Commonwealth Numbered Regulations - Explanatory Statements

[Index] [Search] [Download] [Related Items] [Help]

SUPERANNUATION (PSS) APPROVED AUTHORITY INCLUSION DECLARATION NO. 2 1991 NO. 189

STATUTORY RULES 1991 No. 189

ISSUED BY THE AUTHORITY OF THE MINISTER FOR FINANCE

SUPERANNUATION ACT 1990

DECLARATION UNDER PARAGRAPH (b) OF THE DEFINITION OF "APPROVED AUTHORITY" IN SECTION 3

The Superannuation Act 1990 (the Act) provides for a new superannuation scheme (the PSS scheme) for Commonwealth employees and certain other persons to operate from 1 July 1990.

Persons eligible to become members of the PSS scheme include persons employed by an authority or body which is an approved authority for the purposes of the Act. In accordance with section 3 of the Act, an approved authority includes an authority or body declared by the Minister for Finance to be an approved authority for the purposes of the Act, being an authority or body of a kind described in paragraph (b) of the definition.

The Declaration contained in the Statutory Rule, and cited as Superannuation (PSS) Approved Authority Inclusion Declaration No 2, declares Commonwealth Funds Management Limited to be an approved authority for the purposes of the 1990 Act.

The Superannuation Fund Investment Trust is an approved authority for the purposes of the 1990 Act. The Commonwealth Funds Management Limited Act 1990 provides for the conversion of the Trust into Commonwealth Funds Management Limited, a wholly Commonwealth-owned company. The transition will occur on 1 July 1991 and staff of the Trust will continue to be employed by the new company on the same terms and conditions after the transition.

Commonwealth Funds Management Limited is a body of a kind described in paragraph (b) of the definition of approved authority in section 3 of the Act. It is appropriate that this body be declared to be an approved authority for the purposes of the Act to enable its staff to remain or become members of the PSS scheme.

The Declaration has effect from and including 1 July 1991. In accordance with section 45 of the 1990 Act, a declaration for the purposes of paragraph (b) of the "approved authority" definition is a disallowable instrument for the purposes of section 46A of the Acts Interpretation Act 1901 and a Statutory Rule for the purposes of the Statutory Rules Publication Act 1903.