Commonwealth Numbered Regulations - Explanatory Statements

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SUPERANNUATION (TRANSFER ARRANGEMENTS) REGULATIONS (AMENDMENT) 1995 NO. 96

STATUTORY RULES 1995 No. 96

Issued by the Authority of the Minister for Finance

Superannuation Act 19 76

Superannuation (Transfer Arrangements) Regulations (Amendment)

The Superannuation Act 1976 (the 1976 Act) makes provision for and in relation to an occupational superannuation scheme for Commonwealth employees and for certain other persons. That scheme is known as the Commonwealth Superannuation Scheme (the CSS).

Section 168 of the 1976 Act provides that the Governor-General may make regulations for the purposes of that Act.

The Superannuation Act 1922 (the 1922 Act) provided superannuation arrangements for Commonwealth employees and the 1976 Act established a superannuation scheme for Commonwealth employees to replace the scheme under the 1922 Act with effect from 1 July 1976.

Section 126 of the 1976 Act enables that Act to be modified by regulations in relation to persons who, before becoming members of the CSS, were members of another superannuation scheme.

Regulations for the purposes of section 126 are contained in the Superannuation (Transfer Arrangements) Regulations (the Principal Regulations). The Principal Regulations modify the 1976 Act in respect of specified CSS members and the modifications are contained in a series of Schedules. Schedules 10 and 11 include modifications in respect of certain CSS members who had prior membership of the superannuation scheme under the 1922 Act.

The Superannuation Legislation Amendment Act 1994 (the Amending Act) amended the 1976 Act to make changes to the CSS required for compliance with the Superannuation Industry (Supervision) Act 1993 and for other related reasons. These regulations amend the Principal Regulations as a consequence of the amendments to the 1976 Act contained in the Amending Act. The provisions of the amending Regulations are explained in the Attachment.

The amendments have effect from the date of gazettal.

ATTACHMENT

SUPERANNUATION (TRANSFER ARRANGEMENTS) REGULATIONS (AMENDMENT)

THE AMENDMENTS

Regulation 1

This regulation provides that the Principal Regulations are amended by the amending Regulations.

Regulation 2

This amends Schedule 10 to the Principal Regulations which includes modifications to the 1976 Act in respect of certain former contributors to the scheme under the 1922 Act. The Schedule inserts, in addition to a new definition of "period of contributory service" in subsection 3(1) of the 1976 Act, new sections 235 and 236.

Those sections refer to certain functions of the Superannuation Board under the 1922 Act which from 1 July 1976 were performed by the Commissioner for Superannuation. Subsection 235(2) makes it clear that where the sections inserted by the Schedule to the Principal Regulations refer to the Board they are actually referring to the Commissioner if that function was performed on or after 1 July 1976.

On 1 July 1994 the Commonwealth Superannuation Board of Trustees No 2 (the CSS Board) took over responsibility for the administration of the CS S from the Commissioner for Superannuation. To distinguish between the CSS Board and the Superannuation Board under the 1922 Act for the purposes of modifications relating to events before 1 July 1976 section 73 of the Amending Act omitted the definition of "Board" or "Superannuation Board" for the purposes of Part XII of the 1976 Act from section 169 of the Act and inserted a definition of the term "former Board" to mean the Superannuation Board established under the 1922 Act.

Regulation 2 changes the references to the Board in sections 235 to 236 to references to the former Board to make it clear that it is intended to refer to the Superannuation Board under the 1922 Act.

Regulation 3

This amends Schedule 11 to the Principal Regulations in respect of certain former contributors to the scheme under the 1922 Act for the same reasons as outlined in respect of the amendments made by regulation 2. Schedule 11 inserts new sections 236A and 236B in the Act which refer to periods before 1 July 1976. Regulation 3 changes the references to the Board in sections 236A to 236B to references to the former Board to make it clear that it is intended to refer to the Superannuation Board under the 1922 Act.