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This is a Bill, not an Act. For current law, see the Acts databases.
South Australia
Statutes Amendment and Repeal (Superannuation)
Bill 2012
A BILL FOR
An Act to amend the Judges'
Pensions Act 1971, the Parliamentary
Superannuation Act 1974, the Police
Superannuation Act 1990, the Southern
State Superannuation Act 2009, the Subordinate
Legislation Act 1978, the Superannuation
Act 1988 and the Superannuation
Funds Management Corporation of South Australia Act 1995; and to
repeal the Unclaimed
Superannuation Benefits Act 1997.
Contents
Part 1—Preliminary
1Short
title
2Commencement
3Amendment
provisions
Part 2—Amendment of Judges' Pensions
Act 1971
4Amendment of section 5—Certain pensions
not payable
5Repeal of section 16
6Amendment of section
17C—Interpretation
7Repeal of section 17D
8Amendment of section
17G—Entitlement where pension is in growth phase
Part 3—Amendment of Parliamentary
Superannuation Act 1974
9Amendment of section
5—Interpretation
10Repeal of section 23C
11Amendment of section 23F—Non-member
spouse's entitlement where pension is in growth phase
Part 4—Amendment of Police
Superannuation Act 1990
12Insertion of section
45B
45BUnclaimed
superannuation benefits
Part 5—Amendment of Southern State
Superannuation Act 2009
13Amendment of section
3—Interpretation
14Insertion of section
23A
23AUnclaimed
superannuation benefits
15Amendment of section
30—Regulations
16Amendment of Schedule 1—Related
amendments, repeal and transitional provisions
16ADefinition of salary
Part 6—Amendment of Subordinate
Legislation Act 1978
17Amendment of section
16A—Regulations to which this Part applies
Part 7—Amendment of Superannuation
Act 1988
18Amendment of section
4—Interpretation
19Amendment of section
8—Board's membership
20Amendment of section 9—Board
proceedings
21Amendment of section 20B—Payment of
benefits
22Amendment of section 43AB—Purpose of
Part
23Amendment of section
43AC—Interpretation
24Insertion of section
50A
50AUnclaimed
superannuation benefits
25Amendment of section
55—Confidentiality
26Amendment of section
59—Regulations
27Amendment of heading to Schedule 1B
28Amendment of Schedule 1B—Transfer of
certain members of the Electricity Industry Superannuation Scheme
29Amendment of Schedule 3—Administered
schemes
Part 8—Amendment of Superannuation
Funds Management Corporation of South Australia Act 1995
30Amendment of section
3—Interpretation
31Amendment of section 10—Conditions of
membership
32Amendment of section 20B—Other
performance plans
33Amendment of section
39—Regulations
Part 9—Repeal of Unclaimed
Superannuation Benefits Act 1997
34Repeal of
Act
Schedule 1—Transitional
provisions
1Superannuation Act and Superannuation Funds
Management Corporation of South Australia Act
2Unclaimed Superannuation
Benefits Act
Schedule 2—Statute law revision
amendment of Superannuation Act 1988
The Parliament of South Australia enacts as
follows:
This Act may be cited as the Statutes Amendment and Repeal
(Superannuation) Act 2012.
This Act will come into operation on a day to be fixed by
proclamation.
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 Judges' Pensions
Act 1971
4—Amendment
of section 5—Certain pensions not payable
Section 5(2)—delete subsection (2) and
substitute:
(2) If, immediately before his or her appointment as a Judge, a Judge, to
or in respect of whom a pension is not payable by virtue of subsection (1),
was a contributor within the meaning of the Superannuation
Act 1988, then despite anything in that Act, that Act applies to,
and has effect in relation to, the Judge as if—
(a) he or she were an employee within the meaning of that Act;
and
(b) his or her judicial service were service as such an employee;
and
(c) he or she contributed, during the period of his or her judicial
service, at the standard contribution rate within the meaning of that
Act.
Section 16—delete the section
6—Amendment
of section 17C—Interpretation
Section 17C, definition of Southern State Superannuation
Fund—delete "established under the
Southern
State Superannuation Act 1994" and substitute:
continued in existence under the Southern
State Superannuation Act 2009
Section 17D—delete the section
8—Amendment
of section 17G—Entitlement where pension is in growth
phase
Section 17G(2)(a)—delete "by applying that percentage split to
the member spouse's interest under this Act based on the relevant accrued
benefit multiple and by applying any relevant method or factor that applies
under section 17E" and substitute:
in accordance with the Commonwealth regulations
Part 3—Amendment
of Parliamentary Superannuation
Act 1974
9—Amendment
of section 5—Interpretation
Section 5(1)—after the definition of additional
salary insert:
approved form means a form approved by the Board;
Section 23C—delete the section
11—Amendment
of section 23F—Non-member spouse's entitlement where pension is in growth
phase
Section 23F(2)(a)—delete "by applying that percentage split to
the member spouse's superannuation interest based on the relevant accrued
benefit multiple and by applying any relevant method or factor that applies
under section 23D" and substitute:
in accordance with the Commonwealth regulations
Part 4—Amendment
of Police Superannuation
Act 1990
After section 45A insert:
45B—Unclaimed superannuation
benefits
(1) If an amount of the
Fund is attributable to an unclaimed superannuation benefit of a contributor,
the Treasurer may, in accordance with the Superannuation (Unclaimed Money and
Lost Members) Act 1999 of the Commonwealth, pay an amount equal to the
unpaid superannuation benefit, or any amount required to be paid under that Act
on account of the unclaimed superannuation benefit, from the Consolidated
Account to the Commissioner of Taxation.
