Commonwealth Numbered Regulations - Explanatory Statements

[Index] [Search] [Download] [Related Items] [Help]

SUPERANNUATION (RESOLUTION OF COMPLAINTS) REGULATIONS (AMENDMENT) 1998 NO. 84

STATUTORY RULES 1998 NO. 84

Issued by the authority of the Assistant Treasurer

Superannuation (Resolution of Complaints) Act 1993

Superannuation (Resolution of Complaints) Regulations (Amendment)

The Superannuation (Resolution of Complaints) Act 1993 (the Act) establishes the Superannuation Complaints Tribunal, which commenced operations on 1 July 1994. The Tribunal has the objectives of providing a fair, economical, informal and quick mechanism for:

*       the conciliation of complaints made by members of certain regulated superannuation funds and approved deposit funds; and

*       if conciliation is not successful at resolving the complaint - the review of the fund trustee decision to which the complaint relates.

Section 68 of the Act provides that the Governor-General may make Regulations for the purposes of the Act.

The purpose of the proposed Regulations is to amend the Superannuation (Resolution of Complaints) Regulations (the Principal Regulations) to remove the names of some Queensland public sector schemes listed as subject to the Act following the merger of those schemes into another scheme which continues to be listed in the Principal Regulations.

Section 10 of the Superannuation Industry (Supervision) Act 1993 (SIS Act) provides that an exempt public sector superannuation scheme (EPSSS) means a public sector superannuation scheme (a scheme established by or under a Commonwealth, State or Territory Act of Parliament) that is specified in regulations made for the purposes of this definition.

Section 4A of the Act enables regulations to be made to provide that a specified EPSSS is taken to be a regulated superannuation fund for the purposes of this Act. This enables State and Territory Governments to opt to allow members of an EPSSS to access the Tribunal in preference to the existing appeal rights of the EPSSS, which may be more expensive and time consuming, for example, than taking legal action through the courts. It also ensures consistent treatment of members of EPSSSs and members of regulated superannuation funds in relation to access to external review for superannuation complaints.

Regulation 4A of the Principal Regulations provides that an EPSSS specified in Schedule 1 to the Principal Regulations is taken to be a regulated superannuation fund for the purposes of the Act.

The Queensland State Government has requested that the names of the Government Officers' Superannuation Scheme (Gosuper), Police Superannuation Fund (Police Super) and State Service Superannuation Fund (State Super) be removed from the Schedule specified under regulation 4A of the Principal Regulations following their merger into the State Public Sector Superannuation Scheme (Q Super) which continues to be listed in the Schedule.

The Regulations omit 'Item 1. Queensland' of Schedule 1 and insert a new 'Item 1. Queensland' to remove the relevant names of the schemes as requested. The removed schemes ceased to be EPSSS from 1 July 1997.

The Regulations will commence on gazettal.