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This is a Bill, not an Act. For current law, see the Acts databases.
Queensland
SUPERANNUATION
LEGISLATION AMENDMENT
BILL 2003
Queensland
SUPERANNUATION LEGISLATION
AMENDMENT BILL 2003
TABLE OF PROVISIONS
Section Page
PART 1--PRELIMINARY
1 Short title . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
2 Commencement. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
PART 2--AMENDMENT OF PARLIAMENTARY
CONTRIBUTORY SUPERANNUATION ACT 1970
3 Act amended in pt 2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
4 Amendment of s 5 (Definitions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5
5 Insertion of new s 5C. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5
5C Notes in text . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5
6 Insertion of new pt 3A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5
PART 3A--AGREEMENTS AND COURT ORDERS UNDER FAMILY
LAW ACT
25E Definitions for pt 3A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5
25F Providing information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
25G Agreement or court order for member with less than 8 years
service at the operative time .......................... 7
25H Agreement or court order for member with at least 8 years
service at the operative time ............................ 7
25I Agreement or court order for member with at least 8 years
service after the operative time ........................ 8
25J Effect of agreement or court order on particular benefits . . . . . . . . . 9
25K Agreement or court order--pensions. . . . . . . . . . . . . . . . . . . . . . . . . 9
25L Effect of agreement or court order on other benefits . . . . . . . . . . . . . 11
25M Trustees to inform entitled former spouse . . . . . . . . . . . . . . . . . . . . . 11
25N Trustees may charge reasonable fee. . . . . . . . . . . . . . . . . . . . . . . . . . 11
2
Superannuation Legislation Amendment Bill 2003
7 Amendment of s 33 (Pensions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11
PART 3--AMENDMENT OF SUPERANNUATION (STATE
PUBLIC SECTOR) ACT 1990
8 Act amended in pt 3. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12
9 Amendment of s 13 (Membership of scheme) . . . . . . . . . . . . . . . . . . . . . . . 12
2003
A BILL
FOR
An Act to amend the Parliamentary Contributory Superannuation
Act 1970 and the Superannuation (State Public Sector) Act 1990
s1 4 s3
Superannuation Legislation Amendment Bill 2003
The Parliament of Queensland enacts-- 1
PART 1--PRELIMINARY 2
1 Short title
Clause 3
This Act may be cited as the Superannuation Legislation Amendment 4
Act 2003. 5
2 Commencement
Clause 6
(1) The following provisions commence on assent-- 7
· part 2, heading 8
· section 3 9
· section 4 (to the extent it inserts the definitions "Family Law 10
Act" and "service") 11
· section 6 (to the extent it inserts new part 3A heading, new 12
section 25E, other than the definitions "agreement", "approved 13
deposit fund", "court order", "entitled former spouse", "operative 14
time", "State Public Sector Superannuation Fund" and 15
"superannuation fund", and new section 25F, other than 16
subsections (3) and (4)). 17
(2) The remaining provisions commence on a day to be fixed by 18
proclamation. 19
PART 2--AMENDMENT OF PARLIAMENTARY 20
CONTRIBUTORY SUPERANNUATION ACT 1970 21
3 Act amended in pt 2
Clause 22
This part amends the Parliamentary Contributory Superannuation 23
Act 1970. 24
s4 5 s6
Superannuation Legislation Amendment Bill 2003
4 Amendment of s 5 (Definitions)
Clause 1
Section 5-- 2
insert-- 3
` "agreement", for part 3A, see section 25E. 4
"approved deposit fund", for part 3A, see section 25E. 5
"court order", for part 3A, see section 25E. 6
"entitled former spouse", for part 3A, see section 25E. 7
"Family Law Act", for part 3A, see section 25E. 8
"operative time", for part 3A, see section 25E. 9
"service", for part 3A, see section 25E. 10
"State Public Sector Superannuation Fund", for part 3A, see 11
section 25E. 12
"superannuation fund", for part 3A, see section 25E.'. 13
5 Insertion of new s 5C
Clause 14
Part 1, after section 5B-- 15
insert-- 16
`5C Notes in text 17
`A note in the text of this Act is part of this Act.'. 18
6 Insertion of new pt 3A
Clause 19
After section 25D-- 20
insert-- 21
`PART 3A--AGREEMENTS AND COURT ORDERS 22
