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Queensland
SUPERANNUATION
LEGISLATION
AMENDMENT BILL 1995
Queensland
SUPERANNUATION LEGISLATION
AMENDMENT BILL 1995
TABLE OF PROVISIONS
Section Page
PART 1--PRELIMINARY
1 Short title . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
2 Commencement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
PART 2--AMENDMENT OF GOVERNORS' PENSIONS ACT
1977
3 Act amended . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
4 Insertion of new s 4A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
4A Minimum benefit payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
5 Amendment of s 5 (Reduction of amount where another pension
payable) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
6 Amendment of s 6 (Appropriation) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
PART 3--AMENDMENT OF JUDGES (PENSIONS AND LONG
LEAVE) ACT 1957
7 Act amended . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
8 Insertion of new s 2C . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
2C Minimum benefit payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
PART 4--AMENDMENT OF PARLIAMENTARY
CONTRIBUTORY SUPERANNUATION ACT 1970
9 Act amended . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
10 Omission of s 2 (Act to comply with prescribed standards) . . . . . . . . . . . . . 9
11 Amendment of s 6 (Parliamentary Contributory Superannuation Fund) . . . 9
12 Replacement of s 12 (Investment of Fund) . . . . . . . . . . . . . . . . . . . . . . . . . . 9
12 Investment of Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
12A Fund's income not subject to tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10
2
Superannuation Legislation Amendment
13 Amendment of s 19 (Pension on retirement on ground of ill-health) . . . . . 10
14 Amendment of s 25B (Minimum benefit payable) . . . . . . . . . . . . . . . . . . . . 10
15 Replacement of s 34 (Settlement of disputes) . . . . . . . . . . . . . . . . . . . . . . . 10
34 Unclaimed benefits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10
16 Replacement of ss 35B and 36 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11
36 Regulation making power . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11
PART 5--AMENDMENT OF POLICE SUPERANNUATION ACT
1968
17 Act amended . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11
18 Amendment of s 4 (Interpretation) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11
19 Omission of s 76 (Settlement of disputes) . . . . . . . . . . . . . . . . . . . . . . . . . . . 12
20 Replacements of ss 80B and 81 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12
81 Regulation making power . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12
82 Board may approve forms . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13
PART 6--AMENDMENT OF POLICE SUPERANNUATION ACT
1974
21 Act amended . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14
22 Omission of s 2 (Act to comply with prescribed standards) . . . . . . . . . . . . . 14
23 Amendment of s 4 (Interpretation) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14
24 Amendment of s 18 (The Fund) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14
25 Insertion of new s 18A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14
18A Investment of Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14
26 Amendment of s 28B (Minimum benefit payable) . . . . . . . . . . . . . . . . . . . . 15
27 Amendment of s 33 (Refund of contributions) . . . . . . . . . . . . . . . . . . . . . . . 15
28 Replacement of ss 54 and 55 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15
55 Unclaimed benefits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16
29 Amendment of s 66 (False declarations) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16
30 Replacement of ss 66B-68 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16
67 Regulation making power . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16
68 Board may approve forms . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17
PART 7--AMENDMENT OF PUBLIC SERVICE
SUPERANNUATION ACT 1958
31 Act amended . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17
3
Superannuation Legislation Amendment
32 Amendment of s 4 (Interpretation) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17
33 Omission of s 5 (Administration) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18
34 Omission of s 75 (University of Queensland) . . . . . . . . . . . . . . . . . . . . . . . . 18
35 Omission of s 80 (Settlement of disputes) . . . . . . . . . . . . . . . . . . . . . . . . . . . 18
36 Replacement of ss 85B-87 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18
86 Regulation making power . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18
87 Board may approve forms . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20
PART 8--AMENDMENT OF STATE SERVICE
SUPERANNUATION ACT 1972
37 Act amended . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20
38 Omission of s 2 (Act to comply with prescribed standards) . . . . . . . . . . . . . 20
39 Omission of s 5 (Administration) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20
40 Replacement of s 12 (Remuneration) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20
12 Remuneration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20
41 Replacement of s 15 (Delegation) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20
15 Delegation by Board . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21
42 Insertion of new s 18A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21
18A Investment of Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21
43 Amendment of s 30E (Minimum benefit payable) . . . . . . . . . . . . . . . . . . . . 22
44 Amendment of s 46A (Recovery of overpayments) . . . . . . . . . . . . . . . . . . . 22
45 Omission of s 47A (Mandatory commutation) . . . . . . . . . . . . . . . . . . . . . . . 23
46 Replacement of ss 58 and 59 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23
59 Unclaimed benefits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23
47 Amendment of s 64B (Rectification of contributor's status falsely
induced) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23