(2) The Treasurer must reimburse the Consolidated Account by charging the
Fund with an amount equal to—
(a) the balance of the contributor's contribution account; and
(b) the balance (if any) of the contributor's co-contribution account;
and
(c) the balance (if any) of the contributor's rollover account.
(3) The Board must then close all accounts maintained by the Board in the
name of the contributor, after which—
(a) he or she will cease to be a contributor; and
(b) his or her rights in relation to superannuation under this Act will be
taken to have been exhausted and no derivative rights will exist in relation to
him or her under this Act.
(4) In this section—
unclaimed superannuation benefit means an amount of money
that is taken by Part 3 of the Superannuation (Unclaimed Money and Lost
Members) Act 1999 of the Commonwealth to be unclaimed money.
Part 5—Amendment
of Southern State Superannuation
Act 2009
13—Amendment
of section 3—Interpretation
(1) Section 3(1), definition of salary—delete
"member other than" and substitute:
member except
(2) Section 3(1), definition of salary,
(b)—delete paragraph (b) and substitute:
(b) an amount paid in lieu of—
(i) recreation leave; or
(ii) long service leave; or
(iii) any other kind of leave,
on the termination of the member's employment; or
(ba) an amount paid in respect of parental leave; or
(3) Section 3(1), definition of salary—after
paragraph (c) insert:
or
(d) remuneration of a prescribed kind;
After section 23 insert:
23A—Unclaimed superannuation
benefits
(1) If an amount of
the Fund is attributable to an unclaimed superannuation benefit of a member or
spouse member, the Treasurer may, in accordance with any relevant law of the
Commonwealth, pay an amount equal to the unpaid superannuation benefit from the
Consolidated Account to the Commissioner of Taxation.
(2) The Treasurer must reimburse the Consolidated Account by charging the
Fund with the amount of the unclaimed superannuation benefit.
(3) The Board must then close all accounts maintained by the Board in the
name of the member or spouse member, after which—
(a) he or she will cease to be a member or spouse member; and
(b) his or her rights in relation to superannuation under this Act will be
taken to have been exhausted and no derivative rights will exist in relation to
him or her under this Act.
(4) In this section—
unclaimed superannuation benefit means an amount of money
that is taken by Part 3 of the Superannuation (Unclaimed Money and Lost
Members) Act 1999 of the Commonwealth to be unclaimed money.
15—Amendment
of section 30—Regulations
(1) Section 30(7) and (8)—delete subsections (7)
and (8)
(2) Section 30(12)—delete subsection (12)
16—Amendment
of Schedule 1—Related amendments, repeal and transitional
provisions
Schedule 1—after clause 16 insert:
16A—Definition of salary
If a member is on parental leave when paragraph (ba) of the definition
of salary in section 3(1) of this Act, inserted by the Statutes
Amendment and Repeal (Superannuation) Act 2012, comes into
operation, an amount received by the member in respect of that period of leave
pursuant to an enterprise agreement will, despite that paragraph, be taken to be
salary for the purposes of this Act.
Part 6—Amendment
of Subordinate Legislation
Act 1978
17—Amendment
of section 16A—Regulations to which this Part applies
(1) Section 16A(ab)—delete paragraph (ab) and
substitute:
(ab) by-laws made under the Local
Government Act 1934; and
(2) Section 16A—after paragraph (eb) insert:
(ec) regulations under Schedule 1A clause 1(1) of the Superannuation
Act 1988 (including regulations in force when this paragraph comes
into operation); and
Part 7—Amendment
of Superannuation
Act 1988
18—Amendment
of section 4—Interpretation
(1) Section 4(1)—after the definition of adjusted
salary insert:
Administered Electricity Industry Superannuation
Scheme—see Schedule 1B Part 2A;
(2) Section 4(1)—after the definition of age of
retirement insert:
approved form means a form approved by the Board;
(3) Section 4(1), definition of contributor—after
"as a member of" insert:
the Administered Electricity Industry Superannuation Scheme or
(4) Section 4(1), definition of pensioner—after
"as a member of" insert:
the Administered Electricity Industry Superannuation Scheme or
(5) Section 4(1), definition of the Scheme—after
"does not include" insert:
the Administered Electricity Industry Superannuation Scheme or
(6) Section 4(1)—after the definition of the Scheme
insert:
SIS Act means the Superannuation Industry (Supervision)
Act 1993 of the Commonwealth;
(7) Section 4(1)—after the definition of Triple S
scheme insert:
unclaimed superannuation benefit means an amount of money
that is taken by Part 3 of the Superannuation (Unclaimed Money and Lost
Members) Act 1999 of the Commonwealth to be unclaimed money.
