SUPERANNUATION LEGISLATION AMENDMENT BILL 2010

52 Adjustment of NTGDI Scheme benefits for death or retirement on or after 1 April 2010

12 Delegation
26 Service before commencement of Act
Part VI Transitional matters for Superannuation Legislation Amendment Act 2010

36 Continuation of ongoing matters
6A Benefit at preservation age
13C Payments from NTSSS or NTPSBS

This Act may be cited as the Superannuation Legislation Amendment Act 2010.

Section 45E(1), definitions entry date, medical condition, reduced benefit classification and reduced benefit classification adjustment factor

(3) A permanent employee who was a member of the NTGPAS Scheme and, under the Rules, ceases to be an eligible employee as a result of electing to take a benefit from that Scheme, becomes a member of the NTGDI Scheme on ceasing to be an eligible employee.

Part 6 Transitional matters for Superannuation Legislation Amendment Act 2010

52 Adjustment of NTGDI Scheme benefits for death or retirement on or after 1 April 2010

(a) a benefit under Part 4 was paid to, or in respect of, a member before the commencement of Part 2, Division 2 of the 2010 Act; and

(2) An additional benefit is payable under the NTGDI Scheme of an amount equal to the difference between:

(b) the amount of the benefit that would have been payable under Part 4 if Part 2, Division 2 of the 2010 Act had commenced on 1 April 2010.

(4) To avoid doubt, a benefit paid under Part 4 is not subject to any adjustment as a result of the enactment of Part 2, Division 2 of the 2010 Act if the benefit trigger occurred before 1 April 2010.

benefit trigger¸ for a benefit under Part 4, means the death or retirement as mentioned in section 45M for which the benefit is payable.

(c) an employee who, under the Rules, ceases to be an eligible employee as a result of electing to take a benefit while still a permanent employee; or

(2) Section 3(1), definitions eligible employee, paragraphs (a) and (d)(i) and permanent employee, paragraph (a)(i) and (a), at the end

(6) For section 57A of the Interpretation Act, the Rules are a statutory instrument under an Act.

(4) The Commissioner may charge an adherent of the NTGPAS Scheme an account keeping fee, determined on a basis the Commissioner considers appropriate, and may charge the fee against the person's accumulation account.

Trustee Board means the Superannuation Trustee Board established by section 11.

(ii) to undertake and manage the investments of the fund for any such scheme on behalf of, and as directed by, its trustees; and

(b) any power delegated to the Commissioner under section 12(a) of the Legislative Assembly Members' Superannuation Fund Act.

(3) All courts, judges and persons acting judicially must take judicial notice of the common seal of the Trustee Board affixed to a document and assume it was duly affixed.

(2) Subject to section 14, at least one of the members of the Trustee Board must be:

(a) a member of a union the membership of which is wholly or substantially public employees; and

(ba) to exercise powers and perform functions under the Legislative Assembly Members' Superannuation Fund Act; and

(bb) with the approval of the Minister, to exercise powers and perform functions in relation to any other superannuation fund or scheme; and

The object of this Division is to give effect to the change in the trusteeship of the Fund from the old board to the Trustee Board effected by the amendments to the Act made by Part 2, Division 4 of the Superannuation Legislation Amendment Act 2010.

asset means property of any kind, whether tangible or intangible, real or personal, including any right, interest or claim of any kind, whether liquidated or unliquidated, actual, contingent or prospective.

liability means any liability, duty or obligation, whether liquidated or unliquidated, actual, contingent or prospective, and whether owed alone or jointly with another person or jointly and severally with another person.

old board means the Superannuation Investment Board under section 11 as in force before the restructure time and includes the persons who were members of that board.

restructure time means the commencement of Part 2, Division 4 of the Superannuation Legislation Amendment Act 2010.

right means any right, power, privilege or immunity, whether actual, contingent or prospective.

transferred asset or liability means an asset transferred by operation of section 56(a) or liability transferred by operation of section 56(b).

