RESERVE>S3.HTML#CONTRIBUTORS RESERVE SUPERANNUATION ACT 1916

New South Wales Consolidated Acts

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- As at 27 January 2023
- Act 28 of 1916

TABLE OF PROVISIONS

Long Title

PART 1 - PRELIMINARY

1. Name of Act and commencement
1A. Closure of Scheme to persons employed on or after 1.7.1985
2. (Repealed)
3. Definitions
3AAA. (Repealed)
3AA. Salary of executive officers
3A. Salary
3B. Certain persons to be regarded as employers for the purposes of this Act
3C. References to employers etc

PART 2 - THE STATE SUPERANNUATION FUND

4. Reconstitution of the Fund
4A. (Repealed)
5. STC required to establish certain reserves within the Fund
6. Contributors' reserve
6A. (Repealed)
7. Employer reserves
8. Adjustment of reserves and accounts for interest etc
8A. Source of administration costs payments
8B. Adjustment of reserves resulting from actuarial investigation
8C. Adjustment of employer reserves to take into account death and disability payments
9. Funds, accounts and reserves generally
9A. Unallocated amounts
9B-9E. (Repealed)
10. Actuary or actuaries to conduct periodic investigations into the Fund

PART 2A - (Repealed)
None

PART 3 - CONTRIBUTIONS

Division 1 - Preliminary

10J. Definitions
10K. Determination of entry review day and entry payment day
10L. Determination of annual review day and annual adjustment day
10M. General provisions as to determinations under this Division

Division 2 - Liability of employees to contribute

10N. Requirement to contribute
10O. Existing contributors and employees
10P. Commencement of contributions
10Q. Increase of contributions: annual review days
10QA. Abandoned units to be taken up if contributions fall below 6 per cent of salary
10QB. Limitation on increase in contributions by certain contributors
10R. Increase of contributions: exit days
10S. No contributions for more than appropriate number of units
10SA. Cessation of contributions
10T. Exemptions from contributing
10U. Salary sacrifice contributions
10V. Consequences of exemption

Division 3 - Decreases in salary or unit entitlement

10W. Decrease in salary
10WA. Fluctuations in salary
10WB. Decrease in unit entitlement on taking leave of absence
10WC. Commencement of or change to part-time employment

Division 4 - Abandoned units

10X. No contributions or rights in respect of abandoned units
10Y. Elections to take up abandoned units at annual review day
10Z. Elections to take up abandoned units at exit day
10AA. Restrictions as to abandoned units

Division 5 - Contributions by employees for units of pension at table rates

10AB. Contributions according to scale graduated by age etc
10AC. Units taken up after prescribed age
10AD. Tables of contributions
10AE. Cessation of contributions
10AF. Units taken up at exit day

Division 6 - Contributions by employees for units of pension otherwise than at table rates

10AG. Cost of units of pension
10AH. Employees who have reached the prescribed age
10AI. Units taken up at exit day

Division 7 - Contributions by employers

10AJ. Contributions to be made by an employer listed in Schedule 3
10AK. Calculation of contributions and time for payment
10AL. Employer may be required to make further payments in certain cases
10AM. Power of STC to adjust employer reserves
10AN. Transfer of credits between employers of transferred contributors
10AO. Variation of employer contributions

Division 8 - Ancillary provisions

11-11D. (Repealed)
12. Contributions to be related to units of pension
12A. Alteration of unit entitlement in certain cases
12B. Deduction factors in relation to certain periods of leave
12BA. Deduction factors for periods determined by STC
12C. Deduction factors in relation to part-time employment
12CA. Continuation of certain contributions
12D. Other contributions by contributors
12E-15. (Repealed)
15A. Reserve units
16-17CB. (Repealed)
17D. Orders fixing different tables etc
18. (Repealed)
19. Employees on leave of absence
19A. Deferment of payment of contributions
19B. (Repealed)
20. Manner of payment--deduction from wages or salaries
20A. Contributor transferred to Commonwealth Public Service
20AB. Contributor who is executive officer

PART 3A - COMMONWEALTH OR OTHER STATE PUBLIC SERVICE SUPERANNUATION FUND PARTICIPANTS BECOMING EMPLOYEES

20B. Definitions
20C. Public Service Superannuation Fund participants becoming employees
20D. Sec 10B applicable

PART 3B - CONVERSION OF EXISTING ENTITLEMENTS

20E. Eligible contributors
20F. Conversion notice
20G. Conversion election
20H. Making, amendment and revocation of conversion election
20I. Circumstances in which a conversion election revoked or may not be made
20J. Matters to be determined by Treasurer
20K. Conversion benefit
20L. Minimum benefit
20M. Payment of conversion benefit
20N. Reserves from which conversion benefit to be paid
20O. Information and assistance to be provided by STC
20P. Liability for actions taken under Part