(8) Section 4(3)—delete "subsection (4)" and
substitute:
this section
(9) Section 4(4)(a) and (b)—delete paragraphs (a)
and (b) and substitute:
(a) before the commencement of subsection (4a)—
(i) there was a reduction in a contributor’s rate of salary (not
being a reduction resulting from disciplinary action against the contributor or
a reduction in the contributor's hours of employment); and
(ii) the contributor elected under this subsection to contribute as if the
reduction had not occurred; and
(b) after the commencement of subsection (4a), the contributor
elects, in a manner approved by the Board, to have his or her contributions
determined under this subsection,
(10) Section 4—after subsection (4) insert:
(4a) If (whether before
or after the commencement of this subsection) there has been a reduction in a
contributor’s rate of salary (not being a reduction resulting from
disciplinary action against the contributor or a reduction in the contributor's
hours of employment) and—
(a) the contributor—
(i) elected, before the commencement of this subsection, to contribute as
if the reduction had not occurred; and
(ii) has not made an election under subsection (4)(b); or
(b) the contributor elects, in a manner approved by the Board, to
contribute as if the reduction had not occurred,
then the following provisions apply:
(c) the contributor's contributions will be based on his or her notional
contribution salary;
(d) the contributor’s actual or attributed salary as at a particular
date will be determined as if his or her notional contribution salary on that
date were the contributor’s actual salary.
(4b) For the purposes of
subsection (4a), a
contributor's notional contribution salary is—
(a) the salary of the position or office held by the contributor
immediately before the reduction occurred; or
(b) if that position or office ceases to exist or the classification of
the position or office is changed—the salary of that position or office
immediately before it ceased to exist or its classification was changed
(adjusted if any increase occurs in the rate of salary payable in respect of the
contributor's position or office by a percentage equal to the percentage that
the increase bears to that salary).
(4c) The fixing of a contributor's contributions in relation to a
financial year under section 23(4)(a) following a reduction in a
contributor’s rate of salary will be based on the contributor's notional
contribution salary pursuant to an election under
subsection (4a) only
if the contributor made the election under that subsection on or before the
31 March last preceding the commencement of the financial year.
19—Amendment
of section 8—Board's membership
(1) Section 8(1)(b)—delete paragraph (b) and
substitute:
(b) 2 members elected by—
(i) the contributors; and
(ii) the members and spouse members of the Triple S scheme;
and
(iii) persons provided with investment services or other products or
services pursuant to regulations under section 30(2)(g) of the Southern
State Superannuation Act 2009; and
(2) Section 8(2)—delete ", the Superannuation
(Benefit Scheme) Act 1992 or the Southern
State Superannuation Act 1994" and substitute:
or the Southern
State Superannuation Act 2009
20—Amendment
of section 9—Board proceedings
Section 9—after subsection (4a) insert:
(4b) A proposed resolution of the Board becomes a valid decision of the
Board despite the fact that it is not voted on at a meeting of the Board
if—
(a) notice of the proposed resolution is given to all members in
accordance with procedures determined by the Board; and
(b) a majority of the members express concurrence in the proposed
resolution by letter, telegram, telex, fax, email or other written communication
setting out the terms of the resolution.
21—Amendment
of section 20B—Payment of benefits
Section 20B(4)—after "in relation to" insert:
the Administered Electricity Industry Superannuation Scheme or
22—Amendment
of section 43AB—Purpose of Part
Section 43AB—after "arising under" insert:
the Administered Electricity Industry Superannuation Scheme or
23—Amendment
of section 43AC—Interpretation
Section 43AC, definition of SIS Act—delete the
definition
After section 50 insert:
50A—Unclaimed superannuation
benefits
(1) If an amount of
the Fund is attributable to an unclaimed superannuation benefit of a
contributor, the Treasurer may, in accordance with the Superannuation
(Unclaimed Money and Lost Members) Act 1999 of the Commonwealth, pay an
amount equal to the unpaid superannuation benefit, or any amount required to be
paid under that Act on account of the unclaimed superannuation benefit, from the
Consolidated Account to the Commissioner of Taxation.
(2) The Treasurer must reimburse the Consolidated Account by charging the
Fund with an amount equal to—
(a) the balance of the contributor's contribution account; and
(b) the balance (if any) of the contributor's co-contribution account;
and
(c) the balance (if any) of the contributor's rollover account.
(3) The Board must then close all accounts maintained by the Board in the
name of the contributor, after which—
(a) he or she will cease to be a contributor; and
(b) his or her rights in relation to superannuation under this Act will be
taken to have been exhausted and no derivative rights will exist in relation to
him or her under this Act.
25—Amendment
of section 55—Confidentiality
(1) Section 55(1)—after "including under" insert:
the Administered Electricity Industry Superannuation Scheme or
(2) Section 55(1)(d)—after "if relevant," insert:
the Administered Electricity Industry Superannuation Scheme or
(3) Section 55(1)(f)—after "rules of" insert:
the Administered Electricity Industry Superannuation Scheme or
26—Amendment
of section 59—Regulations
Section 59(1a)—before paragraph (a) insert:
(aa) set out the procedures for the election of a member of the Board
(including procedures that determine eligibility to vote in the
election);
27—Amendment
of heading to Schedule 1B
Heading to Schedule 1B—delete "to the State
Scheme"
28—Amendment
of Schedule 1B—Transfer of certain members of the Electricity Industry
Superannuation Scheme
(1) Schedule 1B, clause 1—after the definition of
the State Scheme insert:
taxed fund—a fund is a taxed fund if tax is payable on
the income of the fund under a law of the Commonwealth;
(2) Schedule 1B, heading to Part 2—delete the heading and
substitute:
Part 2—Transfer of members to State
Scheme
(3) Schedule 1B, clause 3(2)(a)—after "pension"
insert:
to which this subclause applies
(4) Schedule 1B, clause 3(2)(b)—after "pension" second
occurring insert:
to which this subclause applies
(5) Schedule 1B, clause 3(2)(c)—after "pension" first
occurring insert:
to which this subclause applies
(6) Schedule 1B, clause 3—after subclause (2)
insert:
(2a) Subclause (2) applies to a pension under the Electricity
Industry Superannuation Scheme if the taxable component of the pension consists
wholly of an element untaxed in the fund from which the pension is payable.
