Commonwealth Numbered Regulations - Explanatory Statements

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OCCUPATIONAL SUPERANNUATION STANDARDS REGULATIONS (AMENDMENT) 1991 NO. 458

STATUTORY RULES 1991 No. 458

Minute No. 33 of 1991 - Treasurer

Subject - Occupational Superannuation Standards Act 1987

Occupational Superannuation Standards Regulations (Amendment)

Section 22 of the Occupational Superannuation Standards Act 1987 (the Act) provides that the Governor-General may make regulations for the purposes of the Act, and, in particular, to prescribe methods for determining whether an eligible termination payment, superannuation pension or annuity is within or exceeds the reasonable benefit limits.

Part IIIA of the Act, which commenced on 1 July 1990, established arrangements for the administration of the reasonable benefit limits. Coinciding with the commencement of Part IIIA, the Occupational Superannuation Standards Regulations were amended by inserting Part IA to prescribe the method by which Insurance and Superannuation Commissioner (the Commissioner) determines a person's reasonable benefit limit and whether a benefit received by a person is within or in excess of that limit.

The amended Regulations have amended certain regulations by substituting a new effective date and also corrected an ambiguity in Schedule 3. This ambiguity had been identified both by the Insurance and Superannuation Commissioner and the Superannuation Industry.

The amendments are described in detail in the attachment.

These Regulations will commence on the date of Gazettal.

Authority:       Section 22 of the Occupational Superannuation Standards Act 1987

ATTACHMENT

Occupational Superannuation Standards Regulations (Amendment)

References in the following paragraphs are to provisions of the amended Regulations. References to the "principal regulations" are references to the Occupational Superannuation Standards Regulations.

Regulation 1

Subregulation 1.1 provides that the Occupational Superannuation Standards Regulations are amended as set out in the Regulations.

Regulation 2

Subregulation 2.1 has substituted a new effective date for sub-subparagraph 4B(2)(c)(i)(F) of the principal regulations.

Subregulation 2.2 has substituted a new effective date for sub-subparagraph 4B(2)(c)(i)(G) of the principal regulations.

Subregulation 2.3 has substituted a new effective date for paragraph 4B(3)(d) of the principal regulations.

Subregulation 2.4 has substituted a new effective date for paragraph 4B(3)(e) of the principal regulations.

Subrequlation 2.5 has substituted a new effective date for paragraph 4B(3)(f) of the principal regulations.

Subregulation 2.6 has substituted a new effective date for paragraph 4B(3)(g) of the principal regulations.

Regulation 3

Subregulation 3.1 has substituted a new effective date for paragraph 4L(1)(c) of the principal regulations.

Regulation 4

Subregulation 4.1 has corrected a typographical error in Subregulation 4N(1) of the principal regulations.

Regulation 5

Subregulation 5.1 has substituted a new effective date for subregulation 4P(3) of the principal regulations.

Subregulation 5.2 has substituted a new effective date for subregulation 4P(3A) of the principal regulations.

Subregulation 5.3 has substituted a new effective date for subregulation 4P(4) of the principal regulations.

Subregulation 5.4 has substituted a new effective date for paragraph 4P(4A)(a) of the principal regulations.

Subregulation 5.5 has substituted a new effective date for paragraph 4P(4A)(b) of the principal regulations.

Regulation 6

Subregulation 6.1 has substituted a new effective date for subregulation 4ZB(1) of the principal regulations.

Subregulation 6.2 has substituted a new effective date for subregulation 4ZB(2) of the principal regulations.

Regulation 7

Subregulation 7.1 has replaced Schedule 3 of the principal regulation with a new Schedule 3. The new Schedule has removed an ambiguity in relation to a person's age for the purposes of Schedule 3. The amendment gives effect to the intention that a person's age for the purpose of Schedule 3 is the exact age in days.