South Australian Current Acts South Australian Current ActsSchedule 3—Superannuation benefits for transferred employees
In this Schedule, unless the contrary intention appears—
Board means the South Australian Superannuation Board;
contribution account means an account to which a contributor's contributions
are credited (together with interest and accretions);
contributor means a contributor to a superannuation scheme;
employer account means an account to which an employer's contributions are
credited (together with interest and accretions);
new scheme contributor has the meaning given by the
Superannuation Act 1988 ;
old scheme contributor has the meaning given by the
Superannuation Act 1988 ;
presumptive retirement age means—
(a) for
a transferred employee who is under 60 years of age on the relevant
day—the age of 60 years;
(b) for
a transferred employee who is 60 years of age or above on the relevant day,
the lesser of the following:
(i)
the employee's age on the date when the employee's
contributions would have ceased under section 23(7)(a) of the
Superannuation Act 1988 assuming that the employee had continued as an
old scheme contributor under that Act;
(ii)
the age of 65 years;
PSESS scheme means the Public Sector Employees Superannuation Scheme
established pursuant to a deed of arrangement dated 27 September 1989 between
the Treasurer and the secretary of the United Trades and Labor Council;
regulated superannuation scheme means a superannuation scheme regulated under
the Superannuation Industry (Supervision) Act 1993 (Cwth);
relevant day means the day on which a transferred employee is transferred to
private employment under this Act;
rollover account means an account to which is credited an amount rolled over
from another superannuation scheme into an account kept under the Triple S
scheme (together with interest and accretions);
SIS requirements means requirements of the Superannuation Industry
(Supervision) Act 1993 (Cwth) or other legislation of the Commonwealth
related to superannuation;
standard contribution rate has the same meaning as in section 4 of the
Superannuation Act 1988 ;
transferred employee means an employee who is transferred to private
employment under this Act;
Triple S scheme means the superannuation scheme established under the
Southern State Superannuation Act 1994 .
(1) This clause
applies to a transferred employee who was on the relevant day a contributor to
the Triple S scheme.
(2) A transferred
employee who has not reached the age of 55 years is entitled to the following:
(a) the
balance of the employee's contribution account (which may be taken
immediately, preserved in the Triple S scheme, or rolled over into a regulated
superannuation scheme);
(b) the
balance of the employer account (which may be preserved in the Triple S scheme
or rolled over to a regulated superannuation scheme as a preserved amount);
(c) the
balance of any rollover account (which (subject to SIS requirements) may be
taken immediately, preserved in the Triple S scheme, or rolled over into a
regulated superannuation scheme).
(3) A transferred
employee who has reached the age of 55 years is entitled to the following:
(a) the
balance of the employee's contribution account (which may be taken immediately
or rolled over into a regulated superannuation scheme);
(b) the
balance of the employer account (which may be taken immediately or rolled over
into a regulated superannuation scheme);
(c) the
balance of any rollover account (which (subject to SIS requirements) may be
taken immediately, preserved in the Triple S scheme, or rolled over into a
regulated superannuation scheme).
(1) This clause
applies to a transferred employee who was, on the relevant day, a new scheme
contributor.
(2) A transferred
employee who has not reached the age of 55 years may elect to do one of the
following:
(a) to
preserve his or her accrued superannuation benefits under section 28(1)(b) of
the Superannuation Act 1988 ;
(b) to
take immediately or roll over into a regulated superannuation scheme the
aggregate of the following amounts:
(i)
the balance of the employee's contribution account; and
(ii)
the lesser of—
• twice the
balance of the employee's contribution account; or
• twice the
amount that would have been the balance of the contribution account if the
employee had contributed to the scheme at the employee's standard contribution
rate throughout the period of the employee's membership of the scheme;
(iii)
an amount determined in accordance with
section 28(5)(b)(ii)(B) of the Superannuation Act 1988 ,
and if the employee was a member of the PSESS scheme, the amount standing to
the employee's account under section 32A(6) of the Superannuation
Act 1988 is to be added to the amount preserved, rolled over or taken in
cash under paragraph (a), (b) or (c).
(3) A transferred
employee who has reached the age of 55 years may elect to do one of the
following:
(a) to
preserve his or her accrued superannuation benefits under section 28(1)(b) of
the Superannuation Act 1988 ;
(b) to
take immediately or roll over into a regulated superannuation scheme an amount
determined under section 27 of the Superannuation Act 1988 as if the
employee had retired from employment on the relevant day,
and if the employee was a member of the PSESS scheme, the amount standing to
the employee's account under section 32A(6) of the Superannuation
Act 1988 is to be added to the amount preserved, taken or rolled over
under paragraph (a) or (b).