PART 4 - PENSIONS AND BENEFITS

Division 1 - Retirement on pension

21. Age of retirement
21A-21B. (Repealed)
21C. Commuting of pension
21D. Limitations on elections under section 21C
21E. Interest to be paid on commuted amounts
22. Breakdown retirement
23. Retrenchment and discharge
23A. (Repealed)
23B. Date of retirement, contributions payable etc
23BA. Retrospective salary increases
23BB. (Repealed)
24. Dismissal
25. Resignation

Division 2 - Grant of pensions and benefits

26. (Repealed)
26A. Benefit payable not to include fraction of a cent
27. Amount of pension payable on retirement
28. Pension of woman retiring before 60
28A. Pension on retirement before reaching 60 years of age
28AA. Pension on retirement before age 60--component pension
28B. Increase of pension in case of certain retirements after reaching 62 years of age
29. Breakdown pensions
29A. (Repealed)
30. Pensions to spouse or de facto partner on death of contributor
30A, 30AA. (Repealed)
31. Pension to spouse or de facto partner on death of pensioner
31A. Minimum benefit payable in respect of pensioner who dies
31B, 32. (Repealed)
32A. Death of employee before retirement
32AA. Extension of sec 32A to certain cases where spouses or de facto partners die contemporaneously
32B. (Repealed)
32C. Refund or minimum benefit in certain cases where spouse or de facto partner dies
32D. Children's pensions at sec 61M rates
33. Children's pensions at sec 61N rates
33AA. STC may determine to pay children's pensions in other cases
33A. Variation of pension in certain circumstances
33B. STC to apportion benefits and other payments between the contributors' reserve and the appropriate employer reserve
34-36. (Repealed)
37. Retrenchment benefits payable to an employee who is retrenched after completing 10 years' service
37A. Retrenchment benefits payable to contributors having not less than 3 years' contributory service
37B. Deferral of payment of benefits on retrenchment
38. Refund of contributions
38A. Withdrawal benefit
38B. Contributor who is retrenched, resigns or is dismissed or discharged to be entitled to the greatest available benefit
38C. Break in service may be cured on certain conditions
39. Desertion of spouse or de facto partner or child
40. Male pensioner sentenced to imprisonment
41. Woman pensioner sentenced to imprisonment
42. Incapacity or absence of pensioner
43. Payments in respect of children
43A. Pensions in respect of students
44. Pensions payable for a life
45. Pensions payable fortnightly
46. Reduction of spouses' or de facto partners' pensions
46A. Miscellaneous provisions as to spouses' or de facto partners' pensions
46B. Competing claims for spouses' or de facto partners' pensions
47. Pensions for certain spouses or de facto partners and their children
47A. (Repealed)
47B. Employer subsidy not to be of greater benefit if service not continuous

Division 2A - Reduced value units

47C. Allocation of reduced value units
47D. Benefits payable in respect of reduced value units
47E. No employee contributions payable
47F. (Repealed)

Division 3 - Breakdown pensioners--special provisions re

48. Breakdown pensioner held to be on leave
49. Continuity of service
50. Employee retired through infirmity may be called up for medical examination
51. Employee restored to health may be recalled to service
51A. Division not applicable to lifetime pensions
52. Governor may prescribe different provisions

Division 3A - Voluntarily deferred benefits

52A. Calculation of preserved pension components
52B. Adjustment of pension components
52C. Pensions at retiring age
52D. Pensions at early retirement age
52E. Disability pension
52EA. Interim pension
52F. Pensions for spouses or de facto partners
52FA. Children's pensions at sec 61M rates
52G. Children's pensions
52H. Students' pensions
52I. Cash termination benefit
52IA. Effect of contributor becoming a contributor to another scheme while employed by the same employer
52J, 52K. (Repealed)

Division 3B - Deferral of benefit for contributors aged 55 years and over in certain circumstances

52L. Eligible contributors
52M. Exit day
52N. Election to defer or preserve a benefit
52O. Date of deferral or preservation of benefit
52P. Calculation of value of deferred benefit
52Q. Election to commute deferred benefit
52R. Adjustment of deferred benefit
52S. When deferred benefit is payable
52T. Payment of deferred benefit
52U. STC to apportion benefit
52V. Break in service

Division 3C - Age termination benefits

52W. Benefit on attaining 65 or 70
52X. Compulsory payment of preserved or other benefit

Division 3D - Compulsory preservation of benefits

52Y. Compulsory preservation of benefits after changeover day
52Z. Payment of compulsorily preserved benefit
52AA. Preserved benefits