(7) Schedule 1B, clause 3(5)(a) and (b)—delete
"three years" wherever occurring and substitute in each case:
4.5 years
(8) Schedule 1B, clause 3(5)(e) and (f)—delete "the
third anniversary of" wherever occurring and substitute in each case:
the date falling 4.5 years after
(9) Schedule 1B, clause 5(3)—after "before the transfer"
insert:
(to be determined on the basis that no tax is payable on the income of the
account under a law of the Commonwealth)
(10) Schedule 1B, clause 5(6)—after "appointed by the
Treasurer" insert:
on the basis that no tax is payable on the income of the Scheme assets
under a law of the Commonwealth
(11) Schedule 1B—after Part 2 insert:
Part 2A—Transfer of certain members of Electricity
Industry Superannuation Scheme to scheme administered by South Australian
Superannuation Board
5A—Establishment of trust deed and fund for
Administered Electricity Industry Superannuation Scheme
(1) A trust deed is to
be prepared by the Board for the purposes of establishing a scheme of
superannuation that provides persons transferred from the Electricity Industry
Superannuation Scheme under this Part with rights and benefits equivalent to the
rights and benefits to which they were entitled in respect of a taxed pension
under that Scheme.
(2) The scheme of superannuation established under
subclause (1) is to
be known as the Administered Electricity Industry Superannuation
Scheme.
(3) The trust deed
establishing the Administered Electricity Industry Superannuation
Scheme—
(a) is to provide for the establishment by the Board of a fund, to be
administered by the Board, for the purposes of the Scheme; and
(b) is to provide that the trustee for the Scheme will be the Board;
and
(c) will commence on a day specified by the Treasurer by notice in the
Gazette.
(4) The Administered Electricity Industry Superannuation Scheme is to have
a set of rules.
(5) The trust deed
and the rules of the Administered Electricity Industry Superannuation Scheme
will be contained in instruments recognised by the Treasurer by notice in the
Gazette.
(6) The Treasurer must not publish a notice under
subclause (5)
unless the Treasurer—
(a) is acting on the basis of an application made by the Board;
and
(b) is satisfied that the trust deed and rules of the Administered
Electricity Industry Superannuation Scheme confer on members of the Scheme
equivalent rights and benefits to the rights and benefits that members had under
the Electricity Industry Superannuation Scheme; and
(c) is otherwise satisfied that the trust deed and rules meet the
requirements specified in this clause.
(7) In preparing the trust deed and rules of the Administered Electricity
Industry Superannuation Scheme, the Board must consult and have regard to the
views of the Electricity Industry Superannuation Board.
5B—Transfer to Administered Electricity Industry
Superannuation Scheme
(1) The Board may,
with the approval of the Treasurer, enter into an agreement with the Trustee
under which a person or persons referred to in
subclause (2)
may be transferred from the Electricity Industry Superannuation Scheme to the
Administered Electricity Industry Superannuation Scheme.
(2) The following
persons may be transferred pursuant to an agreement under
subclause (1):
(a) a person who is in receipt of a pension payable from a taxed fund
under the Electricity Industry Superannuation Scheme;
(b) a person who is
a member of the Electricity Industry pension scheme and who is presently
entitled to receive, but is not yet in receipt of, a pension payable from a
taxed fund following the termination of his or her employment;
(c) a person who has terminated his or her employment with a business in
the electricity generating and distribution industry but is entitled to a
preserved pension benefit payable from a taxed fund under the Electricity
Industry Superannuation Scheme;
(d) a person who is
entitled to a pension payable from a taxed fund as a derivative benefit under
the Electricity Industry Superannuation Scheme but who is not yet in receipt of
the pension.
(3) A person may not be transferred from the Electricity Industry
Superannuation Scheme to the Administered Electricity Industry Superannuation
Scheme unless—
(a) the Electricity Industry Superannuation Board has—
(i) provided the person with a copy of the set of rules of the
Administered Electricity Industry Superannuation Scheme; and
(ii) offered to facilitate the transfer of the person to the Administered
Electricity Industry Superannuation Scheme; and
(b) the person has notified the Electricity Industry Superannuation Board
in writing that he or she accepts the offer.
5C—Management and investment of Scheme
assets
(1) The assets of the Administered Electricity Industry Superannuation
Scheme will be invested, managed and held for the benefit of that Scheme and
will not belong to the Crown.
(2) The fund established for the purposes of the Scheme pursuant to
clause 5A(3)
will be—
(a) subject to the management of the Superannuation Funds Management
Corporation of South Australia; and
(b) invested by the Corporation.
(3) The Corporation may enter into transactions affecting the
fund—
(a) for the purposes of investment; or
(b) for purposes incidental, ancillary or otherwise related to
investment.
(4) The Corporation must consult with the Board to determine the
risk/return objectives and strategic asset allocation policies to be adopted
with respect to the management and investment of the fund.
(5) Subject to
subclause (6), the
Board will be ultimately responsible for setting the risk/return objectives and
the Corporation will be ultimately responsible for determining the strategic
asset allocation policies.
