Commonwealth Numbered Regulations - Explanatory Statements

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SUPERANNUATION (PSS) APPROVED AUTHORITY INCLUSION DECLARATION NO 9 1992 NO.466

STATUTORY RULES 1992 No. 466

Issued by the authority of the Minister for Finance

Superannuation Act 1990

Declaration under paragraph (b) of the definition of "Approved Authority" in section 3

The Superannuation Act 1990 (the 1990 Act) provides for the new superannuation scheme for Commonwealth employees and certain other persons. This scheme, known as the Public Sector Superannuation scheme (the PSS scheme), commenced on 1 July 1990. Members of the Commonwealth superannuation scheme which was established under the Superannuation Act 1976 had the option, to be exercised between 1 July 1990 and 30 June 1991, of remaining members of that scheme or of transferring to the new scheme.

Persons eligible to contribute under the 1990 Act include certain persons employed by an approved authority. In accordance with paragraph (b) of the definition of "approved authority" in section 3 of the 1990 Act, an approved authority includes an authority or body that is declared, in writing, by the Minister for Finance to be an approved authority for the purposes of the Act, being an authority or body of a kind described in the definition.

Section 45 of the 1990 Act provides that such a declaration is a disallowable instrument for the purposes of section 46A of the Acts Interpretation Act 1901 and a Statutory Rule for the purposes of the Statutory Rules Publication Act 1903 and may be expressed to have taken effect from and including a day not earlier than 12 months before the making of the declaration.

Australian Marine Science and Technology Limited was established as a registered company under the Corporations Law of the Capital Territory on 25 October 199 1. It is a body of a kind described in the definition of approved authority in section 3 of the 1990 Act. It is appropriate that the body be declared to be an approved authority for the purposes of that Act to enable its employees to remain or become members of the PSS scheme.

The declaration contained in the Statutory Rule, and cited as Superannuation (PSS) Approved Authority Inclusion Declaration No 9, declares Australian Marine Science and Technology Limited to be an approved authority for the purposes of the 1990 Act with effect from 1 October 1992.