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TASMANIA
__________
PUBLIC SECTOR SUPERANNUATION
(MISCELLANEOUS AMENDMENTS) BILL 2009
__________
CONTENTS
PART 1 - PRELIMINARY
1. Short title
2. Commencement
3. Further amendment of regulations
PART 2 - DIRECTOR OF PUBLIC PROSECUTIONS ACT 1973
AMENDED
4. Principal Act
5. Section 8B amended (Voluntary contributions and spouse
contributions)
PART 3 - GOVERNOR OF TASMANIA ACT 1982 AMENDED
6. Principal Act
7. Section 6E amended (Voluntary contributions and spouse
contributions)
PART 4 - JUDGES' CONTRIBUTORY PENSIONS ACT 1968
AMENDED
8. Principal Act
9. Section 4A amended (Voluntary contributions and spouse
contributions)
[Bill 83]-II
PART 5 - PARLIAMENTARY SALARIES, SUPERANNUATION AND
ALLOWANCES ACT 1973 AMENDED
10. Principal Act
11. Schedule 3 amended (Superannuation for members elected after
1 July 1999)
PART 6 - PUBLIC SECTOR SUPERANNUATION REFORM ACT 1999
AMENDED
12. Principal Act
13. Section 3 amended (Interpretation)
14. Section 3AA inserted
3AA. Meaning of "salary"
15. Section 6 amended (Election for scheme and payment into
scheme)
16. Section 9 amended (Contents of Trust Deed)
17. Section 11 amended (Amendment or substitution of Trust Deed)
PART 7 - RETIREMENT BENEFITS (PARLIAMENTARY
SUPERANNUATION) REGULATIONS 2002 AMENDED
18. Principal Regulations
19. Regulation 14 amended (Member accounts for contributions)
20. Regulation 16 amended (Interest on contributions)
21. Regulation 52 amended (Member accounts for contributions)
22. Regulation 54 amended (Interest on contributions)
PART 8 - RETIREMENT BENEFITS (PARLIAMENTARY
SUPERANNUATION) REGULATIONS 2002 FURTHER
AMENDED
23. Principal Regulations
24. Regulation 44 amended (Lump sum benefit may be taken as
allocated pension)
25. Regulation 66 amended (Lump sum benefit may be taken as
allocated pension)
PART 9 - RETIREMENT BENEFITS ACT 1993 AMENDED
26. Principal Act
27. Section 3 amended (Interpretation)
2
28. Section 8 amended (Constitution of Board)
29. Section 9 amended (Suspension and removal of members of
Board)
30. Section 9A inserted
9A. Board must meet certain superannuation industry
fitness and propriety standards
31. Section 10 amended (Functions of Retirement Benefits Fund
Board)
32. Section 12 amended (Power of delegation of Board)
33. Section 29 amended (Regulations)
34. Section 29L inserted
29L. TGIO Reserve Account
35. Schedule 1 amended (Membership of Board)
PART 10 - RETIREMENT BENEFITS ACT 1993 FURTHER
AMENDED
36. Principal Act
37. Section 5 amended (Objects of Act)
38. Section 29M inserted
29M. Transfer of administration of investment accounts to
accumulation scheme
39. Schedule 4B inserted
SCHEDULE 4B - TRANSITIONAL PROVISIONS
RELATING TO TRANSFER OF INVESTMENT
ACCOUNTS TO ACCUMULATION SCHEME
PART 11 - RETIREMENT BENEFITS REGULATIONS 2005
AMENDED
40. Principal Regulations
41. Regulation 9 amended (Constitution, membership and meetings
of Board)
42. Regulation 19 amended (Annual reports of Board)
43. Regulation 19A inserted
19A. Provision of information
44. Regulation 34 amended (Commencement and cessation of
contributions)
45. Regulation 42 amended (Contributors' accounts)
3
46. Regulation 47 amended (Benefit on early retirement of
contributors)
47. Regulation 48 amended (Benefit on redundancy or compulsory
retirement)
48. Regulation 49 amended (Savings for entitlements of certain
contributors under Retirement Benefits Act 1982 )
49. Regulation 50 amended (Benefit for full benefits contributors on
death or retirement due to total and permanent incapacity)
50. Regulation 55 amended (Minimum benefit for 2.5% contributors
and amalgamated contributors)
51. Regulation 72 amended (Early release of benefits)
52. Regulation 76 amended (Recovery of overdue contributions and
payments)
53. Regulation 82 amended (Half-yearly adjustments to pensions)
54. Regulation 85 amended (Reduction or suspension of invalidity
pensions in certain cases)
55. Regulation 109 amended (Provision for certain State authorities)
