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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
Superannuation
Legislation (Commonwealth Employment) Repeal and Amendment Bill
1998
No. ,
1998
(Finance and
Administration)
A Bill for an Act to amend
certain Acts relating to superannuation, and for related
purposes
ISBN: 0642
377553
Contents
Part 1—Amendments relating to the scope and administration of the Act
and the rights of contributors to transfer to other superannuation
schemes 3
Part 2—Amendments relating to marital status of deceased retirement
pensioner 48
Part 3—Reduced age retirement and early retirement benefits and
increased benefits to spouse or
orphans 63
Part 4—Payment into fund of amounts held in other superannuation
funds or payable under superannuation
arrangements 80
Part 5—Amendments relating to elections under section 137 made
outside the prescribed
period 88
Part 6—Amendments relating to powers of Reconsideration Advisory
Committees 92
Part
7—Miscellaneous 93
Part 1—Amendments relating to the scope and administration of the Act
and the Trust Deed and the rights of members to transfer to other superannuation
schemes 100
Part
2—Miscellaneous 108
Administrative Appeals Tribunal Act
1975 142
Law Officers Act
1964 142
Superannuation Legislation Amendment Act (No. 1)
1995 142
Workplace Relations Act
1996 142
A Bill for an Act to amend certain Acts relating to
superannuation, and for related purposes
The Parliament of Australia enacts:
This Act may be cited as the Superannuation Legislation (Commonwealth
Employment) Repeal and Amendment Act 1998.
(1) Subject to this section, this Act commences on the day on which it
receives the Royal Assent.
(2) Part 1 of Schedule 1, Part 1 of Schedule 3 and Schedules 6, 7, 8, 10
and 11 commence on 1 July 1999.
(3) Items 248, 251 and 263 in Schedule 1, and Schedule 5, are taken to
have commenced on 27 June 1997.
(4) Item 262 in Schedule 1 is taken to have commenced on 18 December
1992.
(5) Items 247, 252, 255 and 256 in Schedule 1 and item 30 in Schedule 3
are taken to have commenced on 1 July 1995.
(6) Part 5 of Schedule 1 is taken to have commenced on 5 December
1997.
(7) Schedule 2 commences on 1 July 1999, immediately after the
commencement of Part 1 of Schedule 1.
(8) Schedule 4 commences on 1 July 1999, immediately after the
commencement of Part 1 of Schedule 3.
(9) Schedule 9 commences on 1 July 1999, immediately after the
commencement of Schedule 8.
(10) Items 3, 4, 5 and 6 in Schedule 13 are taken to have commenced on the
day on which the Superannuation Legislation Amendment Act (No. 1) 1995
received the Royal Assent.
(1) Subject to section 2, each Act that is specified in a Schedule to this
Act is amended or repealed as set out in the applicable items in the Schedule
concerned, and any other item in a Schedule to this Act has effect according to
its terms.
(2) Subject to section 2, the Rules for the Administration of the Public
Sector Superannuation Scheme contained in the Schedule to the Trust Deed (within
the meaning of the Superannuation Act 1990) are amended or repealed as
set out in the applicable items in Schedule 5 to this Act, and any other item in
Schedule 5 to this Act has effect according to its terms.
Part
1—Amendments relating to the
scope and administration of the Act and the rights of contributors to transfer
to other superannuation schemes
1 Subsection 3(1) (definition of approved
authority)
Repeal the definition, substitute:
approved authority has the meaning given by section
3D.
2 Subsection 3(1)
Insert:
AWOTE means full-time adult average weekly ordinary time
earnings for all persons in Australia.
3 Subsection 3(1) (definition of
Board)
Repeal the definition, substitute:
Board means the Commonwealth Superannuation Board established
by the Commonwealth Superannuation Board Act 1998.
4 Subsection 3(1) (definition of
Commissioner)
Repeal the definition, substitute:
Commissioner or Commissioner for Superannuation
means the Commissioner for Superannuation appointed under Part II of this Act as
previously in force.
5 Subsection 3(1)
Insert:
CSS Board means the CSS Board that existed under section 27A
of this Act as previously in force.
6 Subsection 3(1) (paragraph (ea) of the
definition of eligible employee)
Repeal the paragraph, substitute:
(ea) a person to whom section 14A of this Act as previously in force
applied immediately before that section was repealed;
7 Subsection 3(1) (paragraph (g) of the
definition of eligible employee)
Repeal the paragraph, substitute:
(g) a person included in a class of persons declared by the Minister to be
eligible employees for the purposes of this Act;
8 Subsection 3(1) (definition of eligible
employee)
Omit “, other than paragraph (ea),”.
9 Subsection 3(1) (paragraph (j) of the
definition of eligible employee)
Repeal the paragraph, substitute:
(i) a person who, immediately before the commencement of this paragraph,
was included in a class of persons that, under the regulations in force at that
time, were not eligible employees for the purposes of this Act; or
(j) a person included in a class of persons declared by the Minister not
to be eligible employees for the purposes of this Act; or
10 Subsection 3(1) (at the end of the definition
of eligible employee)
Add:
; or (n) a person who has ceased to be an eligible employee as a result of
a choice made under section 3E.
11 Subsection 3(1) (definition of
preservation fund)
Repeal the definition.
12 Subsection 3(1) (definition of PSS
Board)
Repeal the definition.
13 Subsection 3(1)
Insert:
PSS Fund means the PSS Fund established by the deed referred
to in section 4 of the Superannuation Act
1990.
14 Subsection 3(1)
Insert:
voting share has the same meaning as in the Corporations
Law.
15 Subsections 3(1A) and
(1B)
Repeal the subsections, substitute:
(1A) Subject to subsection (1B), a declaration made for the purposes of
paragraph (g) of the definition of eligible employee in subsection
(1) may be expressed to have taken effect from and including a day specified in
the declaration, being a day earlier than the day on which the declaration is
signed but not earlier than 12 months before the day on which the declaration is
signed.
Note: The day of effect may be a day earlier than the day on
which paragraph (g) commenced (see subsection (1BC)).
(1B) If, before a declaration is made for the purposes of paragraph (g) of
the definition of eligible employee in subsection (1) but not
before 1 July 1999, contributions were accepted from, or in respect of, a person
to whom the declaration applies, the declaration may be expressed to have taken
effect from and including the earliest day on which contributions were so
accepted.
Note: The day of effect may be a day earlier than the day on
which paragraph (g) commenced (see subsection (1BC)).
(1BA) A declaration made for the purposes of paragraph (j) of the
definition of eligible employee in subsection (1) may be expressed
to have taken effect from and including a day specified in the declaration,
being a day earlier than the day on which the declaration is signed but not
earlier than 1 July 1999, if, and only if, there is no person to whom the
declaration applies:
(a) who was treated as an eligible employee on or after the specified day;
or
(b) from, or in respect of, whom contributions were accepted on or after
the specified day.
(1BB) A declaration that is expressed, in accordance with subsection (1A),
(1B) or (1BA), to have taken effect from and including a day earlier than the
day on which the declaration was signed, is taken to have had effect
accordingly.
(1BC) To remove any doubt, a declaration made for the purposes of
paragraph (g) of the definition of eligible employee in subsection
(1) may be expressed, to the extent permitted under subsection (1A) or (1B), to
have taken effect from and including a day (the effective day)
earlier than the day on which that paragraph commenced. If a declaration is so
expressed, it is taken to have had, before the day on which that paragraph
commenced, the effect that the declaration would have had if that paragraph had
been in force from and including the effective day.
(1BD) A declaration made for the purposes of paragraph (g) or (j) of the
definition of eligible employee in subsection (1) is a
disallowable instrument for the purposes of section 46A of the Acts
Interpretation Act 1901.
16 Subsection 3(2A)
Repeal the subsection.
17 Section 3B
Repeal the section.
18 After section 3C
Insert:
(1) This section has effect for the purpose of determining whether an
authority or other body is an approved authority for the purposes of this
Act.
(2) An authority or other body that was an approved authority immediately
before the commencement of this section continues to be an approved
authority.
(3) An authority or other body that is an approved authority under
subsection (2) ceases to be an approved authority under that subsection
if:
(a) it is a body corporate with a share capital and any of the voting
shares in it that are beneficially owned by the Commonwealth at the commencement
of this section cease to be so owned; or
(b) the financial statements prepared by it for any financial year ending
after the commencement of this section that are publicly available show that the
percentage of its revenue for that year that was received from sources other
than the Commonwealth exceeded 70% and also exceeded the percentage of its
revenue that was shown, in the last publicly available financial statements
prepared by it for a financial year that ended at or before that commencement,
to have been received from sources other than the Commonwealth.
(4) Subsection (5) applies to authorities or other bodies:
(a) that were incorporated or established before the commencement of this
section and are not approved authorities under subsection (2); or
(b) are incorporated or established after that commencement.
(5) Subject to subsection (6), an authority or other body is an approved
authority for the purposes of this Act if:
(a) the authority or other body:
(i) is a body corporate incorporated for a public purpose; or
(ii) not being a body corporate, is established for a public
purpose;
by, or in accordance with, an Act, regulations made under an Act, or a
law of a Territory; and
(b) the chief executive officer of the authority or other body has agreed
to make payments to the Commonwealth in respect of benefits that become payable
under this Act to or in respect of employees of the authority or other
body.
(6) An authority or other body is not an approved authority under
subsection (5) if:
(a) it is a body corporate with a share capital and any of the voting
shares in it are beneficially owned by a person other than the Commonwealth;
or
(b) a purpose for which it is incorporated or established will involve its
carrying on business in competition with one or more other persons; or
(c) the last financial statements prepared by it for a financial year that
are publicly available show that 70% or more of its revenue for that year was
received from sources other than the Commonwealth.
(7) An amount paid to an authority or other body by the Commonwealth is
taken for the purposes of paragraph (6)(c) to have been received by the
authority or other body from a source other than the Commonwealth if the amount
was calculated by reference to amounts received by the Commonwealth as a result
of the imposition of a tax or taxes.
(8) Despite the previous provisions of this section, an authority or other
body that is declared by the Minister to be an approved authority for the
purposes of this Act is an approved authority.
(9) Despite the previous provisions of this section, an authority or other
body that is declared by the Minister not to be an approved authority for the
purposes of this Act is not an approved authority.
(1) This section applies to an eligible employee only if his or her
designated employer is willing, in the event of the employee becoming a member
of another complying superannuation fund or the holder of an RSA, to make
contributions to the fund or the RSA on behalf of the employee.
(2) On or after 1 July 2000, an eligible employee may, by written notice
given to the Board, choose to cease to be an eligible employee at the end of a
day (not earlier than the day on which the notice is given) stated in the
notice.
(3) In this section:
complying superannuation fund has the meaning given by
section 45 of the SIS Act.
RSA has the same meaning as in the Retirement Savings
Accounts Act 1997.
19 Subsection 4AA(1)
Omit “, the Board or the Commissioner” (wherever occurring),
substitute “or the Board”.
Note: The heading to section 4AA is altered by omitting
“, Board or Commissioner” and substituting “or
Board”.
20 Subsection 4A(1)
Omit “paragraph (a) or (b) of the definition of approved
authority in subsection 3(1)”, substitute “subsection 3D(8)
or (9)”.
21 Subsection 4A(3)
Omit “paragraph (a) of that definition”, substitute
“subsection 3D(8)”.
22 At the end of section 4A
Add:
(4) To remove any doubt, a declaration made for the purposes of subsection
3D(8) may be expressed, to the extent permitted by subsection (3), to have taken
effect from and including a day (the effective day) earlier than
the day on which subsection 3D(8) commenced. If a declaration is so expressed,
it is taken to have had, before the day on which that subsection commenced, the
effect that the declaration would have had if that subsection had been in force
from and including the effective day.
(5) A declaration made for the purposes of subsection 3D(9) may be
expressed to have taken effect from and including 1 July 1999 if, and only if,
no contributions have been accepted from, or in respect of, an employee of the
authority or other body to which the declaration relates on or after that
date.
23 Subparagraph 4B(c)(iii)
Omit “(including the office of Commissioner)”.
24 Subsection 5(2)
Omit “subsections (3), (3A), (3B) and (3C)”, substitute
“subsections (3) to (3E)”.
25 After subsection 5(3)
Insert:
(3AA) Despite subsections (1), (2) and (3), an eligible employee and his
or her designated employer may agree that a particular annual rate is to be the
employee’s annual rate of salary for the purposes of the application of
this Act on a particular day and, if such an agreement is made, the agreed rate
is taken to be the employee’s annual rate of salary on that day.
26 Subsections 5(3A), (3B) and
(3C)
Repeal the subsections, substitute:
(3A) If, at the time (the later time) immediately before a
person ceased or last ceased to be an eligible employee, the person was entitled
to partial invalidity pension under section 77 or 78, the annual rate of salary
payable to the person at the later time is to be worked out, for the purposes of
this Act other than sections 77 and 78, under subsections (3B) to
(3E).
(3B) If the person’s entitlement arose under section 77, the annual
rate of salary payable to the person at the later time is taken to be the amount
per annum that would have been the person’s final annual rate of salary at
the time (the earlier time) that was the occasion on which the
person ceased or last ceased to be an eligible employee before the
person’s entitlement arose.
(3C) If the person’s entitlement arose under section 78, the annual
rate of salary payable to the person at the later time is taken to be the amount
per annum that would, if the person had ceased to be an eligible employee on the
day immediately before the day on which the person’s entitlement arose,
have been the person’s final annual rate of salary at the time (the
earlier time) that would have been the occasion of the
person’s so ceasing to be an eligible employee.
(3D) However, if:
(a) the Australian Statistician has published, at or before the later
time, an estimate or successive estimates of the change or changes (expressed as
a percentage or percentages) in AWOTE in respect of the period between the
relevant earlier time and the later time; and
(b) the estimate or estimates show an overall increase (expressed as a
percentage) in those earnings over that period, or over the part of that period
in respect of which the estimate or estimates were published;
the annual rate of salary payable to the person at the later time is taken
to be the annual rate of salary worked out under subsection (3B) or (3C), as the
case requires, increased by that percentage.
(3E) If, at any time, whether before or after the commencement of this
subsection, the Australian Statistician has published or publishes for a
particular period an estimate of a change (including an estimate that no change
has occurred) in AWOTE in substitution for an estimate of such a change for that
period previously published by the Australian Statistician, the publication of
the later estimate is to be disregarded for the purposes of this
section.
27 After subsection 11(1)
Insert:
(2) Subsection (1) does not apply in relation to a person unless the
request is made within 3 months after the date of the first occasion on or after
1 July 1999 on which the person becomes a temporary employee.
28 After subsection 13(1)
Insert:
(1A) Subsection (1) does not apply in relation to a person unless the
request is made within 3 months after the date of the first occasion on or after
1 July 1999 on which the person becomes employed under a contract.
29 At the end of section
13A
Add:
(2) Sections 11 and 13 do not apply in relation to a person who ceases to
be an eligible employee after 30 June 1999.
30 After subsection 14(1)
Insert:
(2) Subsection (1) does not apply in relation to a person unless the
request is made within 3 months after whichever is the later of:
(a) the date of the first occasion on or after 1 July 1999 on which the
person became the holder of the statutory office; or
(b) the date of commencement of this subsection.
31 At the end of section 14
Add:
(6) This section does not apply in relation to a person who ceases to be
an eligible employee after 30 June 1999.
32 Section 14A
Repeal the section.
33 Section 15A
Repeal the section, substitute:
(1) If, on or after 1 July 1990 and before 1 July 1999:
(a) a person became a permanent employee; or
(b) a person was appointed as Commissioner;
the person is excluded from the definition of eligible
employee in subsection 3(1) unless:
(c) immediately before the person became a permanent employee or was
appointed as Commissioner:
(i) the person was an eligible employee; or
(ii) invalidity pension was, or would except for a suspension of payment
have been, payable to him or her under this Act; or
(iii) deferred benefits were applicable to him or her under this Act or
the superseded Act; or
(iv) a pension of a kind mentioned in section 64A or 65 of the superseded
Act as in force immediately before the repeal of that section was, or except for
a suspension of payment would have been, payable to him or her; or
(d) the person became, because of his or her becoming a permanent employee
or being appointed as Commissioner, a re-employed former contributor with
preserved rights.
(2) Subject to subsections (3) and (4), a person who becomes a permanent
employee on or after 1 July 1999 is excluded from the definition of
eligible employee in subsection 3(1).
(3) Subsection (2) does not apply to a person if, immediately before the
person became a permanent employee, the person was an eligible employee or was
appointed as Commissioner.
(4) Despite subsection (2), a person to whom that subsection applies who
ceased, or last ceased, to be an eligible employee before 1 July 1999 may,
within 3 months after the date of the first occasion on or after 1 July 1999 on
which the person becomes a permanent employee, elect, by notice in writing given
to the Board, to become an eligible employee if:
(a) immediately before the person so became a permanent
employee:
(i) invalidity pension was, or except for a suspension of payment would
have been, payable to him or her under this Act; or
(ii) deferred benefits were applicable to him or her under this Act or the
superseded Act; or
(iii) a pension of a kind mentioned in section 64A or 65 of the superseded
Act as in force immediately before the repeal of that section was, or except for
a suspension of payment would have been, payable to him or her; or
(b) the person became, because of his or her becoming a permanent
employee, a re-employed former contributor with preserved rights.
34 Part II (heading)
Repeal the heading, substitute:
35 Sections 17 to 26
Repeal the sections.
36 Section 27
Repeal the section, substitute:
The Board must cause proper records to be kept in respect of benefits
paid under the superseded Act.
37 Part IIA (heading)
Repeal the heading, substitute:
38 Division 1 of Part IIA
(heading)
Repeal the heading.
39 Sections 27A and 27B
Repeal the sections.
40 Subsection 27C(1)
Repeal the subsection, substitute:
(1) The functions of the Board include the management and investment of
the Fund so as to maximise the return earned on the Fund, having regard
to:
(a) the need to make provision for payments out of the Fund under this
Act; and
(b) the need for equity among eligible employees; and
(c) the need to exercise reasonable care and prudence in order to maintain
the integrity of the Fund.
Note: For the Board’s responsibilities in relation to
the general administration of the Superannuation Act 1976, see subsection
7(2) of the Commonwealth Superannuation Board Act 1998.