48 Amendment of s 70 (False declarations) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24
49 Replacement of ss 71 and 72 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24
71 Regulation making power . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24
PART 9--AMENDMENT OF SUPERANNUATION
(GOVERNMENT AND OTHER EMPLOYEES) ACT 1988
50 Act amended . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25
51 Replacement of s 8 (Term of appointment) . . . . . . . . . . . . . . . . . . . . . . . . . 25
8 Duration of appointment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25
4
Superannuation Legislation Amendment
52 Replacement of ss 18-20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26
18 Investment of fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26
53 Omission of s 22 (Investment strategy and policy) . . . . . . . . . . . . . . . . . . . . 26
54 Insertion of new s 26A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26
26A Unclaimed benefits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27
55 Insertion of new s 34A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27
34A Membership of scheme . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27
56 Omission of ss 36 and 37 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28
PART 10--AMENDMENT OF SUPERANNUATION (PUBLIC
EMPLOYEES PORTABILITY AND ACTS AMENDMENT) ACT
1985
57 Act amended . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28
58 Replacement of s 1 (Short title) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28
1 Short title . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28
PART 11--AMENDMENT OF SUPERANNUATION (STATE
PUBLIC SECTOR) ACT 1990
59 Act amended . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28
60 Amendment of s 1.3 (Interpretation) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29
61 Amendment of s 3.1 (Establishment of fund) . . . . . . . . . . . . . . . . . . . . . . . . 29
62 Replacement of s 3.2 (Investment of fund) . . . . . . . . . . . . . . . . . . . . . . . . . . 29
3.2 Investment of fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29
63 Replacement of s 3.4 (Membership of scheme) . . . . . . . . . . . . . . . . . . . . . . 30
3.4 Membership of scheme . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30
64 Amendment of s 4.3 (Recovery of overpayments) . . . . . . . . . . . . . . . . . . . . 31
65 Omission of s 4.7 (Offender to be punished summarily) . . . . . . . . . . . . . . . . 31
66 Replacement of s 4.9 (Unclaimed benefits) . . . . . . . . . . . . . . . . . . . . . . . . . 32
4 Unclaimed benefits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32
67 Omission of s 4.17 (Saving of existing orders in council) . . . . . . . . . . . . . . 32
SCHEDULE 1 . . . . . . . . . . . . . . . . . . . . . . . . 33
MINOR AND CONSEQUENTIAL AMENDMENTS OF POLICE
SUPERANNUATION ACT 1968
SCHEDULE 2 . . . . . . . . . . . . . . . . . . . . . . . . 38
MINOR AND CONSEQUENTIAL AMENDMENTS OF POLICE
SUPERANNUATION ACT 1974
1995
A BILL
FOR
An Act to amend certain Acts about superannuation
s1 6 s4
Superannuation Legislation Amendment
The Parliament of Queensland enacts-- 1
PART 1--PRELIMINARY 2
title 3
Short
Clause 1. This Act may be cited as the Superannuation Legislation Amendment 4
Act 1995. 5
6
Commencement
Clause 2.(1) Subject to subsections (2) and (3), this Act commences on a day to 7
be fixed by proclamation. 8
(2) Sections 59, 60(2) and 61 are taken to have commenced on 1 July 9
1991. 10
(3) Sections 3, 4, and part 3 are taken to have commenced on 1 July 11
1992. 12
ART 2--AMENDMENT OF GOVERNORS' 13
P
PENSIONS ACT 1977 14
amended 15
Act
Clause 3. This part amends the Governors' Pensions Act 1977. 16
of new s 4A 17
Insertion
Clause 4. After section 4-- 18
insert-- 19
s5 7 s6
Superannuation Legislation Amendment
benefit payable 1
`Minimum
`4A.(1) Despite any other provision of this Act, a person who ceases to 2
hold office under this Act is entitled to the minimum benefit (if any) 3
decided by an actuary approved by the Minister. 4
`(2) The minimum benefit must be paid to a superannuation or approved 5
deposit fund nominated by the person. 6
`(3) In this section-- 7
"minimum benefit" means the amount of payment, pension or preserved 8
benefit entitlement that is determined to avoid payment of the 9
superannuation guarantee charge. 10
"superannuation guarantee charge" means the charge imposed by the 11
Superannuation Guarantee Charge Act 1992 (Cwlth).'. 12
of s 5 (Reduction of amount where another pension 13
Amendment
payable) 14
Clause 5. Section 5(2)(a) to (c)-- 15
omit, insert-- 16
`(a) the Repatriation Act 1920 (Cwlth); or 17
(b) the Social Services Act 1947 (Cwlth); or 18
(c) another Act of the Commonwealth, the State or another State 19
prescribed by regulation to be an Act for this section.'. 20
of s 6 (Appropriation) 21
Amendment
Clause 6. Section 6(b), `Revenue'-- 22
omit. 23
s7 8 s9
Superannuation Legislation Amendment
PART 3--AMENDMENT OF JUDGES (PENSIONS 1
AND LONG LEAVE) ACT 1957 2
amended 3
Act
Clause 7. This part amends the Judges (Pensions and Long Leave) Act 1957. 4
of new s 2C 5
Insertion
Clause 8. After section 2B-- 6
insert-- 7
benefit payable 8
`Minimum
`2C.(1) Despite any other provision of this Act, a Judge who ceases to 9
hold office is entitled to the minimum benefit (if any) decided by an actuary 10
approved by the Minister. 11
`(2) The minimum benefit must be paid to a superannuation or approved 12
deposit fund nominated by the Judge. 13
`(3) In this section-- 14
"minimum benefit" means the amount of payment, pension or preserved 15
benefit entitlement that is determined to avoid payment of the 16
superannuation guarantee charge. 17
"superannuation guarantee charge" means the charge imposed by the 18
Superannuation Guarantee Charge Act 1992 (Cwlth).'. 19
PART 4--AMENDMENT OF PARLIAMENTARY 20
CONTRIBUTORY SUPERANNUATION ACT 1970 21
amended 22
Act
Clause 9. This part amends the Parliamentary Contributory Superannuation Act 23
1970. 24
s 10 9 s 12
Superannuation Legislation Amendment
of s 2 (Act to comply with prescribed standards) 1
Omission
Clause 10. Section 2-- 2
omit. 3
of s 6 (Parliamentary Contributory Superannuation 4