(1) The person who was the Chair of the old board immediately before the restructure time:

(b) holds that office for the remainder of the term of the person's appointment to the old board.

(2) Each other person who was a member of the old board immediately before the restructure time:

(b) holds that office for the remainder of the person's term of appointment to the old board.

(b) each liability of the old board becomes a liability of the Trustee Board; and

(c) in any proceedings to which the old board is party, the Trustee Board is substituted for the old board as a party to the proceedings; and

(d) any agreement or document relating to a transferred asset or liability is taken to be amended so that any reference in it to the old board includes, if the context permits, a reference to the Trustee Board.

(1) After the restructure time, any proceedings that could have been commenced by or against the old board in relation to a transferred asset or liability:

(2) After the restructure time, any remedy that would have been available to or against the old board in relation to a transferred asset or liability:

(1) The old board, Trustee Board and Commissioner must take all practicable steps to:

(a) ensure that the effect sought to be achieved by sections 56 and 57 is achieved; and

(a) the Commissioner must give to each registrar all the information the registrar needs in order to record and register the documents necessary to show the effect of section 56; and

(b) the old board, Trustee Board and Commissioner must make arrangements for the delivery to the Trustee Board of all the old board's documents and other records relating to the Fund or Scheme.

registrar means a person authorised or required by a law of any jurisdiction to record and give effect to the registration of documents relating to transactions affecting a transferred asset or liability.

(1) No tax or charge is chargeable in relation to any thing (a relevant act):

(iii) for a purpose connected with, or arising out of, giving effect to the object of this Division.

(2) Subsection (1) applies in relation to a foreign tax or charge so far as the legislative power of the Legislative Assembly permits.

(3) Any foreign tax or charge payable in relation to a relevant act is to be paid from the Central Holding Authority, which is appropriated accordingly.

foreign tax or charge means a tax or charge under a law of a jurisdiction other than the Territory.

tax or charge means a tax, duty, levy, fee or charge of any kind, including a fee or charge for a service.

(1) Anything done or omitted to be done by, to, or in relation to, the old board before the restructure time that is of ongoing effect is to be taken, after the restructure time, to have been done or omitted to be done by, to, or in relation to, the Trustee Board.

(2) Without limiting subsection (1), any direction given by the old board to the Commissioner and in force immediately before the restructure time continues in force as a direction given by the Trustee Board.

Part 3 Amendment of Legislative Assembly Members' Superannuation Fund Act
21 Act amended

Trustee Board means the Superannuation Trustee Board established by section 11 of the Superannuation Act.

The Trustee Board may delegate any of its powers and functions under this Act to:

(a) was a member of the Assembly at any time between 19 October 1974 and 23 September 1979; and

(b) made an election under this section as in force before the commencement of Part 3 of the Superannuation Legislation Amendment Act 2010; and

(a) the person's period of service as a member during the period from 19 October 1974 and 23 September 1979 is to be treated as membership for this Act; and

(b) for sections 17 and 19, that period is taken to be a period during which that member was entitled to additional salary or a salary (as the case requires).

Part VI Transitional matters for Superannuation Legislation Amendment Act 2010

The object of this Part is to give effect to the change in the trusteeship of the Fund from the old Trust to the Trustee Board effected by the amendments to the Act made by Part 3 of the Superannuation Legislation Amendment Act 2010.

old Trust means the Legislative Assembly Members' Superannuation Trust under section 11 as in force before the restructure time.

restructure time means the commencement of Part 3 of the Superannuation Legislation Amendment Act 2010.

right means any right, power, privilege or immunity, whether actual, contingent or prospective.

transferred asset or liability means an asset transferred by operation of section 32(a) or liability transferred by operation of section 32(b).

(b) each liability of the old Trust becomes a liability of the Trustee Board; and

(c) in any proceedings to which the old Trust is party, the Trustee Board is substituted for the old Trust as a party to the proceedings; and

(d) any agreement or document relating to a transferred asset or liability is taken to be amended so that any reference in it to the old Trust includes, if the context permits, a reference to the Trustee Board.

