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This is a Bill, not an Act. For current law, see the Acts databases.
South Australia
Statutes Amendment (Superannuation)
Bill 2015
A BILL FOR
An Act to amend the
Police
Superannuation Act 1990
and the
Southern
State Superannuation Act 2009
.
Contents
Part 2—Amendment of Police
Superannuation Act 1990
4Amendment of section
4—Interpretation
Part 3—Amendment of Southern State
Superannuation Act 2009
5Amendment of section
3—Interpretation
6Amendment of section 5—Employer
contribution percentage
7Amendment of section
20—Contributions
8Amendment of section 21—Payments by
employers
9Amendment of Schedule 1—Transitional
provisions
The Parliament of South Australia enacts as
follows:
This Act may be cited as the Statutes Amendment (Superannuation)
Act 2015.
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 Police Superannuation
Act 1990
4—Amendment
of section 4—Interpretation
Section 4(6)—delete "ten per cent" and substitute:
11%
Part 3—Amendment
of Southern State Superannuation
Act 2009
5—Amendment
of section 3—Interpretation
Section 3(1)—after the definition of salary
insert:
salary sacrifice contribution in relation to a member means
an amount or amounts allocated pursuant to an award or enterprise agreement of
the whole or part of the member's non-monetary salary for the purposes of the
allocated amount or amounts being credited to the member's contribution
account;
6—Amendment
of section 5—Employer contribution percentage
(1) Section 5(3)(a)—delete paragraph (a) and
substitute:
(a) in the case of—
(i) a member (other than a prescribed member) who is making contributions
to the Treasurer as a deduction from salary under section 20 at a rate of
at least 4.5%; or
(ii) a prescribed member who is making contributions to the Treasurer as a
deduction from salary under section 20 at a rate of at least 4.5%, or
salary sacrifice contributions at a rate of at least 5.3%, (or
both),
10% or a percentage equal to the charge percentage applicable under the
Commonwealth Act to the employer of the member, whichever is the greater;
and
(2) Section 5—after subsection (3) insert:
(4) In this section—
prescribed member means—
(a) a police member (other than a police cadet or a police officer
employed on a contract having a fixed term); or
(b) a member or a class of members prescribed by the regulations for the
purposes of this definition.
7—Amendment
of section 20—Contributions
(1) Section 20(1)(b)—after "must" insert:
, subject to subsection (1a),
(2) Section 20—after subsection (1) insert:
(1a) Subsection (1)(b) does not apply to a police member who is
making salary sacrifice contributions at a rate of at least 5.3%.
8—Amendment
of section 21—Payments by employers
Section 21(2)—delete subsection (2) and substitute:
(2) If a member makes a salary sacrifice contribution, the employer must,
within 7 days after salary is paid to the member, pay to the Treasurer an
amount (or arrange for the payment within that period to the Treasurer of an
amount) equivalent to the member's salary sacrifice contribution.
9—Amendment
of Schedule 1—Transitional provisions
(1) Schedule 1, clause 12(2)(b)—delete paragraph (b) and
substitute:
(b) made contributions as a deduction from salary under this Act at the
applicable percentage from the day on which this clause commenced until the
designated day; and
(ba) makes—
(i) contributions as a deduction from salary under this Act at the
applicable percentage; or
(ii) salary sacrifice contributions under this Act at the applicable
percentage,
from the designated day until his or her retirement from
employment,
(2) Schedule 1, clause 12(3)(a)—delete paragraph (a) and
substitute:
(a) the applicable percentage is—
(i) in relation to contributions made by a member as a deduction from
salary—a percentage equal to the rate at which the member was required to
contribute under the
Police
Superannuation Act 1990
immediately before 1 July 2008; and
(ii) in relation to salary sacrifice contributions made by a
member—a percentage determined by dividing the rate at which the member
was required to contribute under the
Police
Superannuation Act 1990
immediately before 1 July 2008 by—
(A) .85; or
(B) if another amount is prescribed by regulation for the purposes of this
paragraph—that amount; and
(ab) the designated day is the day on which section 9 of the
Statutes
Amendment (Superannuation) Bill 2015
came into operation; and