Amendment
Fund) 5
Clause 11. Section 6(3)-- 6
omit. 7
of s 12 (Investment of Fund) 8
Replacement
Clause 12. Section 12-- 9
omit, insert-- 10
nvestment of Fund 11
`I
`12.(1) Queensland Investment Corporation ("QIC") is appointed 12
investment manager of the Fund. 13
`(2) The trustees must establish investment policies and objectives for the 14
Fund. 15
`(3) The investment manager must operate under the investment policies 16
and objectives. 17
`(4) The investment manager must give the trustees or their agent all 18
necessary information to enable them to monitor the investment manager's 19
performance. 20
`(5) If the Governor in Council is satisfied it is appropriate for another 21
investment manager to be appointed for the Fund or a stated part of the 22
Fund in the interests of the trustees' fiduciary responsibilities or the 23
members of the Fund generally, the Governor in Council may, by 24
regulation-- 25
(a) revoke QIC's appointment as investment manager in whole or in 26
part from a stated date; and 27
(b) make provision for anything necessary to secure the Fund. 28
`(6) If QIC's appointment is revoked, the trustees may appoint a new 29
s 13 10 s 15
Superannuation Legislation Amendment
investment manager of the Fund, or a stated part of the Fund, with the 1
Governor in Council's approval. 2
income not subject to tax 3
`Fund's
`12A. The income of the Fund is not subject to tax imposed by an Act.'. 4
of s 19 (Pension on retirement on ground of ill-health) 5
Amendment
Clause 13. Section 19-- 6
insert-- 7
`(5) Despite section 17(1), the minimum amount of pension payable to a 8
member under this section is 50% of the member's basic salary.'. 9
of s 25B (Minimum benefit payable) 10
Amendment
Clause 14. Section 25B(2)-- 11
omit. 12
of s 34 (Settlement of disputes) 13
Replacement
Clause 15. Section 34-- 14
omit, insert-- 15
benefits 16
`Unclaimed
`34.(1) This section applies if a benefit payable under this Act is not 17
claimed by a person entitled to it (the "beneficiary") within 6 months after 18
it becomes payable. 19
`(2) The trustees must keep the benefit in the Fund for the beneficiary. 20
`(3) The trustees may pay a person the benefit only if the trustees are 21
satisfied the person is the beneficiary. 22
`(4) Payment of a benefit to a person (the "first claimant") under this 23
section releases the trustees from the obligation to pay another person (a 24
"subsequent claimant") a further benefit from the Fund in relation to a 25
member. 26
s 16 11 s 18
Superannuation Legislation Amendment
`(5) Subsection (4) does not prevent the subsequent claimant from 1
claiming the amount of the value of the benefit from the first claimant. 2
`(6) In this section-- 3
"benefit" includes interest payable on the benefit at the rate decided by the 4
trustees.'. 5
of ss 35B and 36 6
Replacement
Clause 16. Sections 35B and 36-- 7
omit, insert-- 8
making power 9
`Regulation
`36.(1) The Governor in Council may make regulations under this Act. 10
`(2) To ensure the Fund is, or continues to be, a complying 11
superannuation fund under the Superannuation Industry (Supervision) Act 12
1993 (Cwlth), a regulation may change the application of this Act to the 13
Fund. 14
`(3) For subsection (2), a regulation may be given retrospective 15
operation. 16
`(4) A regulation made under subsection (2) expires 1 year after it is 17
made.'. 18
ART 5--AMENDMENT OF POLICE 19
P
SUPERANNUATION ACT 1968 20
amended 21
Act
Clause 17. This part and schedule 1 amend the Police Superannuation Act 1968. 22
of s 4 (Interpretation) 23
Amendment
Clause 18. Section 4(1), definition "age for retirement"-- 24
s 19 12 s 20
Superannuation Legislation Amendment
omit, insert-- 1
` "age for retirement" of a member of the police force means 60.'. 2
of s 76 (Settlement of disputes) 3
Omission
Clause 19. Section 76-- 4
omit. 5
of ss 80B and 81 6
Replacements
Clause 20. Sections 80B and 81-- 7
omit, insert-- 8
making power 9
`Regulation
`81.(1) The Governor in Council may make regulations under this Act. 10
`(2) A regulation may be made about any of the following matters-- 11
(a) for contributors or persons who have retired because of 12
incapacity-- 13
(i) the cancellation or suspension of incapacity benefits or other 14
payments; and 15
(ii) conditions about the resumption of payments of contribution 16
and the making of additional units of benefit on 17
re-employment; 18
(b) if a member of the police force may make an election and this Act 19
does not state the time within which it may be made--the time 20
within which it must be made and the conditions on which it may 21
be made; 22
(c) the conduct of the business of the Board, the procedure at 23
meetings, and the powers and duties of the chairperson; 24
(d) how benefits are paid; 25
(e) how accounts are kept; 26
(f) the duties of the manager and other officers appointed under this 27
Act; 28
s 20 13 s 20
Superannuation Legislation Amendment
(g) payments by contributors absent on leave without salary; 1
(h) the rates of contributions payable; 2
(i) the amounts of annuity benefit, incapacity benefit and assurance 3
benefit payable; 4
(j) the amounts of an allowance, pension or other amount payable 5
under the repealed provisions; 6
(k) the surrender values of an allowance, pension or other amount 7
payable under the repealed provisions; 8
(l) whether a contributor or other person receiving an allowance, 9
pension or other amount payable under the repealed provisions 10
has been, is or may become a contributor. 11
`(3) A regulation may create offences and prescribe penalties of not more 12
than 2 penalty units for each offence. 13
`(4) To ensure the Fund is, or continues to be, a complying 14
superannuation fund under the Superannuation Industry (Supervision) Act 15
1993 (Cwlth), a regulation may change the application of this Act to the 16
Fund. 17
`(5) For subsection (4), a regulation may be given retrospective 18
operation. 19
`(6) A regulation made under subsection (4) expires 1 year after it is 20
made. 21
may approve forms 22
`Board
`82. The Board may approve forms for use under this Act.'. 23
s 21 14 s 25
Superannuation Legislation Amendment
ART 6--AMENDMENT OF POLICE 1
P
SUPERANNUATION ACT 1974 2