41 Subsection 27C(2)
Omit “under paragraph (1)(a)”, substitute “under
subsection (1)”.
42 Paragraphs 27C(2)(b), (c) and
(d)
Omit “paragraph (1)(a)”, substitute “subsection
(1)”.
43 Paragraph 27C(2)(e)
Repeal the paragraph.
44 Subsection 27C(4)
Omit “paragraphs (2)(d) and (e)”, substitute “paragraph
(2)(d)”.
45 Subsection 27C(8)
Repeal the subsection.
46 Division 2 of Part IIA
Repeal the Division.
47 After section 40
Insert:
(1) The Fund is, by this subsection, vested in the Board.
(2) The assets of the Fund, and any assets acquired out of, or by the
investment of, money in the Fund, immediately before 1 July 1999 vest in the
Board as trustee of the Fund or of the assets, as the case may be, by this
subsection and without the need for any conveyance, transfer, assignment or
assurance.
(3) Any other assets of the CSS Board immediately before 1 July 1999 vest
in the Board by this subsection and without the need for any conveyance,
transfer, assignment or assurance.
(4) Any liabilities of the Fund, and any liabilities relating to assets
referred to in subsection (2), immediately before 1 July 1999 become liabilities
of the Board in its capacity as trustee of the Fund or of those assets, as the
case may be.
(5) Any other liabilities of the CSS Board immediately before 1 July 1999
become liabilities of the Board.
(6) Immediately after the preceding subsections take effect:
(a) the CSS Board is abolished; and
(b) the Board becomes the trustee of the Fund in place of the CSS Board;
and
(c) the Board becomes, for all purposes, including the rules of private
international law, the successor of the CSS Board in relation to the assets and
liabilities referred to in those subsections.
(7) Nothing in this section effects a change in the beneficial ownership
of the Fund or of any asset referred to in subsection (2) or (3).
(8) In this section:
asset means any legal or equitable estate or interest
(whether present or future and whether vested or contingent) in real or personal
property of any description.
liability means any liability, debt, duty or obligation
(whether present or future and whether vested or contingent).
48 Subsection 42(5)
Omit all the words after “part of the Fund”.
49 Subsections 42(5A) and
(5B)
Repeal the subsections.
50 Subparagraph
47(1)(b)(ii)
Repeal the subparagraph, substitute:
(ii) his or her annual rate of salary had been increased during the period
by the same percentage as any overall percentage increase in AWOTE that occurred
over the period (being an overall percentage increase worked out from estimates
of changes in AWOTE in respect of the period published by the Australian
Statistician, other than estimates published in substitution for earlier
estimates);
51 Subsection 47(1)
Omit all the words from and including “For the purposes of
subparagraph (b)(ii)”.
52 Subparagraph
47(3)(d)(ii)
Repeal the subparagraph, substitute:
(ii) his or her annual rate of salary had been increased during the period
by the same percentage as any overall percentage increase in AWOTE that occurred
over the period (being an overall percentage increase worked out from estimates
of changes in AWOTE in respect of the period published by the Australian
Statistician, other than estimates published in substitution for earlier
estimates);
53 Subsection 47(3)
Omit all the words from and including “For the purposes of
subparagraph (d)(ii)”.
54 Application
The amendments made by items 50 to 53 apply only in respect of an
anniversary of an eligible employee’s birth that occurs after 30 June
1999, and the Superannuation Act 1976 as in force immediately before the
commencement of those amendments continues to apply in respect of anniversaries
that occurred on or before that date as if the amendments had not been
made.
55 Section 48
Repeal the section, substitute:
An eligible employee may, on any contribution day, pay a supplementary
contribution of such amount as the employee determines.
56 At the end of subsection
51(1)
Add:
; and (d) where the period of leave of absence starts after 30 June
1999—the person’s designated employer has stopped making payments to
the Commonwealth in respect of benefits that become payable under this Act to or
in respect of the person.
57 Paragraph 51(2)(e)
Repeal the paragraph.
58 Paragraph 51(2)(h)
Omit “an agreement made (whether before or after the end of the
period) between the Minister and the Board”, substitute “a
determination made by the Board (whether before or after the end of the
period)”.
59 Subsection 51(2B)
Omit “, under an agreement made between the Minister and the Board,
exempted”, substitute “exempted by the Board”.
60 Subsection 51(2BA)
Omit “agreed between the Minister and”, substitute
“determined by”.
61 Subsection 51(2BC)
Omit “An agreement”, substitute “A
determination”.
62 Subsection 51(2BC)
Omit “the agreement”, substitute “the
determination”.
63 Subsection 51(2BD)
Repeal the subsection.
64 Application
(1) The amendments made by items 56 to 63 apply only in respect of periods
of leave of absence beginning on or after 1 July 1999 and, despite the
amendments, section 51 of the Superannuation Act 1976 as in force
immediately before the commencement of those amendments continues to apply in
respect of periods of leave of absence beginning before that date as if the
amendments had not been made.
(2) If a person was granted leave of absence before 1 July 1999 for a
period (the relevant period) beginning before that date but ending
on or after that date, the reference in subitem (1) to periods of leave of
absence beginning before that date:
(a) includes a reference to the part of the relevant period that occurs on
or after that date; but
(b) does not include a reference to the period of any extension of the
relevant period that is granted on or after that date.
65 Paragraphs 62(2C)(a) and
(b)
Repeal the paragraphs, substitute:
(a) to have an amount equal to the lump sum benefit mentioned in
subsection (2B) treated as a preserved benefit under the SIS Act and dealt with
accordingly; or
(b) to payment of an amount equal to the amount of the person’s
accumulated contributions and to have an amount equal to the balance of the lump
sum benefit mentioned in subsection (2B) treated as a preserved benefit under
the SIS Act and dealt with accordingly.
66 Subsections 62B(1) and
(2)
Repeal the subsections, substitute:
(1) If a benefit is payable to a person under subsection 62(2), the
portion of that benefit worked out under whichever of subsections (3) and (4) of
this section applies is to be treated as a preserved benefit under the SIS Act
and dealt with accordingly.
67 Subsection 62B(4) (definition of
GBPROD)
Omit “the Commissioner or”.
68 Subsection 73A(1) (paragraph (b) of the
definition of relevant maximum rate)
Repeal the paragraph, substitute:
(b) 75% of the amount per annum worked out by increasing the final annual
rate of salary of the pensioner by the same percentage as any overall percentage
increase in AWOTE that occurred during the period since the pensioner ceased to
be an eligible employee (being an overall increase worked out from estimates of
changes in AWOTE in respect of the period published by the Australian
Statistician, other than estimates published in substitution for earlier
estimates).
69 Application
The amendment made by item 68 applies only in respect of a period after 30
June 1999 and, despite the amendment, subsection 73A(1) of the Superannuation
Act 1976 as in force immediately before the commencement of that amendment
continues to apply in respect of periods occurring on or before that date as if
the amendment had not been made.
70 Section 110D
Omit “Minister”, substitute “Board, in accordance with a
method of calculation notified to the Board by the Minister,”.
71 Subsection 110Q(1A)
Omit “the Commissioner or”.
72 Subsections 110R(1) and
(2)
Repeal the subsections, substitute:
(1) Subject to subsection (2) and section 110S, if a productivity benefit
becomes payable in respect of a person, the benefit is to be treated as a
preserved benefit under the SIS Act and dealt with accordingly.
(2) If:
(a) the productivity benefit has become payable because of any of the
following:
(i) the person ceased to be an eligible employee on or after reaching the
age of 60 years;
(ii) if the person has reached the age of 55 years—the person is
taken, under subsection 58(2), to have retired voluntarily;
(iii) if the person has reached the age of 55 years and has not made an
election under section 137—the person is taken, under subsection 58(3), or
under section 58A or 58B, to have retired involuntarily;
(iv) the person retired on the ground of invalidity; and
(b) the person is entitled to receive an additional age retirement pension
or an additional early retirement pension; and
(c) the person has not made an election under section 64 to commute his or
her pension into a lump sum benefit;
the person may elect to have applied, for the provision of additional age
retirement pension or additional early retirement pension, so much of the
productivity benefit as will not result in the base amount within the meaning of
section 57, 57AA, 61 or 61AB (whichever is applicable) being greater than the
maximum amount within the meaning of section 57, 57AA, 61 or 61AB (whichever is
applicable).
73 Subsections 110R(4) to
(9)
Repeal the subsections.
74 Subsection 110SB(1) (at the end of the
definition of other vested benefit)
Add:
; (d) if a benefit is payable in respect of the person under Subdivision B
of Division 2 of Part IX—the amount equal to that benefit.
75 Subsection 110SE(4) (paragraph (a) of the
definition of GBPROD)
Omit “the Commissioner or”.
76 Sections 110SG, 110SH and
110SJ
Repeal the sections, substitute:
If top-up benefit becomes payable in respect of a person, the Board
must:
(a) subject to paragraph (b)—treat the benefit as a preserved
benefit under the SIS Act and deal with it accordingly; or
(b) if the person has died:
(i) pay the benefit to his or her legal personal representative;
or
(ii) if no legal personal representative can be found—pay the
benefit to any individual or individuals that the Board determines.
77 After paragraph
110TA(1)(c)
Insert:
and (d) any benefit that is, or is about to become, payable in respect of
the person under Subdivision B of Division 2 of Part IX;
78 Paragraph 110TC(2)(c)
Repeal the paragraph, substitute:
(c) the following subparagraphs applied in respect of the period starting
on the day when the person became a person mentioned in subsection 110TC(1) and
ending on the day immediately before the day on which the benefit became
payable:
(i) in respect of so much of the period as occurred before 1 July
1999—account were taken of any generally-applying increase (including an
increase resulting from the process of work-place bargaining) in annual rate of
salary that would have occurred had the person continued to be an eligible
employee and continued to occupy the office or position in respect of which the
person’s final annual rate of salary was calculated, other than an
excluded increase;
(ii) in respect of so much of the period as occurred on or after 1 July
1999—the person’s annual rate of salary had been increased by the
same percentage as any overall percentage increase in AWOTE that occurred over
the period (being an overall percentage increase worked out from estimates of
changes in AWOTE in respect of the period published by the Australian
Statistician, other than estimates published in substitution for earlier
estimates).
79 Paragraph 110TD(b)
After “and VIAB”, insert “and Subdivision B of Division 2
of Part IX”.
Note: The heading to section 110TD is omitted and replaced
by “Application of Parts VI, VIA and VIAB and Subdivision B of Division
2 of Part IX in relation to postponed benefits”.
80 After paragraph 110TF(f)
Insert:
and (g) the benefit (if any) payable in respect of the deceased person
under Subdivision B of Division 2 of Part IX;
81 Paragraph 110TG(1)(a)
Omit “or Part VIA or VIAB”, substitute “, Part VI or VIAB
or Subdivision B of Division 2 of Part IX”.
82 After Part VIB
Insert:
In this Part and Schedule 12:
choice time, in relation to a person, means the time when the
person’s choice under section 3E to cease to be an eligible employee takes
effect.
last day of employment, in relation to a person who resigns
from his or her employment or, if he or she had continued to be an eligible
employee, would have been taken under subsection 58(3) or section 58A or 58B to
have retired involuntarily, means the day on which the person resigns or would
have been taken to have retired involuntarily, as the case may be.
non-contributory period, in relation to a person who chooses
to cease to be an eligible employee, means the number of complete years in the
person’s age at the choice time less the number of complete years in the
person’s period of contributory service at that time.
(1) This Part applies in respect of a person who ceases to be an eligible
employee as a result of a choice made under section 3E.
(2) Choice benefits apply in respect of the person in accordance with this
Part and, except as provided by this Part, those benefits are in substitution
for any benefits that would otherwise apply under this Act in respect of the
person, other than benefits under Part VI, subsection 110S(2) or section
111.
This Division applies in respect of a person who:
(a) had not reached his or her minimum retiring age when he or she ceased
to be an eligible employee; and
(b) does not make an election under Division 3.
(1) Subject to this section, the choice benefits applying in respect of a
person:
(a) are the same as the deferred benefits that would, except for this
Part, apply in respect of the person under section 136 if he or she had made an
election under section 137; but
(b) also include an amount equal to any benefit that would, except for
this Part, apply in relation to him or her under Part VIAB or Subdivision B of
Division 2 of Part IX.
(2) The following provisions of this section have effect in the
application of section 136 in calculating the choice benefits applying in
respect of the person.
(3) Any reference to 2.5 is replaced by a reference to the choice factor
applying in relation to the person under Schedule 12 having regard to the
non-contributory period worked out in relation to the person.
(4) Any reference to 3.5 is replaced by a reference to the adjusted choice
factor.
(5) Any reference to
31/2 times a
person’s accumulated basic contributions is taken to be a reference to the
amount worked out by using the formula:
(6) In this section:
accumulated basic contributions means the person’s
accumulated basic contributions.
adjusted choice factor means the choice factor applying in
relation to the person under subsection (3), increased by one.
(1) Choice benefits applying in respect of a person under section 110TK
become payable on the day immediately after the earliest of the following
days:
(a) if the Board is satisfied that the person has, because of invalidity
or physical or mental incapacity, become totally and permanently incapacitated
within the meaning of Part IVA—the day that the Board considers to have
been the day on which the person became so incapacitated;
(b) the day of the person’s death;
(c) subject to subsection (2), if the person, by written notice given to
the Board, selects a day (not earlier than the day on which the notice is given)
for the start of the payment of the choice benefits—the day so
selected;
(d) the 65th anniversary of the person’s birth.
(2) Paragraph (1)(c) does not apply unless the person will have, by the
day selected, reached the age that would have been his or her minimum retiring
age for the purposes of this Act if he or she had not ceased to be an eligible
employee and had continued to occupy the position held by him or her immediately
before so ceasing.
(3) The choice benefits are not payable unless:
(a) a written application has been made to the Board requesting payment of
the benefits; and
(b) the applicant has given the Board any information that is necessary to
enable the Board to determine whether the benefits are payable.
(1) If, before the time when choice benefits applying in respect of a
person under section 110TK become payable:
(a) the person’s employment ceases, otherwise than because of the
person’s death or retirement on the ground of invalidity, before the
person reaches his or her minimum retiring age; and
(b) the person would have continued to be an eligible employee from the
choice time until his or her last day of employment if he or she had not chosen
under section 3E to cease to be an eligible employee;
the person may, by written notice given to the Board, not earlier than 3
months before, and not later than 3 months after, the employment ceased, elect
to receive immediate choice benefits.
(2) If such an election is made, Division 2 does not apply in respect of
the person, and the choice benefits applying in respect of the person are those
provided for by this Division.
(1) Subject to subsection (2) and Subdivision D, if, had the person
continued to be an eligible employee, the person would not have been taken under
subsection 58(3) or section 58A or 58B to have retired involuntarily as a result
of the cessation of his or her employment, the choice benefits applying in
respect of the person are as follows:
(a) the person is entitled to the immediate payment in cash of a lump sum
benefit equal to his or her accumulated contributions; and
(b) the person is entitled to have an amount equal to the sum
of:
(i) an amount equal to any productivity benefit that, except for this
Part, would apply in relation to him or her under Part VIA; and
(ii) an amount equal to any superannuation guarantee top-up benefit that,
except for this Part, would apply in relation to him or her under Part VIAA;
and
(iii) an amount equal to any benefit that, except for this Part, would
apply in relation to him or her under Part VIAB or Subdivision B of Division 2
of Part IX;
treated as a preserved benefit under the SIS Act and dealt with
accordingly.
(2) If the person’s surcharge debt account is in debit when the
choice benefits become applicable under subsection (1), the choice benefits are
reduced by the person’s surcharge deduction amount.
(1) Subject to this section and subsection 110TQ(2), if, had the person
continued to be an eligible employee, the person would have been taken under
subsection 58(3) or section 58A or 58B to have retired involuntarily as a result
of the cessation of his or her employment, the choice benefits applying in
respect of the person:
(a) are the same as the deferred benefits that would, except for this
Part, apply in respect of the person under section 136 if he or she had made an
election under section 137; but
(b) also include an amount equal to any benefit that would, except for
this Part, apply in relation to him or her under Part VIAB or Subdivision B of
Division 3 of Part IX.
(2) The following provisions of this section have effect in the
application of section 136 in calculating the choice benefits applying in
respect of the person.
(3) Any reference to 2.5 is replaced by a reference to the choice factor
applying in relation to the person under Schedule 12 having regard to the
non-contributory period worked out in relation to the person.
(4) Any reference to 3.5 is replaced by a reference to the adjusted choice
factor.
(5) Any reference to
31/2 times a
person’s accumulated basic contributions is taken to be a reference to the
amount worked out by using the formula:
(6) In this section:
accumulated basic contributions means the person’s
accumulated basic contributions.
adjusted choice factor means the choice factor applying in
relation to the person under subsection (3), increased by one.
Choice benefits applying in respect of a person under section 110TO
become payable on the day after the day on which the person would, if he or she
had continued to be an eligible employee, have been taken to have retired
involuntarily.
(1) A person to whom choice benefits apply under section 110TO may elect
to receive alternative choice benefits.
(2) If such an election is made, section 110TO does not apply in respect
of the person but the alternative choice benefits applying in respect of the
person are, subject to subsection (7), an amount (the total
benefit) equal to the sum of:
(a) a lump sum benefit worked out in accordance with subsection (6);
and
(b) the amount of the person’s accumulated supplementary
contributions (if any); and
(c) an amount equal to any productivity benefit that, except for this
Part, would apply in relation to him or her under Part VIA; and
(d) an amount equal to any benefit that, except for this Part, would apply
in relation to him or her under Part VIAB or Subdivision B of Division 2 of Part
IX.
(3) The person must choose to receive the choice benefits either in
accordance with subsection (4) or in accordance with subsection (5).
(4) If the person chooses to receive the choice benefits in accordance
with this subsection, the person is entitled to have the total benefit treated
as a preserved benefit under the SIS Act and dealt with accordingly.
(5) If the person chooses to receive the choice benefits in accordance
with this subsection, the person is entitled to payment of so much of the total
benefit as is equal to his or her accumulated contributions and to have the
balance of the total benefit treated as a preserved benefit under the SIS Act
and dealt with accordingly.
