Commonwealth Numbered Regulations - Explanatory Statements

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SUPERANNUATION (FORMER ELIGIBLE EMPLOYEES) REGULATIONS (AMENDMENT) 1992 NO.271

EXPLANATORY STATEMENT

STATUTORY RULES 1992 No. 271

Issued by authority of the Minister for Finance

Superannuation Act 1976

Superannuation (Former Eligible Employees) Regulations (Amendment)

The Superannuation Act 1976 (the Act) makes provision for and in relation to an occupational superannuation scheme for certain Commonwealth employees and other persons.

Section 168 of the Act provides that the Governor-General may make regulations for the purposes of the Act.

The regulations provide the option to employees of Australian and Overseas Telecommunications Corporation (AOTC) to elect to transfer to the Telecom Superannuation Scheme during the period 27 August 1992 to 26 December 1992. This reopening of transfers is in addition to the period specified in Statutory Rule 1990/141 and will take to 12 months the total period in which eligible ex-Telecom employees may elect to transfer to the Telecom Superannuation Scheme. The 12 month period equates with the period in which eligible employees could elect to transfer to other new public sector superannuation schemes. The reopening will also give ex-OTC employees an opportunity to transfer to the Telecom Superannuation Scheme as the main AOTC superannuation scheme.

The regulations also amend Statutory Rules 1991 No.445, Superannuation (Former Eligible Employees) Regulations (Amendment) to correct a reference to the amended title of the Repatriation institutions (Transfer) Act 1992. This amendment is technical in nature and does not affect the provisions made in Statutory Rules 1991 No.445.

Regulation 1 identifies the Superannuation (Former Eligible Employees) Regulations as the regulations being amended.

Regulation 2 provides that the new regulation 9A will apply in respect of certain employees of Australian and Overseas Telecommunications Corporation who become members of the Telecom Superannuation Scheme from 27 August 1992 to 26 December 1992.

Regulation 3 amends the heading of schedule 5 to reflect the application of the proposed regulations.

Regulation 4 changes the reference in paragraph 139(2A)(b) inserted by Schedule 9 of the Regulations (modifications in respect of transfers from Repatriation Institutions to the States) to the correct title, as amended, of the Repatriation Institutions (Transfer) Act 1992. This amendment is not related to the reopening of transfers to the Telecom Superannuation Scheme.

The Regulations will commence on gazettal.


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