amended 3
Act
Clause 21. This part and schedule 2 amend the Police Superannuation Act 1974. 4
of s 2 (Act to comply with prescribed standards) 5
Omission
Clause 22. Section 2-- 6
omit. 7
of s 4 (Interpretation) 8
Amendment
Clause 23. Section 4(1), definition "age for retirement"-- 9
omit, insert-- 10
` "age for retirement" of a member means 60.'. 11
of s 18 (The Fund) 12
Amendment
Clause 24. Section 18(4) and (5)-- 13
omit. 14
of new s 18A 15
Insertion
Clause 25. After section 18-- 16
insert-- 17
nvestment of Fund 18
`I
`18A.(1) Queensland Investment Corporation ("QIC") is appointed 19
investment manager of the Fund. 20
`(2) The Board must establish investment policies and objectives for the 21
Fund. 22
`(3) The investment manager must operate under the investment policies 23
and objectives. 24
s 26 15 s 28
Superannuation Legislation Amendment
`(4) The investment manager must give the Board or its agent all 1
necessary information to enable them to monitor the investment manager's 2
performance. 3
`(5) If the Governor in Council is satisfied it is appropriate for another 4
investment manager to be appointed for the Fund or a stated part of the 5
Fund in the interests of the Board's fiduciary responsibilities or the 6
members of the Fund generally, the Governor in Council may, by 7
regulation-- 8
(a) revoke QIC's appointment as investment manager in whole or in 9
part from a stated date; and 10
(b) make provision for anything necessary to secure the Fund. 11
`(6) If QIC's appointment is revoked, the Board may appoint a new 12
investment manager of the Fund, or a stated part of the Fund, with the 13
Governor in Council's approval.'. 14
of s 28B (Minimum benefit payable) 15
Amendment
Clause 26. Section 28B(3)-- 16
omit, insert-- 17
`(3) The minimum benefit must be paid to the Government Officers' 18
Superannuation Fund in the person's name.'. 19
of s 33 (Refund of contributions) 20
Amendment
Clause 27. Section 33(1)-- 21
insert-- 22
`(d) termination of employment for incapacity, but the Board is not 23
satisfied the incapacity has made the contributor permanently 24
unfit to discharge efficiently or permanently incapable of 25
discharging efficiently the duties of the contributor's office;'. 26
of ss 54 and 55 27
Replacement
Clause 28. Sections 54 and 55-- 28
omit, insert-- 29
s 29 16 s 30
Superannuation Legislation Amendment
benefits 1
`Unclaimed
`55.(1) This section applies if a benefit payable under this Act is not 2
claimed by a person entitled to it (the "beneficiary") within 6 months after 3
it becomes payable. 4
`(2) The Board must keep the benefit in the fund for the beneficiary. 5
`(3) The Board may pay a person the benefit only if the Board is satisfied 6
the person is the beneficiary. 7
`(4) Payment of a benefit to a person (the "first claimant") under this 8
section releases the Board from the obligation to pay another person (a 9
"subsequent claimant") a further benefit from the fund in relation to a 10
member. 11
`(5) Subsection (4) does not prevent the subsequent claimant from 12
claiming the amount of the value of the benefit from the first claimant. 13
`(6) In this section-- 14
"benefit" includes interest payable on the benefit at the rate decided by the 15
Board.'. 16
of s 66 (False declarations) 17
Amendment
Clause 29. Section 66(3), `and he is entitled to no other benefit under this Act'-- 18
omit. 19
of ss 66B-68 20
Replacement
Clause 30. Sections 66B to 68-- 21
omit, insert-- 22
making power 23
`Regulation
`67.(1) The Governor in Council may make regulations under this Act. 24
`(2) A regulation may be made about any of the following matters-- 25
(a) how benefits are to be paid; 26
(b) the duties of the manager and other officers appointed under this 27
Act; 28
s 31 17 s 32
Superannuation Legislation Amendment
(c) payments by contributors absent on leave without salary. 1
`(3) A regulation may create offences and prescribe penalties of not more 2
than 2 penalty units for each offence. 3
`(4) To ensure the Fund is, or continues to be, a complying 4
superannuation fund under the Superannuation Industry (Supervision) Act 5
1993 (Cwlth), a regulation may change the application of this Act to the 6
Fund. 7
`(5) For subsection (4), a regulation may be given retrospective 8
operation. 9
`(6) A regulation made under subsection (4) expires 1 year after it is 10
made. 11
may approve forms 12
`Board
`68. The Board may approve forms for use under this Act.'. 13
PART 7--AMENDMENT OF PUBLIC SERVICE 14
SUPERANNUATION ACT 1958 15
amended 16
Act
Clause 31. This part amends the Public Service Superannuation Act 1958. 17
of s 4 (Interpretation) 18
Amendment
Clause 32.(1) Section 4(1), definition "officer", `pursuant to an order in 19
council'-- 20
omit, insert-- 21
`under a regulation'. 22
(2) Section 4(1), definition "officer", `(who is hereby thereunto 23
authorised) by order in council'-- 24
s 33 18 s 36
Superannuation Legislation Amendment
omit, insert-- 1
`under a regulation'. 2
of s 5 (Administration) 3
Omission
Clause 33. Section 5-- 4
omit. 5
of s 75 (University of Queensland) 6
Omission
Clause 34. Section 75-- 7
omit. 8
of s 80 (Settlement of disputes) 9
Omission
Clause 35. Section 80-- 10
omit. 11
of ss 85B-87 12
Replacement
Clause 36. Sections 85B to 87-- 13
omit, insert-- 14
making power 15
`Regulation
`86.(1) The Governor in Council may make regulations under this Act. 16
`(2) A regulation may be made about any of the following matters-- 17
(a) for contributors or persons who have retired because of 18
incapacity-- 19
(i) the cancellation or suspension of incapacity benefits or other 20
payments; and 21
(ii) conditions about the resumption of payments of contribution 22
and the making of additional units of benefit on 23
re-employment; 24
(b) if an officer may make an election and this Act does not state the 25
s 36 19 s 36
Superannuation Legislation Amendment
time within which it may be made--the time within which it 1
must be made and the conditions on which it may be made; 2
(c) the conduct of the business of the Board, the procedure at 3
meetings, and the powers and duties of the chairperson; 4
(d) how benefits are paid; 5
(e) how accounts are kept; 6
