Commonwealth Numbered Regulations - Explanatory Statements

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SUPERANNUATION (DEFERRED BENEFITS) REGULATIONS (AMENDMENT) 1995 NO. 92

EXPLANATORY STATEMENT

STATUTORY RULES 1995 No. 92

Issued by the Authority of the Minister for Finance

Superannuation Act 1976

Superannuation (Deferred Benefits) 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.

Section 136 of the 1976 Act describes and provides for the calculation of deferred benefits payable under the Act. Subsection 136(4) of the 1976 Act applies to a person to whom deferred benefits by way of an invalidity pension have been payable and subsequently cancelled under subsection 143(2) because the person's health has been restored. When the pension is cancelled under subsection 143(2) of the 1976 Act the deferred benefits again become applicable. Deferred benefits which are applicable become payable at age 65 or at an earlier time in the event of death, invalidity, or at the choice of the former CSS member once he or she has reached minimum retiring age.

Subsection 136(5) of the 1976 Act provides that the regulations may make provision for modifying the Act in relation to a person, or class of persons, to whom subsection 136(4) applies.

The regulations for the purposes of subsection 136(5) are contained in the Superannuation (Deferred Benefits) Regulations (the Principal Regulations).

The Schedule to the Principal Regulations contains modifications of the 1976 Act in relation to certain persons to whom subsection 136(4) of the 1976 Act applies. The Schedule includes modifications to section 112 of the 1976 Act including the insertion of a number of subsections. Section 112 includes provision for the payment of benefits from the Consolidated Revenue Fund (CRF) and for the transfer of moneys from the Superannuation Fund to the CRF. The section also provides for those moneys to be transferred back from CRF to the Superannuation Fund in certain circumstances.

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. This regulation makes technical amendments to 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 (DEFERRED BENEFITS) REGULATIONS (AMENDMENT)

THE AMENDMENTS

Regulation 1

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

Regulation 2

This amends the Schedule to the Principal Regulations as a consequence of the insertion of subsection 112(10AA) in the 1976 Act by section 70 of the Amending Act. The Schedule to the Principal Regulations also inserts a subsection 112(10AA) in the 1976 Act but not in place of the subsection inserted by the! Amending Act.

To ensure that both subsections can apply to a person referred to in subsection 136(4) when appropriate, the modified subsection 112(10AA) is renumbered by subregulation 2.2. The other subsections inserted in section 112 by the Schedule are also renumbered by that subregulation so that the subsections in section 112 continue to appear in a logical sequence. Subregulations 2.1 and 2.3 to 2.5 include consequential amendments to the modified provisions of section 112 to reflect the revised numbering of the subsections inserted by the Schedule.


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