UNDER FAMILY LAW ACT 23
`25E Definitions for pt 3A 24
`In this part-- 25
"agreement" means an agreement mentioned in the definition "entitled 26
former spouse". 27
s6 6 s6
Superannuation Legislation Amendment Bill 2003
"approved deposit fund" see the Superannuation Industry (Supervision) 1
Act 1993 (Cwlth), section 10.1 2
"court order" means a court order mentioned in the definition "entitled 3
former spouse". 4
"entitled former spouse" means a person who is entitled or conditionally 5
entitled under an agreement, or a court order, under the Family Law 6
Act, part VIIIB,2 to payment of an amount from the fund. 7
"Family Law Act" means the Family Law Act 1975 (Cwlth). 8
"operative time", for an agreement or court order, is the time that is, under 9
the Family Law Act, part VIIIB, the operative time in relation to the 10
payment split or payment flag under the agreement or order. 11
"service" means service as a member. 12
"State Public Sector Superannuation Fund" means the State Public 13
Sector Superannuation Fund under the Superannuation (State Public 14
Sector) Act 1990. 15
"superannuation fund" see the Superannuation Industry (Supervision) 16
Act 1993 (Cwlth), section 10.3 17
`25F Providing information 18
`(1) This section applies if an eligible person within the meaning of the 19
Family Law Act, section 90MZB,4 applies under that section to the trustees 20
for information about a benefit that is being paid, or may become payable, 21
under this Act. 22
1 Superannuation Industry (Supervision) Act 1993 (Cwlth), section 10--
"approved deposit fund" means a fund that:
(a) is an indefinitely continuing fund; and
(b) is maintained by an approved trustee solely for approved purposes.
2 The Family Law Act, part VIIIB (Superannuation interests)
3 Superannuation Industry (Supervision) Act 1993 (Cwlth), section 10--
"superannuation fund" means:
(a) a fund that:
(i) is an indefinitely continuing fund; and
(ii) is a provident, benefit, superannuation or retirement fund; or
(b) a public sector superannuation scheme.
4 The Family Law Act, section 90MZB (Trustee to provide information)
s6 7 s6
Superannuation Legislation Amendment Bill 2003
`(2) The trustees must give to the eligible person the information as 1
required under the Family Law Act. 2
`(3) If the information is about a member who has not completed 8 years 3
service, the information may include an accrued benefit multiple for the 4
benefit decided by the trustees on the advice of an actuary. 5
`(4) If the information is about a member who has completed at least 6
8 years service, the information may include the value of the benefit, 7
decided by the trustees on the advice of an actuary, that may become 8
payable to the member. 9
`25G Agreement or court order for member with less than 8 years 10
service at the operative time 11
`(1) This section applies if-- 12
(a) the trustees receive an agreement or court order that relates to a 13
benefit payable to a person; and 14
(b) at the operative time for the agreement or order, the person is a 15
member who has not completed 8 years service; and 16
(c) on ceasing to be a member, the person is entitled to a benefit, 17
other than a pension, under this Act. 18
`(2) The trustees must pay to an approved deposit fund, or a 19
superannuation fund, nominated by the entitled former spouse for the 20
agreement or order the amount to which he or she is entitled under the 21
agreement or order. 22
`(3) However, if the entitled former spouse does not nominate a fund for 23
subsection (2) within 3 months after the day the person ceases to be a 24
member, the trustees must pay the amount to the State Public Sector 25
Superannuation Fund on behalf of the entitled former spouse. 26
`(4) This section does not apply to an agreement or court order if the 27
entitled former spouse makes an election under section 25I in relation to 28
the agreement or order. 29
`25H Agreement or court order for member with at least 8 years 30
service at the operative time 31
`(1) This section applies if-- 32
s6 8 s6
Superannuation Legislation Amendment Bill 2003
(a) the trustees receive an agreement or court order that relates to a 1
benefit payable to a person; and 2
(b) at the operative time for the agreement or order, the person is a 3
member who has completed at least 8 years service. 4