(6) The lump sum benefit referred to in paragraph (2)(a) is an amount
worked out using the formula:
where:
accumulated basic contributions means the person’s
accumulated basic contributions.
adjusted choice factor means the choice factor applying in
relation to the person under Schedule 12 having regard to the non-contributory
period worked out in relation to the person, and increased by one.
(7) If the person’s surcharge debt account is in debit when choice
benefits become applicable under this section, the total benefit is reduced by
the person’s surcharge deduction amount.
(1) If:
(a) the person resigns from his or her employment in circumstances
connected with the sale or transfer of an organisation, business, service or
asset, or the transfer of a function; and
(b) the person would have continued to be an eligible employee from the
choice time until his or her last day of employment if he or she had not chosen
under section 3E to cease to be an eligible employee;
Subdivision B does not apply in respect of the person, and the choice
benefits applying in respect of the person are amounts equal to the benefits
that, except for this Part, would be payable under Part VID.
(2) However, in calculating any benefits under Part VID:
(a) any reference to a person ceasing to be an eligible employee is taken
to be a reference to the person ceasing to be employed; and
(b) any reference to 2.5 is taken to be replaced by a reference to the
choice factor applying in relation to the person under Schedule 12 having regard
to the non-contributory period worked out in relation to the person.
This Division applies in respect of a person who had reached his or her
minimum retiring age when he or she ceased to be an eligible employee.
(1) Subject to this section, the choice benefits applying in respect of a
person who does not make an election under section 110TU are amounts equal to
the benefits that, except for this Part, would be provided for under Part VIB if
the person were a person referred to in subsection 110T(1) and had made an
election under that subsection.
(2) The choice benefits applying in respect of the person under subsection
(1) are payable on the date worked out under section 110TB.
(3) In calculating any benefits under Part VIB, section 110TC applies in
relation to the person as if:
(a) paragraph (1)(d) of that section were omitted; and
(b) the person’s final annual rate of salary were taken to be the
annual rate of salary that was payable to the person when the person’s
choice to cease to be an eligible employee took effect, and increased by such
amount as the Board determines to be appropriate having regard to changes in the
all groups consumer price index for the weighted average of the 8 capital cities
published by the Australian Statistician between the time when the person ceased
to be an eligible employee and the time when the person’s employment
ceased; and
(c) subsection (2) of that section were omitted.
(4) If the person’s surcharge debt account is in debit when choice
benefits become applicable under this section, the choice benefits are reduced
by the person’s surcharge deduction amount.
(1) If, before the time when choice benefits applying in respect of a
person under section 110TT become payable, the person would, had the person
continued to be an eligible employee, have been taken to have retired
involuntarily, the person may elect to receive immediate choice
benefits.
(2) If such an election is made, section 110TT does not apply in respect
of the person, and, subject to subsection (4), the choice benefits applying in
respect of the person are the payment of an amount (the total
amount) equal to the sum of:
(a) a lump sum benefit worked out in accordance with subsection (3);
and
(b) the amount of the person’s accumulated supplementary
contributions (if any); and
(c) an amount equal to any productivity benefit that, except for this
Part, would apply in relation to him or her under Part VIA; and
(d) an amount equal to any benefit that, except for this Part, would apply
in relation to him or her under Part VIAB or Subdivision B of Division 2 of Part
IX.
(3) The lump sum benefit is an amount worked out using the
formula:
where:
accumulated basic contributions means the person’s
accumulated basic contributions.
adjusted choice factor means the choice factor applying in
relation to the person under Schedule 12 having regard to the non-contributory
period worked out in relation to the person, and increased by one.
(4) If the person’s surcharge debt account is in debit when choice
benefits become applicable under this section, the total amount is reduced by
the person’s surcharge deduction amount.
83 Subsection 111A(2)
Omit all the words after “lump sum,”, substitute “the
benefit is to be treated as a preserved benefit under the SIS Act and dealt with
accordingly”.
84 Subsection 111A(4)
After “payable under”, insert “Part VIC
or”.
85 After paragraph
111(2)(ba)
Insert:
and (bb) if a benefit is payable in respect of the person under
Subdivision B of Division 2 of Part IX—that benefit;
86 Paragraph 126A(3)(c)
After “Part VIAB”, insert “or Subdivision B of Division 2
of Part IX”.
87 After the heading to Division 2 of Part
IX
Insert:
88 Before subsection 127(1)
Insert:
(1A) A transfer value does not include an amount that
becomes payable after 30 June 1999 to or in relation to an eligible employee,
other than a re-employed former contributor with preserved rights who previously
ceased to be an eligible employee before 1 July 1999.
89 At the end of Division 2 of Part
IX
Add:
In this Subdivision:
transferred amount, in relation to a person, means:
(a) an amount paid to or in respect of the person after 30 June 1999 by a
superannuation entity, other than an amount paid because of the person’s
physical or mental incapacity to perform his or her duties; or
(b) an amount paid to or in respect of the person after 30 June 1999 that
is an eligible termination payment for the purposes of Subdivision AA of
Division 2 of Part III of the Income Tax Assessment Act 1936;
or
(c) an amount paid to or in respect of the person in accordance with the
Superannuation Guarantee (Administration) Act 1992 upon the cessation of
his or her employment; or
(d) an amount paid to or in respect of the person after 30 June 1999 that
would have been a transfer value if it had been paid on or before that
date;
but does not include an amount paid after 30 June 1999 to or in respect of
a re-employed former contributor with preserved rights who ceased to be an
eligible employee before 1 July 1999.
(1) An eligible employee who, whether before or after becoming an eligible
employee, receives a transferred amount may pay an amount equal to the
transferred amount to the Board.
(2) The Board is to pay into the Fund any transferred amounts received by
it.
If an amount has been paid into the Fund under section 130B in respect of
a person, the person is entitled to a benefit under this Subdivision if another
benefit to which the person is entitled under this Act becomes
payable.
(1) Subject to subsection (2), the amount of the benefit payable in
respect of a person under this Subdivision is the sum of:
(a) an amount equal to the difference between:
(i) the total amount that was paid into the Fund in respect of the person
under section 130B; and
(ii) the sum of any amounts in the nature of income tax relevant to that
amount; and
(b) interest on the amount mentioned in paragraph (a).
(2) If the
person’s surcharge debt account is in debit when the benefit becomes
payable to the person, the benefit to which the person is entitled is equal to
the difference between:
(a) the benefit to which the person would be entitled if this subsection
did not apply to the person; and
(b) the person’s surcharge deduction amount.
(1) If, because of a person’s death:
(a) a benefit becomes payable in respect of the person under this
Subdivision; and
(b) Part VI applies;
then:
(c) if the person is survived by a spouse—the benefit is payable to
the spouse; or
(d) if orphan benefit is payable to an eligible child or eligible
children—the benefit is payable to:
(i) the eligible child or eligible children; or
(ii) if the orphan benefit is payable under section 115 to another person
or other persons—that person or those persons.
(2) If, because of a person’s death:
(a) a benefit becomes payable in respect of the person under this
Subdivision; and
(b) a deferred benefit by way of spouse’s benefit is payable in
respect of the person;
the benefit under this Subdivision is payable to the spouse.
(3) If, because of a person’s death:
(a) a benefit becomes payable in respect of the person under this
Subdivision; and
(b) a deferred benefit by way of orphan benefit is payable in respect of
the person;
the benefit under this Subdivision is payable to:
(c) the eligible child or eligible children entitled to the deferred
benefit; or
(d) if the deferred benefit is payable under section 115 to another person
or other persons—that person or those persons.
If:
(a) because of a person’s death, a benefit is payable in respect of
a person under this Subdivision; and
(b) the person is not survived by any spouse; and
(c) there is no surviving child of the person or no surviving child of the
person who could be at any time an eligible child of the person;
the benefit is payable to the person’s legal personal representative
or, if no legal personal representative can be found, to any individual or
individuals that the Board determines.
90 Subsection 134(1)
Omit “subsection (5)”, substitute “subsections (4A) and
(5)”.
91 After subsection 134(4)
Insert:
(4A) An agreement may not be made under subsection (1) after 30 June
1999.
92 At the end of section
134
Add:
(10) If the Board is satisfied that an eligible superannuation scheme that
has ceased to exist was, upon so ceasing to exist, replaced by another
superannuation scheme, the Board may determine that the other scheme is an
eligible superannuation scheme for the purposes of this Division.
93 At the end of subsection
135(1)
Add:
; and (e) the amount of benefit (if any) payable in respect of the person
under Subdivision B of Division 2 of Part IX.
94 Paragraph 135(1A)(b)
Omit “the Superannuation Board or the Commissioner for
Superannuation”, substitute “the Board”.
95 Paragraph 135(1A)(d)
Omit “the Commissioner or”.
96 Subparagraph
136(2)(b)(iii)
Omit “if an event mentioned in subsection 139AA(2) has not happened
in relation to the person”, substitute “if, under the SIS Act, the
benefit referred to in section 139AA is not to be paid in cash to the
person”.
97 Subparagraph
136(2)(b)(iv)
Omit “if such an event has happened in relation to the person before
the day on which the deferred benefit becomes payable, or happens on that
day”, substitute “if, under the SIS Act, that benefit is to be paid
in cash to the person”.
98 Paragraph 136(2A)(b)
Omit “the Superannuation Board or the Commissioner for
Superannuation”, substitute “the Board”.
99 Paragraph 136(2A)(d)
Omit “the Commissioner or”.
100 Paragraph 136(2F)(b)
Omit “the Superannuation Board or the Commissioner for
Superannuation”, substitute “the Board”.
101 Paragraph 136(2F)(d)
Omit “the Commissioner or”.
102 Section 139AA
Repeal the section, substitute:
If, under subsection 138(2), deferred benefits applicable in respect of a
person become payable on the day immediately following a date selected under
paragraph (c) of that subsection, that part of the deferred benefits that
consists of an amount equal to the person’s accumulated employer
contributions is to be treated as a preserved benefit under the SIS Act and
dealt with accordingly.
103 Subparagraph
140(2)(a)(i)
Omit “or Part VIA, VIAA, VIAB or VID”, substitute “, Part
VIA, VIAA, VIAB or VID or Subdivision B of Division 2 of Part
IX”.
104 Sub-subparagraph
140(2)(a)(ii)(A)
Omit “or Part VIA or VIAB”, substitute “, Part VIA or
VIAB or Subdivision B of Division 2 of Part IX”.
105 Sub-subparagraph
140(2)(a)(ii)(B)
Omit “or Part VIA, VIAB or VID”, substitute “, Part VIA,
VIAB or VID or Subdivision B of Division 2 of Part IX”.
106 Section 153AF
Repeal the section.
107 Section 154
Repeal the section.
108 Section 156A
Omit “the Commissioner or” (wherever occurring).
109 Sections 160, 161, 161A, 162 and
163
Repeal the sections.
110 Subsection 163A(7)
Omit “Commissioner’s hand”, substitute
“Board’s common seal”.
111 Section 163B
Repeal the section, substitute:
If the Board decides that there is a clerical error or obvious mistake in
a document made, whether before or after the commencement of this section, by
the Board, or a delegate of the Board, under this Act, under the superseded Act,
or under regulations made under either of those Acts, the Board may correct the
error or mistake.
Note: Anything done by the Commissioner for Superannuation,
the Superannuation Board established under the superseded Act, the CSS Board, or
their delegates, is to be treated as having been done by the Commonwealth
Superannuation Board (see Part 2 of the Superannuation Legislation
(Commonwealth Employment—Saving and Transitional Provisions) Act 1998
and subsection 39(3) of the Superannuation Amendment Act 1976, which
was inserted by Schedule 6 to the Superannuation Legislation (Commonwealth
Employment) Repeal and Amendment Act 1998).
112 Section 164
Omit “, the Commissioner”.
113 Paragraph 165(c)
Repeal the paragraph.
114 Paragraph 165(d)
Repeal the paragraph, substitute:
(d) a person employed by the Board to assist it in the performance of its
functions under this Act; or
115 Subsection 167(2)
Omit “, the Commissioner or a delegate of the
Commissioner”.
116 Subsection 167(3)
Omit all the words after “order”, substitute “the person
to pay to the Board an amount equal to any amount of benefit paid to the person
as a result of the act, failure or omission for which the person was
convicted”.
117 Subsection 167(4)
Omit “the Commissioner or”.
118 Section 191
Omit all the words after paragraph (a), substitute:
(b) a life policy was assigned by a person to the Commissioner under
section 119ZC of the superseded Act;
the policy is, by this section, assigned to the Board.
119 At the end of section
191
Add:
(2) Section 145:
(a) applies in relation to a life policy:
(i) that was assigned by a person before the commencement of this
subsection as mentioned in paragraph (1)(a) or (b) and is assigned to the Board
by subsection (1); or
(ii) that is assigned by a person after that commencement to the Board
under section 119ZC of the superseded Act; and
(b) applies in relation to the person;
with such modifications as are determined by the Board, as if the policy
had been assigned by the person to the Board under section 145.
120 Paragraph 240(1)(a)
After “Part VIAB”, add “or Subdivision B of Division 2 of
Part IX”.
121 Paragraph 246(b)
After “110SQ”, insert “or 130E”.
122 Sections 248 and 249
Repeal the sections, substitute:
The Board may transfer to the PSS Fund:
(a) such assets of the Fund (including investment assets of the Fund) as
are determined by the Board to be assets that fairly and equitably represent the
accumulated contributions and Fund accumulated employer contributions of those
people who have ceased to be eligible employees under section 245; and
(b) such liabilities (if any) (including investment liabilities of the
Fund) as are determined by the Board to be liabilities relating to those
assets.
The Board may transfer to the PSS Fund amounts from the Fund by way of
advances in respect of the assets that are to be transferred to the PSS Fund
under section 248.
123 Schedule 11 (Table 1)
Repeal the table, substitute:
|
Table 1—Factors applicable where benefits payable in accordance
with section 56, 57, 60 or 61 |
|||
|---|---|---|---|
|
Column 1 |
Column 2 |
Column 3 |
Column 4 |
|
1 |
65 |
.110 |
.1030 |
|
2 |
64 |
.108 |
.1010 |
|
3 |
63 |
.106 |
.0990 |
|
4 |
62 |
.104 |
.0970 |
|
5 |
61 |
.102 |
.0950 |
|
6 |
60 |
.100 |
.0930 |
|
7 |
59 |
.0985 |
.0916 |
|
8 |
58 |
.0970 |
.0902 |
|
9 |
57 |
.0955 |
.0888 |
|
10 |
56 |
.0940 |
.0874 |
|
11 |
55 |
.0925 |
.0860 |
|
12 |
54 |
.0910 |
.0846 |
|
13 |
53 |
.0895 |
.0832 |
|
14 |
52 |
.0880 |
.0818 |
|
15 |
51 |
.0865 |
.0804 |
|
16 |
50 |
.0850 |
.0790 |
|
17 |
49 |
.0842 |
.0783 |
|
18 |
48 |
.0835 |
.0777 |
|
19 |
47 |
.0827 |
.0769 |
|
20 |
46 |
.0820 |
.0763 |
|
21 |
45 |
.0812 |
.0755 |
|
22 |
44 |
.0805 |
.0749 |
|
23 |
43 |
.0797 |
.0741 |
|
24 |
42 |
.0790 |
.0735 |
|
25 |
41 |
.0782 |
.0727 |
|
26 |
40 |
.0775 |
.0721 |
|
27 |
39 |
.0767 |
.0713 |
|
28 |
38 |
.0760 |
.0707 |
|
29 |
37 |
.0752 |
.0699 |
|
30 |
36 |
.0745 |
.0693 |
|
31 |
35 |
.0737 |
.0685 |
|
32 |
34 |
.0730 |
.0679 |
|
33 |
33 |
.0722 |
.0671 |
|
34 |
32 |
.0715 |
.0665 |
|
35 |
31 |
.0707 |
.0658 |
|
36 |
30 |
.0700 |
.0651 |
|
37 |
29 |
.0692 |
.0644 |
|
38 |
28 |
.0685 |
.0637 |
|
39 |
27 |
.0677 |
.0630 |
|
40 |
26 |
.0670 |
.0623 |
|
41 |
25 |
.0662 |
.0616 |
|
42 |
24 |
.0655 |
.0609 |
|
43 |
23 |
.0647 |
.0602 |
|
44 |
22 |
.0640 |
.0595 |
|
45 |
21 |
.0632 |
.0588 |
|
46 |
20 |
.0625 |
.0581 |
|
47 |
19 |
.0617 |
.0574 |
|
48 |
18 |
.0610 |
.0567 |
|
49 |
17 |
.0602 |
.0560 |
|
50 |
16 |
.0595 |
.0553 |
|
51 |
15 |
.0587 |
.0546 |
124 At the end of the Act
Add:
|
Table of choice factors based on non-contributory periods |
||
|---|---|---|
|
Item |
Non-contributory period (in complete years) |
Choice factor |
|
1 |
20 or less |
1.75 |
|
2 |
21 |
1.76 |
|
3 |
22 |
1.77 |
|
4 |
23 |
1.78 |
|
5 |
24 |
1.79 |
|
6 |
25 |
1.81 |
|
7 |
26 |
1.84 |
|
8 |
27 |
1.88 |
|
9 |
28 |
1.92 |
|
10 |
29 |
1.96 |
|
11 |
30 |
2.01 |
|
12 |
31 |
2.06 |
|
13 |
32 |
2.12 |
|
14 |
33 |
2.18 |
|
15 |
34 |
2.24 |
|
16 |
35 |
2.30 |
|
17 |
36 |
2.35 |
|
18 |
37 |
2.40 |
|
19 |
38 |
2.45 |
|
20 |
39 or more |
2.50 |
Part
2—Amendments relating to
marital status of deceased retirement pensioner
125 Subsection 3(1) (paragraph (a) of the
definition of eligible child)
Repeal the paragraph, substitute:
(a) is a child of the deceased person; and
126 Subsection 3(1)
Insert:
late short-term marital relationship, in relation to a
deceased retirement pensioner, means a marital relationship between the
pensioner and his or her spouse that began:
(a) less than 3 years before the pensioner’s death; and
(b) after the pensioner became a retirement pensioner and had reached the
age of 60 years.
Note: For marital relationship see section 8A
and for spouse see section 8B.