(f) the duties of the manager and other officers appointed under this 7
Act; 8
(g) payments by contributors absent on leave without salary; 9
(h) the rates of contributions payable; 10
(i) the amounts of annuity benefit, incapacity benefit and assurance 11
benefit payable; 12
(j) the amounts of an allowance, pension or other amount payable 13
under the repealed Acts; 14
(k) the surrender values of an allowance, pension or other amount 15
payable under the repealed Acts; 16
(l) whether a contributor or other person receiving an allowance, 17
pension or other amount payable under the repealed Acts has 18
been, is or may become a contributor. 19
`(3) A regulation may create offences and prescribe penalties of not more 20
than 2 penalty units for each offence. 21
`(4) To ensure the Fund is, or continues to be, a complying 22
superannuation fund under the Superannuation Industry (Supervision) Act 23
1993 (Cwlth), a regulation may change the application of this Act to the 24
Fund. 25
`(5) For subsection (4), a regulation may be given retrospective 26
operation. 27
`(6) A regulation made under subsection (4) expires 1 year after it is 28
made. 29
s 37 20 s 41
Superannuation Legislation Amendment
may approve forms 1
`Board
`87. The Board may approve forms for use under this Act.' 2
PART 8--AMENDMENT OF STATE SERVICE 3
SUPERANNUATION ACT 1972 4
amended 5
Act
Clause 37. This part amends the State Service Superannuation Act 1972. 6
of s 2 (Act to comply with prescribed standards) 7
Omission
Clause 38. Section 2-- 8
omit. 9
of s 5 (Administration) 10
Omission
Clause 39. Section 5-- 11
omit. 12
of s 12 (Remuneration) 13
Replacement
Clause 40. Section 12-- 14
omit, insert-- 15
16
`Remuneration
`12. A member of the Board is entitled to be paid the fees and allowances 17
decided by the Governor in Council.'. 18
of s 15 (Delegation) 19
Replacement
Clause 41. Section 15-- 20
omit, insert-- 21
s 42 21 s 42
Superannuation Legislation Amendment
by Board 1
`Delegation
`15. The Board may delegate its powers under this Act to-- 2
(a) a Board member or officer of the Board; or 3
(b) an officer of the public service.'. 4
of new s 18A 5
Insertion
Clause 42. After section 18-- 6
insert-- 7
nvestment of Fund 8
`I
`18A.(1) Queensland Investment Corporation ("QIC") is appointed 9
investment manager of the Fund. 10
`(2) The Board must establish investment policies and objectives for the 11
Fund. 12
`(3) The investment manager must operate under the investment policies 13
and objectives. 14
`(4) The investment manager must give the Board or its agent all 15
necessary information to enable them to monitor the investment manager's 16
performance. 17
`(5) If the Governor in Council is satisfied it is appropriate for another 18
investment manager to be appointed for the Fund or a stated part of the 19
Fund in the interests of the Board's fiduciary responsibilities or the 20
members of the Fund generally, the Governor in Council may, by 21
regulation-- 22
(a) revoke QIC's appointment as investment manager in whole or in 23
part from a stated date; and 24
(b) make provision for anything necessary to secure the Fund. 25
`(6) If QIC's appointment is revoked, the Board may appoint a new 26
investment manager of the Fund, or a stated part of the Fund, with the 27
Governor in Council's approval.'. 28
s 43 22 s 44
Superannuation Legislation Amendment
of s 30E (Minimum benefit payable) 1
Amendment
Clause 43. Section 30E(3)-- 2
omit, insert-- 3
`(3) The minimum benefit must be paid to the Government Officers' 4
Superannuation Fund in the person's name.'. 5
of s 46A (Recovery of overpayments) 6
Amendment
Clause 44. Section 46A-- 7
insert-- 8
`(2) The Board may also deduct interest on the overpayment from an 9
amount that may become payable to the person under this Act if the 10
overpayment has been made-- 11
(a) because the contributor or person receiving the payment gave 12
false or misleading information to the Board; or 13
(b) in circumstances prescribed under a regulation. 14
`(3) However, the Board may deduct interest on the overpayment only if 15
the Board gives written notice to the person-- 16
(a) stating the amount of the overpayment; and 17
(b) requiring the person to pay the amount before a stated date (at 18
least 30 days after receiving the notice); and 19
(c) stating that if the person does not pay the amount before the stated 20
date, the Board may deduct the amount together with interest at a 21
stated rate from an amount that may become payable to the 22
person under this Act. 23
`(4) The rate of interest is to be decided by the Board but must not be 24
more than the rate prescribed under a regulation. 25
`(5) Interest on the amount is payable from the stated date. 26
`(6) In subsection (2)-- 27
"false or misleading information" means information that the person 28
giving it-- 29
(a) knows is false or misleading in a material particular; or 30
s 45 23 s 47
Superannuation Legislation Amendment
(b) has omitted something from it, knowing the omission makes the 1
information misleading in a material particular.'. 2
of s 47A (Mandatory commutation) 3
Omission
Clause 45. Section 47A-- 4
omit. 5
of ss 58 and 59 6
Replacement
Clause 46. Sections 58 and 59-- 7
omit, insert-- 8
benefits 9
`Unclaimed
`59.(1) This section applies if a benefit payable under this Act is not 10
claimed by a person entitled to it (the "beneficiary") within 6 months after 11
it becomes payable. 12
`(2) The Board must keep the benefit in the fund for the beneficiary. 13
`(3) The Board may pay a person the benefit only if the Board is satisfied 14
the person is the beneficiary. 15
`(4) Payment of a benefit to a person (the "first claimant") under this 16
section releases the Board from the obligation to pay another person (a 17
"subsequent claimant") a further benefit from the fund in relation to a 18
member. 19
`(5) Subsection (4) does not prevent the subsequent claimant from 20
claiming the amount of the value of the benefit from the first claimant. 21
`(6) In this section-- 22
"benefit" includes interest payable on the benefit at the rate decided by the 23
Board.'. 24
of s 64B (Rectification of contributor's status falsely 25
Amendment
induced) 26
Clause 47. Section 64B-- 27
insert-- 28
s 48 24 s 49