(6) If a disagreement
arises between the Board and the Corporation with respect to the investment of
the fund, the matter must be referred to the Treasurer and a decision of the
Treasurer will determine the matter (and will have effect according to its
terms).
(7) Subject to any other arrangements under the rules of the Scheme, or
approved by the Board—
(a) the Board must pay into the fund all contributions received for the
purposes of the Scheme; and
(b) all interest and accretions arising from the investment of the fund
must be paid into the fund; and
(c) all benefits under the Scheme must be paid from the fund.
(8) The Corporation will also pay from the fund—
(a) administrative costs and other expenses related to the management and
investment of the fund by the Corporation; and
(b) any other amount payable in connection with the management or
operation of the Scheme determined to be payable from the fund pursuant to the
rules of the Scheme or a determination of the Board.
(9) The Corporation must determine the value of the fund as at the end of
each financial year.
5D—Transfer of funds
(1) When a person is
transferred to the Administered Electricity Industry Superannuation Scheme under
this Part, the following amounts (to be determined by an actuary appointed by
the Treasurer) must be paid by the Trustee from the Scheme assets of the
Electricity Industry Superannuation Scheme to the Board:
(a) an amount equivalent in value to that part of the Scheme assets of the
Electricity Industry Superannuation Scheme that is attributable to the full
actuarial value of the entitlements of the person (whether payable on a taxed or
untaxed basis) under the Scheme;
(b) an amount representing a fair and reasonable estimate of the costs and
expenses likely to be incurred by the Board in administering the payment of
benefits under the Scheme to the person.
(2) The Treasurer must pay into the fund of the Administered Electricity
Industry Superannuation Scheme a contribution reflecting the amount paid to the
Board under
subclause (1).
5E—Unclaimed superannuation
benefits
If an amount of the fund established for the purposes of the Administered
Electricity Industry Superannuation Scheme is attributable to an unclaimed
superannuation benefit, the Board may, in accordance with the Superannuation
(Unclaimed Money and Lost Members) Act 1999 of the Commonwealth, pay an
amount equal to the unpaid superannuation benefit, or any amount required to be
paid under that Act on account of the unclaimed superannuation benefit, from the
fund to the Commissioner of Taxation.
5F—Accounts and audit
(1) The Board must,
in respect of each financial year for which it is the trustee of the
Administered Electricity Industry Superannuation Scheme—
(a) maintain proper accounts of amounts paid to the Board for the purposes
of the Scheme; and
(b) maintain proper accounts of payments to, on behalf of, or in respect
of, members of the Scheme; and
(c) maintain proper accounts of any other associated receipts or payments;
and
(d) prepare financial statements in relation to those receipts and
payments.
(2) Subject to
subclause (3),
the Auditor-General must, on an annual basis, audit—
(a) the accounts and financial statements referred to in
subclause (1);
and
(b) any other accounts or financial statements of the Administered
Electricity Industry Superannuation Scheme.
(3) The
Auditor-General may, as the Auditor-General thinks fit, appoint or authorise
another person to conduct an audit on behalf of, or instead of, the
Auditor-General.
(4) The
Auditor-General may, at any other time, audit the accounts and financial
statements of the Board under this Part, or of the Administered Electricity
Industry Superannuation Scheme.
5G—Reports
(1) The Board must,
in conjunction with each annual report under this Act, provide a report on the
operation of this Part in relation to the Administered Electricity Industry
Superannuation Scheme during the financial year to which the annual report
relates.
(2) A report under
subclause (1)
must include—
(a) a copy of any accounts or financial statements that are required to be
audited under this Part in respect of the Part for the financial year;
and
(b) a copy of the audited accounts and financial statements for the fund
established for the purposes of the Administered Electricity Industry
Superannuation Scheme provided by the Superannuation Funds Management
Corporation of South Australia.
(3) The Minister must, within 6 sitting days after receiving a report
under this clause, have copies of the report laid before both Houses of
Parliament.
(4) The Board must also report in accordance with any requirements imposed
on the Board under the rules of the Administered Electricity Industry
Superannuation Scheme, or under the regulations.
(12) Schedule 1B, clause 8—after "State Scheme"
insert:
or the Administered Electricity Industry Superannuation Scheme
(13) Schedule 1B, clause 8—after "cease" insert:
and the Trustee, and any other past or future trustee of the Electricity
Industry Superannuation Scheme, is by force of this clause freed and discharged
from liability in respect of any claim made by or in respect of the person
against the Trustee (or other trustee) in relation to the person's entitlements
under the Scheme
(14) Schedule 1B, clause 9(1)—after "State Scheme"
insert:
or the Administered Electricity Industry Superannuation Scheme
(15) Schedule 1B—after clause 10 insert:
10A—Costs of actuarial
determinations
Costs incurred in relation to the appointment by the Treasurer of an
actuary to determine an amount to be paid by the Trustee to the Treasurer or the
Board under this Schedule are to be met from the component of the amount
determined by the actuary that is attributable to employer
contributions.
(16) Schedule 1B, clause 11(1)—after "State Scheme"
insert:
or the Administered Electricity Industry Superannuation Scheme
29—Amendment
of Schedule 3—Administered schemes
(1) Schedule 3, clause 4(1)—delete "clause 2" and
substitute:
clause 2(1)(c)
(2) Schedule 3, clause 4(2)—delete "established for the
purposes of the administered scheme"
(3) Schedule 3, clause 5—delete clause 5 and
substitute:
5—Management and establishment of
funds
(1) If a
declaration is made under clause 2(1)(c), the Superannuation Funds
Management Corporation of South Australia may, depending on arrangements
determined or approved by the Minister and the other requirements of this
Schedule—
(a) assume the
management of an existing fund (and make investments accordingly); or
(b) establish a
fund for the purposes of the administered scheme (and invest assets of the
relevant scheme transferred to or held by the Corporation for the purposes of
management by the Corporation).