`(2) The trustees must pay to an approved deposit fund, or a 5
superannuation fund, nominated by the entitled former spouse for the 6
agreement or order the amount to which he or she is entitled under the 7
agreement or order. 8
`(3) However, if the entitled former spouse does not nominate a fund for 9
subsection (2) within 3 months after the day the trustees receive the 10
agreement or order, the trustees must pay the amount to the State Public 11
Sector Superannuation Fund on behalf of the entitled former spouse. 12
`25I Agreement or court order for member with at least 8 years 13
service after the operative time 14
`(1) This section applies if-- 15
(a) the trustees receive an agreement or court order that relates to a 16
benefit payable to a person; and 17
(b) at the operative time for the agreement or order, the person is a 18
member who has not completed 8 years service; and 19
(c) the person completes at least 8 years service. 20
`(2) The entitled former spouse for the agreement or order may, by 21
written notice given to the trustees, elect to receive an amount under this 22
section. 23
`(3) The notice must be given to the trustees within 3 months after the 24
day the member completes 8 years service. 25
`(4) Also, the entitled former spouse may, within 3 months after the day 26
the member completes 8 years service, nominate an approved deposit fund, 27
or a superannuation fund, for payment of the amount. 28
`(5) If the entitled former spouse makes an election under this section, 29
the trustees must-- 30
(a) calculate the amount, on the advice of an actuary and as at the 31
date the notice of the election is given to the trustees, that the 32
entitled former spouse is to receive; and 33
(b) pay the amount to-- 34
s6 9 s6
Superannuation Legislation Amendment Bill 2003
(i) if the entitled former spouse nominates an approved deposit 1
fund, or a superannuation fund, for payment of the 2
amount--that fund; or 3
(ii) otherwise--the State Public Sector Superannuation Fund. 4
`(6) To help a person decide whether to make an election under this 5
section, the trustees must inform the person of the likely amount to be 6
calculated under subsection (5)(a). 7
8
Note--
9
If an entitled former spouse makes an election under this section in relation to an
10
agreement or court order, sections 25G and 25K do not apply to the agreement or order.
`25J Effect of agreement or court order on particular benefits 11
`(1) The trustees must reduce the benefit that, other than for an 12
agreement or court order to which section 25G, 25H or 25I applies, would 13
be payable from the fund to a person by the amount paid to the entitled 14
former spouse for the agreement or order. 15
`(2) The trustees must reduce the benefit in the way decided by the 16
trustees on the advice of an actuary. 17
`(3) However, the trustees must reduce each component of the benefit in 18
equal proportions. 19
`(4) In this section-- 20
"component", of a benefit, means-- 21
(a) the cashable amount, or preserved amount, of the benefit within 22
the meaning of section 18A; or 23
(b) the non-preserved transfer amount of the benefit. 24
"non-preserved transfer amount", of a benefit, means an amount 25
received by the trustees under section 33B. 26
`25K Agreement or court order--pensions 27
`(1) This section applies if the trustees receive an agreement or court 28
order that relates to-- 29
(a) a benefit that, at the operative time for the agreement or order, is 30
a pension being paid to a former member under section 17(1) or 31
19; or 32
s6 10 s6
Superannuation Legislation Amendment Bill 2003
(b) a benefit payable to a person who-- 1
(i) at the operative time for the agreement or order, is a member 2
who has not completed 8 years service; and 3
(ii) on ceasing to be a member is entitled to a pension under 4
section 17(1) or 19. 5
`(2) Subject to subsection (4), the trustees must pay the entitled former 6
spouse for the agreement or order the proportion, stated in the agreement or 7
order, of the splittable payment to which he or she is entitled under the 8
agreement or order (the "spousal amount"). 9
`(3) The trustees must reduce the splittable payment that, other than for 10
the agreement or order, would be payable from the fund to a person by the 11
spousal amount. 12