127 Subsection 3(1) (paragraph (a) of the
definition of partially dependent child)
Repeal the paragraph, substitute:
(a) who is a child (other than an eligible child) of the deceased person;
and
128 Subsection 8B(2)
Repeal the subsection, substitute:
(2) For the purposes of this Act, a person is a spouse who survives a
deceased person if the person had a marital relationship with the deceased
person at the time of the death of the deceased person (the
death).
129 Paragraph 8B(3)(c)
Repeal the paragraph.
130 Section 9
Repeal the section.
131 Subsection 93(1)
Before “entitled”, insert “, subject to section
95A,”.
132 Subsection 93(2)
Before “entitled”, insert “, subject to section
96AA,”.
133 After subsection 94(2)
Insert:
(2A) If the spouse of the deceased pensioner had a late short-term marital
relationship with the pensioner, spouse’s standard pension is payable to
the spouse at the rate applicable under section 96AB.
134 Before subsection 95(2)
Insert:
(1B) If the spouse of the deceased pensioner had a late short-term marital
relationship with the pensioner, spouse’s additional pension is payable to
the spouse at the rate applicable under section 96AB.
135 After section 95
Insert:
(1) If:
(a) the annual rate at which spouse’s standard pension is payable to
a person under subsection 94(2A); or
(b) if the person is entitled to spouse’s additional pension under
subsection 95(1B)—the combined annual rate of the spouse’s standard
pension and the spouse’s additional pension payable to the
person;
is less than the annual rate determined in writing by the Board for the
purposes of this section, the person may, not later than 3 months after the
pension or pensions become payable, by notice in writing to the Board, elect to
commute the pension or pensions into a lump sum benefit payable to him or
her.
(2) If the person makes the election, there is payable to the person,
instead of spouse’s standard pension, or spouse’s standard pension
and spouse’s additional pension (as the case may be), a lump sum of an
amount determined in writing by the Board after consultation with an
actuary.
136 Subsection 96(1)
After “is” (last occurring), insert “, subject to
subsection (2A),”.
137 After subsection 96(2)
Insert:
(2A) If the spouse of the deceased pensioner had a late short-term marital
relationship with the pensioner, spouse’s pension is payable to the spouse
at the rate applicable under section 96AB.
138 After section 96
Insert:
(1) If the annual rate at which spouse’s pension is payable to a
person under subsection 96(2A) is less than the annual rate determined in
writing by the Board for the purposes of this section, the person may, not later
than 3 months after the pension becomes payable, by notice in writing to the
Board, elect to commute that pension into a lump sum benefit payable to him or
her.
(2) If the person makes the election, there is payable to the person,
instead of spouse’s pension, a lump sum of an amount determined in writing
by the Board after consultation with an actuary.
139 At the end of Division 3 of Part
VI
Add:
(1) If, at any time:
(a) spouse’s standard pension under subsection 94(2A); or
(b) spouse’s additional pension under subsection 95(1B);
or
(c) spouse’s pension under subsection 96(2A);
is payable to the spouse of a deceased pensioner, then, for the purposes of
whichever of those subsections is applicable, the applicable rate is:
(d) if paragraph (e) does not apply—the rate worked out by using the
formula:
(e) if at that time there is one or more than one eligible child who
became a child of the pensioner:
(i) before the pensioner became a retirement pensioner or turned 60;
or
(ii) at least 3 years before the pensioner died;
—such rate, being a rate higher than the rate worked out under
paragraph (d) but less than the basic rate of pension, as the Board determines
to be fair and equitable in all the circumstances of the case.
(2) In subsection (1):
basic rate of pension means the annual rate at which, apart
from subsection (1), spouse’s standard pension, spouse’s additional
pension or spouse’s pension (as the case requires) would be payable to the
spouse at that time.
relevant period means the period:
(a) beginning on the day on which the marital relationship between the
deceased pensioner and his or her spouse began; and
(b) ending on the day on which the pensioner died.
140 Subsection 96B(1)
After “subsection (3)”, insert “and section
96BA”.
Note: The heading to section 96B is altered by adding at the
end “—general”.
141 At the end of Division 3A of Part
VI
Add:
(1) If:
(a) the spouse of a deceased pensioner had a late short-term marital
relationship with the pensioner; and
(b) apart from this section, the spouse of the deceased pensioner would,
at any time, be entitled to extra spouse’s pension under subsection 96B(2)
or (6);
the annual rate of that pension at that time is:
(c) if paragraph (d) does not apply—the amount worked out by using
the formula:
(d) if at that time there is one or more than one eligible child or
partially dependent child who became a child of the pensioner:
(i) before the pensioner became a retirement pensioner or turned 60;
or
(ii) at least 3 years before the pensioner died;
—such rate, being a rate higher than the rate worked out under
paragraph (c) but less than the basic rate of pension, as the Board determines
to be fair and equitable in all the circumstances of the case.
(2) In subsection (1):
basic rate of pension means the annual rate at which, apart
from subsection (1), extra spouse’s pension would be payable to the
person.
relevant period means the period:
(a) beginning on the day on which the marital relationship between the
deceased pensioner and his or her spouse began; and
(b) ending on the day on which the pensioner died.
If:
(a) instead of a pension under Division 3 of this Part, a lump sum benefit
is payable to the spouse of a deceased pensioner under section 95A or 96AA;
and
(b) had the pension been payable to the spouse, extra spouse’s
pension would be payable to him or her under section 96B;
there is payable to the spouse, instead of that extra spouse’s
pension, a lump sum of an amount determined in writing by the Board after
consultation with an actuary.
142 Subsection 105(1)
After “then,”, insert “subject to section
108A,”.
143 Subsection 106(1)
After “then,”, insert “subject to section
108A,”.
144 Subsection 107(1)
After “then,”, insert “subject to section
108A,”.
145 Subsection 108(1)
After “then,”, insert “subject to section
108A,”.
146 After section 108
Insert:
(1) This section applies to the eligible child or eligible children of a
deceased retirement pensioner if the child, or at least one of the children, is
a child of the pensioner because of a late short-term marital relationship
between the pensioner and his or her spouse.
(2) This section also applies to the eligible child or eligible children
of a deceased retirement pensioner if:
(a) the child, or at least one of the children, became a child of the
pensioner only because he or she was an adopted child, foster child or ward of
the pensioner; and
(b) he or she had been such an adopted child, foster child or ward for a
period of less than 3 years before the pensioner’s death.
(3) Orphan pension is payable in respect of a person or persons to whom
this section applies only in accordance with this section.
(4) If, apart from this section, orphan pension would at any time be
payable under section 105, 106, 107 or 108 in respect of a person or persons to
whom this section applies, the annual rate of that pension at that time
is:
(a) if paragraph (b) does not apply—the amount worked out by using
the formula:
(b) if at that time there is one or more than one eligible child who is
not a child referred to in subsection (1) or (2)—such rate, being a rate
higher than the rate worked out under paragraph (a) but less than the basic rate
of pension, as the Board determines to be fair and equitable in all the
circumstances of the case.
(5) In subsection (4):
basic rate of pension means the annual rate at which, apart
from this section, orphan pension would be payable at that time in respect of
the person under subsection 105(2), 106(2), 107(2) or 108(2).
relevant period means the period:
(a) beginning on the day on which:
(i) the marital relationship between the deceased pensioner and his or her
spouse began; or
(ii) the child, or one of the children, first became an adopted child,
foster child or ward of the pensioner; and
(b) ending on the day on which the pensioner died.
147 Paragraph 109AB(2)(c)
Repeal the paragraph, substitute:
(c) if the deceased person was, immediately before his or her death, a
retirement pensioner and had had a marital relationship that had
begun:
(i) before he or she had become a retirement pensioner; or
(ii) before he or she had turned 60; or
(iii) not less than 3 years before the pensioner’s death;
—the applicable percentage of the annual rate of pension payable to
the retirement pensioner immediately before his or her death.
148 Before subsection
109AB(4)
Insert:
(3B) If the deceased person:
(a) was, immediately before his or her death, a retirement pensioner;
and
(b) had had a late short-term marital relationship with his or her
spouse;
the amount of the spouse’s pension payable to the spouse must not
exceed such percentage of the annual rate of pension payable to the retirement
pensioner immediately before his or her death as is determined by the
Board.
(3C) In making a determination under subsection (3B), the Board must take
into consideration:
(a) the extent to which spouse’s pension payable to the spouse of a
deceased pensioner under Division 3 is reduced when the spouse and the deceased
pensioner have been in a marital relationship of the kind referred to in
paragraph (3B)(b); and
(b) whether one or more than one eligible child, or one or more than one
partially dependent child, of the pensioner is or is not a child of the
pensioner because of the late short-term marital relationship referred to in
paragraph (3B)(b).
149 Subsection 109AB(4)
After “(5)”, insert “, (5A)”.
150 Paragraph 109AB(5)(c)
Repeal the paragraph, substitute:
(c) if the deceased person was, immediately before his or her death, a
retirement pensioner and had had a marital relationship that had
begun:
(i) before he or she had become a retirement pensioner; or
(ii) before he or she had turned 60; or
(iii) not less than 3 years before the pensioner’s death;
—the applicable percentage of the annual rate of pension payable to
the retirement pensioner immediately before his or her death.
151 After subsection
109AB(5)
Insert:
(5A) If the deceased person:
(a) was, immediately before his or her death, a retirement
pensioner; and
(b) had had a late short-term marital relationship with his or her
spouse;
benefit attributed under subsection (4) to the eligible child or eligible
children of the deceased person not in the custody, care and control of the
spouse must not exceed in the aggregate such proportion of the applicable
percentage of the annual rate of pension payable to the retirement pensioner
immediately before his or her death as is determined by the Board.
(5B) In making a determination under subsection (4) or (5A), the Board
must take into consideration:
(a) the extent to which spouse’s pension payable to the spouse of a
deceased pensioner under Division 3 is reduced when the spouse and the
deceased pensioner have been in a marital relationship of the kind referred to
in paragraph (5A)(b); and
(b) whether one or more than one eligible child of the pensioner is or is
not a child of the pensioner because of the late short-term marital relationship
referred to in paragraph (5A)(b).
152 Paragraph 109AB(7)(b)
After “(5)”, insert “or (5A)”.
153 Paragraph 110(4)(c)
Repeal the paragraph, substitute:
(c) if the deceased person was, immediately before his or her death, a
retirement pensioner and had had a marital relationship with the spouse
that had begun:
(i) before the retirement pensioner had become a retirement pensioner;
or
(ii) before the retirement pensioner had turned 60; or
(iii) not less than 3 years before the pensioner’s death;
—the applicable percentage of the annual rate of pension payable to
the retirement pensioner before his or her death; or
(d) if the deceased pensioner was, immediately before his or her death, a
retirement pensioner and had had a late short-term marital relationship with the
spouse—such percentage of the annual rate of pension payable to the
retirement pensioner immediately before his or her death as is determined by the
Board.
154 Before subsection
110(6)
Insert:
(5B) In making a determination under paragraph (4)(d), the Board must take
into consideration:
(a) the extent to which spouse’s pension payable to the spouse of a
deceased pensioner under Division 3 is reduced when the spouse and the deceased
pensioner have been in a marital relationship of the kind referred to in
paragraph (4)(d); and
(b) whether there is in the custody, care and control of the spouse one,
or more than one, eligible child who:
(i) was not born of the marital relationship referred to in paragraph
(4)(d); or
(ii) did not become a stepchild of the pensioner as a result of that
marital relationship; or
(iii) is not a child of the person with whom the pensioner had that
marital relationship.
155 Paragraph 110(7)(c)
Repeal the paragraph, substitute:
(c) if the deceased person was, immediately before his or her death, a
retirement pensioner and had been in a marital relationship that had
begun:
(i) before he or she had become a retirement pensioner; or
(ii) before he or she had turned 60; or
(iii) not less than 3 years before the pensioner’s death;
—the applicable percentage of the annual rate of pension payable to
the retirement pensioner immediately before his or her death.
156 After subsection 110(7)
Insert:
(7A) If:
(a) the deceased person:
(i) was, immediately before his or her death, a retirement pensioner;
and
(ii) had had a late short-term marital relationship; and
(b) one or more than one eligible child of the pensioner:
(i) was born of that marital relationship; or
(ii) became a stepchild of the pensioner as a result of that marital
relationship; or
(iii) is a child of the person with whom the pensioner had that marital
relationship; and
(c) that child or any of those children is not in the custody, care and
control of any of the surviving spouses;
the following provisions apply:
(d) benefit attributed under subsection (6) to that child or to each of
those children should be less than the amount of benefit that would be
attributed to him or her if he or she were an eligible child other than a child
referred to in paragraph (b);
(e) benefit attributed under subsection (6) to the eligible child or
eligible children of the deceased person not in the custody, care and control of
any of the surviving spouses must not exceed in the aggregate such proportion of
the applicable percentage of the annual rate of pension payable to the
retirement pensioner immediately before his or her death as is determined by the
Board.
(7B) In making a determination under subsection (6) as affected by
paragraph (7A)(d) or under paragraph (7A)(e), the Board must take into
consideration:
(a) the extent to which spouse’s pension payable to the spouse of a
deceased pensioner under Division 3 is reduced when the spouse and the deceased
pensioner have been in a marital relationship of the kind referred to in
paragraph (7A)(a); and
(b) whether the eligible child or any of the eligible children not in the
custody of any surviving spouse was or was not a child referred to in paragraph
(7A)(b).
157 Paragraph 110(9)(b)
After “(7)”, insert “or (7A)”.
158 Paragraph 136(2B)(j)
After “94”, insert “, then, except if paragraph (ma)
applies”.
159 Paragraph 136(2B)(k)
After “95”, insert “, then, except if paragraph (ma)
applies”.
160 Paragraph 136(2B)(m)
After “96”, insert “, then, except if paragraph (ma)
applies”.
161 After paragraph
136(2B)(m)
Insert:
(ma) if:
(i) a deferred benefit by way of spouse’s standard pension,
spouse’s additional pension or spouse’s pension is payable in
respect of the person in accordance with section 94, 95 or 96 (as the case may
be); and
(ii) the person had had a late short-term marital relationship with his or
her spouse;
the annual rate of that pension is:
(iii) if subparagraph (iv) does not apply—the rate worked out by
using the formula:
(iv) if there is one or more than one eligible child who did not become a
child of the person because of that late short-term marital
relationship—such rate, being a rate higher than the rate worked out under
subparagraph (iii) but less than the basic rate of pension, as the Board
determines to be fair and equitable in all the circumstances of the
case;
where:
basic rate of pension means the annual rate at which, apart
from this paragraph, the deferred benefit would be payable in respect of the
person under paragraph (j), (k) or (m) (whichever would be
applicable).
relevant period means the period:
(a) beginning on the day on which the marital relationship between the
person and his or her spouse began; and
(b) ending on the day on which the person died.
162 At the end of subsection
136(2B)
Add:
; (zb) if a deferred benefit by way of orphan’s pension is payable
in respect of the person in accordance with section 108A, the annual rate of
that pension is:
(i) if subparagraph (ii) does not apply—the rate worked out by using
the formula:
(ii) if at any time there is one or more than one eligible child who is
not a child referred to in subsection 108A(1) or (2)—such rate, being a
rate higher than the rate worked out under subparagraph (i) but less than the
basic rate of pension, as the Board determines to be fair and equitable in all
the circumstances of the case;
where:
basic rate of pension means the annual rate at which the
deferred benefit by way of orphan pension would be payable in respect of the
person under paragraph (w), (y) or (za) (whichever would be applicable) if the
deferred benefit was not payable in respect of the person in accordance with
section 108A but was payable in respect of the person in accordance with section
105, 106, 107 or 108 (as the case may be).
relevant period has the same meaning as in section
108A.
163 Paragraph 136(2D)(d)
After “96B”, insert “or 96BA”.
164 Beneficiaries not to be adversely affected
by amendments
Despite the amendments made by this Part, the benefits payable in respect
of a deceased pensioner under Part VI of the Superannuation Act 1976
after the commencement of this item must not be less than the benefits that
would have been payable in respect of the pensioner under that Part if the
amendments had not been made.
Part
3—Reduced age retirement and
early retirement benefits and increased benefits to spouse or
orphans
165 Subsection 3(1)
Insert:
category 1 deceased pensioner means a deceased pensioner
who:
(a) before his or her death, was entitled to receive age retirement
pension or early retirement pension; and
(b) had not elected under section 57AA or 61AB (as the case may be) to be
paid that pension at a reduced rate.
166 Subsection 3(1)
Insert:
category 2 deceased pensioner means a deceased pensioner
who:
(a) before his or her death, was entitled to receive age retirement
pension or early retirement pension; and
(b) had elected under section 57AA or 61AB (as the case may be) to be paid
that pension at a reduced rate.
167 At the end of paragraph
55(1)(a)
Add “or paragraph 57AA(2)(a); and”.
168 Paragraph 55(1)(b)
After “57(1)”, insert “or paragraph
57AA(2)(b)”.
169 At the end of paragraph
55(1)(c)
Add “or paragraph 57AA(2)(c)”.
170 At the end of paragraph
55(2)(a)
Add “or paragraph 57AA(2)(a); and”.
171 Paragraph 55(2)(b)
After “57(1)”, insert “or paragraph
57AA(2)(b)”.
172 At the end of paragraph
55(2)(c)
Add “or paragraph 57AA(2)(c)”.
173 Before subsection 56(1)
Insert:
(1A) This section does not apply to a person who makes an election under
subsection 57AA(1).
174 Before subsection 57(1)
Insert:
(1A) This section does not apply to a person who makes an election under
subsection 57AA(1).
175 After section 57
Insert:
(1) Subject to subsection (2), a person who becomes, or is about to
become, entitled to standard age retirement pension payable under this Division
may, not later than 3 months after but not earlier than 3 months before he or
she becomes so entitled, by notice in writing to the Board, elect to be paid age
retirement benefit at a reduced rate under this section.
(2) A person who has made an election under section 76A or 110T may not
make an election under subsection (1).
(3) If a person makes an election under section 110T after making an
election under subsection (1), the person is taken not to have made the election
under subsection (1).