(1) After the restructure time, any proceedings that could have been commenced by or against the old Trust in relation to a transferred asset or liability:

(2) After the restructure time, any remedy that would have been available to or against the old Trust in relation to a transferred asset or liability:

(1) The old trustees, Trustee Board and Commissioner must take all practicable steps to:

(a) ensure that the effect sought to be achieved by sections 32 and 33 is achieved; and

(a) the Commissioner must give to each registrar all the information the registrar needs in order to record and register the documents necessary to show the effect of section 32; and

(b) the old trustees, Trustee Board and Commissioner must make arrangements for the delivery to the Trustee Board of all the old Trust's documents and other records relating to the Fund or Scheme.

(1) No tax or charge is chargeable in relation to any thing (a relevant act):

(iii) for a purpose connected with, or arising out of, giving effect to the object of this Part.

(2) Subsection (1) applies in relation to a foreign tax or charge so far as the legislative power of the Legislative Assembly permits.

(3) Any foreign tax or charge payable in relation to a relevant act is to be paid from the Central Holding Authority, which is appropriated accordingly.

foreign tax or charge means a tax or charge under a law of a jurisdiction other than the Territory.

tax or charge means a tax, duty, levy, fee or charge of any kind, including a fee or charge for a service.

(1) Anything done or omitted to be done by, to, or in relation to, the old Trust before the restructure time that is of ongoing effect is to be taken, after the restructure time, to have been done or omitted to be done by, to, or in relation to, the Trustee Board.

(2) Without limiting subsection (1), any direction given by the old Trust to the Commissioner and in force immediately before the restructure time continues in force as a direction given by the Trustee Board.

Part 4 Amendment of Northern Territory Government and Public Authorities' Superannuation Scheme Rules
28 Rules amended

This Part amends the Northern Territory Government and Public Authorities' Superannuation Scheme Rules.

NTSSS instrument means the instrument establishing the Northern Territory Supplementary Superannuation Scheme, as in force from time to time.

(3) Rule 1, definitions approved annuity and benefit salary, paragraph (a)

(4) Rule 1, definitions approved period of leave without pay, paragraphs (a), (b) and (c) and contribution salary, paragraph (a), at the end

(7) Rule 1, definition prospective membership, paragraphs (a) and (b), at the end

(1) A member who has attained the preservation age may, in an approved form, elect to take a benefit under this rule.

(2) If a member who is an eligible employee under the NTSSS makes an election under clause 6(4) of the NTSSS instrument to take a benefit under that clause, the election also takes effect as an election under subrule (1).

(3) A member who makes an election under subrule (1) must receive a benefit comprising:

(a) a refund of the amount credited to his or her accumulation account, if any; and

(4) A member ceases to be an eligible employee when the member makes an election under subrule (1).

preservation age, see regulation 6.01(2) of the Superannuation Industry (Supervision) Regulations 1994 (Cth).

The administration of the NTGPAS Scheme is subject to the inter-governmental agreement mentioned in section 3A of the Act. As a result, payment of a benefit under this rule is subject to the cashing restrictions mentioned in Schedule 1, Part 1, item 110 of the Superannuation Industry (Supervision) Regulations 1994 (Cth).

(1) This rule applies if an amount is paid into the Fund for a person (the transferee):

(b) under a provision of the NTPSBS trust deed that allows for a benefit payable under that trust deed to be paid to the Fund.

(2) If the transferee does not have an accumulation account, the Commissioner must establish and maintain an accumulation account for the transferee.

(3) The Commissioner must credit the amount paid into the Fund to the transferee's accumulation account.

NTPSBS trust deed means the trust deed dated 15 June 1984 establishing the Northern Territory Police Supplementary Benefit Fund, as amended from time to time.

When a transfer is made as described in rule 13C(1) the transferee becomes a former member (see rule 1, definition former member).