56. Regulation 112 amended (Fixing of interest rates)
57. Regulation 118 amended (Power of Board to determine
invalidity)
58. Regulation 122 amended (False and misleading information)
59. Schedule 3 amended (Calculation of Certain Pensions for
Existing Contributors and Amalgamated Contributors)
PART 12 - RETIREMENT BENEFITS REGULATIONS 2005
FURTHER AMENDED
60. Principal Regulations
61. Regulation 3 amended (Interpretation)
62. Regulation 5 amended (Application of regulations)
63. Regulation 10 amended (Functions and powers of Board)
64. Regulation 21 amended (Operation of Fund)
65. Regulation 25 amended (Minister's guarantee)
66. Regulation 54 amended (Preservation of contributions)
67. Part 6, Division 1 rescinded
4
68. Regulation 67 amended (Establishment of compulsory
preservation accounts)
69. Regulations 68 and 69 rescinded
70. Regulation 72 amended (Early release of benefits)
71. Regulation 80 amended (Pension conversion factors)
72. Regulation 83 amended (Duration of pensions)
73. Regulation 84 amended (Time and manner of payment of
pensions)
74. Regulation 87 amended (Amounts of pensions to be rounded off)
75. Regulation 90 amended (When benefit entitlements become
payable)
76. Regulation 91 amended (Contributions and benefit entitlements
subject to taxation)
77. Regulation 100 amended (Accounts for non-member spouse)
78. Regulation 113 rescinded
PART 13 - RETIREMENT BENEFITS REGULATIONS 2005
FURTHER FURTHER AMENDED
79. Principal Regulations
80. Regulation 30 amended (Exemption from contributing)
81. Regulation 33 amended (Obligation of certain employees to
contribute)
82. Regulation 34 amended (Commencement and cessation of
contributions)
83. Regulation 47A inserted
47A. Benefit on election to cease being contributor whilst
employed
84. Regulation 55 amended (Minimum benefit for 2.5% contributors
and amalgamated contributors)
85. Regulation 107 amended (Payments to Fund by Minister and
prescribed authorities)
PART 14 - SOLICITOR-GENERAL ACT 1983 AMENDED
86. Principal Act
87. Section 9B amended (Voluntary contributions and spouse
contributions)
5
PART 15 - SUPREME COURT ACT 1887 AMENDED
88. Principal Act
89. Section 8A amended (Voluntary contributions and spouse
contributions)
PART 16 - SUPREME COURT ACT 1959 AMENDED
90. Principal Act
91. Section 4AA amended (Superannuation entitlements of
Associate Judge appointed after 1 July 1999)
92. Section 4AB amended (Voluntary contributions and spouse
contributions)
PART 17 - LEGISLATION RESCINDED AND REVOKED
93. Legislation rescinded
94. Legislation revoked
SCHEDULE 1 - LEGISLATION RESCINDED
SCHEDULE 2 - LEGISLATION REVOKED
6
PUBLIC SECTOR SUPERANNUATION
(MISCELLANEOUS AMENDMENTS) BILL 2009
(Brought in by the Premier, the Honourable David John
Bartlett)
A BILL FOR
An Act to amend the Director of Public Prosecutions Act
1973, the Governor of Tasmania Act 1982, the Judges'
Contributory Pensions Act 1968, the Parliamentary Salaries,
Superannuation and Allowances Act 1973, the Public Sector
Superannuation Reform Act 1999, the Retirement Benefits
(Parliamentary Superannuation) Regulations 2002, the
Retirement Benefits Act 1993, the Retirement Benefits
Regulations 2005, the Solicitor-General Act 1983, the
Supreme Court Act 1887 and the Supreme Court Act 1959
and to rescind and revoke certain spent regulations and
notices relating to public sector superannuation matters
Be it enacted by His Excellency the Governor of Tasmania, by
and with the advice and consent of the Legislative Council and
House of Assembly, in Parliament assembled, as follows:
PART 1 - PRELIMINARY
1. Short title
This Act may be cited as the Public Sector
Superannuation (Miscellaneous Amendments)
Act 2009.
[Bill 83] 7
Public Sector Superannuation (Miscellaneous Amendments) Act
2009
Act No. of
s. 2 Part 1 - Preliminary
2. Commencement
(1) Except as provided in this section, this Act
commences on the day on which this Act
receives the Royal Assent.
(2) The provisions of Parts 2, 3, 4, 5, 8, 10, 12, 14,
15 and 16 commence on a day or days to be
proclaimed.