(2) The assets of an administered scheme that is subject to a declaration
under clause 2(1)(c) will be invested, managed and held for the benefit of
that scheme and will not belong to the Crown.
(3) Subject to the following subclauses, the Corporation may enter into
transactions affecting any assets held in a fund under
subclause (1)(a)
or
(b)—
(a) for the purposes of investment; or
(b) for purposes incidental, ancillary or otherwise related to
investment.
(4) The Corporation must consult with the trustee of the relevant
superannuation scheme to determine the risk/return objectives and strategic
asset allocation policies to be adopted with respect to the management and
investment of the fund.
(5) Subject to
subclause (6), the
trustee of the scheme will be ultimately responsible for setting the risk/return
objectives and the Corporation will be ultimately responsible for determining
the strategic asset allocation policies.
(6) If a disagreement
arises between the trustee and the Corporation with respect to the investment of
the fund, the matter must be referred to the Treasurer and a decision of the
Treasurer will determine the matter (and will have effect according to its
terms).
(7) If the assets of a superannuation scheme are being managed under this
Schedule, then, subject to any other arrangements under the rules of the scheme
or approved by the trustee of the scheme—
(a) Super SA must pay to the credit of the fund maintained for the
purposes of the scheme all contributions received by Super SA for the
purposes of the scheme; and
(b) all interest and accretions arising from the investment of the assets
of the scheme must be paid into a fund managed or established under this
Schedule for the benefit of the scheme; and
(c) all benefits under the scheme will be paid from a fund managed or
established under this Schedule for the benefit of the scheme.
(8) The Corporation may pay from a fund managed by the Corporation under
this Schedule—
(a) administrative costs and other expenses related to the management and
investment activities of the Corporation in connection with the fund;
and
(b) if relevant, administrative charges payable under clause 11;
and
(c) any other amount payable in connection with the management or
operation of the relevant superannuation scheme determined to be payable from
the fund pursuant to the rules of the scheme or a determination of the trustee
of the scheme.
(9) The Corporation must determine the value of a fund managed under this
clause as at the end of each financial year.
(4) Schedule 3, clause 6(1)(a)—delete "established" and
substitute:
managed by the Corporation
(5) Schedule 3, clause 10(2)(b)—delete "in existence" and
substitute:
managed
(6) Schedule 3—after clause 12 insert:
12A—Unclaimed superannuation
benefits
If an amount of a superannuation fund of an administered scheme is
attributable to an unclaimed superannuation benefit, the trustees of the scheme
may, in accordance with the Superannuation (Unclaimed Money and Lost Members)
Act 1999 of the Commonwealth, pay an amount equal to the unpaid
superannuation benefit, or any amount required to be paid under that Act on
account of the unclaimed superannuation benefit, from the fund to the
Commissioner of Taxation.
Part 8—Amendment
of Superannuation Funds Management Corporation
of South Australia Act 1995
30—Amendment
of section 3—Interpretation
(1) Section 3(1), definition of contributor,
(b)—after "member" insert:
or spouse member
(2) Section 3(1), definition of contributor—after
paragraph (b) insert:
or
(c) a person provided with investment services or other products or
services pursuant to regulations under section 30(2)(g) of the Southern
State Superannuation Act 2009;
(3) Section 3(1), definition of the funds,
(c)—delete paragraph (c) and substitute:
(c) the funds (if any) established by—
(i) the South Australian Superannuation Board for the purposes of
Schedule 1B Part 2A of the Superannuation
Act 1988; or
(ii) the Corporation for the purposes of Schedule 3 of the Superannuation
Act 1988; and
31—Amendment
of section 10—Conditions of membership
Section 10(5)—delete "South Australian Institute of Teachers"
and substitute:
Australian Education Union (S.A. Branch)
32—Amendment
of section 20B—Other performance plans
(1) Section 20B(1)—delete "established by the Corporation for
the purposes of" and substitute:
managed by the Corporation for the purposes of Schedule 1B
Part 2A or
(2) Section 20B(3)—delete "Schedule 3" and
substitute:
Schedules 1B and 3
33—Amendment
of section 39—Regulations
Section 39(2)(b)—after "board" insert:
(including procedures that determine eligibility to vote in the
election)
Part 9—Repeal
of Unclaimed Superannuation Benefits
Act 1997
The Unclaimed
Superannuation Benefits Act 1997 is repealed.
Schedule 1—Transitional
provisions
1—Superannuation
Act and Superannuation Funds Management Corporation of South Australia
Act
(1) Regulations made under the Superannuation
Act 1988 or the Superannuation
Funds Management Corporation of South Australia Act 1995 before the
commencement of this clause are to be read as if the amendments to the
regulation making powers under those Acts effected by this Act had been in force
when the regulations were made.
(2) The person holding the office of elected member of the South
Australian Superannuation Board pursuant to section 8(1)(b) of the Superannuation
Act 1988 (the principal Act) immediately before the
commencement of
section 19 of this
Act will, despite the amendments effected by that section, continue to hold
office for the balance of his or her term of election (subject to any provision
of the principal Act relating to the conditions of his or her office).
