South Australian Numbered Acts

SUPERANNUATION (ADMINISTERED SCHEMES) AMENDMENT ACT 2006 (NO 5 OF 2006) - SCHEDULE 1

Schedule 1—Related amendments and transitional provision

Part 1—Amendment of Superannuation Funds Management Corporation of South Australia Act 1995

1—Amendment of section 3—Interpretation

Section 3(1), definition of the funds —delete the definition and substitute:

the funds means—

            (a)         the public sector superannuation funds; and

            (b)         the nominated funds of each approved authority; and

            (c)         the funds (if any) established by the Corporation for the purposes of Schedule 3 of the Superannuation Act 1988 ;

2—Amendment of section 5—Functions of the Corporation

Section 5—after paragraph (a) insert:

            (ab)         to invest and manage other funds (if any) established by the Corporation for the purposes of the operation of any Act pursuant to strategies formulated by the Corporation;

3—Insertion of section 20B

After section 20A insert:

20B—Other performance plans

        (1)         The Corporation must prepare a separate plan in respect of the investment and management of any fund established by the Corporation for the purposes of Schedule 3 of the Superannuation Act 1988 .

        (2)         The Corporation must consult with the trustee of the relevant superannuation scheme when preparing a plan under this section, or any amendment to such a plan.

        (3)         This section operates subject to the provisions of Schedule 3 of the Superannuation Act 1988 .

4—Amendment of section 26—Accounts

Section 26—after subsection (3) insert:

        (3a)         The Corporation must also keep proper accounts of receipts and payments in relation to each fund established by the Corporation for the purposes of Schedule 3 of the Superannuation Act 1988 and must prepare separate financial statements in a form approved by the Minister in respect of each fund in respect of each financial year.

Part 2—Transitional provision

5—Interpretation

In this Part—

principal Act means the Superannuation Act 1988 .

6—Transitional provision

Subsections (2) and (3) of section 56 of the principal Act (as enacted by this Act) do not apply with respect to a matter where the relevant time limit expired, or the procedural step was required to be taken, before the commencement of this clause unless the South Australian Superannuation Board is satisfied, on application by a person seeking to obtain the benefit of this clause, that the failure to comply with the time limit or procedural step was attributable to a person's physical or mental disability at the relevant time.