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This is a Bill, not an Act. For current law, see the Acts databases.
South Australia
Local Government (Superannuation Scheme) (Merger)
Amendment Bill 2012
A BILL FOR
An Act to amend the Local
Government (Superannuation Scheme) Amendment Act 2008.
Contents
Part 1—Preliminary
1Short
title
2Amendment provisions
Part 2—Amendment of Local Government
(Superannuation Scheme) Amendment Act 2008
3Amendment of Schedule
1—Transitional provisions
The Parliament of South Australia enacts as
follows:
This Act may be cited as the Local Government (Superannuation Scheme)
(Merger) Amendment Act 2012.
In this Act, a provision under a heading referring to the amendment of a
specified Act amends the Act so specified.
Part 2—Amendment
of Local Government (Superannuation Scheme)
Amendment Act 2008
3—Amendment
of Schedule 1—Transitional provisions
(1) Schedule 1 clause 1—after "In this Schedule"
insert:
, unless the contrary intention appears
(2) Schedule 1 clause 1, definition of new
scheme—delete "a trust deed pursuant to this Schedule" and
substitute:
the trust deed prepared by the Board in accordance with clause 3 (but
a reference in this Schedule to the new scheme does not apply in relation to the
Local Government Superannuation Scheme insofar as it is continued in existence
following any merger of the scheme with another superannuation scheme as
contemplated by clause 2(1)(b))
(3) Schedule 1 clause 1—after the definition of
relevant day insert:
successor fund, in relation to a transfer of benefits of a
member from a superannuation fund (the original fund), means a
superannuation fund that satisfies the following conditions:
(a) the fund confers on the member equivalent rights to the rights that
the member had under the original fund in respect of the benefits;
(b) before the transfer, the trustee of the fund has agreed with the
trustee of the original fund that the fund will confer on the member equivalent
rights to the rights that the member had under the original fund in respect of
the benefits;
superannuation fund means a fund that is, under
section 45 of the Superannuation Industry (Supervision)
Act 1993 of the Commonwealth, a complying superannuation fund for the
purposes of the Income Tax Assessment Act 1936 or the Income Tax
Assessment Act 1997 of the Commonwealth;
(4) Schedule 1 clause 2(1)—delete "continue in existence
under a trust deed." and substitute:
continue in existence under—
(a) the trust deed prepared by the Board in accordance with clause 3;
or
(b) another trust deed as part of a superannuation fund following a merger
of the scheme (or a subsequent merger of the scheme) with another superannuation
scheme pursuant to a transfer of the benefits of the members of the scheme to a
successor fund.
(5) Schedule 1 clause 2—after subclause (4)
insert:
(5) If there is a
merger of the new scheme with another superannuation scheme as contemplated by
clause 2(1)(b), a council or other authority or body that is a
participating employer for the purposes of the new scheme immediately before the
merger occurs will be taken to be a signatory to the trust deed under which the
Local Government Superannuation Scheme continues in existence following the
merger.
(6) If, following a
merger of the new scheme with another superannuation scheme, there is a
subsequent merger of the scheme with another superannuation scheme, a council or
other authority or body that is, immediately before the merger, a participating
employer for the purposes of the successor fund to which member benefits were
transferred under the previous merger will be taken to be a signatory to the
trust deed under which the fund is continued following the subsequent
merger.
(7) A participating employer that is taken under
subclause (5) or
(6) to be a signatory to
a trust deed cannot be required under the deed to remain as a participating
employer for the purposes of the scheme except in relation to an employee who is
continuing to accrue new service benefits under the scheme.
(6) Schedule 1 clause 5(4)—after "trust deed"
insert:
or there is a merger of the new scheme with another superannuation scheme
as contemplated by clause 2(1)(b)
(7) Schedule 1 clause 8(1)—after "this Schedule"
insert:
(including in relation to a merger of the new scheme with another
superannuation scheme as contemplated by clause 2(1)(b))