(4) If a person makes an election under subsection (1):
(a) the annual rate at which standard age retirement pension is payable to
the person is 93% of the annual rate at which that pension would be payable to
the person if he or she did not make the election; and
(b) if the person is entitled to additional age retirement pension, the
annual rate of that pension is:
(i) an amount per annum equal to the amount (base amount)
worked out by multiplying the person’s accumulated contributions by the
factor that, having regard to the person’s age on his or her last
day of service and such other matters (if any) as are prescribed, is applicable
to the person under regulations made for the purposes of this paragraph;
or
(ii) if the rate worked out under subparagraph (i) is greater than 20% of
his or her final annual rate of salary—20% of the person’s final
annual rate of salary; and
(c) if the base amount is greater than an amount (maximum
amount) equal to 20% of the person’s final annual rate of salary,
the person is to be paid a lump sum benefit equal to the amount by which his or
her accumulated contributions exceed an amount worked out by dividing the
maximum amount by the factor referred to in subparagraph
(b)(i).
176 At the end of paragraph
59(1)(a)
Add “or paragraph 61AB(2)(a); and”.
177 At the end of paragraph
59(1)(b)
Add “or paragraph 61AB(2)(b)”.
178 At the end of paragraph
59(1)(c)
Add “or paragraph 61AB(2)(c)”.
179 Before subsection 60(1)
Insert:
(1A) This section does not apply to a person who makes an election under
subsection 61AB(1).
180 Before subsection 61(1)
Insert:
(1AA) This section does not apply to a person who makes an election under
subsection 61AB(1).
181 After section 61A
Insert:
(1) Subject to subsection (2), a person who becomes, or is about to
become, entitled to standard early retirement pension under this Division or
Subdivision C of Division 3 of Part VIC may, not later than 3 months after but
not earlier than 3 months before he or she becomes so entitled, by notice in
writing to the Board, elect to be paid early retirement benefit at a reduced
rate under this section.
(2) A person who has made an election under section 76A or 110T may not
make an election under subsection (1).
(3) If a person makes an election under section 110T after making an
election under subsection (1), the person is taken not to have made the election
under subsection (1).
(4) If a person makes an election under this section:
(a) the annual rate at which standard early retirement pension is payable
to the person is 93% of the annual rate at which that pension would be payable
to the person if he or she did not make the election; and
(b) if the person is entitled to additional early retirement pension, the
annual rate of that pension is:
(i) an amount per annum equal to the amount (base amount)
worked out by multiplying the person’s accumulated contributions by the
factor applicable to him or her under subsection (5); or
(ii) if the rate worked out under subparagraph (i) is greater than 20% of
the person’s notional final annual rate of salary—20% of his or her
notional final annual rate of salary; and
(c) if the base amount is greater than an amount (maximum
amount) equal to 20% of the person’s final annual rate of salary,
the person is to be paid a lump sum benefit equal to the amount by which his or
her accumulated contributions exceed an amount worked out by dividing the
maximum amount by the factor applicable to him or her under subsection
(5).
(5) The factor applicable to a person for the purposes of paragraphs
(4)(b) and (c) is the factor that, having regard to his or her age on his or her
last day of service and such other matters (if any) as are prescribed, is
applicable to him or her under regulations made for the purposes of this
subsection.
(6) In this section:
notional final annual rate of salary, in relation to a
person, means the annual rate of the person’s final annual rate of salary
reduced by the percentage of that rate that, having regard to his or her age on
his or her last day of service and such other matters (if any) as are
prescribed, is applicable to him or her under regulations made for the purposes
of this definition.
182 Subsection 65(2)
Omit “or 61(2)” (wherever occurring), substitute “,
paragraph 57AA(2)(c), subsection 61(2) or paragraph 61AB(2)(c)”.
183 Subsections 94(1) and
(2)
Repeal the subsections, substitute:
(1) If, at any time, the spouse of a category 1 deceased pensioner is
entitled to spouse’s standard pension under paragraph 93(1)(a), then,
subject to subsection (2A), the annual rate of that pension is:
(a) if at that time there are no children of the pensioner who are
eligible children—67% of the annual rate (pensioner rate) at
which standard age retirement pension or standard early retirement pension (as
the case may be) was payable to the pensioner immediately before his or her
death; or
(b) if at that time only one child of the pensioner is an eligible
child—78% of the pensioner rate; or
(c) if at that time 2 children of the pensioner are eligible
children—89% of the pensioner rate; or
(d) if at that time 3 or more children of the pensioner are eligible
children—100% of the pensioner rate.
(2) If, at any time, the spouse of a category 2 deceased pensioner is
entitled to spouse’s standard pension under paragraph 93(1)(a), then,
subject to subsection (2A), the annual rate of that pension is:
(a) if at that time there are no children of the pensioner who are
eligible children—85% of the annual rate (pensioner rate) at
which standard age retirement pension or standard early retirement pension (as
the case may be) was payable to the pensioner immediately before his or her
death; or
(b) if at that time only one child of the pensioner is an eligible
child—97% of the pensioner rate; or
(c) if at that time 2 or more children of the pensioner are eligible
children—108% of the pensioner rate.
184 Subsection 94(3)
Repeal the subsection, substitute:
(3) Despite subsections (1), (2) and (2A), if on any of the 7 pension pay
days immediately following the death of the pensioner, spouse’s standard
pension would, apart from this subsection, be payable to the spouse of the
deceased pensioner at a rate that is less than the rate (pensioner
rate) at which standard age retirement pension or standard early
retirement pension (as the case may be) would be payable to the deceased
pensioner on that day if he or she had not died, spouse’s standard pension
is payable to the spouse on that day at a rate equal to the pensioner
rate.
185 Subsection 95(1)
Repeal the subsection, substitute:
(1) If the spouse of a category 1 deceased pensioner is entitled to
spouse’s additional pension under paragraph 93(1)(b), then, subject to
subsection (1B), the annual rate of that pension is 67% of the annual rate at
which additional age retirement pension or additional early retirement pension
was payable to the pensioner immediately before his or her death.
(1A) If the spouse of a category 2 deceased pensioner is entitled to
spouse’s additional pension under paragraph 93(1)(b), then, subject to
subsection (1B), the annual rate of that pension is 85% of the annual rate at
which additional age retirement pension or additional early retirement pension
was payable to the pensioner immediately before his or her death.
186 Subsection 95(2)
Repeal the subsection, substitute:
(2) Despite subsections (1), (1A) and (1B), if:
(a) the pensioner did not make an election under section 64; and
(b) on any of the 7 pension pay days immediately following the death of
the pensioner, spouse’s additional pension would, apart from this
subsection, be payable to the spouse of the deceased person at a rate that is
less than the rate (pensioner rate) at which additional age
retirement pension or additional early retirement pension (as the case may be)
would be payable to the deceased pensioner on that day if he or she had not
died;
spouse’s additional pension is payable to the spouse on that day at a
rate equal to the pensioner rate.
187 Paragraph 96B(1)(b)
Omit “section 94 or 96”, substitute “subsection 94(1) or
section 96”.
188 Subsection 96B(2)
After “pension” (first occurring), insert “under
subsection (1)”.
189 Paragraph 96B(2)(a)
Omit “, 90, 94 or 96”, substitute “or 90, subsection
94(1) or section 96”.
190 Subsection 96B(3)
After “pension”, insert “under subsection
(1)”.
191 Subsection 96B(4)
After “pension”, insert “under subsection
(1)”.
192 At the end of section
96B
Add:
(5) If, at any time when spouse’s pension is payable to the spouse
of a deceased pensioner in accordance with subsection 94(2), there is one, or
more than one, child of the deceased pensioner who is a partially dependent
child, then, subject to subsection (7) and section 96BA, the spouse is entitled
to extra spouse’s pension in accordance with subsection (6).
(6) If, at any time, the spouse of a deceased pensioner is entitled to
extra spouse’s pension under subsection (5), the annual rate of that
pension is:
(a) the applicable percentage of the annual rate of the pension by
reference to which the spouse’s pension payable to the spouse under
subsection 94(2) is to be calculated under that subsection; or
(b) an amount equal to the amount per annum of the regular maintenance
payments that the deceased pensioner was, at the time of his or her death,
voluntarily making, or required by a court to make, to or in respect of the
partially dependent child or children;
whichever is less.
(7) The spouse of a deceased pensioner is not entitled to extra
spouse’s pension under subsection (5) at any time when there is more than
one child of the deceased pensioner who is an eligible child.
(8) If, at any time, the spouse of a deceased pensioner is entitled to
extra spouse’s pension under subsection (5), then, for the purposes of
subsection (6), the applicable percentage is:
(a) if, at that time, one child of the deceased pensioner is an eligible
child—11%; or
(b) if, at that time, no child of the deceased pensioner is an eligible
child:
(i) if there is one partially dependent child—12%; or
(ii) if there are 2 or more partially dependent
children—23%.
193 Section 109
Omit “105(2),”.
194 Section 109
Omit “, 107(2)”.
195 At the end of section
109
Add:
(2) If, at any time, orphan pension is payable in respect of an eligible
child or eligible children of a deceased pensioner, then, for the purposes of
subsection 105(2) or 107(2), the applicable percentage is the percentage worked
out in accordance with the following table:
|
Applicable percentage |
|||
|---|---|---|---|
|
|
|
Category 1 |
Category 2 |
|
1 |
If, at that time, there is 1 eligible child |
45% |
51% |
|
2 |
If, at that time, there are 2 eligible children |
80% |
92% |
|
3 |
If, at that time, there are 3 eligible children |
90% |
108% |
|
4 |
If, at that time, there are 4 or more eligible children |
100% |
108% |
196 Subsection 109AB(3)
Omit “subsection (2)”, substitute “paragraphs (2)(a) and
(b)”.
197 After subsection
109AB(3)
Insert:
(3A) The applicable percentage mentioned in paragraph (2)(c) is the
percentage worked out in accordance with the following table:
|
Applicable percentage |
|||
|---|---|---|---|
|
|
|
Category 1 |
Category 2 |
|
1 |
If there are no eligible children of the deceased person in the custody,
care and control of the spouse |
67% |
85% |
|
2 |
If there is one eligible child of the deceased person in the custody, care
and control of the spouse |
78% |
97% |
|
3 |
If there are 2 eligible children of the deceased person in the custody,
care and control of the spouse |
89% |
108% |
|
4 |
If there are 3 or more eligible children of the deceased person in the
custody, care and control of the spouse |
100% |
108% |
198 Subsection 109AB(6)
Omit “subsection (5)”, substitute “paragraphs (5)(a) and
(b)”.
199 After subsection
109AB(6)
Insert:
(6A) The applicable percentage mentioned in paragraph (5)(c) is the
percentage worked out in accordance with the following table:
|
Applicable percentage |
|||
|---|---|---|---|
|
|
|
Category 1 |
Category 2 |
|
1 |
If there is one eligible child not in the custody, care and control of the
spouse |
45% |
51% |
|
2 |
If there are 2 eligible children not in the custody, care and control of
the spouse |
80% |
92% |
|
3 |
If there are 3 eligible children not in the custody, care and control of
the spouse |
90% |
108% |
|
4 |
If there are 4 or more eligible children not in the custody, care and
control of the spouse |
100% |
108% |
200 Subsection 110(5)
Omit “subsection (4)”, substitute “paragraphs (4)(a) and
(b)”.
201 After subsection 110(5)
Insert:
(5A) The applicable percentage mentioned in paragraph (4)(c) is the
percentage worked out in accordance with the following table:
|
Applicable percentage |
|||
|---|---|---|---|
|
|
|
Category 1 |
Category 2 |
|
1 |
If there is no eligible child of the deceased person in the custody, care
and control of the spouse |
67% |
85% |
|
2 |
If there is one eligible child of the deceased person in the custody, care
and control of the spouse |
78% |
97% |
|
3 |
If there are 2 eligible children of the deceased person in the custody,
care and control of the spouse |
89% |
108% |
|
4 |
If there are 3 or more eligible children of the deceased person in the
custody, care and control of the spouse |
100% |
108% |
202 Subsection 110(8)
Omit “subsection (7)”, substitute “paragraphs (7)(a) and
(b)”.
203 After subsection 110(8)
Insert:
(8A) The applicable percentage mentioned in paragraph (7)(c) is the
percentage worked out in accordance with the following table:
|
Applicable percentage |
|||
|---|---|---|---|
|
|
|
Category 1 |
Category 2 |
|
1 |
If there is one eligible child not in the custody, care and control of the
spouse |
45% |
51% |
|
2 |
If there are 2 eligible children not in the custody, care and control of
the spouse |
80% |
92% |
|
3 |
If there are 3 eligible children not in the custody, care and control of
the spouse |
90% |
108% |
|
4 |
If there are 4 or more eligible children not in the custody, care and
control of the spouse |
100% |
108% |
204 Paragraphs 110AB(3)(a), (b) and
(c)
Repeal the paragraphs, substitute:
(a) in the case of spouses of a category 2 deceased pensioner:
(i) if there are 2 spouses—11%; or
(ii) if there are 3 or more spouses—22%; or
(b) in any other case:
(i) if there are 2 spouses—11%; or
(ii) if there are 3 spouses—22%; or
(iii) if there are 4 or more spouses—33%.
205 Subsection 110R(2)
Omit “or 61” (twice occurring), substitute “, 57AA, 61 or
61AB”.
206 After section 110TB
Insert:
A person who has made an election under section 110T may, not later than
3 months after, but not earlier than 3 months before, age retirement benefit or
early retirement benefit becomes payable to him or her under section 110TB,
elect to receive the benefit at a reduced rate.
207 At the end of subsection
110TC(1)
Add:
; and (e) if the person has made an election under section
110TBA—the person is taken to have elected:
(i) to receive age retirement pension at a reduced rate under section
57AA; or
(ii) to receive early retirement benefit at a reduced rate under section
61AB;
as the case requires.
208 Subsection 136(2) (definition of
F1)
Repeal the definition, substitute:
F1 is such factor as, having regard to:
(a) the age of the person on the day on which the deferred benefits become
payable; and
(b) whether or not the person has elected under section 137A that deferred
benefits be paid to him or her at a reduced rate;
is applicable in accordance with Table 1 in Schedule 11; and
209 Paragraph 136(2B)(k)
Omit all the words from and including “the annual rate”,
substitute:
the annual rate of that pension is:
(i) except if subparagraph (ii) applies—67% of the annual rate of
the pension that was payable to the person in accordance with paragraph (2)(b)
immediately before his or her death; or
(ii) if the person elected under section 137A that deferred benefits be
paid to him or her at a reduced rate—85% of the annual rate of that
pension;
210 Subsection 136(2G)
Omit “, (j)”.
211 After subsection
136(2G)
Insert:
(2GA) If, at any time, a deferred benefit by way of spouse’s pension
is payable in respect of a person in accordance with section 94, then, for the
purposes of paragraph (2B)(j), the applicable percentage is the percentage
worked out in accordance with the following table:
|
Applicable percentage |
|||
|---|---|---|---|
|
|
|
If person did not make election under section
137A |
|
|
1 |
If, at that time, there is no eligible child of the person who is an
eligible child |
67% |
85% |
|
2 |
If, at that time, one child of the person is an eligible child |
78% |
97% |
|
3 |
If, at that time, 2 children of the person are eligible children |
89% |
108% |
|
4 |
If, at that time, more than 2 children of the person are eligible
children |
100% |
108% |
212 Subsection 136(2H)
Omit “(w),”.
213 Subsection 136(2H)
Omit “, (z)”.
214 After subsection
136(2H)
Insert:
(2HA) If, at any time, a deferred benefit by way of orphan pension is
payable in respect of a person in accordance with section 105 or 107, then, for
the purposes of paragraph (2B)(w) or (2B)(z) (as the case requires), the
applicable percentage is the percentage worked out in accordance with the
following table:
|
Applicable percentage |
|||
|---|---|---|---|
|
|
|
If person did not make election under section
137A |
|
|
1 |
If, at that time, one child of the person is an eligible child |
45% |
51% |
|
2 |
If, at that time, 2 children of the person are eligible children |
80% |
92% |
|
3 |
If, at that time, 3 children of the person are eligible children |
90% |
108% |
|
4 |
If, at that time, more than 3 children of the person are eligible
children |
100% |
108% |
215 After section 137
Insert:
A person who has made an election under section 137 may, within 3 months
after deferred benefits become payable to him or her under section 138, elect
that those deferred benefits are to be paid to him or her at a reduced
rate.
216 Schedule 11, Table 1
Repeal the table, substitute:
|
Table 1—Factors applicable where benefits payable in accordance
with section 56, 57, 60 or 61 |
|||
|---|---|---|---|
|
Column 1 |
Column 2 |
Column 3 |
Column 4 |
|
1 |
65 |
.110 |
.1030 |
|
2 |
64 |
.108 |
.1010 |
|
3 |
63 |
.106 |
.0990 |
|
4 |
62 |
.104 |
.0970 |
|
5 |
61 |
.102 |
.0950 |
|
6 |
60 |
.100 |
.0930 |
|
7 |
59 |
.0985 |
.0916 |
|
8 |
58 |
.0970 |
.0902 |
|
9 |
57 |
.0955 |
.0888 |
|
10 |
56 |
.0940 |
.0874 |
|
11 |
55 |
.0925 |
.0860 |
|
12 |
54 |
.0910 |
.0846 |
|
13 |
53 |
.0895 |
.0832 |
|
14 |
52 |
.0880 |
.0818 |
|
15 |
51 |
.0865 |
.0804 |
|
16 |
50 |
.0850 |
.0790 |
Part
4—Payment into fund of
amounts held in other superannuation funds or payable under superannuation
arrangements
217 Subsection 3(1)
Insert:
accumulated performance pay employee contributions,
in relation to a person, means the sum of:
(a) an amount equal to the difference between:
(i) the sum of the amounts paid into a declared fund (within the meaning
of the Superannuation (Productivity Benefit) Act 1988) in respect of the
person under paragraph 11(1)(a) of the Superannuation (Productivity Benefit)
Alternative Arrangements Declaration No. 6 (Statutory Rules 1993, No. 34);
and
(ii) the sum of any amounts deducted by way of charges or fees from those
amounts by the trustee of the fund; and
(b) interest on the amount mentioned in paragraph (a).
accumulated performance pay employer contributions, in
relation to a person, means the sum of:
(a) an amount equal to the difference between:
(i) the sum of the amounts paid into a declared fund (within the meaning
of the Superannuation (Productivity Benefit) Act 1988) in respect of the
person under paragraph 11(1)(b) of the Superannuation (Productivity Benefit)
Alternative Arrangements Declaration No. 6 (Statutory Rules 1993, No. 34);
and
(ii) the sum of any amounts in the nature of income tax relevant to those
amounts and any amounts deducted by way of charges or fees from those amounts by
the trustee of the fund; and
(b) interest on the amount mentioned in paragraph (a).
employer component, in relation to a benefit payable in
respect of a person under Part VIAB, means that part of the benefit that is
payable because of:
(a) the accumulated performance pay employer contributions of the person;
and
(b) if the person’s transferable productivity amount was paid to the
Board under section 110SL or was paid first to the trustee of another
superannuation entity and then an amount in respect of that transferable
productivity amount was paid under section 110SL by that trustee to the
Board—the person’s transferable productivity amount.
superannuation entity has the same meaning as in the SIS
Act.
transferable productivity amount, in relation to a person
whose continuing contributions (within the meaning of the Superannuation
(Productivity Benefit) Act 1988) are, or were, held in a declared fund
(within the meaning of that Act), means the sum of:
(a) an amount equal to the difference between:
(i) the sum of the continuing contributions paid into the declared fund;
and
(ii) the sum of any amounts in the nature of income tax relevant to those
contributions and any amounts deducted by way of charges or fees from those
contributions by the trustee of the declared fund; and
(b) interest on the amount mentioned in paragraph (a).
