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This is a Bill, not an Act. For current law, see the Acts databases.
House of Assembly—No 111
As received from the Legislative Council and read a first
time, 24 May 2005
South Australia
Superannuation
Funds Management Corporation of South Australia (Miscellaneous) Amendment Bill
2004
A Bill For
An Act to amend the Superannuation Funds Management
Corporation of South Australia Act 1995.
Contents
Part 1—Preliminary
1 Short title
2 Commencement
3 Amendment provisions
Part 2—Amendment of
Superannuation Funds Management Corporation of South Australia Act 1995
4 Amendment of section 3—Interpretation
5 Amendment of section 5—Functions of
the corporation
6 Insertion of section 5A
5A Investment and management of public
funds
7 Amendment of section 7—Object of the
corporation in performing its functions
8 Amendment of section 20—Performance
plan
9 Insertion of section 20A
20A Performance plan in relation to
approved authority
10 Substitution of section 21
21 Direction of Minister
11 Amendment of section 26—Accounts
12 Amendment of section 27—Internal
audits and audit committee
13 Amendment of section 28—External audit
14 Substitution of section 29
29 Progress reports in relation to
performance plan
15 Amendment of section 30—Annual reports
16 Amendment of
section 39—Regulations
The Parliament of South Australia enacts
as follows:
This Act may be cited as the Superannuation Funds Management
Corporation of South Australia (Miscellaneous) Amendment Act 2004.
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 Superannuation Funds Management
Corporation of South Australia Act 1995
4—Amendment of section 3—Interpretation
(1) Section 3(1)—before the definition of associate
insert:
approved authority means a public authority to which an
approval has been granted by the Minister under section 5A(3);
(2) Section 3(1)—after the definition of director
insert:
eligible superannuation fund means a superannuation fund that is not a
public sector superannuation fund but consists of money contributed by the
Crown to provide a group of its employees with superannuation benefits;
(3) Section 3(1), definition of the funds—after
"superannuation funds" insert:
and the nominated funds of each approved authority
(4) Section 3(1)—after the definition of liability
insert:
nominated funds means funds of an approved authority
nominated by the Minister and transferred to the Corporation in accordance with
an approval under section 5A(3);
(5) Section 3(1)—after the definition of prescribed
interest insert:
prescribed public authority means a public authority that has been
declared by regulation to be a prescribed public authority for the purposes of
this definition;
Note—
A regulation made for the purposes of this definition cannot come
into operation until the time for disallowance of the regulation has passed—see
subsection (6).
public authority means—
(a) a government department;
(b) a Minister;
(c) a statutory authority—
(i) that is an agency or instrumentality of the
Crown; or
(ii) the accounts of which the Auditor-General is required by law
to audit,
and includes any body or person responsible for the management
of an eligible superannuation fund and any other body or person brought within
the ambit of this definition by the regulations;
(6) Section 3(1), definition of public
sector superannuation funds—after paragraph (c) insert:
(caa) the Southern State Superannuation (Employers)
Fund; and
(7) Section 3—after subsection (5) insert:
(6) A
regulation made under this Act declaring a public authority to be a prescribed
public authority for the purposes of the definition of that term cannot
come into operation until the time for disallowance of the regulation has
passed.
5—Amendment of section 5—Functions of the corporation
Section 5(a)—delete paragraph (a) and
substitute:
(a) to invest and manage—
(i) the public sector
superannuation funds; and
(ii) the nominated funds of approved authorities,
pursuant to strategies formulated by the
Corporation;
After section 5 insert:
5A—Investment
and management of public funds
(1) A
prescribed public authority may apply to the Minister for approval to transfer
certain of its funds to the Corporation for the purpose of investment and
management of those funds on behalf of the authority.
(2) The
Minister may determine the form and the manner in which an application is made
under subsection (1).
(3) On receipt of an application under
subsection (1), the Minister may—
(a) grant
an approval to the applicant for transfer to the Corporation of such of the
applicant's funds referred to in the application as are nominated by the
Minister for the purposes of this section; or
(b) refuse the application.
(4) The
Minister must give written notice of a decision under subsection (3) to
the applicant and the Corporation.
(5) The
Corporation must invest and manage the funds of a public authority transferred
to the Corporation following an approval by the Minister under
subsection (3).
(6) The
Corporation must, at the request of a public authority, transfer back to the
public authority any funds of the public authority held by the Corporation
pursuant to an approval under this section.
7—Amendment of section 7—Object of the corporation in performing its functions
Section 7—delete "public sector superannuation"
8—Amendment of section 20—Performance plan
(1) Section 20(2)(a)—after
"management of the" insert:
public sector superannuation
(2) Section 20(2)(d)—after
"management of the" insert:
public sector superannuation
(3) Section
20(6)—delete subsection (6)
After section 20 insert:
20A—Performance
plan in relation to approved authority
(1) The
Corporation must prepare separate draft plans in respect of the investment and
management of the nominated funds of each approved authority for each financial
year.