Provision	Amendment
	omit	insert
Part 2, Division 3, heading	Investment	Trustee
section 20(2)(a) and (b), at the end		or
section 39(1), (2) and (2)(b)(ii)	Investment (all references)	Trustee
section 39(2)(a)(i), (ii) and (iii) and (b)(i) and (ia), at the end		and
sections 40, 41(1), 42(1) and (3) and 43(1)(a), (2) and (3)	Investment (all references)	Trustee
section 45B	, unless the contrary intention appears
sections 45C(4)(a) and 45D(2)(a), at the end		and
section 45X(3) and (5)	Investment	Trustee
section 48, heading	Board	Review Board

Schedule 2 Legislative Assembly Members' Superannuation Fund Act further amended

Provision	Amendment
	omit	insert
section 3A(1)	established by this Act
sections 4A(1) and 4B(1), (3) and (6)	Trustees	Trustee Board
section 4B(5)	Trustees'	Trustee Board's
sections 4C(1), (2), (2)(a) and (3) and 4D(1) and (4)	Trustees (all references)	Trustee Board
section 4D(5)	section, *approved* Trustees	section: *approved* Trustee Board
sections 4E and 4F(1) and (2)	Trustees	Trustee Board
section 4F(1)(a), at the end		and
sections 5, 6 and 7(1)	Trust	Trustee Board
section 7(1)	of its financial transactions	for the Fund
section 7(2)	of the Trust
section 8(2), (3) and (4)	Trust	Trustee Board
section 16(1A)	Trustees allow Trustees,	Trustee Board allows Trustee Board,
section 16(2)(a), at the end		or
section 16(2)(b)	; and	; or
section 17	Trust	Trustee Board
section 18	Part, unless the contrary intention appears	Part
section 18, definition *spouse*, paragraphs (b) and (d)	Trustee	Trustee Board
section 18, definition *spouse*, paragraphs (a) and (b), at the end		or
section 18, definition *spouse*, paragraph (e), at the end		and
section 19(1)	equal to A + B, where:	equal to: A + B where:
section 19(1), definition A	salary; and	salary.
section 22(1) and (3)	Trust (all references)	Trustee Board
section 22(2) and (3)	Trustees	Trustee Board
section 24(4)	Trustees think	Trustee Board thinks
section 24(6)	Trustees (all references) their they think	Trustee Board its it thinks
section 24(7)	Trustees (all references)	Trustee Board
section 24(8)	Trustees, in their Trustees, is	Trustee Board, in its Trustee Board, is
section 25(1)	Trust	Trustee Board
section 25(2)(b)	x D,	x D
section 25(2), definition R	commuted;	commuted.
section 25(2), definition P	entitlement;	entitlement.
section 25(2), definition Y, paragraph (i)	and	or
section 25(2), definition Y, paragraph (ii)	and 65; and	and 65.
section 25A(1)	Trustees	Trustee Board
section 25A(2)(b)	x D,	x D
section 25A(2), definition R	commuted;	commuted.
section 25A(2), definition S	entitlement;	entitlement.
section 25A(2), definition D	death; and	death.
section 25A(2), definition Y, paragraph (i)	and	or
section 25A(4)	Trustees formula ), where:	Trustee Board formula: ) where:
section 25B	Part, unless the contrary intention appears	Part
section 25C(4)	Trustees	Trustee Board
section 25C(4)(a), at the end		and
section 25D(2)	for the purposes of the Trust by the Trustees	by the Trustee Board
section 28, heading	Trustees	Trustee Board
section 28	The Trustees Trustees undertake	The Trustee Board Trustee Board undertakes

Schedule 3 Northern Territory Government and Public Authorities' Superannuation Scheme Rules further amended

Provision	Amendment
	omit	insert
rules 3(7)(a) and (b), 9(1)(a) and (4)(a), 10(1)(a) and (3)(a) and 15(2)(a), at the end		and
rule 17(5), definition BP	received;	received.
rule 17(5), definition AR	received; and	received.

Northern Territory Bills

SUPERANNUATION LEGISLATION AMENDMENT BILL 2010