`(4) The trustees must pay the entitled former spouse a pension for his or 13
her lifetime (a "lifetime pension") if the entitled former spouse elects, by 14
written notice given to the trustees, to be paid a lifetime pension. 15
`(5) The notice must be given to the trustees-- 16
(a) for an agreement or court order for a benefit mentioned in 17
subsection (1)(a)--within 3 months after the day the trustees 18
receive the agreement or order; or 19
(b) for an agreement or court order for a benefit mentioned in 20
subsection (1)(b)-- 21
(i) if the person entitled to the benefit elects to convert the 22
whole or a part of the benefit to a lump sum payment under 23
section 18(1)--within 3 months after the day the trustees 24
receive the notice of the election under that subsection; or 25
(ii) otherwise--within 6 months after the day the benefit 26
becomes payable. 27
`(6) If an entitled former spouse elects to be paid a lifetime pension, the 28
amount of the pension must be calculated in the way decided by the 29
trustees on the advice of an actuary. 30
`(7) This section does not apply to an agreement or court order if the 31
entitled former spouse makes an election under section 25I in relation to 32
the agreement or order. 33
`(8) In this section-- 34
"splittable payment" see the Family Law Act, section 90ME.5 35
s7 11 s7
Superannuation Legislation Amendment Bill 2003
`25L Effect of agreement or court order on other benefits 1
`Despite section 20, 20AA, 20A or 27,6 an entitled former spouse is not 2
entitled to receive a benefit under any of the provisions. 3
`25M Trustees to inform entitled former spouse 4
`If the trustees receive an agreement or court order from a person other 5
than the entitled former spouse for the agreement or order, the trustees 6
must as soon as practicable inform the entitled former spouse of the receipt 7
of the agreement or order. 8
`25N Trustees may charge reasonable fee 9
`The trustees may, in relation to an agreement or court order, charge a 10
reasonable fee for a matter for which the trustees are allowed to charge a 11
fee under a regulation under the Family Law Act, section 90MY.7'. 12
7 Amendment of s 33 (Pensions)
Clause 13
Section 33-- 14
insert-- 15
`(2) Subsection (1) is subject to part 3A.8'. 16
5 The Family Law Act, section 90ME (Splittable payments)
6 Section 20 (Benefit of widows of members other than continuing members),
20AA (Benefits payable to a widow of a new member who died on or after the new
member's 70th birthday), 20A (Widow's right to substitute pension for entitlement)
or 27 (Annuity to widow's and female dependents payable or to become payable
under repealed provisions)
7 The Family Law Act, section 90MY (Fees payable to trustee)
8 Part 3A (Agreements and court orders under Family Law Act)
s8 12 s9
Superannuation Legislation Amendment Bill 2003
PART 3--AMENDMENT OF SUPERANNUATION 1
(STATE PUBLIC SECTOR) ACT 1990 2
8 Act amended in pt 3
Clause 3
This part amends the Superannuation (State Public Sector) Act 1990. 4
9 Amendment of s 13 (Membership of scheme)
Clause 5
Section 13(6)-- 6
insert-- 7
`(c) a person for whom an amount is paid to the fund under the 8
Parliamentary Contributory Superannuation Act 1970, 9
part 3A.9'. 10
© State of Queensland 2003
9 Parliamentary Contributory Superannuation Act 1970, part 3A (Agreements and
court orders under Family Law Act)
AMENDMENTS TO BILL
1
Superannuation Legislation Amendment Bill 2003
SUPERANNUATION LEGISLATION
AMENDMENT BILL 2003
AMENDMENTS AGREED TO IN COMMITTEE
1 Clause 2
At page 4, after line 11--
insert--
`· section 5A'.
2 After clause 5
At page 5, after line 18--
insert--
`5A Amendment of s 25C (Superannuation contributions surcharge)
`Section 25C(3)--
omit, insert--
`(3) The maximum amount that the trustees may deduct is the total of the
following amounts--
(a) 15% of the State-financed component of the part of the benefit
that accrued after 20 August 1996 and before 1 July 2003;
(b) 14.5% of the State-financed component of the part of the benefit
that accrued after 30 June 2003 and before 1 July 2004;
(c) 13.5% of the State-financed component of the part of the benefit
that accrued after 30 June 2004 and before 1 July 2005;
(d) 12.5% of the State-financed component of the part of the benefit
that accrued after 30 June 2005.'.'.
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