(3) The person holding the office of elected member of the board of
directors of the Superannuation Funds Management Corporation of South Australia
pursuant to section 9(2)(a) of the Superannuation
Funds Management Corporation of South Australia Act 1995 (the
principal Act) immediately before the commencement of
section 30 of this
Act will, despite the amendments effected by that section, continue to hold
office for the balance of his or her term of election (subject to any provision
of the principal Act relating to the conditions of his or her office).
2—Unclaimed
Superannuation Benefits Act
(1) If—
(a) an unclaimed superannuation benefit has been paid to the Treasurer by
the superannuation provider of a fund under the Unclaimed
Superannuation Benefits Act 1997 (the repealed Act);
and
(b) an amount equal to the amount of that unclaimed superannuation benefit
(less any amount refunded to the superannuation provider under section 7 of
the repealed Act) has not, before the repeal of the repealed Act by this Act,
been paid to any person,
the Treasurer must, within 1 month of the commencement of this
clause—
(c) pay an amount equal to the amount of the unclaimed superannuation
benefit to the Commissioner of Taxation; and
(d) provide the Commissioner of Taxation with all information relating to
the unclaimed superannuation benefit kept in the register of unclaimed
superannuation benefits under section 8 of the repealed Act.
(2) The Consolidated Account is appropriated to the extent necessary for
the purposes of this clause.
(3) In this clause—
superannuation provider has the same meaning as in the
Superannuation (Unclaimed Money and Lost Members) Act 1999 of the
Commonwealth;
unclaimed superannuation benefit means an amount of money
that is taken by Part 3 of the Superannuation (Unclaimed Money and Lost
Members) Act 1999 of the Commonwealth to be unclaimed money.
Schedule 2—Statute
law revision amendment of Superannuation
Act 1988
Provision amended |
How amended |
---|---|
Section 4(1), definition of actuary |
Delete "the Institute" and substitute: The Institute |
Section 4(1), definition of adjusted salary, (a) and
(b) |
Delete "where" wherever occurring and substitute in each case: if |
Section 4(1), definition of the Board |
Delete "the" from the defined term |
Section 4(1), definition of the Commonwealth
Act |
Delete "the" from the defined term |
Section 4(1), definition of the Consumer Price
Index |
Delete "the" from the defined term |
Section 4(1), definition of employee, (b)(ii) |
Delete "Further
Education Act 1975" and substitute: |
Section 4(1), definition of employee, (b)(iii) |
Delete "TransAdelaide" and substitute: the Rail Commissioner |
Section 4(1), definition of employee, (b)(iii) |
Delete "— the South Australian Health Commission" |
Section 4(1), definition of employee, (b)(iv) |
Delete "Chief Executive Officer" and substitute: chief executive |
Section 4(1), definition of the Fund |
Delete "the" from the defined term |
Section 4(1), definition of preservation age |
Delete "SIS Act" and substitute: Superannuation Industry (Supervision) Act 1993 of the
Commonwealth |
Section 4(1), definition of private sector
employer |
Delete "upon" and substitute: on |
Section 4(1), definition of the repealed Act |
Delete "the" from the defined term |
Section 4(1), definition of to retrench |
Delete "to" from the defined term and second occurring in the
definition |
Section 4(1), definition of the Scheme |
Delete "the" from the defined term |
Section 4(1), definition of Southern State Superannuation
Fund |
Delete "established under the Southern
State Superannuation Act 1994" and substitute: continued in existence under the Southern
State Superannuation Act 2009 |
Section 4(1), definition of the Superannuation Funds Management
Corporation of South Australia and the
Corporation |
Delete "the" from each defined term |
Section 4(1), definition of Triple S
scheme |
Delete "established by the Southern
State Superannuation Act 1994" and substitute: continued in existence under the Southern
State Superannuation Act 2009 |
Section 4(2) |
Delete "Where" and substitute: If |
Section 4(3)(a) |
Delete "where" and substitute: if |
Section 4(5) |
Delete "Where" first occurring and substitute: If Delete ", if" and substitute: and |
Section 4(6)(b) |
Delete "where" and substitute: if After "expires" insert: , |
Section 4A(1)(b) |
Delete "where" and substitute: if |
Section 5(2a) |
Delete "Where" and substitute: If |
Section 6(3) |
Delete "any" |
Section 6(4) |
Delete "Where" and substitute: If |
Section 8(7) |
Delete "South Australian Institute of Teachers" and substitute: Australian Education Union (S.A. Branch) |
Section 9(2) |
Delete "notwithstanding" and substitute: despite |
Section 17(7)(c) |
Delete "in pursuance of" and substitute: under |
Section 20A(2) |
Delete "in pursuance of" and substitute: under |
Section 20A(5) |
Delete "Where, in pursuance of" and substitute: If, in accordance with |
Section 20A(6) |
Delete "Where" and substitute: If |
Section 20ABA(d)(ii) |
Delete "section 14 of the Southern
State Superannuation Act 1994" and substitute: |
Section 20B(1) |
Delete "Any" and substitute: A |
Section 20B(2) |
Delete "in pursuance of" and substitute: under |
Section 22(5) |
