months.
(5) Chapter 2 of the Criminal Code applies to the offence referred
to in subsection (4).
(1) At least once a year, the Auditor-General must:
(a) inspect and audit:
(i) the accounts and records of the financial transactions of the Board;
and
(ii) the records relating to assets of the Board; and
(b) report to the Minister the results of the inspection and
audit.
(2) Subsection (1) does not impose obligations on the Auditor-General in
relation to:
(a) the accounts and records of the financial transactions of a
superannuation fund vested in or managed by the Board; or
(b) records relating to assets of such a fund.
Note: For the obligations of the Auditor-General in relation
to the CSS Fund and the PSS Fund, see section 44 of the repealed
Superannuation Act 1976 and section 27B of the repealed Superannuation
Act 1990, as those sections continue to apply because of the operation of
Parts 3 and 5 of the Saving and Transitional Act.
(3) The Auditor-General may, however, decide to dispense with all or any
part of the detailed inspection and audit of the accounts and records.
(4) The Auditor-General must, as soon as practicable, report to the
Minister any irregularity disclosed by the inspection and audit that the
Auditor-General thinks is sufficiently important to be reported.
Note: For the information-gathering powers of the
Auditor-General, see Part 5 of the Auditor-General Act
1997.
(1) If a provision of this Act refers to a determination or declaration
made or other act done by the Minister or the Board and there is no other
provision of this Act authorising the Minister or the Board to make such a
determination or declaration or do such an act, the Minister or the Board is
authorised by this section to make such a determination or declaration or do
such an act.
(2) A determination or declaration by the Minister under this Act is to be
in writing signed by the Minister.
(3) A determination by the Board under this Act is to be in writing under
the Board’s common seal.
(1) The Board must, as soon as practicable after the end of the financial
year beginning on 1 July 1999 and each later financial year, prepare and give to
the Minister:
(a) a report on the performance of its functions during that year;
and
(b) financial statements, in a form agreed between the Minister and the
Board, in respect of the management of any superannuation fund vested in or
managed by the Board during that year; and
(c) financial statements, in a form agreed between the Minister and the
Board, in respect of the management of the money of the Board.
(2) Before giving the financial statements to the Minister, the Board must
submit them to the Auditor-General, who must report to the Minister:
(a) whether the statements are based on proper accounts and records;
and
(b) whether the statements are in agreement with the accounts and records
and show fairly:
(i) the financial transactions and the state of each superannuation fund;
and
(ii) any other financial transactions of the Board; and
(c) whether the receipt of money into each fund, the payment of money out
of each fund, and the investment of money standing to the credit of each fund,
during the year have been in accordance with the repealed Superannuation Act
1976, the repealed Superannuation Act 1990 or the Trust Deed, or the
relevant declared non-statutory superannuation instrument, as the case may be;
and
(d) as to such other matters arising out of the statements as the
Auditor-General considers should be reported.
(3) The Minister must cause a copy of the report, and of the financial
statements, prepared by the Board, together with a copy of the report of the
Auditor-General in respect of those financial statements, to be laid before each
House of the Parliament within 15 sitting days of that House after the receipt
of whichever of those documents was last received by the Minister.
(4) If the Board has not complied with subsection (1) within a period of 6
months after the end of a financial year, the Board must, within 14 days after
the end of that period, give to the Minister an interim report on the
performance of its functions during that year together with interim financial
statements in respect of the matters referred to in paragraphs (1)(b) and (c)
during that year.
(5) The financial statements given to the Minister under subsection (4)
must be in the appropriate forms approved by the Minister for the purposes of
subsection (1) but need not be accompanied by a report of the
Auditor-General.
(6) If the Board gives a report and financial statements to the Minister
under subsection (4), the Minister must cause a copy of the report and a copy of
the financial statements to be laid before each House of the Parliament within
15 sitting days of that House after the Minister receives them.
The Governor-General may make regulations prescribing matters
that:
(a) are required or permitted by this Act to be prescribed; or
(b) are necessary or convenient to be prescribed for carrying out or
giving effect to this Act.