218 Subsection 110SB(1) (at the end of the
definition of other vested benefit)
Add:
; (c) if a benefit is payable in respect of the person under Part
VIAB—the amount equal to that benefit.
219 After Part VIAA
Insert:
(1) This section applies to a person if:
(a) the person is an eligible employee; or
(b) deferred benefits are applicable in respect of the person under
Division 3 of Part IX; or
(c) either:
(i) the person has elected under subsection 110T(1) that Part VIB apply to
him or her; or
(ii) regulation 15, 15A or 15B of the Superannuation (CSS) Former Eligible
Employees Regulations applies to the person;
and no benefits under this Act have been paid or begun to be paid to the
person;
and the person made an election under clause 6 of the Superannuation
(Productivity Benefit) Alternative Arrangements Declaration No. 6 (Statutory
Rules 1993, No. 34) to have performance pay taken into account in his or her
superannuation arrangements under the Superannuation (Productivity Benefit)
Act 1988.
(2) A person to whom this section applies may, at any time, by notice in
writing, ask the trustee of the declared fund (within the meaning of the
Superannuation (Productivity Benefit) Act 1988) holding the
person’s accumulated performance pay employee contributions and
accumulated performance pay employer contributions to pay those contributions to
the Board.
(3) If continuing contributions (within the meaning of the
Superannuation (Productivity Benefit) Act 1988) have been paid, but are
no longer being paid, into the declared fund in respect of a continuous period
of employment of the person, the person may, by the same notice, ask the trustee
of the declared fund to pay also to the Board the person’s transferable
productivity amount.
(4) If:
(a) a person’s accumulated performance pay employee contributions
and accumulated performance pay employer contributions; or
(b) a person’s accumulated performance pay employee contributions,
accumulated performance pay employer contributions and transferable productivity
amount;
have, at the person’s request, been paid by the trustee of the
declared fund to the trustee of a superannuation entity other than the Fund, the
person may, by notice in writing, ask the trustee of that superannuation entity
to pay to the Board the sum of:
(c) an amount equal to the difference between:
(i) the total amount paid to the superannuation entity; and
(ii) the sum of any amounts in the nature of income tax relevant to that
amount and any amounts deducted by way of charges or fees from that amount by
the trustee of the superannuation entity; and
(d) interest on the amount mentioned in paragraph (c).
(5) The person must, as soon as possible, give to the Board notice in
writing of any request made to the trustee of a fund or superannuation entity
under subsection (2), (3) or (4).
If, following a request from a person under subsection 110SK(2), (3) or
(4), the trustee of a fund or superannuation entity pays an amount to the Board,
the Board must pay that amount into the Fund.
If an amount has been paid into the Fund under section 110SL in respect
of a person, the person becomes entitled to a benefit under this Part if another
benefit to which the person was entitled under this Act becomes
payable.
The amount of the benefit payable in respect of a person under this Part
is the sum of:
(a) an amount equal to the difference between:
(i) the total amount that was paid into the Fund in respect of the person
under section 110SL; and
(ii) the sum of any amounts in the nature of income tax relevant to that
amount; and
(b) interest on the amount mentioned in paragraph (a).
The employer component of the benefit to which a person is entitled under
this Part is to be treated as a preserved benefit under the SIS Act and the
remainder of the benefit is payable to the person.
(1) If, because of a person’s death:
(a) a benefit becomes payable in respect of the person under this Part;
and
(b) Part VI applies;
then:
(c) if the person is survived by a spouse—the benefit is payable to
the spouse; or
(d) if orphan benefit is payable to an eligible child or eligible
children—the benefit is payable to:
(i) the eligible child or eligible children; or
(ii) if the orphan benefit is payable under section 115 to another person
or other persons—that person or those persons.
(2) If, because of a person’s death:
(a) a benefit becomes payable in respect of the person under this Part;
and
(b) a deferred benefit by way of spouse’s benefit is payable in
respect of the person;
the benefit under this Part is payable to the spouse.
(3) If, because of a person’s death:
(a) a benefit becomes payable in respect of the person under this Part;
and
(b) a deferred benefit by way of orphan benefit is payable in respect of
the person;
the benefit under this Part is payable to:
(c) the eligible child or eligible children entitled to the deferred
benefit; or
(d) if the deferred benefit is payable under section 115 to another person
or other persons—that person or those persons.
If:
(a) because of a person’s death, a benefit is payable in respect of
a person under this Part; and
(b) the person is not survived by any spouse; and
(c) there is no surviving child of the person or no surviving child of the
person who could be at any time an eligible child of the person;
the benefit is payable to the person’s legal personal representative
or, if no legal personal representative can be found, to any individual or
individuals that the Board determines.
220 After paragraph
110TA(1)(b)
Insert:
and (c) any benefit that is, or is about to become, payable in respect of
the person under Part VIAB;
221 Paragraph 110TD(b)
Omit “Part VIA applies”, substitute “Parts VIA and VIAB
apply”.
Note: The heading to section 110TD is altered by omitting
“and VIA” and substituting “, VIA and
VIAB”.
222 Section 110TF
Omit all the words from and including “a lump sum benefit”,
substitute:
a lump sum benefit equal to the sum of:
(d) the accumulated contributions of the deceased person; and
(e) the accumulated employer contributions in respect of the deceased
person; and
(f) the benefit (if any) payable in respect of the deceased person under
Part VIAB;
is payable in respect of that child or those children.
223 Paragraph 110TG(1)(a)
After “VIA” (second occurring), insert “or
VIAB”.
224 After paragraph
111(2)(b)
Insert:
and (ba) if a benefit is payable in respect of the person under Part
VIAB—that benefit;
225 Paragraph 126A(3)(c)
After “persons” (first occurring) insert “, or the whole
or a part of the benefit (if any) payable under Part VIAB in respect of the
person or each or all of those persons,”.
226 After subparagraph
128(2)(c)(ii)
Insert:
and (iii) the amount of any part of the benefit payable in respect of the
person under Part VIAB included in a transfer value (if any) that was payable to
the person under Division 3 of Part IX and interest on that amount;
227 After subparagraph
128(4B)(c)(iii)
Insert:
and (iv) if a benefit is payable in respect of the person under Part
VIAB—the employer component of that benefit;
228 At the end of paragraph
128(6)(b)
Add:
; or (iii) if a benefit is payable in respect of the person under Part
VIAB—an amount equal to the employer component of that
benefit.
229 At the end of subsection
135(1)
Add:
; and (d) the amount of benefit (if any) payable in respect of the person
under Part VIAB.
230 Subparagraph
240(1)(a)(ii)
Omit “and”.
231 At the end of paragraph
240(1)(a)
Add “and any benefits payable in respect of those persons under Part
VIAB; and”.
232 Section 246
Omit all the words from and including “other than”,
substitute:
other than:
(a) benefits under Part VI, subsection 110S(2) or section 111;
or
(b) if, on the death of another person, a benefit is payable to the person
under section 110SQ—that benefit.
233 Paragraph 248(1)(a)
After “section 245”, insert “and any benefits payable in
respect of those persons under Part VIAB”.
Part
5—Amendments relating to
elections under section 137 made outside the prescribed
period
234 Subsection 3(1) (definition of
accumulated basic contributions)
Omit all the words from and including “together with”,
substitute:
together with:
(a) if the person had previously ceased to be an eligible employee on an
occasion earlier than his or her first day of service—any amount that,
under section 7A, is to be added to the person’s accumulated basic
contributions; and
(b) if deferred benefits are applicable or payable to the person because
the person made an election under subsection 137(3)—any amount that, under
paragraph 140(4)(b), is to be added to the person’s accumulated basic
contributions.
235 Subsection 3(1) (definition of
accumulated supplementary contributions)
Omit all the words from and including “together with”,
substitute:
together with:
(a) if the person had previously ceased to be an eligible employee on an
occasion earlier than his or her first day of service—any amount that,
under section 7A, is to be added to the person’s accumulated supplementary
contributions; and
(b) if deferred benefits are applicable or payable to the person because
the person made an election under subsection 137(3)—any amount that, under
paragraph 140(4)(c), is to be added to the person’s accumulated
supplementary contributions.
236 At the end of subsection
110Q(1)
Add:
; and (g) if deferred benefits are applicable or payable to the person
because the person made an election under subsection 137(3)—any amount
that, under paragraph 140(4)(c), is to be added to the person’s
accumulated employer contributions.
237 At the end of section
137
Add:
(3) If a person makes an election for the purposes of this section after
the period (relevant period) specified in subsection (1) and the
Board is satisfied, on the evidence provided by the person, that:
(a) the person was unable to make the election within the relevant period
because of:
(i) physical or mental incapacity; or
(ii) exceptional personal circumstances; and
(b) the person made the election as soon as practicable after:
(i) the reason that prevented the person from making the election had
ceased to exist; or
(ii) the person had become aware of the provisions of this subsection or
section 157, whichever is applicable;
whichever is the later;
the Board may direct that the election be treated as if it had been made
within the relevant period.
(4) If the Board gives a direction under subsection (3) in relation to an
election, the election is to have effect accordingly.
238 Subsection 140(2)
Omit all the words from and including “the election”,
substitute:
the election does not have effect unless, within 7 days after the date of
the election or within such further period as the Board in special circumstances
allows, there is paid to the Board:
(c) an amount equal to that amount or the aggregate of those amounts, as
the case requires; and
(d) if subsection 137(3) applies in relation to the person—an amount
equal to the amount of interest that would have accrued to the Fund in respect
of any benefit paid out of the Fund to or in respect of the person, if that
benefit had not been paid to the person and had remained in the Fund.
239 Subsection 140(3)
Omit “subsection (2)”, substitute “paragraph
(2)(c)”.
240 At the end of section
140
Add:
(4) If part of an amount paid into the Fund under subsection (3) is in
respect of an amount (relevant amount) paid to the Board under
paragraph (2)(d), the following provisions apply:
(a) if the relevant amount, or any part of the relevant amount, was in
respect of interest forgone by the Fund on an amount of accumulated basic
contributions paid out to the person—an amount equal to the relevant
amount, or to that part of the relevant amount, is to be added to the amount
that, apart from this paragraph, would be the amount of the person’s
accumulated basic contributions;
(b) if the relevant amount, or any part of the relevant amount, was in
respect of interest forgone by the Fund on an amount of accumulated
supplementary contributions paid out to the person—an amount equal to the
relevant amount, or to that part of the relevant amount, is to be added to the
amount that, apart from this paragraph, would be the amount of the
person’s accumulated supplementary contributions;
(c) if the relevant amount, or any part of the relevant amount, was in
respect of interest forgone by the Fund on an amount of Fund accumulated
employer contributions paid out to the person—an amount equal to the
relevant amount, or to that part of the relevant amount, is to be added to the
amount that, apart from this paragraph, would be the amount of the
person’s Fund accumulated employer contributions.
241 Subsection 157(1)
Omit “this Act” (first occurring), substitute “a
provision of this Act other than section 137”.
242 Application of
amendments
(1) If:
(a) at a time before 5 December 1997, a person told the CSS Board that was
established under section 27A of the Superannuation Act 1976 as in force
at that time that the person wished to make an election for the purposes of
section 137 of that Act as in force at that time after the period allowed for
making the election; and
(b) that Board had not informed the person before that date whether it
would recognise the election if it were made; and
(c) the person made the election on or after that date;
the amendments made by this Part do not apply in relation to the election
and the Superannuation Act 1976 as in force immediately before that date
continues to apply in relation to the election.
(2) If:
(a) at a time on or after 5 December 1997 and before the day on which this
Act receives the Royal Assent (the day of assent), a person told
the CSS Board that was established under section 27A of the Superannuation
Act 1976 as in force at that time that the person wished to make an election
for the purposes of section 137 of that Act as in force at that time after the
period allowed for making the election; and
(b) the Board had informed the person before the day of assent that it
would recognise the election if it were made; and
(c) the person has made the election;
the amendments made by this Part do not apply in relation to the election
and the Superannuation Act 1976 as in force immediately before 5 December
1997 continues to apply in relation to the election.
Part
6—Amendments relating to
powers of Reconsideration Advisory Committees
243 At the end of section
27Q
Add:
(2) The Board may delegate to a Reconsideration Advisory Committee
established under section 153AB the Board’s power to reconsider its own
decisions or decisions made by its delegates.
244 Subsection 153AD(1)
Repeal the subsection, substitute:
(1) The functions of a Committee are to review any decision referred to it
under this Part and:
(a) if the Board has delegated to the Committee any of the Board’s
powers in relation to the decision—to exercise those powers; or
(b) otherwise—to make recommendations to the Board in relation to
the decision.
245 Subsection 153AL(1)
Omit all the words before paragraph (a), substitute “If a Committee
makes recommendations to the Board in relation to a decision referred to the
Committee, then, after the Board takes into account:”.
246 Subsection 153AS(1)
Omit all the words before paragraph (a), substitute “If a Committee
makes recommendations to the Board in relation to a decision referred to the
Committee, then, after the Board takes into account:”.
247 Subsection 27R(3)
Omit “Any”, substitute “Except in cases where the SIS Act
does not so permit, any”.
248 Subsection 58(3A)
Repeal the subsection.
249 Subsection 62(2)
Omit “1 July 2000”, substitute “1 July
1999”.
250 Subsection 62(2A)
Omit “1 July 2000”, substitute “1 July
1999”.
251 Before Part VII
Insert:
(1) A person is entitled to benefits in accordance with this section if
the person:
(a) ceases to be an eligible employee on or after 27 June 1997 in
circumstances connected with the sale or transfer of an organisation, business,
service or asset, or the transfer of a function; and
(b) is not taken by section 58 to have retired involuntarily;
and
(c) has not reached his or her minimum retiring age when he or she so
ceases to be an eligible employee; and
(d) has not made an election under section 137.
(2) Subject to subsection (6), the benefits are an amount (the total
benefit) equal to the sum of:
(a) an amount equal to 3.5 times the amount of his or her accumulated
basic contributions; and
(b) an amount equal to his or her accumulated supplementary contributions
(if any); and
(c) any productivity benefits applying in relation to him or her under
Part VIA; and
(d) any benefit applying in relation to him or her under Part VIAB or
Subdivision B of Division 2 of Part IX;
(3) The person must choose to receive the benefits either in accordance
with subsection (4) or in accordance with subsection (5).
(4) If the person chooses to receive the benefits in accordance with this
subsection, the person is entitled to have the total benefit treated as a
preserved benefit under the SIS Act and dealt with accordingly.
(5) If the person chooses to receive the benefits in accordance with this
subsection, the person is entitled to payment of so much of the total benefit as
is equal to his or her accumulated contributions and to have the balance of the
total benefit treated as a preserved benefit under the SIS Act and dealt with
accordingly.
(6) If the person’s surcharge debt account is in debit when the
person becomes entitled to the benefits, the total benefit is reduced by the
person’s surcharge deduction amount.
252 Paragraph 111A(4)(b)
Repeal the paragraph, substitute:
(b) if, before that anniversary, the payment in full of the benefit
becomes permissible under the SIS Act—the day on which the person notifies
the Board in writing that the payment has become permissible under that
Act.
253 Subsection 119(3)
Omit “, if the ISC approves,”.
254 Subsection 136(1)
After “his”, insert “or her”.
255 Subsection 138(2)
Omit “before”, substitute “after”.
256 Subsection 138(3)
Repeal the subsection, substitute:
(3) Paragraph (2)(c) does not apply unless the person will have, by the
date selected, reached the age that would have been his or her minimum retiring
age for the purposes of this Act if he or she had not ceased to be an eligible
employee and had continued to occupy the position held by him or her immediately
before so ceasing.
257 Subparagraph
140(2)(a)(i)
Omit “or VIAA”, substitute “, VIAA, VIAB or
VID”.
258 Sub-subparagraph
140(2)(a)(ii)(A)
After “VIA”, insert “or VIAB”.
259 Sub-subparagraph
140(2)(a)(ii)(B)
After “VIA”, insert “, VIAB or VID”.
260 Subsection 153AA(1) (subparagraph (g)(ii) of
the definition of decision)
Repeal the subparagraph.
261 Subsections 154AB(1) and
(2)
Omit “the Australian Government Actuary”, substitute “an
actuary”.
262 After subsection
155B(1)
Insert:
(1A) This section applies to a person who:
(a) immediately before the sale or transfer of an organisation, business,
service or asset, or the transfer of a function, was an eligible employee
because he or she was the holder of a particular position or office;
and
(b) as a result of the sale or transfer of the organisation, business,
service or asset, or the transfer of a function, ceases to be an eligible
employee even though he or she continues to be the holder of the position or
office.
263 At the end of section
155B
Add:
(4) This section does not apply to a person who ceases to be an eligible
employee after 26 June 1997.
264 At the end of section
158A
Add:
(3) If:
(a) subsection (1) applies in relation to a benefit that is payable to a
person; and
(b) the amount of the benefit is unclaimed money within the meaning of
section 225 of the SIS Act and is required to be paid to the Commissioner of
Taxation under that section;
the Board must comply with the requirement.