Delete "any such condition prevails to the extent of any inconsistency with
any provision of this Act" and substitute: such a condition prevails over this Act to the extent of any
inconsistency |
Section 22(13)(a) |
Delete "Southern State Superannuation Scheme established by the Southern
State Superannuation Act 1994" and substitute: Triple S scheme |
Section 22(13)(b) |
Delete "Southern State Superannuation Scheme" and substitute: Triple S scheme |
Section 23(3a) |
Delete "Where" and substitute: If |
Section 23(6a) |
Delete "Where" and substitute: If |
Section 24(3) |
Delete "where" and substitute: if |
Section 28(1c), (2) and (5) |
Delete "Where" wherever occurring and substitute in each case: If |
Section 28(4), definition of X, (a) |
Delete "where" and substitute: if |
Section 28B(4) |
Delete "Where" and substitute: If |
Section 28C(4) and (5) |
Delete "Where" wherever occurring and substitute in each case: If |
Section 29(1), (4) and (5) |
Delete "Where" wherever occurring and substitute in each case: If |
Section 30A(1) |
Delete "Where" and substitute: If |
Section 31(2), definition of X, (a) and (b) and
definition of M, (a) |
Delete "where" wherever occurring and substitute in each case: if |
Section 31(4) |
Delete "Notwithstanding" and substitute: Despite |
Section 32(1) |
Delete "Where" and substitute: The following payments will be made if |
Section 32(2)(b)(ii), definitions of X and
M |
Delete "where" wherever occurring and substitute in each case: if |
Section 32(3)(a) and (b) |
Delete "where" wherever occurring and substitute in each case: if |
Section 32(3a)(a) |
Delete "where" wherever occurring and substitute in each case: if |
Section 32(3a)(b), definition of M, (a) |
Delete "where" and substitute: if |
Section 32A(2), (3), (7) and (8) |
Delete "Where" wherever occurring and substitute in each case: If |
Section 35(1) and (4) |
Delete "Where" wherever occurring and substitute in each case: If |
Section 36A(1) |
Delete "Where" and substitute: If |
Section 37(5) |
Delete "Notwithstanding" and substitute: Despite |
Section 38(1) |
Delete "Where a contributor dies" and substitute: If a contributor dies, the following provisions apply: |
Section 38(2)(a) and (b) |
Delete "where" wherever occurring and substitute in each case: if |
Section 38(4) |
Delete "where" wherever occurring and substitute in each case: if |
Section 38(6)(a) |
Delete "where" and substitute: if |
Section 38(7) |
Delete "Where" and substitute: If |
Section 39(1c), (2), (5), and (8) |
Delete "Where" wherever occurring and substitute in each case: If |
Section 39(7a), definition of the prescribed
age |
Delete "the" from the defined term |
Section 39B(4) and (5) |
Delete "Where" wherever occurring and substitute in each case: If |
Section 39C(4) and (7) |
Delete "Where" wherever occurring and substitute in each case: If |
Section 40A(3) |
Delete "Where" and substitute: If |
Section 43 |
Delete "Where" and substitute: If |
Section 43AN(2) |
Delete "where" wherever occurring and substitute in each case: if |
Section 43B(1) |
Delete "Industrial
Relations Act (S.A.) 1972 or by an award, industrial agreement" and
substitute: Fair
Work Act 1994 or by an award, enterprise agreement |
Section 43B(2) |
Delete "Industrial
Relations Act (S.A.) 1972 on or after 1 July 1992" and
substitute: Delete "that date" and substitute: 1 July 1992 |
Section 45(1), (2), (3), (4), (5) and (6) |
Delete "Where" wherever occurring and substitute in each case: If |
Section 46(2) and (5) |
Delete "Where" wherever occurring and substitute in each case: If |
Section 47(1) |
Delete "Where" and substitute: If |
Section 48(1), (2) and (3) |
Delete "Where" wherever occurring and substitute in each case: If |
Section 49(1) and (2) |
Delete "Where" wherever occurring and substitute in each case: If |
Section 54(5) |
Delete "Where" and substitute: If |
Section 57 |
Delete the section |
Section 58(1) |
Delete "Where" and substitute: If |
Section 59(1a)(b) |
Delete "where" and substitute: if |
Section 59(2) |
Delete "Any such" and substitute: A |
Schedule 1A, clause 1 |
Insert the following heading to the clause: Regulations relating to other public sector superannuation
schemes |
Schedule 1A, clause 1(1)(c) |
Delete "upon" and substitute: on |
Schedule 1A, clause 2 |
Insert the following heading to the clause: Regulations to offset income tax etc |
Schedule 1A, clause 2(1) |
Delete "Where" and substitute: If |
Schedule 1A, clause 3 |
Insert the following heading to the clause: Interpretation |
Schedule 1B, clause 1, defined terms |
Delete "the" from the defined terms wherever occurring |
Schedule 1B, clause 2(3)(e) and (f) |
Delete "where" wherever occurring and substitute in each case: if |
Schedule 1B, clause 2(4) |
Delete "Where" and substitute: If |
Schedule 1B, clause 3(3) |
Delete "in pursuance of" and substitute: under |
Schedule 1B, clause 3(5)(e) and (f) |
Delete "where" wherever occurring and substitute in each case: if |
Schedule 1B, clause 3(6) |
Delete "Where" and substitute: If |
Schedule 1B, clause 4(7) |
Delete "Where" and substitute: If |
Schedule 1B, clause 4(7)(b) |
Delete "where" wherever occurring and substitute in each case: if |
Schedule 1B, clause 4(9) |
Delete "where" and substitute: if |
Schedule 3, clause 4(1) |
Delete "Where" and substitute: If |