(3) Part 13 commences on a day to be proclaimed.
3. Further amendment of regulations
The amendment by this Act of any regulations
does not bar their subsequent amendment by
regulation.
8
Public Sector Superannuation (Miscellaneous Amendments) Act
2009
Act No. of
Part 2 - Director of Public Prosecutions Act 1973 Amended s. 4
PART 2 - DIRECTOR OF PUBLIC PROSECUTIONS
ACT 1973 AMENDED
4. Principal Act
In this Part, the Director of Public Prosecutions
Act 1973* is referred to as the Principal Act.
5. Section 8B amended (Voluntary contributions and
spouse contributions)
Section 8B of the Principal Act is amended by
omitting "or an investment account established
by the regulations under the Retirement Benefits
Act 1993".
*No. 11 of 1973
9
Public Sector Superannuation (Miscellaneous Amendments) Act
2009
Act No. of
s. 6 Part 3 - Governor of Tasmania Act 1982 Amended
PART 3 - GOVERNOR OF TASMANIA ACT 1982
AMENDED
6. Principal Act
In this Part, the Governor of Tasmania Act
1982* is referred to as the Principal Act.
7. Section 6E amended (Voluntary contributions and
spouse contributions)
Section 6E of the Principal Act is amended by
omitting "or an investment account established
by the regulations under the Retirement Benefits
Act 1993".
*No. 26 of 1982
10
Public Sector Superannuation (Miscellaneous Amendments) Act
2009
Act No. of
Part 4 - Judges' Contributory Pensions Act 1968 Amended s. 8
PART 4 - JUDGES' CONTRIBUTORY PENSIONS ACT
1968 AMENDED
8. Principal Act
In this Part, the Judges' Contributory Pensions
Act 1968* is referred to as the Principal Act.
9. Section 4A amended (Voluntary contributions and
spouse contributions)
Section 4A of the Principal Act is amended by
omitting "or an investment account established
by the regulations under the Retirement Benefits
Act 1993".
*No. 73 of 1968
11
Public Sector Superannuation (Miscellaneous Amendments) Act
2009
Act No. of
s. 10 Part 5 - Parliamentary Salaries, Superannuation and Allowances Act 1973
Amended
PART 5 - PARLIAMENTARY SALARIES,
SUPERANNUATION AND ALLOWANCES ACT 1973
AMENDED
10. Principal Act
In this Part, the Parliamentary Salaries,
Superannuation and Allowances Act 1973* is
referred to as the Principal Act.
11. Schedule 3 amended (Superannuation for members
elected after 1 July 1999)
Clause 2(1) of Schedule 3 to the Principal Act is
amended by omitting "or an investment account
established by the regulations under the
Retirement Benefits Act 1993".
*No. 27 of 1973
12
Public Sector Superannuation (Miscellaneous Amendments) Act
2009
Act No. of
Part 6 - Public Sector Superannuation Reform Act 1999 Amended s. 12
PART 6 - PUBLIC SECTOR SUPERANNUATION
REFORM ACT 1999 AMENDED
12. Principal Act
In this Part, the Public Sector Superannuation
Reform Act 1999* is referred to as the Principal
Act.
13. Section 3 amended (Interpretation)
Section 3(1) of the Principal Act is amended by
omitting the definition of "salary or wages" and
substituting the following definition:
"salary" - see section 3AA;
14. Section 3AA inserted
After section 3 of the Principal Act, the
following section is inserted in Part 1:
3AA. Meaning of "salary"
(1) A reference to "salary" in this Act is to
be taken as a reference to the salary or
other discretionary benefits that are paid
or payable to an employee including -
(a) overtime; and
*No. 19 of 1999
13
Public Sector Superannuation (Miscellaneous Amendments) Act
2009
Act No. of
s. 14 Part 6 - Public Sector Superannuation Reform Act 1999 Amended
(b) allowances; and
(c) bonuses in respect of work; and
(d) lump sum payments in respect of
accrued recreation leave or
accrued long service leave on
termination of employment -
as determined by the employing Agency
having regard to the employee's awards
and conditions of employment.
(2) However, a reference to "salary" in this
Act is not to be taken as including -
(a) any reimbursement of expenses in
respect of travelling or other
work-related expenses; or
(b) dividends; or
(c) benefits or other payments
subject to fringe benefits tax
under the Fringe Benefits Tax
Assessment Act 1986 of the
Commonwealth; or
(d) any other payments made on the
termination of employment; or
(e) any electorate or other allowance
paid or payable to a person who
is a member of a House of
Parliament, in accordance with
Schedule 2 to the Parliamentary
14
Public Sector Superannuation (Miscellaneous Amendments) Act
2009
Act No. of
Part 6 - Public Sector Superannuation Reform Act 1999 Amended s. 15
Salaries, Superannuation and
Allowances Act 1973.
