Commonwealth Numbered Regulations - Explanatory Statements

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SUPERANNUATION (PSS) MEMBERSHIP EXCLUSION DECLARATION NO. 3 1991 NO. 254

STATUTORY RULES 1991 No. 254

ISSUED BY AUTHORITY OF THE MINISTER FOR FINANCE

SUPERANNUATION ACT 1990

DECLARATION UNDER PARAGRAPH 6(2)(c)

The Public Sector Superannuation scheme (PSS) was established under the Superannuation Act 1990 (the Act) from 1 July 1990.

The Australian Securities Commission (ASC) commenced operations on 1 January 1991. Its staff includes persons transferred from the Corporate Affairs Commissions of the Northern Territory and the States.

The majority of transferred staff are now Commonwealth public servants employed under the provisions of the Public Service Act 1922 as either officers or employees. Some, however, will be employed by the ASC on contract and others without contract as temporary employees.

Staff transferring from State employment have been offered options for superannuation coverage dependent on the position held in relation to the relevant State superannuation scheme. The Commonwealth agreed that:

(a)       transferees could remain members of the State scheme; or

(b)       transferees could cease membership of the State scheme and immediately thereafter join the PSS; or

(c)       transferees who have elected not to be members of a State scheme, or who are covered by personal superannuation arrangements permitted under a State scheme, could continue with these arrangements after transfer.

Section 6 of the Act specifies the persons who may become members of the PSS. In accordance with paragraph 6(2)(c), a person declared by the Minister for Finance to be a person to whom section 6 does not apply is not to be a member of the PSS.

The Declaration contained in the Statutory Rule and cited as "Superannuation (PSS) Membership Exclusion Declaration No. 3" provides that those employees of the ASC who have alternative arrangements are not to be PSS members.

Paragraph 4 of the declaration provide that section 6 of the Act does not apply to staff of the ASC who are appointed or employed under the Public Service Act 1922 and who were members of a private superannuation scheme or who, in accordance with the provisions of the relevant State superannuation scheme, were not members of a that scheme immediately prior to appointment.

In accordance with section 45 of the Act, a declaration under paragraph 6(2)(c) is to be 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.

It is intended that the superannuation options should be available to ASC staff from their start of employment with the ASC. Accordingly, the Declaration operates with effect from 1 January 1991.

The declaration ensures that the superannuation options agreed with the States are available to former State employees who have taken up positions with the ASC.