265 After section 163A
Insert:
(1) The Board may:
(a) send to the designated employer of an eligible employee any document
or written information that, under this Act or the SIS Act, the Board is
required to send to the employee; and
(b) ask the designated employer to give the document or information to the
eligible employee.
(2) The Board must ensure that the confidentiality of any document or
information sent to the designated employer for transmission to the employee is
preserved.
(3) The designated employer of an eligible employee must comply with a
request of the Board under subsection (1).
266 Paragraph 166(3)(b)
Repeal the paragraph, substitute:
(b) the amount in any other foreign currency that corresponds to an amount
referred to in this Act is to be calculated by using such rate of exchange as is
agreed between the eligible employee and the designated employer.
267 At the end of section
168
Add:
(17) If:
(a) a provision of the regulations is incorrect, inadequate or ineffective
because of a provision of any Act (including an Act amending this Act) that was
enacted after the provision of the regulations was made; and
(b) the incorrectness, inadequacy or ineffectiveness could be remedied by
an appropriate amendment of the regulations;
the Board may, for the purposes of the performance of its functions or the
exercise of its powers, treat the amendment as having been made.
268 Subsection 240(1)
Omit “Minister, with the consent of the Board,” (wherever
occurring), substitute “Board”.
269 Subsection 240(2)
Repeal the subsection.
270 Paragraph 241(1)(a)
Omit “(1)”.
1 The whole of the Act
Repeal the Act.
Part
1—Amendments relating to the
scope and administration of the Act and the Trust Deed and the rights of members
to transfer to other superannuation schemes
1 Section 3 (definition of approved
authority)
Repeal the definition, substitute:
approved authority has the meaning given by section
3AAA.
2 Section 3 (definition of
Board)
Repeal the definition, substitute:
Board means the Commonwealth Superannuation Board established
by the Commonwealth Superannuation Board Act 1998.
3 Section 3 (definition of
Chairperson)
Repeal the definition.
4 Section 3 (definition of
Commissioner)
Repeal the definition.
5 Section 3 (definition of CSS
Board)
Repeal the definition.
6 Section 3
Insert:
PSS Board means the PSS Board that existed under section 20
of this Act as previously in force.
7 Section 3 (definition of PSS
Fund)
Omit “, and vested in the PSS Board,”.
8 Section 3 (definition of
trustee)
Repeal the definition.
9 Section 3
Insert:
voting share has the same meaning as in the Corporations
Law.
10 After section 3
Insert:
(1) This section has effect for the purpose of
determining whether an authority or other body is an approved authority for the
purposes of this Act.
(2) An authority or other body that was an approved authority immediately
before the commencement of this section continues to be an approved
authority.
(3) An authority or other body that is an approved authority under
subsection (2) ceases to be an approved authority under that subsection
if:
(a) it is a body corporate with a share capital and any of the voting
shares in it that are beneficially owned by the Commonwealth at the commencement
of this section cease to be so owned; or
(b) the financial statements prepared by it for a financial year ending
after the commencement of this section that are publicly available show that the
percentage of its revenue for that year that was received from sources other
than the Commonwealth exceeded 70% and also exceeded the percentage of its
revenue that was shown, in the last publicly available financial statements
prepared by it for a financial year that ended at or before that commencement,
to have been received from sources other than the Commonwealth.
(4) Subsection (5) applies to authorities or other bodies:
(a) that were incorporated or established before the commencement of this
section and are not approved authorities under subsection (2); or
(b) are incorporated or established after that commencement.
(5) Subject to subsection (6), an authority or other body is an approved
authority for the purposes of this Act if:
(a) the authority or other body:
(i) is a body corporate incorporated for a public purpose; or
(ii) not being a body corporate, is established for a public
purpose;
by, or in accordance with, an Act, regulations made under an Act, or a
law of a Territory; and
(b) the chief executive officer of the authority or other body has agreed
to make payments to the Commonwealth in respect of benefits that become payable
under this Act to or in respect of employees of the authority or other
body.
(6) An authority or other body is not an approved authority under
subsection (5) if:
(a) it is a body corporate with a share capital and any of the voting
shares in it are beneficially owned by a person other than the Commonwealth;
or
(b) a purpose for which it is incorporated or established will involve its
carrying on business in competition with one or more other persons; or
(c) the last financial statements prepared by it for a financial year that
are publicly available show that 70% or more of its revenue for that year was
received from sources other than the Commonwealth.
(7) An amount paid to an authority or other body by the Commonwealth is
taken for the purposes of paragraph (6)(c) to have been received by the
authority or other body from a source other than the Commonwealth if the amount
was calculated by reference to amounts received by the Commonwealth as a result
of the imposition of a tax or taxes.
(8) Despite the previous provisions of this section, an authority or other
body that is declared in writing by the Minister to be an approved authority for
the purposes of this Act is an approved authority.
(9) Despite the previous provisions of this section, an authority or other
body that is declared in writing by the Minister not to be an approved authority
for the purposes of this Act is not an approved authority.
11 After section 4
Insert:
(1) The PSS Fund is, by this subsection, vested in the Board.
(2) The assets of the PSS Fund, and any assets acquired out of, or by the
investment of, money in the PSS Fund, immediately before 1 July 1999 vest in the
Board as trustee of the PSS Fund or of the assets, as the case may be, by this
subsection and without the need for any conveyance, transfer, assignment or
assurance.
(3) Any other assets of the PSS Board immediately before 1 July 1999 vest
in the Board by this subsection and without the need for any conveyance,
transfer, assignment or assurance.
(4) Any liabilities of the PSS Fund, and any liabilities relating to
assets referred to in subsection (2), immediately before 1 July 1999 become
liabilities of the Board in its capacity as trustee of the PSS Fund or of those
assets, as the case may be.
(5) Any other liabilities of the PSS Board immediately before 1 July 1999
become liabilities of the Board.
(6) Immediately after the preceding subsections take effect:
(a) the PSS Board is abolished; and
(b) the Board becomes the trustee of the PSS Fund in place of the PSS
Board; and
(c) the Board becomes, for all purposes, including the rules of private
international law, the successor of the PSS Board in relation to the assets and
liabilities referred to in those subsections.
(7) Nothing in this section effects a change in the beneficial ownership
of the PSS Fund or of any asset referred to in subsection (2) or (3).
(8) In this section:
asset means any legal or equitable estate or interest
(whether present or future and whether vested or contingent) in real or personal
property of any description.
liability means any liability, debt, duty or obligation
(whether present or future and whether vested or contingent).
12 Subsection 6(1)
Omit “subsection (2)”, substitute “this
section”.
13 Paragraph 6(1)(b)
Repeal the paragraph.
14 At the end of subsection
6(2)
Add:
; or (d) has ceased to be a member of the Public Sector Superannuation
Scheme because of an election made under section 6AA.
15 At the end of section 6
Add:
(4) A person is not a member of the Public Sector Superannuation Scheme
because of his or her becoming a person (an eligible person)
referred to in paragraph 6(1)(a), (c), (d), (e), (f), (h) or (j) after 30 June
1999 unless the person:
(a) was a member immediately before becoming an eligible person;
or
(b) has made an election and declaration under section 244 of the
Superannuation Act 1976; or
(c) was a preserved benefit member within the meaning of the Rules
immediately before 1 July 1999 and elected, by notice in writing given to the
Board, to become a member within 3 months after the date of the first occasion
on or after 1 July 1999 on which the person became an eligible person.
16 After section 6
Insert:
(1) This section applies to a member only if his or her designated
employer is willing, in the event of the member becoming a member of another
complying superannuation fund or the holder of an RSA, to make contributions to
the fund or the RSA on behalf of the member.
(2) On or after 1 July 2000, a person who is a member may, by written
notice given to the Board, choose to cease to be a member at the end of a day
(not earlier than the day on which the notice is given) stated in the
notice.
(3) In this section:
complying superannuation fund has the meaning given by
section 45 of the SIS Act.
RSA has the same meaning as in the Retirement Savings
Accounts Act 1997.
17 Section 6A
Repeal the section.
18 Part 6 (heading)
Repeal the heading, substitute:
Repeal the sections.
20 Section 22
Repeal the section, substitute:
The Board has the functions, powers and duties set out in the Trust
Deed.
Note: For the Board’s responsibilities in relation to
the general administration of the Superannuation Act 1990, see subsection
7(2) of the Commonwealth Superannuation Board Act 1998.
21 Sections 23 to 26
Repeal the sections.
22 Sections 28 and 28A
Repeal the sections.
23 Part 7
Repeal the Part.
24 Sections 34, 35 and 36
Repeal the sections.
25 Section 43
Repeal the section.
26 Paragraphs 45(1)(a) and
(b)
Repeal the paragraphs, substitute:
(a) a declaration for the purposes of subsection 3AAA(8);
(b) a declaration for the purposes of subsection 3AAA(9).
27 Subsection 45(3)
Omit “referred to in paragraph (1)(b)”, substitute “for
the purposes of subsection 3AAA(8)”.
28 At the end of subsection
45(3)
Add:
Note: The day of effect may be a day earlier than the day on
which subsection 3AAA(8) commenced (see subsection (3A)).
29 After subsection 45(3)
Insert:
(3A) To remove any doubt, a declaration made for the purposes of
subsection 3AAA(8) may be expressed, to the extent permitted under subsection
(3) of this section, to have taken effect from and including a day (the
effective day) earlier than the day on which subsection 3AAA(8)
commenced. If a declaration is so expressed, it is taken to have had, before the
day on which that subsection commenced, the effect that the declaration would
have had if that subsection had been in force from and including the effective
day.
(3B) A declaration made for the purposes of subsection 3AAA(9) may be
expressed to have taken effect from and including 1 July 1999 if, and only if,
no contributions have been accepted from, or in respect of, an employee of the
authority or other body to which the declaration relates on or after that
date.
30 Paragraph 47(c)
Repeal the paragraph, substitute:
(c) a person employed by the Board to assist it in the performance of its
functions under this Act.
31 Section 3 (definition of Trust
Deed)
Omit “under section 5”.
32 At the end of section 12
Add:
(2) Subsection (1) does not prevent the Rules from making provision
subject to which a person of a specified class who has ceased to be a member
may, on again becoming a member, be taken not to have ceased to be a
member.
33 Section 33D
Omit “Minister, with the consent of the Board,” (wherever
occurring), substitute “Board”.
34 Subsection 33G(2)
Omit “of Part 6”.
35 After section 42
Insert:
(1) The Board may:
(a) send to the designated employer of a member any document or written
information that:
(i) under this Act; or
(ii) under the SIS Act;
the Board is required to send to the member; and
(b) ask the designated employer to give the document or information to the
member.
(2) The Board must ensure that the confidentiality of any document or
information sent to the designated employer for transmission to the member is
preserved.
(3) The designated employer of a member must comply with a request of the
Board under subsection (1).
36 Paragraph 45(1)(j)
Repeal the paragraph.
37 At the end of section 45
Add:
(6) Subsection 48(2) of the Acts Interpretation Act 1901 does not
apply in relation to an instrument referred to in paragraph (1)(e).
38 Commencement of certain provisions of Tenth
Amending Deed
(1) Subclauses 3.13, 3.14, 3.15, 3.16, 3.17, 3.18, 3.29, 3.44 and 3.46 of
the Tenth Amending Deed are taken to have commenced immediately after the
commencement of the Ninth Amending Deed.
(2) In this item:
Ninth Amending Deed means the deed:
(a) amending the Trust Deed under subsection 5(1) of the Superannuation
Act 1990; and
(b) notified in the Gazette of 28 June 1995 (Gazette
No. GN25).
Tenth Amending Deed means the deed:
(a) amending the Trust Deed under subsection 5(1) of the Superannuation
Act 1990; and
(b) notified in the Gazette of 1 February 1996
(Gazette No. S41).
Trust Deed has the same meaning as in the Superannuation
Act 1990.
1 The whole of the Act
Repeal the Act.
1 Rule 1.2.1 (definition of equivalent
employment)
Repeal the definition.
2 Rule 1.2.1 (tenth dot point of the definition
of involuntary retirement)
Repeal the dot point.
3 Paragraph 5.7.1(B)
Repeal the paragraph, substitute:
(B) ceases membership, before 1 July 1999, on involuntary
retirement before minimum retiring age and chooses to be paid half or
more of his/her final benefit accrual as a pension (see Rule
5.7.2); or
4 Paragraph 5.7.2(b)
Repeal the paragraph, substitute:
(b) before 1 July 1999 on involuntary retirement before
minimum retiring age, and chooses to take half or more of his/her
final benefit accrual as a pension; and
5 Division 3 of Part 6
Repeal the Division, substitute:
Involuntary Retirement Benefit
Options
Division 3
Benefit options – before minimum retiring age
6.3.1 A member who, before 1 July 1999, ceases
membership on involuntary retirement before minimum retiring age
is entitled to leave his/her final benefit accrual in the scheme as a
preserved benefit, or, as an alternative, may choose:
(a) to be paid a lump sum of that part of his/her final benefit
accrual that the SIS Act permits to be paid in cash, or a lump sum of
less than that amount, and:
(i) leave the balance of his/her final benefit accrual in the scheme
as a preserved benefit; or
(ii) roll-over the balance of his/her final benefit accrual;
or
(iii) if the balance is 50% or more of his/her final benefit
accrual, convert the balance into a pension; or
(b) to take his/her final benefit accrual as a pension;
or
(c) to roll-over his/her final benefit accrual; or
(d) to combine his/her final benefit accrual with the benefit
accruing under another current period of membership, provided the
combined benefit does not exceed his/her maximum benefit (see Rules
5.2.20 and 5.3.20);
unless:
(A) he/she ceases membership on the sale or transfer of all or part of an
organisation, business, service, asset or function (see Division 6 of
Part 6); or
(B) he/she transfers his/her benefits to an eligible superannuation
scheme (see Rule 6.8.6), or joins an approved superannuation
scheme (see Rule 6.8.10) or an authorised superannuation scheme
(see Rule 6.8.11).
6.3.2 A member who, on or after 1 July 1999, ceases
membership on involuntary retirement before minimum retiring age
is entitled to leave his/her final benefit accrual in the scheme as a
preserved benefit, or, as an alternative, may choose:
(a) to be paid a lump sum of that part of his/her final benefit
accrual that the SIS Act permits to be paid in cash and that does not
exceed his/her accumulated member contributions, or a lump sum of less
than that amount, and:
(i) leave the balance of his/her final benefit accrual in the scheme
as a preserved benefit; or
(ii) roll-over the balance of his/her final benefit accrual,
with any amount that exceeds the member’s accumulated member
contributions being treated as a preserved benefit for the purposes of the
SIS Act; or
(iii) convert the balance of his/her final benefit accrual into a
pension; or
(b) to take his/her final benefit accrual as a pension;
or
(c) to roll-over his/her final benefit accrual, with any
amount that exceeds the member’s accumulated member contributions
being treated as a preserved benefit for the purposes of the SIS Act;
or
(d) to combine his/her final benefit accrual with the benefit
accruing under another current period of membership, provided the
combined benefit does not exceed his/her maximum benefit (see Rules
5.2.20 and 5.3.20);
unless:
(A) he/she ceases membership on the sale or transfer of all or part of an
organisation, business, service, asset or function (see Division 6 of
Part 6); or
(B) he/she transfers his/her benefits to an eligible superannuation
scheme (see Rule 6.8.6), or joins an approved superannuation
scheme (see Rule 6.8.10) or an authorised superannuation scheme
(see Rule 6.8.11).
Benefit options – after minimum retiring age
6.3.3 A member who ceases membership on involuntary
retirement on or after minimum retiring age may choose:
(a) to be paid a lump sum of that part of his/her final benefit
accrual that the SIS Act permits to be paid in cash, or a lump sum of
less than that amount, and:
(i) leave the balance, if any, of his/her final benefit accrual in
the scheme as a preserved benefit; or
(ii) roll-over the balance, if any, of his/her final benefit
accrual; or
(iii) if the balance is 50% or more of his/her final benefit
accrual, convert the balance into a pension; or
(b) to take his/her final benefit accrual as a pension;
or
(c) to leave his/her final benefit accrual in the scheme as a
preserved benefit; or
(d) to roll-over his/her final benefit accrual; or
(e) to combine his/her final benefit accrual with the benefit
accruing under another current period of membership, provided the
combined benefit does not exceed his/her maximum benefit (see Rules
5.2.20 and 5.3.20);
unless:
(A) he/she ceases membership on the sale or transfer of all or part of an
organisation, business, service, asset or function (see Division 6 of
Part 6); or
(B) he/she transfers his/her benefits to an eligible superannuation
scheme (see Rule 6.8.6), or joins an approved superannuation
scheme (see Rule 6.8.10) or an authorised superannuation scheme
(see Rule 6.8.11).
6 Division 6 of Part 6
Repeal the Division, substitute:
Sale or Transfer of Assets Benefit
Options
Division 6
Benefit options – PSS membership continues
6.6.1 A member who continues to be a member on the
sale or transfer of all or part of an organisation, business, service, asset or
function is not entitled to any benefits until he/she ceases membership. When
the member ceases membership he/she will be entitled to benefits under
whichever Rule is applicable to him/her at that time.
Benefit options – PSS membership ceases
6.6.2 A member who ceases membership on the sale or transfer
of all or part of an organisation, business, service, asset or function
and:
(a) continues in employment with the new owner or transferee; and
(b) could have continued to be a member of the scheme after the sale
or transfer;
may choose:
(i) to leave his/her final benefit accrual in the scheme as a
preserved benefit; or
(ii) to combine his/her final benefit accrual with the benefit
accruing under another current period of membership, provided it will not
cause him/her to exceed his/her maximum benefit (see Rules 5.2.20 and
5.3.20);
unless he/she transfers his/her benefits to an eligible superannuation
scheme (see Rule 6.8.6), or joins an approved superannuation
scheme (see Rule 6.8.10) or an authorised superannuation scheme
(see Rule 6.8.11).
