Commonwealth Numbered Regulations - Explanatory Statements

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SUPERANNUATION (CSS) PRODUCTIVITY CONTRIBUTION (1995-96) DECLARATION 1995 NO. 173

STATUTORY RULES 1995 No. 173

Issued by the Authority of the Minister for Finance

Superannuation Act 1976

Declaration under section 110D

The Superannuation Act 1976 (the Act) provides for a superannuation scheme for Commonwealth employees.

Part VIA of the Act (comprising sections 110A to 110S) provides for a. funded productivity superannuation benefit for members of the scheme.

Section 110H requires the employer of a member of the scheme to pay fortnightly "productivity contributions" to the CSS Board. In accordance with section 110N, such contributions are to be paid by the CSS Board to the CSS Fund which is established by the Act.

The fortnightly rate of productivity contribution payable by an employer in relation to a member is set out in the Table in section 110C of the Act. This rate varies according to the member's salary. The intention is that the contribution rate be maintained at an average of 3% of salaries.

Section 110D provides that amounts of salary and contribution specified in the Table may be varied by a declaration by the Minister for Finance in relation to a period specified on the declaration.

The Declaration contained in the Statutory Rule, and cited as "Superannuation (CSS) Productivity Contribution (1995-96) Declaration", provides for increased amounts of salary and contribution to apply in relation to the period from 1 July 1995 to 30 June 1996.

Productivity Declarations in respect of previous financial years included a sequential number in their citation. The last declaration made was the Superannuation (CSS) Productivity Contribution Declaration No. 4. The new form of citation adopted for this Declaration is more in keeping with the method of citation used for other similar instruments.

In accordance with section 110G, a declaration under section 110D is to be a Statutory Rule for the purposes of the Statutory Rules Publication Act 1903 and a disallowable instrument for the purposes of section 46A of the Acts Interpretation Act 1901.

The Declaration will operate on and from 1 July 1995.