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This is a Bill, not an Act. For current law, see the Acts databases.
South Australia
Statutes Amendment (Ethical Investment—State
Superannuation) Bill 2008
A BILL FOR
An Act to amend the Parliamentary Superannuation Act 1974, the
Southern State Superannuation Act 1994, the Superannuation
Act 1988 and the Superannuation Funds Management Corporation of
South Australia Act 1995.
Contents
Part 1—Preliminary
1 Short
title
2 Commencement
3 Amendment provisions
Part 2—Amendment of Parliamentary Superannuation
Act 1974
4 Amendment of section 13B—Accretions to
members' accounts
Part 3—Amendment of Southern State Superannuation
Act 1994
5 Amendment of section 7A—Accretions to
members' accounts
6 Amendment of section 26E—Accretions to spouse
members' accounts
7 Amendment of section 27—Employer contribution
accounts
8 Amendment of section 30A—Transition to
retirement
9 Amendment of section 30B—Early access to superannuation
benefits
10 Amendment of section 47B—Post retirement
investment
Part 4—Amendment of Superannuation
Act 1988
11 Amendment of section 20A—Contributors'
accounts
12 Amendment of section 26A—Transition to retirement
Part 5—Amendment of Superannuation Funds Management
Corporation of South Australia Act 1995
13 Amendment of
section 7—Object of Corporation in performing its functions
The Parliament of South Australia enacts as
follows:
This Act may be cited as the Statutes Amendment (Ethical
Investment—State Superannuation) Act 2008.
(1) Subject to subsection (2), this Act will come into operation 1
month after the day on which it is assented to by the Governor.
(2) If the Statutes Amendment (Transition to Retirement—State
Superannuation) Act 2008 has not come into operation before the day referred
to in subsection (1), this Act will come into operation immediately after
that Act comes into operation.
In this Act, a provision under a heading referring to the amendment of a
specified Act amends the Act so specified.
Part 2—Amendment
of Parliamentary Superannuation
Act 1974
4—Amendment of
section 13B—Accretions to members' accounts
Section 13B(2a)—delete "the Board must permit a PSS 3 member, on such
terms and conditions as the Board thinks fit, to nominate the class of
investments, or combination of classes of investments, for the purpose of
determining the rate of return under this section" and substitute:
the Board must, on such terms and conditions as the Board thinks
fit—
(a) permit a PSS 3 member to nominate the class of investments, or
combination of classes of investments, for the purpose of determining the rate
of return under this section; and
(b) make available to a PSS 3 member the option of nominating a class of
investments based on consideration of the impact of the investments on society
and the environment.
Part 3—Amendment
of Southern State Superannuation
Act 1994
5—Amendment of
section 7A—Accretions to members' accounts
Section 7A—after subsection (3) insert:
(3a) If members are permitted by the Board to nominate a class or
combination of classes of investments, the option of nominating a class of
investments based on consideration of the impact of the investments on society
and the environment must be made available to members (subject to terms and
conditions determined by the Board).
6—Amendment of
section 26E—Accretions to spouse members' accounts
Section 26E—after subsection (3) insert:
(3a) If spouse members are permitted by the Board to nominate a class or
combination of classes of investments, the option of nominating a class of
investments based on consideration of the impact of the investments on society
and the environment must be made available to spouse members (subject to terms
and conditions determined by the Board).
7—Amendment of
section 27—Employer contribution accounts
Section 27—after subsection (4) insert:
(4a) If members are permitted by the Board to nominate a class or
combination of classes of investments, the option of nominating a class of
investments based on consideration of the impact of the investments on society
and the environment must be made available to members (subject to terms and
conditions determined by the Board).
8—Amendment of
section 30A—Transition to retirement
(1) Section 30A(7)—delete "The investment" and substitute:
Subject to subsection (7a), the investment
(2) Section 30A—after subsection (7) insert:
(7a) The investment of a draw down benefit under subsection (4)(b)(i)
must, if the member so requests, be based on consideration of the impact of the
investment on society and the environment (subject to terms and conditions
determined by the Board).
9—Amendment of
section 30B—Early access to superannuation benefits
(1) Section 30B(8)—delete "An investment" and substitute:
Subject to subsection (8a), an investment
(2) Section 30B—after subsection (8) insert:
(8a) An investment under subsection (7) must, if the member so requests,
be based on consideration of the impact of the investment on society and the
environment (subject to terms and conditions determined by the Board).
10—Amendment of
section 47B—Post retirement investment
Section 47B—after subsection (4) insert:
(4a) Despite subsections (2) and (3)(a), the investment of money accepted
by the Board under subsection (1) must, if the investor so requests, be based on
consideration of the impact of the investment on society and the environment
(subject to terms and conditions determined by the Board).
Part 4—Amendment
of Superannuation
Act 1988
11—Amendment of
section 20A—Contributors' accounts
Section 20A—after subsection (4a) insert:
(4ab) If new scheme contributors are permitted by the Board to nominate a
class or combination of classes of investments, the option of nominating a class
of investments based on consideration of the impact of the investments on
society and the environment must be made available to new scheme contributors
(subject to terms and conditions determined by the Board).
12—Amendment of
section 26A—Transition to retirement
(1) Section 26A(4)—delete "The investment" and substitute:
Subject to subsection (4a), the investment
(2) Section 26A—after subsection (4) insert:
(4a) The investment of a draw down benefit under subsection (3)(b)(i)
must, if the contributor so requests, be based on consideration of the impact of
the investment on society and the environment (subject to terms and conditions
determined by the Board).
Part 5—Amendment
of Superannuation Funds Management Corporation
of South Australia Act 1995
13—Amendment of
section 7—Object of Corporation in performing its
functions
Section 7—after paragraph (b) insert:
(ba) the impact of investment on society and the environment;
and