Benefit options – Continues in employment, but does not change
employer
6.6.3 A member who ceases membership on the sale or transfer
of all or part of an organisation, business, service, asset or function and
continues in employment with the new owner or transferee, but does not
change employer, is entitled to leave his/her final benefit accrual in
the scheme as a preserved benefit, or, as an alternative, may
choose:
(i) to roll-over his/her final benefit accrual, with any
amount that exceeds the member’s accumulated member contributions
being treated as a preserved benefit for the purposes of the SIS Act;
or
(ii) to combine his/her final benefit accrual with the benefit
accruing under another current period of membership, provided it will not
cause him/her to exceed his/her maximum benefit (see Rules 5.2.20 and
5.3.20);
unless:
(A) he/she could have continued to be a member of the scheme after
the sale or transfer (see Rule 6.6.2); or
(B) he/she transfers his/her benefits to an eligible superannuation
scheme (see Rule 6.8.6), or joins an approved superannuation
scheme (see Rule 6.8.10) or an authorised superannuation scheme
(see Rule 6.8.11).
Benefit options – Involuntary retirement before 1 July
1999
6.6.4 A member who ceases membership on involuntary
retirement before 1 July 1999 on the sale or transfer of all or
part of an organisation, business, service, asset or function is entitled to
leave his/her final benefit accrual in the scheme as a preserved
benefit, or, as an alternative, may choose:
(a) to be paid a lump sum of that part of his/her final benefit
accrual that the SIS Act permits to be paid in cash, or a lump sum of
less than that amount, and:
(i) leave the balance of his/her final benefit accrual in the scheme
as a preserved benefit; or
(ii) roll-over the balance of his/her final benefit accrual;
or
(iii) if the balance is 50% or more of his/her final benefit
accrual, convert the balance into a pension;
provided that the member:
(A) ceases membership before minimum retiring age; or
(B) ceases membership on or after minimum retiring age and before
age 60, and remains in the workforce; or
(b) to be paid a lump sum of his/her final benefit accrual,
or a lump sum of less than that amount, and:
(i) leave the balance of his/her final benefit accrual in the scheme
as a preserved benefit; or
(ii) roll-over the balance of his/her final benefit accrual;
or
(iii) if the balance is 50% or more of his/her final benefit
accrual, convert the balance into a pension;
provided that the member:
(A) ceases membership on or after minimum retiring age and before
age 60, and retires permanently from the workforce; or
(B) ceases membership on or after age 60; or
(c) to take his/her final benefit accrual as a pension;
or
(d) to roll-over his/her final benefit accrual; or
(e) to combine his/her final benefit accrual with the benefit
accruing under another current period of membership, provided the
combined benefit does not exceed his/her maximum benefit (see Rules
5.2.20 and 5.3.20);
unless:
(A) he/she:
(i) continues in employment with the new owner or transferee; and
(ii) could have continued to be a member of the scheme after the
sale or transfer (see Rule 6.6.2); or
(B) he/she:
(i) continues in employment with the new owner or transferee, but does
not change employer; and
(ii) was not allowed to continue to be a member of the scheme after
the sale or transfer (see Rule 6.6.3); or
(C) he/she transfers his/her benefits to an eligible superannuation
scheme (see Rule 6.8.6), or joins an approved superannuation
scheme (see Rule 6.8.10) or an authorised superannuation scheme
(see Rule 6.8.11).
Benefit options – Circumstances other than on involuntary
retirement, and involuntary retirement on or after 1 July 1999
6.6.5 A member who ceases membership:
• in circumstances other than on involuntary retirement;
or
• on involuntary retirement on or after 1 July
1999;
on the sale or transfer of all or part of an organisation, business,
service, asset or function is entitled to leave his/her final benefit
accrual in the scheme as a preserved benefit, or, as an
alternative, may choose:
(a) to be paid a lump sum of that part of his/her final benefit
accrual that the SIS Act permits to be paid in cash and that does not
exceed his/her accumulated member contributions, or a lump sum of
less than that amount, and:
(i) leave the balance of his/her final benefit accrual in the scheme
as a preserved benefit; or
(ii) roll-over the balance of his/her final benefit accrual,
with any amount that exceeds the member’s accumulated member
contributions being treated as a preserved benefit for the purposes of the
SIS Act; or
(iii) convert the balance of his/her final benefit accrual into a
pension;
provided that the member:
(A) ceases membership before minimum retiring age; or
(B) ceases membership on or after minimum retiring age and before
age 60, and remains in the workforce; or
(b) to be paid a lump sum of his/her final benefit accrual,
or a lump sum of less than that amount, and:
(i) leave the balance of his/her final benefit accrual in the scheme
as a preserved benefit; or
(ii) roll-over the balance of his/her final benefit accrual;
or
(iii) if the balance is 50% or more of his/her final benefit
accrual, convert the balance into a pension;
provided that the member:
(A) ceases membership on or after minimum retiring age and before
age 60, and retires permanently from the workforce; or
(B) ceases membership on or after age 60; or
(c) to take his/her final benefit accrual as a pension;
or
(d) to roll-over his/her final benefit accrual, with any
amount that exceeds the member’s accumulated member contributions
being treated as a preserved benefit for the purposes of the SIS Act;
or
(e) to combine his/her final benefit accrual with the benefit
accruing under another current period of membership, provided the
combined benefit does not exceed his/her maximum benefit (see Rules
5.2.20 and 5.3.20);
unless:
(A) he/she:
(i) continues in employment with the new owner or transferee; and
(ii) could have continued to be a member of the scheme after the
sale or transfer (see Rule 6.6.2); or
(B) he/she:
(i) continues in employment with the new owner or transferee, but does
not change employer; and
(ii) was not allowed to continue to be a member of the scheme after
the sale or transfer (see Rule 6.6.3); or
(C) he/she transfers his/her benefits to an eligible superannuation
scheme (see Rule 6.8.6), or joins an approved superannuation
scheme (see Rule 6.8.10) or an authorised superannuation scheme
(see Rule 6.8.11).
7 Division 7 of Part 6
Repeal the Division.
8 Paragraph 6.8.1(c)(iii)
Repeal the paragraph, substitute:
(iii) except in respect of a former member who is retrenched
before 1 July 1999, not to pay to the former member the
whole or any part of:
(A) the employer component of an amount transferred from the
PSS scheme, or
(B) the employer component, or the part that represents that component, of
any other amount transferred from the PSS scheme to another eligible
superannuation scheme and subsequently transferred to the scheme;
unless preserved benefits under the SIS Act would be payable in the
same circumstances; and
9 Paragraph 6.8.1(c)(v)
Repeal the paragraph, substitute:
(v) not pay a former member who is retrenched before 1 July
1999 that part of the transferred amount that is or would be compulsorily
preserved under the SIS Act until the conditions for
payment of compulsorily preserved amounts under that Act and regulations are
met; and
10 Division 4 of Part 8
Repeal the Division, substitute:
Early Access to Preserved Benefit on
Involuntary Retirement after Sale or Transfer of Assets
Division 4
Benefit options for certain preserved benefit members on subsequent
retrenchment
8.4.1 A former member who was employed by an organisation,
business, service or asset or function nominated by the Minister and agreed by
the Board immediately before the date of sale or transfer of that
organisation, business, service or asset or function, and who:
(a) was not allowed to continue to be a member after the sale or
transfer; and
(b) became entitled to a preserved benefit under Rule 6.6.3, 6.6.4
or 6.6.5 which includes all of his/her accumulated member contributions
(other than any refunded Excess Contribution Multiple), accumulated
productivity contributions and unfunded preserved benefit;
and
(c) remains continuously in employment with the new owner or transferee, or
any subsequent new owner or transferee; and
(d) is subsequently retrenched by the new owner or transferee, or any
subsequent new owner or transferee, within a period of three years of the date
of sale or transfer of the organisation, business, service, asset or function;
and
(e) has not reached his/her maximum retiring age;
may choose, within three months after the date of the
retrenchment:
(A) any one of the options in Rule 8.4.2 if he/she is retrenched before
1 July 1999 and before minimum retiring age; or
(B) any one of the options in Rule 8.4.3 if he/she is retrenched on or
after 1 July 1999 and before minimum retiring age; or
(C) any one of the options in Rule 8.4.4 if he/she is retrenched on or
after minimum retiring age.
Benefit options on retrenchment before 1 July 1999 and before minimum
retiring age
8.4.2 A preserved benefit member who is retrenched before
1 July 1999 and before minimum retiring age under the conditions set
out in Rule 8.4.1 may choose:
(a) to retain his/her preserved benefit in the PSS scheme;
or
(b) to take his/her preserved benefit as a pension;
or
(c) to roll-over his/her preserved benefit; or
(d) to be paid a lump sum of that part of his/her preserved benefit
that the SIS Act permits to be paid in cash, or a lump sum of less than
that amount, and:
(i) retain the balance of his/her preserved benefit in the PSS
scheme; or
(ii) roll-over the balance of his/her preserved benefit;
or
(iii) if the balance is 50% or more of his/her preserved benefit,
convert the balance into a pension.
Benefit options on retrenchment on or after 1 July 1999 and before
minimum retiring age
8.4.3 A preserved benefit member who is retrenched on or
after 1 July 1999 and before minimum retiring age under the
conditions set out in Rule 8.4.1 may choose:
(a) to retain his/her preserved benefit in the PSS scheme;
or
(b) to take his/her preserved benefit as a pension;
or
(c) to roll-over his/her preserved benefit, with any amount
that exceeds the member’s accumulated member contributions being
treated as a preserved benefit for the purposes of the SIS Act;
or
(d) to be paid a lump sum of that part of his/her preserved benefit
that the SIS Act permits to be paid in cash and that does not exceed
his/her accumulated member contributions, or a lump sum of less
than that amount, and:
(i) retain the balance of his/her preserved benefit in the PSS
scheme; or
(ii) roll-over the balance of his/her preserved benefit, with
any amount that exceeds the member’s accumulated member
contributions being treated as a preserved benefit for the purposes of the
SIS Act; or
(iii) convert the balance into a pension.
Benefit options on retrenchment after minimum retiring age
8.4.4 A preserved benefit member who is retrenched on or
after minimum retiring age under the conditions set out in
Rule 8.4.1 may choose:
(a) to be paid a lump sum of that part of his/her preserved benefit
that is permitted to be paid in cash under the SIS Act, or a lump sum of
less than that amount, and:
(i) retain the balance, if any, of his/her preserved benefit in the
PSS scheme; or
(ii) roll-over the balance, if any, of his/her preserved
benefit; or
(iii) if the balance is 50% or more of his/her preserved benefit,
convert the balance into a pension; or
(b) to take his/her preserved benefit as a pension;
or
(c) to retain his/her preserved benefit in the PSS scheme;
or
(d) to roll-over his/her preserved benefit.
1 The whole of the Act
Repeal the Act.
1 Subsection 39(3)
Omit all the words from and including “but”,
substitute:
but:
(a) in the application of those provisions on and after 1 July 1976 and
before 1 July 1999 in relation to the suspended pension, any reference in those
provisions to the Board is taken to have included a reference to the
Commissioner for Superannuation; and
(b) in the application of those provisions on and after 1 July 1999 in
relation to the suspended pension, any reference in those provisions to the
Board is taken to be a reference to the Commonwealth Superannuation Board
established by the Commonwealth Superannuation Board Act
1998.
1 Subsection 3(1) (definition of
Board)
Repeal the definition, substitute:
Board means the Commonwealth Superannuation Board established
by the Commonwealth Superannuation Board Act 1998.
2 Section 3D
Omit “Minister may”, substitute “Board, in accordance
with a method of calculation notified to the Board by the Minister,
may”.
3 Subsection 3E(1)
Omit “Minister, before each financial year, is to declare”,
substitute “Board, before each financial year, is to declare, in
accordance with a method of calculation notified to the Board by the
Minister”.
4 Section 4G
Omit “calculated in a way determined by the Minister” (wherever
occurring), substitute “determined by the Board by a method of calculation
notified to the Board by the Minister”.
5 After section 4G
Insert:
The Minister may, by notice in writing given to the Board, notify methods
of calculation to be used for the purposes of the exercise of powers by the
Board under sections 3D, 3E and 4G.
6 Section 9C
Omit “section 4C”, substitute “section 4A or
4C”.
1 The whole of the Act
Repeal the Act.
1 After subsection 6(5)
Insert:
(5A) An instrument:
(a) determining requirements under paragraph (1)(a); or
(b) varying or revoking an instrument that determines such
requirements;
is a disallowable instrument for the purposes of section 46A of the Acts
Interpretation Act 1901.
1 Subsections 3(1) and (2)
Repeal the subsections.
2 Parts 4 and 5
Repeal the Parts.
3 Sections 54 to 64
Repeal the sections.
4 Paragraph 65(1)(a)
Repeal the paragraph.
1 Subsection 4C(2)
Repeal the subsection, substitute:
(2) For the purposes of this Act, a person is a spouse who survives a
deceased person if the person had a marital relationship with the deceased
person at the time of the death of the deceased person (the
death).
2 Paragraph 4C(3)(c)
Repeal the paragraph.
3 Subsection 19(2)
After “spouse” (first occurring), insert “and subsections
(4) and (6) do not apply”.
4 At the end of section 19
Add:
(4) If:
(a) a person who is entitled to a retiring allowance (whether or not the
retiring allowance is immediately payable) dies; and
(b) the person had with his or her spouse a marital relationship that
began:
(i) less than 3 years before the person’s death; and
(ii) after the person had become entitled to the retiring allowance and
had turned 60; and
(c) the person is survived by the spouse;
there is payable to the spouse, during his or her life-time, an annuity at
a rate worked out by using the formula:
(5) If the rate at which the annuity is payable to the spouse under
subsection (4) is less than the rate determined in writing by the Trust for the
purposes of this subsection, the spouse may, not later than 3 months after the
annuity becomes payable, by notice in writing to the Trust, elect to commute the
annuity into a lump sum benefit payable to him or her.
(6) If the spouse makes the election, there is payable to the spouse,
instead of the annuity, a lump sum of an amount determined in writing by the
Trust after consultation with the Australian Government Actuary.
(7) In subsection (4):
basic rate of annuity means the rate at which, apart from
subsection (4), the annuity referred to in subsection (2) would be payable to
the spouse.
relevant period means the period:
(a) beginning on the day on which the marital relationship between the
deceased person and his or her spouse began; and
(b) ending on the day on which the person died.
5 Subsection 19AA(2)
Omit “Subject to subsections (2A) and (2B), where”, substitute
“If”.
6 Subsection 19AA(2)
Omit all the words from and including “and the deceased
person:” to the end of paragraph (d), substitute:
and the deceased person was or is survived by a child of the deceased
person or of a former spouse of the deceased person, being a child
who:
(c) was dependent on the deceased person; and
(d) is an eligible child; and
(e) is not dependent on someone to whom a benefit is payable under section
19 because of the death of the deceased person;
Note: The heading to section 19AA is altered by omitting
“orphaned”.
7 Subsections 19AA(2A) and
(2B)
Repeal the subsections.
8 Paragraph 20A(1)(b)
After “his”, insert “or her”.
9 Subsection 21AA(1)
Omit all the words after paragraph (b), substitute:
dies leaving:
(c) more than one spouse; or
(d) one or more spouses and one or more eligible children;
the Trust must allocate among them, in such proportions as the Trust thinks
appropriate having regard to their respective needs, any annuities or benefits
payable to any of them in respect of the deceased person under this
Act.
10 Subsection 21AA(2)
Repeal the subsection.
11 Subsection 21AA(3)
Omit “each spouse and eligible child (if any)”, substitute
“each spouse, or the spouse or each spouse and the eligible child or each
eligible child, as the case may be,”.
12 At the end of section
21AA
Add:
(6) In this section:
eligible child has the same meaning as in section
19AA.
13 Subsection 22A(1)
Omit “the Australian Government Actuary”, substitute “an
actuary”.
14 Paragraph 22Q(1)(a)
After “1973” (first occurring), insert “and before the
day on which the Superannuation Legislation (Commonwealth Employment) Repeal
and Amendment Act 1998 receives the Royal Assent”.
15 Paragraph 22Q(1)(a)
Omit “on or after 8 June 1973” (last occurring), substitute
“during that period”.
16 Subsection 22Q(1)
Omit “the following provisions of this section”, substitute
“subsections (2) to (7)”.
17 After subsection 22Q(1)
Insert:
(1A) In respect of a person who made an election under paragraph (1)(b)
before the commencement of this subsection:
(a) paragraph (1)(b) has effect, and is taken to have at all times had
effect, as if the words “an amount equal to” were replaced by the
words “an amount not exceeding”; and
(b) subsection (3) has effect, and is taken to have at all times had
effect, as if the words “is equal to the employee component of the
transfer value, or to” were replaced by “represents the whole or a
portion of the employee component of the transfer value or”; and
(c) paragraph (5)(c) has effect, and is taken to have at all times had
effect, as if the words “is equal to” were replaced by the words
“represents the whole or a portion of”; and
(d) subsection (6) has effect, and is taken to have at all times had
effect, as if the words “is equal to the employer component of the
transfer value or to” were replaced by “represents the whole or a
portion of the employer component of the transfer value or”.
18 Subsection 22Q(5)
After “If”, insert “there is payable to or in respect of
the member”.
19 Paragraphs 22Q(5)(a) and
(b)
Repeal the paragraphs, substitute:
(a) a refund of all or any part of the contributions paid by the member to
the Commonwealth; and
(b) the whole or any part of the Commonwealth supplement;
20 Paragraph 22Q(5)(d)
Omit “worked out under paragraph (c)”, substitute “paid
to the Commonwealth under subsection (1)”.
21 After subsection 22Q(5)
Insert:
(5A) If the superannuation guarantee safety-net amount is payable to or in
respect of the member, the sum of the following amounts is payable to or in
respect of the member by the Commonwealth:
(a) so much of the amount paid to the Commonwealth under subsection (1) as
is equal to the employer component of the transfer value or to the sum of the
employer components of the transfer values (as the case may be);
(b) the interest that would have accrued on the amount worked out under
paragraph (a) if the matters set out in subparagraphs (5)(d)(i), (ii), (iii) and
(iv) were assumed.
Administrative
Appeals Tribunal Act 1975
1 Subsections 16(4), (4A) and
(4B)
Repeal the subsections.
2 Subsections 14(3), (4) and
(5)
Repeal the subsections.
Superannuation
Legislation Amendment Act (No. 1) 1995
3 Item 1 of Schedule 3
Omit “, 126 and 127”, substitute “and
126”.
4 Item 2 of Schedule 3
Omit “17A,”.
5 Item 2 of Schedule 3
Omit “127,”.
6 Item 3 of Schedule 3
Omit “127,”.
7 Subsections 22(3), (4) and
(5)
Repeal the subsections.