(4) A transferred
employee who elects to preserve his or her accrued benefits under this clause
is not entitled to payment of the preserved benefits under the
Superannuation Act 1988 until the employee's employment with the
purchaser has terminated.
(5) An election under
this clause is made by notice in writing given personally or by post to the
Board.
(6) If a transferred
employee fails to make an election under this clause within one month after
the relevant day, the employee is taken to have elected to preserve his or her
accrued superannuation benefits under section 28(1)(b) of the
Superannuation Act 1988 .
(1) This clause
applies to a transferred employee who was, on the relevant day, an old scheme
contributor.
(2) A transferred
employee who has not reached the age of 55 years may elect to do one of the
following:
(a) to
preserve his or her accrued superannuation benefits under section 39(1)(b) of
the Superannuation Act 1988 ;
(b) to
take immediately or roll over into a regulated superannuation scheme the
aggregate of the following amounts:
(i)
the balance of the employee's contribution account; and
(ii)
the lesser of—
• 2.5 times the
balance of the employee's contribution account; or
• 2.5 times the
amount that would have been the balance of the contribution account if the
employee had contributed to the scheme at the employee's standard contribution
rate throughout the period of the employee's membership of the scheme.
(3) A transferred
employee who has reached the age of 55 years may elect to do one of the
following:
(a) to
preserve his or her accrued superannuation benefits under section 39(1)(b) of
the Superannuation Act 1988 ;
(b) to
take immediately or roll over into a regulated superannuation scheme an amount
equivalent to the commuted value of the pension to which the employee would
have been entitled if he or she had retired from employment on the relevant
day and had elected to commute 100% of the pension.
(4) A transferred
employee who has elected to preserve his or her accrued benefits under this
clause is not entitled to a retirement pension or a benefit related to the
commutation of a retirement pension under the Superannuation Act 1988
until the employee's employment with the purchaser has terminated.
(5) An election under
this clause is made by notice in writing given personally or by post to the
Board.
(6) If a transferred
employee fails to make an election under this clause within one month after
the relevant day, the employee is taken to have elected to preserve his or her
accrued superannuation benefits under section 39(1)(b) of the
Superannuation Act 1988 .
5—Special provision for certain old scheme contributors
(1) This clause
applies to a transferred employee—
(a) who
was, on the relevant day an old scheme contributor; and
(b)
whose contributions had, as at that day, not ceased under section 23(7)(a) of
the Superannuation Act 1988 ; and
(c) who
elected to preserve his or her accrued superannuation benefits under
section 39(1)(b) of the Superannuation Act 1988 .
(2) The Treasurer must
obtain an actuarial report (from an actuary appointed for the purpose by the
Treasurer) on each employee to whom this clause applies to determine a lump
sum representing the amount (if any) by which the value of the retirement
benefit referred to in paragraph (a) exceeds the aggregate value of the
retirement benefits referred to in paragraph (b)—
(a) the
value (expressed as a capital sum) of the retirement benefit the employee
would have received under the Superannuation Act 1988 assuming the
employee had continued as a public sector employee, had continued to
contribute as an old scheme contributor at the employee's average rate of
contribution, and had retired on reaching the employee's presumptive
retirement age; and
(b) the
aggregate value (expressed as a capital sum) of the retirement benefits to
which the employee would be entitled assuming that the employee retired on
reaching the employee's presumptive retirement age, then took retirement
benefits under the Superannuation Act 1988 and also took retirement
benefits under a private superannuation scheme to which the employee and the
employer had contributed at the respective average contribution rates for the
employee and the employer under the State scheme from the relevant day until
the employee reached the employee's presumptive retirement age.
(3) The Treasurer must
pay a lump sum (if any) determined under subclause (2) to an account in
the name of the employee in a regulated superannuation scheme nominated by the
employee.
6—Provisions as to preservation apply despite the fact that the
transferred employee may be over 55
The provisions of this Schedule as to the preservation of benefits under the
Superannuation Act 1988 apply even though the transferred employee may be
over the age of 55 years.
7—Modifications to Superannuation Act 1988 to continue in operation
(1) This section
applies to modifications, made under section 5 of the
Superannuation Act 1988 , to provisions of that Act in their application
to employees of the Corporation.
(2) Subject to a
determination to the contrary by the Minister, the modifications—
(a)
continue to apply to employees of the Corporation who are transferred under
this Act to positions in the Department for Administrative and Information
Services while they remain in the Public Service; and
(b)
apply for the purpose of determining the superannuation entitlements (if any)
under that Act of, or relating to, those employees.