Division 4 - (Repealed)
None

Division 5 - Existing insurance policies

60. Insurance policies may be continued or discontinued at option of contributor
61. Surrender of policies
61A. Surrender of policies generally

Division 6 - Automatic adjustment of pensions

61B. Definitions
61C. Calculation of adjustment percentage
61D. Adjustment of pensions: general cases
61E. Adjustment of pensions: partial adjustment
61F. Application of secs 61D and 61E to breakdown pensions and suspended pensions
61G. Certain increases under Superannuation (Amendment) Act 1970
61H. Minimum amount to which pensions may be reduced
61I, 61J. (Repealed)
61K. Calculation of percentages

Division 7 - Automatic adjustment of children's pensions

61L. Definitions
61M. Children's pensions
61N. Orphans' pensions
61O. Minimum amounts to which pensions may be reduced
61P, 61Q. (Repealed)
61R. Operation of Division

Division 7A - Circumstances in which benefits may be reduced

61RA. Power of STC to reduce pensions and other benefits to offset certain tax liabilities
61RAA. Restoration of death benefit previously reduced to offset contribution tax liabilities
61RB. Power of STC to adjust benefits to comply with certain Commonwealth standards relating to superannuation
61RC. Power of STC to reduce benefits for no-TFN tax
61RD. Reduction of benefit
61RE. Commutation of pensions for adjustment of benefits

Division 7B - Other benefits

61RF. Release of benefits on grounds of severe financial hardship
61RG. Release of benefit on compassionate grounds
61RH. Effect on other benefits

Division 8 - Miscellaneous provisions

61S. Increases in certain pensions
61T. Transitional and other provisions arising from the Superannuation (Amendment) Act 1978
61U. Compliance with superannuation guarantee legislation
61V. Application of section 61U to period from 1.7.1992
61VA. Nominating commencement date of pension

PART 4A - PROVISIONS RELATING TO FAMILY LAW SUPERANNUATION LEGISLATION

61W. Definitions
61WA. Payment of benefits where superannuation interests affected by flagging order or payment split
61WB. Payment splits
61WC. Reduction of benefits of contributor spouses
61WD. Regulations

PART 5 - PROVISIONS RELATING TO PRIVATISATION OF EMPLOYERS AND OTHER GOVERNMENT INITIATIVES

62. Removal of employers from Act on privatisation
62A. Application of Part
63. Preservation of benefit for contributors
64. Adjustment of employer liability on Government initiative taking effect
65. Employer liabilities after Government initiative takes effect
66-69. (Repealed)

PART 6 - (Repealed)
None

PART 7 - GENERAL PROVISIONS

84A. (Repealed)
85. Information that must be disclosed to contributors
85A. Disputes
86. Regulations
86A. STC empowered to fix interest rates for the purposes of this Act
87. Returns
88. Assignment etc of benefit
88A. Payment without grant of probate etc
89. Restriction on manner of payment of benefit
89A. Evidence as to age, marriage or death
90. (Repealed)
91. Time for making elections, applications and choices
91A. Recovery of money payable to STC
91B. Payments to cover superannuation contributions surcharge
91C. Repayment of excess payments
92. Power to amend Schedule 3 (List of employers)
92AA-94. (Repealed)
94A. Transitional and other provisions arising from the Superannuation (Amendment) Act 1985
94B. Transitional and other provisions arising from the Superannuation (Amendment) Act 1988
94C. Savings and transitional

PART 8 - PROVISIONS APPLICABLE IN RESPECT OF THE PERIOD FROM 13 JANUARY 1976 TO 12 JANUARY 1977

95. Definition
96. This Part to prevail over other provisions
97. Number of units not to be increased
98. Reserve units
99. Pensions emerging during suspension period
100. Abandoned units
101. Reduction of salary
102. Elections
103. (Repealed)

PART 9 - PROVISIONS APPLICABLE IN RESPECT OF FOREIGN CONTRIBUTORS

104. Definitions
105. Certain calculations to be made by means of a conversion ratio
106. Certain amounts to be expressed in foreign currency
107. Employer to pay to or receive from the Fund any difference between actual amount paid under this Part and amount otherwise payable
108. Payments to be made as if conversion ratio always applied
Schedule 2 (Repealed)
SCHEDULE 3
Schedule 6 (Repealed)
SCHEDULE 7
Schedule 8 (Repealed)
SCHEDULE 9
Schedule 15 (Repealed)
SCHEDULE 16
SCHEDULE 17
SCHEDULE 18
SCHEDULE 19
SCHEDULE 20
SCHEDULE 21
SCHEDULE 22
SCHEDULE 23
SCHEDULE 24
SCHEDULE 25
SCHEDULE 26

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