Superannuation Legislation Amendment
`(4B) The Board may also deduct interest on the amount to which the 1
contributor was not entitled from an amount that becomes payable under 2
this Act to or on account of the contributor at a rate decided by the Board 3
that is not more than the rate prescribed under a regulation.'. 4
of s 70 (False declarations) 5
Amendment
Clause 48. Section 70(3), `and the contributor is entitled to no other benefit under 6
this Act'-- 7
omit. 8
of ss 71 and 72 9
Replacement
Clause 49. Sections 71 and 72-- 10
omit, insert-- 11
making power 12
`Regulation
`71.(1) The Governor in Council may make regulations under this Act. 13
`(2) A regulation may be made about any of the following matters-- 14
(a) for contributors or persons who have retired because of 15
incapacity-- 16
(i) the cancellation or suspension of incapacity pension or other 17
payments; and 18
(ii) conditions about the resumption of payments of contribution 19
and additional benefits on re-employment; 20
(b) if an officer may make an election and this Act does not state the 21
time within which it may be made--the time within which it may 22
be made and the conditions on which it may be made; 23
(c) how benefits are paid; 24
(d) how accounts are kept; 25
(e) the duties of the manager and other officers appointed under this 26
Act; 27
(f) payments by contributors absent on leave without salary. 28
`(3) A regulation may create offences and prescribe penalties of not more 29
s 50 25 s 51
Superannuation Legislation Amendment
than 2 penalty units for each offence. 1
`(4) To ensure the Fund is, or continues to be, a complying 2
superannuation fund under the Superannuation Industry (Supervision) Act 3
1993 (Cwlth), a regulation may change the application of this Act to the 4
Fund. 5
`(5) For subsection (4), a regulation may be given retrospective 6
operation. 7
`(6) A regulation made under subsection (4) expires 1 year after it is 8
made. 9
`Board may approve forms 10
`72. The Board may approve forms for use under this Act.'. 11
ART 9--AMENDMENT OF SUPERANNUATION 12
P
(GOVERNMENT AND OTHER EMPLOYEES) ACT 13
1988 14
amended 15
Act
Clause 50. This part amends the Superannuation (Government and Other 16
Employees) Act 1988. 17
of s 8 (Term of appointment) 18
Replacement
Clause 51. Section 8-- 19
omit, insert-- 20
of appointment 21
`Duration
`8. An appointment as a member of the Board (other than the 22
chairperson) is for a maximum of 3 years.'. 23
s 52 26 s 54
Superannuation Legislation Amendment
of ss 18-20 1
Replacement
Clause 52. Sections 18 to 20-- 2
omit, insert-- 3
of fund 4
`Investment
`18.(1) Queensland Investment Corporation ("QIC") is appointed 5
investment manager of the fund. 6
`(2) The Board must establish investment policies and objectives for the 7
Fund. 8
`(3) The investment manager must operate under the investment policies 9
and objectives. 10
`(4) The investment manager must give the Board or its agent all 11
necessary information to enable them to monitor the investment manager's 12
performance. 13
`(5) If the Governor in Council is satisfied it is appropriate for another 14
investment manager to be appointed for the fund or a stated part of the fund 15
in the interests of the Board's fiduciary responsibilities or the members of 16
the fund generally, the Governor in Council may, by regulation-- 17
(a) revoke QIC's appointment as investment manager in whole or in 18
part from a stated date; and 19
(b) make provision for anything necessary to secure the fund. 20
`(6) If QIC's appointment is revoked, the Board may appoint a new 21
investment manager of the fund, or a stated part of the fund, with the 22
Governor in Council's approval.'. 23
of s 22 (Investment strategy and policy) 24
Omission
Clause 53. Section 22-- 25
omit. 26
of new s 26A 27
Insertion
Clause 54. After section 26-- 28
insert-- 29
s 55 27 s 55
Superannuation Legislation Amendment
benefits 1
`Unclaimed
`26A.(1) This section applies if a benefit payable under this Act is not 2
claimed by a person entitled to it (the "beneficiary") within 6 months after 3
it becomes payable. 4
`(2) The Board must keep the benefit in the fund for the beneficiary. 5
`(3) The Board may pay a person the benefit only if the Board is satisfied 6
the person is the beneficiary. 7
`(4) Payment of a benefit to a person (the "first claimant") under this 8
section releases the Board from the obligation to pay another person (a 9
"subsequent claimant") a further benefit from the fund in relation to a 10
member. 11
`(5) Subsection (4) does not prevent the subsequent claimant from 12
claiming the amount of the value of the benefit from the first claimant. 13
`(6) In this section-- 14
"benefit" includes interest payable on the benefit at the rate decided by the 15
Board.'. 16
of new s 34A 17
Insertion
Clause 55. After section 34-- 18
insert-- 19
of scheme 20
`Membership
`34A.(1) The Minister may, by written notice, declare that-- 21
(a) a person or member of a class of person who is employed by or 22
under the State is approved to be a member of the scheme; or 23
(b) a person or member of a class of person is excluded from being a 24
member of the scheme. 25
`(2) Before the Minister makes a notice under subsection (1)(b), the 26
Minister must consult with the Board. 27
`(3) A notice made under subsection (1) is subordinate legislation.'. 28
s 56 28 s 59
Superannuation Legislation Amendment
of ss 36 and 37 1
Omission
Clause 56. Section 36 and 37-- 2
omit. 3
PART 10--AMENDMENT OF SUPERANNUATION 4
(PUBLIC EMPLOYEES PORTABILITY AND ACTS 5
AMENDMENT) ACT 1985 6
amended 7
Act
Clause 57. This part amends the Superannuation (Public Employees Portability 8
and Acts Amendment) Act 1985. 9
of s 1 (Short title) 10
Replacement
Clause 58. Section 1-- 11
omit, insert-- 12
title 13
`Short
`1. This Act may be cited as the Superannuation (Public Employees 14
Portability) Act 1985.'. 15
PART 11--AMENDMENT OF SUPERANNUATION 16
(STATE PUBLIC SECTOR) ACT 1990 17
amended 18
Act
Clause 59. This part amends the Superannuation (State Public Sector) Act 1990. 19
s 60 29 s 62
Superannuation Legislation Amendment
of s 1.3 (Interpretation) 1
Amendment
Clause 60.(1) Section 1.3(1), definition "Queensland Treasury 2
