Commonwealth Numbered Regulations - Explanatory Statements

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SUPERANNUATION (FORMER ELIGIBLE EMPLOYEES) REGULATIONS (AMENDMENT) 1995 NO. 93

STATUTORY RULES 1995 No. 93

Issued by the Authority of the Minister for Finance

Superannuation Act 1976

Superannuation (Former Eligible Employees) 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 126A of the 1976 Act provides that regulations made under that provision may modify that Act or a provision of the Act in relation to persons to whom that section applies.

Regulations for the purposes of section 26A are contained in the Superannuation (Former Eligible Employees) Regulations (the Principal Regulations). The Principal Regulations modify the 1976 Act in various ways in relation to specified persons and the modifications are contained in a series of Schedules.

Schedule 5 of the Principal Regulations modifies the 1976 Act in relation to persons who transfer from the CS S to the Australia Post Superannuation Scheme or the Telecom Superannuation Scheme (referred to as approved superannuation schemes).

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 regulations under that Act. The 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 (FORMER ELIGIBLE EMPLOYEES) REGULATIONS (AMENDMENT)

THE AMENDMENTS

Regulation 1

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

Regulation 2

Section 133 of the 1976 Act as inserted by Schedule 5 of the Principal Regulations includes provisions relating to the transfer of assets of the Commonwealth Superannuation Fund No. 2 (the CSS Fund) and liabilities relating to those assets to the relevant approved superannuation scheme. Section 133 provides that the assets and liabilities to be transferred are determined by the Minister.

Equivalent provisions in relation to certain other CSS members who transfer to another superannuation scheme are included in section 240 of the 1976 Act. Section 45 of the Amending Act amended subsection 240(1) of the 1976 Act to provide that the Minister's determination in relation to the transfer of assets and related liabilities from the CSS Fund must be made with the consent of the Beard.

This regulation amends subsections 133(1) and (2) of the 1976 Act as inserted by Schedule 5 of the Principal Regulations to reflect this change to section 240 so that the consent of the Board is required before the Minister may make a determination to transfer assets of the CSS Fund and liabilities related to those assets to the relevant approved superannuation scheme.