Commonwealth Numbered Regulations - Explanatory Statements

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SUPERANNUATION (CSS) PRODUCTIVITY CONTRIBUTION DECLARATION NO. 2 1992 NO.200

STATUTORY RULES 1992 No. 200

ISSUED BY THE AUTHORITY OF THE MINISTER FOR FINANCE

SUPERANNUATION ACT 1976

DECLARATION UNDER SECTION 110D

The Superannuation Act 1976 (the Act) provides for a superannuation scheme for Commonwealth employees.

Part VIA (comprising sections 110A to 110S) provides for a funded productivity superannuation benefit for members of the scheme.

Section 110H requires the employer of a member of the scheme, to pay fortnightly "productivity contributions" to the Commissioner for Superannuation in relation to the member. In accordance with section 110N, such contributions are to be paid by the Commissioner to the Superannuation Fund where they accumulate with interest for the member's benefit.

The fortnightly rate of productivity contribution payable by an employer in relation to a member is set out in the Table in section 110C. This rate varies according to the member's salary. The intention is that the contribution rate be maintained at an average of 3% of salaries.

Section 110D provides that amounts of salary and contribution specified on the Table may be varied by a declaration by the Minister for Finance in relation to a period specified on the declaration.

The Declaration contained in the Statutory Rule, and cited as "Superannuation (CSS) Productivity Contribution Declaration No. 2", provides for increased amounts of salary and contribution to apply in relation to the period commencing on 1 July 1992.

In accordance with section 110G, a declaration under section 110D is to be a Statutory Rule for the purposes of the Statutory Rules Publication Act 1903, and a disallowable instrument for the purposes of section 46A of the Acts Interpretation Act 1201.

The Declaration will operate on and from 1 July 1992.