Corporation"-- 3
omit. 4
(2) Section 1.3(1)-- 5
insert-- 6
` "Government Superannuation Provision Fund" means the account 7
established to hold amounts transferred to the fund because a person 8
has elected under the State Service Superannuation Act 1972 or the 9
Police Superannuation Act 1974 to become a member of the scheme.'. 10
of s 3.1 (Establishment of fund) 11
Amendment
Clause 61. Section 3.1-- 12
insert-- 13
`(2) To remove any doubt, it is declared that the Government 14
Superannuation Provision Fund forms part of the assets of the fund.'. 15
of s 3.2 (Investment of fund) 16
Replacement
Clause 62. Section 3.2-- 17
omit, insert-- 18
of fund 19
`Investment
`3.2.(1) Queensland Investment Corporation ("QIC") is appointed 20
investment manager of the fund. 21
`(2) The Board must establish investment policies and objectives for the 22
fund. 23
`(3) The investment manager must operate under the investment policies 24
and objectives. 25
`(4) The investment manager must give the Board or its agent all 26
necessary information to enable them to monitor the investment manager's 27
performance. 28
`(5) If the Governor in Council is satisfied it is appropriate for another 29
s 63 30 s 63
Superannuation Legislation Amendment
investment manager to be appointed for the fund or a stated part of the fund 1
in the interests of the Board's fiduciary responsibilities or the members of 2
the fund generally, the Governor in Council may, by regulation-- 3
(a) revoke QIC's appointment as investment manager in whole or in 4
part from a stated date; and 5
(b) make provision for anything necessary to secure the fund. 6
`(6) If QIC's appointment is revoked, the Board may appoint a new 7
investment manager of the fund, or a stated part of the fund, with the 8
Governor in Council's approval.'. 9
of s 3.4 (Membership of scheme) 10
Replacement
Clause 63. Section 3.4-- 11
omit, insert-- 12
of scheme 13
`Membership
`3.4(1) The Minister may, by written notice, declare that a person or 14
member of a class of person who is a member or employee of, or engaged 15
by, a unit of the State public sector is eligible for membership of the 16
scheme. 17
`(2) The notice must declare whether membership of the scheme is 18
compulsory or discretionary and the conditions (if any) applying to the 19
membership. 20
`(3) If there is any doubt that a person is a member or employee of, or 21
engaged by a unit of the State public sector, the Governor in Council may, 22
by regulation, declare whether the person is or is not a member or employee 23
of, or engaged by, a unit of the State public sector. 24
`(4) The Minister may, by written notice, declare that a person or 25
member of a class of person who is a member or employee of, or engaged 26
by, a unit of the State public sector is excepted from this Act. 27
`(5) Before the Minister makes a notice under subsection (4), the 28
Minister must consult with the Board. 29
`(6) A notice made under subsection (1) or (4) is subordinate 30
legislation.'. 31
s 64 31 s 65
Superannuation Legislation Amendment
of s 4.3 (Recovery of overpayments) 1
Amendment
Clause 64. Section 4.3-- 2
insert-- 3
`(3) The Board may also deduct interest on the overpayment from the 4
person's entitlement to a further payment from the fund if the overpayment 5
has been made-- 6
(a) because the member or person receiving the payment gave false 7
or misleading information to the Board; or 8
(b) in circumstances prescribed under the deed. 9
`(4) However, the Board may deduct interest on the overpayment only if 10
the Board gives written notice to the person-- 11
(a) stating the amount of the overpayment; and 12
(b) requiring the person to pay the amount before a stated date (at 13
least 30 days after receiving the notice); and 14
(c) stating that if the person does not pay the amount before the stated 15
date, the Board may deduct the amount together with interest at a 16
stated rate from the person's entitlement to a further payment 17
from the fund. 18
`(5) The rate of interest is to be decided by the Board but must not be 19
more than the rate prescribed under a regulation. 20
`(6) Interest on the amount is payable from the stated date. 21
`(7) In subsection (3)-- 22
"false or misleading information" means information that the person 23
giving it-- 24
(a) knows is false or misleading in a material particular; or 25
(b) has omitted something from it, knowing the omission makes the 26
information misleading in a material particular.'. 27
of s 4.7 (Offender to be punished summarily) 28
Omission
Clause 65. Section 4.7-- 29
omit. 30
s 66 32 s 67
Superannuation Legislation Amendment
of s 4.9 (Unclaimed benefits) 1
Replacement
Clause 66. Section 4.9-- 2
omit, insert-- 3
benefits 4
`Unclaimed
`4.9(1) This section applies if a benefit payable under this Act is not 5
claimed by a person entitled to it (the "beneficiary") within 6 months after 6
it becomes payable. 7
`(2) The Board must keep the benefit in the fund for the beneficiary. 8
`(3) The Board may pay a person the benefit only if the Board is satisfied 9
the person is the beneficiary. 10
`(4) Payment of a benefit to a person (the "first claimant") under this 11
section releases the Board from the obligation to pay another person (a 12
"subsequent claimant") a further benefit from the fund in relation to a 13
member. 14
`(5) Subsection (4) does not prevent the subsequent claimant from 15
claiming the amount of the value of the benefit from the first claimant. 16
`(6) In this section-- 17
"benefit" includes interest payable on the benefit at the rate decided by the 18
Board.'. 19
of s 4.17 (Saving of existing orders in council) 20
Omission
Clause 67. Section 4.17-- 21
omit. 22
23
33
Superannuation Legislation Amendment
CHEDULE 1 1
¡S
MINOR AND CONSEQUENTIAL AMENDMENTS OF 2
POLICE SUPERANNUATION ACT 1968 3
section 17 of the Act 4
1. Section 5-- 5
omit. 6
2. Section 25-- 7
omit. 8
3. Section 30(1), `Except as prescribed by section 25, a'-- 9
omit, insert-- 10
`A'. 11
4. Section 31(6) and (8), `and for' to `years'-- 12
omit. 13
5. Section 31(11) and (12)-- 14
omit. 15
6. Section 31(15)(b), `or,' to `13%'-- 16
omit. 17
34
Superannuation Legislation Amendment