(2) The plan for an approved authority must set
out—
(a) a target for the rate of return on investment and management
of the nominated funds of the approved authority; and
(b) strategies for the achievement of that target; and
(c) the anticipated operating costs to be incurred by the
Corporation during the financial year in relation to the investment and
management of the nominated funds of the approved authority; and
(d) the factors that, in the opinion of the Corporation, will
affect or influence the investment and management of the nominated funds of the
approved authority during the year; and
(e) such other matters as the Corporation thinks should be
included in the plan.
(3) The draft plan must be prepared and copies
submitted to the Minster and the approved authority to which the plan relates—
(a) if the plan is the initial plan in relation
to the approved authority—as soon as practicable after the plan has been
prepared;
(b) in any other case—before the commencement of the financial
year to which the plan relates.
(4) The
Corporation must have regard to any comments made by the Minister or the
approved authority in relation to the draft plan and ,
if it thinks necessary or desirable to do so, amend the plan as a result of the
comments.
(5) However,
if the approved authority requests an amendment to the plan, the Corporation
must amend the plan in accordance with the request unless the Corporation
considers, after consulting with the approved authority, that the amendment
should not be made.
(6) If
the Corporation considers that a requested amendment should not be made, it
must provide the approved authority with written advice of the Corporation's
reasons for not amending the plan in accordance with the request.
(7) The
Corporation must provide a copy of the final plan to the Minister and the
approved authority to which the plan relates.
Section 21—delete the section and
substitute:
21—Direction
of Minister
(1) In
the performance of its functions, the Corporation is subject to the direction
and control of the Minister.
(2) A Ministerial direction under this section—
(a) must be—
(i) communicated to
the Corporation in writing; and
(ii) included in the annual report of the Corporation; and
(iii) published in the Gazette within 7 days after the direction
is given; and
(b) must not include a direction to the Corporation in relation
to an investment decision, dealing with property or the exercise of a voting
right.
11—Amendment of section 26—Accounts
Section 26(2)—delete subsection (2) and
substitute:
(2) The Corporation must keep proper accounts
of receipts and payments in relation to—
(a) each of the public sector superannuation funds; and
(b) the nominated funds of each approved authority,
and must prepare separate financial statements in a form
approved by the Minister in respect of each fund or authority in respect of
each financial year.
12—Amendment of section 27—Internal audits and audit committee
(1) Section
27(1)—delete "public sector superannuation"
(2) Section
27(4)(a)—delete "public sector
superannuation"
13—Amendment of section 28—External audit
Section 28—delete "public sector superannuation"
Section 29—delete the section and
substitute:
29—Progress
reports in relation to performance plan
(1) Within 1 month after 31 December in each
financial year the Corporation must prepare and give to the Minister—
(a) a
report on its progress in achieving the target for the rate of return on
investment and management of the public sector superannuation funds set out in
the relevant performance plan for that year; and
(b) separate reports in relation to each approved authority on
its progress in achieving the target for the rate of return on investment and management
of the nominated funds of the approved authority set out in the performance
plan for the authority for that year.
(2) Within 1 month after the end of each
financial year the Corporation must prepare and give to the Minister—
(a) a
report on the extent to which it has achieved the target for the rate of return
on investment and management of the public sector superannuation funds set out
in the relevant performance plan for that year; and
(b) separate reports in relation to each approved authority on
the extent to which it has achieved the target for the rate of return on
investment and management of the nominated funds of the approved authority set
out in the performance plan for the authority for that year.
(3) The
Corporation must give a copy of each report prepared under subsections (1)(a) and (2)(a) to each of the superannuation boards.
(4) The
Corporation must give a copy of each report prepared in respect of an approved
authority under subsections (1)(b) and (2)(b) to
the approved authority to which the report relates.
(5) If,
during a financial year, the Corporation is of the opinion that the target in
relation to the public sector superannuation funds or the nominated funds of an
approved authority for that year is not achievable or a strategy set out in a
performance plan should be modified or abandoned because a factor affecting or
influencing the investment or management of the public sector superannuation
funds or the nominated funds of an approved authority has changed or a new factor
has arisen, the Corporation must prepare a report in relation to the matter.
(6) A report under subsection (5) must—
(a) describe the factor concerned; and
(b) explain why the target is not achievable or the strategy
should be modified or abandoned; and
(c) be prepared and given to—
(i) the Minister; and
(ii) if the report relates to the public sector superannuation
funds—each of the superannuation boards; and
(iii) if the report relates to an approved authority—the relevant
approved authority,
as soon as practicable after the Corporation forms its
opinion on those matters.
15—Amendment of section 30—Annual reports
(1) Section 30(2)(a)—delete
"the performance" and substitute:
each performance
(2) Section
30(2)(b)—delete paragraph (b)
(3) Section
30(2)(c)—delete "public sector
superannuation"
(4) Section
30(2)(d)—delete "public sector
superannuation"
(5) Section
30(2)(e)—delete "public sector
superannuation"
(6) Section 30(3)—after "superannuation
boards" insert:
and each approved authority
16—Amendment of section 39—Regulations
(1) Section 39(2)(a)—after
"superannuation funds" insert:
, or the nominated funds of an approved authority,
(2) Section 39(2)—after paragraph (b) insert:
(c) prescribe fees payable to the Corporation in relation to an application under this Act or in relation to anything to be done by the Corporation under this Act.