Commonwealth Numbered Regulations - Explanatory Statements

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SUPERANNUATION (FORMER ELIGIBLE EMPLOYEES) REGULATIONS (AMENDMENT) 1996 NO.2

STATUTORY RULES 1996 No. 2

Issued by the 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, the Commonwealth Superannuation Scheme (the CSS), for certain Commonwealth employees and other persons, including employees of approved authorities.

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

Persons eligible to contribute to the CSS (ie, CSS members) are referred to in the Act as eligible employees.

Section 126A of the Act provides that regulations may modify the Act in its application to or in respect of a person who ceases to be an eligible employee and who, immediately after ceasing, becomes a member of another superannuation scheme.

Regulations for the purposes of section 126A of the Act are contained in the Superannuation (Former Eligible Employees) Regulations.

The proposed amendments to the Regulations:

(i)       require all persons seeking a transfer of assets from the CSS Fund to an approved scheme under Part XIII of the Act to have become members of the approved 'scheme in accordance with section 238 (Section 238 enables the Minister for Finance to determine a specific time period during which employees of a particular authority or body who elect to become members of an approved superannuation scheme cease to be entitled to CSS benefits);

(ii)       enable the Minister for Finance to transfer assets from the CSS Fund to an approved superannuation scheme which provides benefits to employees or members of staff of a particular authority or body; and

(iii)       alter the citation of the Regulations to include the expression "(CSS)" in accordance with current practice.

The amendments contained in the Regulations are explained in the Attachment.

The amendments will come into effect on gazettal.

ATTACHMENT

SUPERANNUATION (FORMER ELIGIBLE EMPLOYEES) REGULATIONS (AMENDMENT)

The details of the amending Regulations are as follows:

Regulation 1

This provides that the Superannuation (Former Eligible Employees) Regulations (the Principal Regulations) are amended as set out in the amending Regulations.

Regulation 2

This alters the citation of the Regulations to include the expression "(CSS)" in accordance with current practice.

Regulation 3

This inserts a new amending Regulation 17 which modifies the Act in accordance with the amendments set out in a new Schedule 14.

The amended provisions specified in Schedule 14 will apply to persons who cease or will cease to be members of the CSS on joining another superannuation scheme which is an approved scheme under Part XIII of the Act.

Regulation 4

This adds a new Schedule 14 to the Principal Regulations which:

*       requires all persons seeking a transfer of assets from the CSS Fund to an approved scheme under Part XIII of the Act to have become members of the approved scheme in accordance ,with section 238 (Section 238 enables the Minister for Finance to determine a specific time period during which employees of a particular authority or body who elect to become members of an approved superannuation scheme cease to be entitled to CSS benefits.); and

*       enables the Minister for Finance to transfer assets from the CSS Fund to an approved superannuation scheme which provides benefits to employees or members of staff of a particular authority or body.