7. Section 32(3)(a), `in the case of a member of the Police Force the age 1
for retirement of whom is 60 years--'-- 2
omit. 3
8. Section 32(3)(b)-- 4
omit. 5
9. Section 36(2), `Revenue'-- 6
omit. 7
10. Section 37(3)-- 8
omit. 9
11. Section 38(3), `whose age for retirement is 60 years'-- 10
omit. 11
12. Section 38(3A) and (3B)-- 12
omit. 13
13. Section 41(2)(c), `(pursuant to Division 5A or Part 5, Division 14
3A)'-- 15
omit. 16
14. Section 42(1)(a) and (b)-- 17
omit, insert-- 18
`(a) if a contributor dies in service before turning 55--under 19
schedule 4; 20
(b) if a contributor dies in service on or after turning 55 but before 21
turning 60--under schedule 4C.'. 22
35
Superannuation Legislation Amendment
15. Section 42(1)(d)(i), (ii) and (iii)-- 1
omit, insert-- 2
t K
BxCx 1- x
40 100
`A = '. 3
D
4
16. Section 42B(2)(b)(i), (ii) and (iii)-- 5
omit, insert-- 6
t K
2.56 x A x 1 - x
40 100
`R = '. 7
B
8
17. Section 47B(1)(c)-- 9
omit. 10
18. Section 58(3), `in the case of a member of the Police Force whose 11
age for retirement is 60 years'-- 12
omit. 13
19. Section 58(4) and (5)-- 14
omit. 15
20. Section 58(6A), `such' to `case'-- 16
omit, insert-- 17
`subsection (6B) or (6E)'. 18
36
Superannuation Legislation Amendment
21. Section 58(6B), `in the case of a member of the Police Force whose 1
age for retirement is 60 years'-- 2
omit. 3
22. Section 58(6C) and (6D)-- 4
omit. 5
23. Section 59(1)(b)-- 6
omit, insert-- 7
`(b) the number of units of benefits the amount that the contributor is 8
required to contribute under section 58(3) would provide on 9
7 July 1969 according to the appropriate table of contributions in 10
schedule 2;'. 11
24. Section 59(2), "Where' to `section 58(4)(a);'-- 12
omit, insert-- 13
`If the amount a contributor is required to contribute to the Fund under 14
section 58(3) from 7 July 1969 provides, according to the appropriate table 15
of contributions in schedule 2,'. 16
25. Section 59(3)(b)-- 17
omit, insert-- 18
`(b) the number of units of benefits the amount that the contributor is 19
required to contribute to the Fund under section 58(3) would 20
provide on 7 July 1969 according to the appropriate table of 21
contributions in schedule 2.'. 22
26. Part 5, division 3A-- 23
omit. 24
37
Superannuation Legislation Amendment
27. Section 79A(2)-- 1
omit. 2
28. Schedule 4, heading-- 3
omit, insert-- 4
`VALUE OF A UNIT OF ASSURANCE FOR 5
CONTRIBUTORS WHO DIE BEFORE TURNING 55'. 6
29. Schedules 4A and 4B-- 7
omit. 8
30. Schedule 4C, heading-- 9
omit, insert-- 10
`VALUE OF A UNIT OF ASSURANCE FOR 11
CONTRIBUTORS WHO DIE ON OR AFTER 12
TURNING 55 BUT BEFORE TURNING 66'. 13
31. Schedules 4D and 4E-- 14
omit. 15
16
38
Superannuation Legislation Amendment
CHEDULE 2 1
¡S
MINOR AND CONSEQUENTIAL AMENDMENTS OF 2
POLICE SUPERANNUATION ACT 1974 3
section 21 of the Act 4
1. Section 4(1), definition "member", paragraph (b), `Order in 5
Council'-- 6
omit, insert-- 7
`regulation'. 8
2. Section 5-- 9
omit. 10
3. Section 12-- 11
omit, insert-- 12
`Remuneration 13
`12. A member of the Board is entitled to be paid the fees and allowances 14
decided by the Governor in Council.'. 15
4. Section 24(4), `will not--' to `amount to 40 years,'-- 16
omit, insert-- 17
`will not amount to 40 years,'. 18
5. Section 24(4), `but not exceeding--' to `maximum of 40 years,'-- 19
omit, insert-- 20
` but not exceeding 40 years,'. 21
39
Superannuation Legislation Amendment
6. Section 24(4A), `will not--' to `amount to 40 years,'-- 1
omit, insert-- 2
`will not amount to 40 years,'. 3
7. Section 24(4A), `not exceeding--' to `maximum of 40 years,'-- 4
omit, insert-- 5
`not exceeding 40 years,'. 6
8. Section 24(5A)-- 7
omit. 8
9. Section 25(4)(a) and (b), `whose age for retirement is sixty years'-- 9
omit. 10
10. Section 25(4)(c) and (d)-- 11
omit. 12
11. Section 25(5) and (6)-- 13
omit. 14
12. Section 25(8)-- 15
omit, insert-- 16
`(8) For section 24, the prescribed time is 2 months after a member 17
becomes a contributor.'. 18
13. Section 26(b)-- 19
omit, insert-- 20
`(b) if, under paragraph (a), the contributor's length of service as a 21
40
Superannuation Legislation Amendment
member is more than 40 years--the contributor's length of 1
service is taken to be 40 years;'. 2
14. Section 27(2), `whose age for retirement is 60 years'-- 3
omit. 4
15. Section 27(2a) and (3)-- 5
omit. 6
16. Section 27(5) and (6), `(whose age for retirement is sixty years)'-- 7
omit. 8
17. Section 27(6A), `whose age for retirement is 60 years'-- 9
omit. 10
18. Section 27 (6AB) and (6AC)-- 11
omit. 12
19. Section 27(6B), `(whose age for retirement is 60 years)'-- 13
omit. 14
20. Section 27(8)-- 15
omit. 16
21. Section 28(2), `whose age for retirement is 60 years'-- 17
omit. 18
41
Superannuation Legislation Amendment
22. Section 28(2A) and (3)-- 1
omit. 2
23. Section 28(5), `(where age for retirement is sixty years)'-- 3
omit. 4
24. Section 28(7)-- 5
omit. 6
25. Section 29(1)(i), `where' to `57 years'-- 7
omit, insert-- 8
`if the contributor was under 55'. 9
26. Section 29(1)(i), `C represents--' to `opposite'-- 10
omit, insert-- 11
`C represents the factor set out in schedule 4 opposite'. 12
27. Section 29(1)(ii), `where the contributor,' to `57 years'-- 13
omit, insert-- 14
`if the contributor was 55 or more'. 15
28. Section 29(1)(ii), `C represents--' to `opposite'-- 16
omit, insert-- 17
`C represents the factor set out in schedule 4C opposite'. 18
29. Section 29(1)(iii)-- 19
omit. 20
42
Superannuation Legislation Amendment
30. Section 33(1)(a)-- 1
omit, insert-- 2
`(a) resigning before turning 55; or'. 3
31. Section 34(4), `by order'-- 4
omit. 5
32. Section 45(5)(a)(i) and (ii), `other' to `sixty-five years,'-- 6
omit. 7
33. Section 45(5)(a)(iii) and (iv)-- 8
omit. 9
34. Section 45(6)(a)(i) and (ii), `other' to `sixty-five years,'-- 10
omit. 11
35. Section 45(6)(a)(iii) and (iv)-- 12
omit. 13
36. Section 45(6A)-- 14
omit. 15
37. Section 70-- 16
omit. 17
38. Schedule 4, `whose age for retirement is 60 years and'-- 18
omit. 19
43
Superannuation Legislation Amendment
39. Schedules 4A and 4B-- 1
omit. 2
40. Schedule 4C, `whose age for retirement is 60 years and'-- 3
omit. 4
41. Schedules 4D and 4E-- 5
omit. 6
7
© State of Queensland 1995
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