15. Section 6 amended (Election for scheme and
payment into scheme)
Section 6(7) of the Principal Act is amended by
omitting the table and substituting the following
table:
Period Rate as percentage of salary
From the transfer day to 7%
30 June 2000
From 1 July 2000 to 8%
30 June 2002
From 1 July 2002 onwards 9%
16. Section 9 amended (Contents of Trust Deed)
Section 9(1) of the Principal Act is amended by
omitting paragraph (ga).
17. Section 11 amended (Amendment or substitution of
Trust Deed)
Section 11 of the Principal Act is amended as
follows:
15
Public Sector Superannuation (Miscellaneous Amendments) Act
2009
Act No. of
s. 17 Part 6 - Public Sector Superannuation Reform Act 1999 Amended
(a) by inserting in subsection (2)
"subsection (3)(a) and" after "than";
(b) by inserting in subsection (2) "pursuant
to subsection (1)" after "Deed";
(c) by inserting the following subsection
after subsection (2):
(2A) The Minister must not approve of
an amendment, or a revocation
and substitution, of the Trust
Deed pursuant to subsection (1)
unless he or she is satisfied that
the Tasmanian Trades and Labor
Council has been consulted in
respect of the amendment or
substitute Trust Deed.
(d) by omitting subsection (5) and
substituting the following subsection:
(5) The Minister must not amend the
Trust Deed pursuant to
subsection (4) unless he or she is
satisfied that the Board and the
Tasmanian Trades and Labor
Council have both been consulted
in respect of the amendment.
(e) by inserting in subsection (6) "pursuant
to subsection (4)" after "the Trust Deed";
(f) by inserting in subsection (7) ", pursuant
to either subsection (1) or (4)," after
"amended".
16
Public Sector Superannuation (Miscellaneous Amendments) Act
2009
Act No. of
Part 7 - Retirement Benefits (Parliamentary Superannuation) Regulations s. 18
2002 Amended
PART 7 - RETIREMENT BENEFITS
(PARLIAMENTARY SUPERANNUATION)
REGULATIONS 2002 AMENDED
18. Principal Regulations
In this Part, the Retirement Benefits
(Parliamentary Superannuation) Regulations
2002* are referred to as the Principal
Regulations.
19. Regulation 14 amended (Member accounts for
contributions)
Regulation 14 of the Principal Regulations is
amended by inserting "(which, accordingly, may
be either positive or negative interest)" after
"regulation 16".
20. Regulation 16 amended (Interest on contributions)
Regulation 16(2) of the Principal Regulations is
amended by inserting after paragraph (a) the
following paragraph:
(ab) the rate of interest so determined may be
either a positive or negative rate of
interest; and
*S.R. 2002, No. 176
17
Public Sector Superannuation (Miscellaneous Amendments) Act
2009
Act No. of
s. 21 Part 7 - Retirement Benefits (Parliamentary Superannuation) Regulations
2002 Amended
21. Regulation 52 amended (Member accounts for
contributions)
Regulation 52 of the Principal Regulations is
amended by inserting "(which, accordingly, may
be either positive or negative interest)" after
"regulation 54".
22. Regulation 54 amended (Interest on contributions)
Regulation 54(2) of the Principal Regulations is
amended by inserting after paragraph (a) the
following paragraph:
(ab) the rate of interest so determined may be
either a positive or negative rate of
interest; and
18
Public Sector Superannuation (Miscellaneous Amendments) Act
2009
Act No. of
Part 8 - Retirement Benefits (Parliamentary Superannuation) Regulations s. 23
2002 Further Amended
PART 8 - RETIREMENT BENEFITS
(PARLIAMENTARY SUPERANNUATION)
REGULATIONS 2002 FURTHER AMENDED
23. Principal Regulations
In this Part, the Retirement Benefits
(Parliamentary Superannuation) Regulations
2002* are referred to as the Principal
Regulations.
24. Regulation 44 amended (Lump sum benefit may be
taken as allocated pension)
Regulation 44 of the Principal Regulations is
amended by omitting "or an allocated pension
account established under the Retirement
Benefits Regulations 2005".
25. Regulation 66 amended (Lump sum benefit may be
taken as allocated pension)
Regulation 66 of the Principal Regulations is
amended by omitting "or an allocated pension
account established under the Retirement
Benefits Regulations 1994".
*S.R. 2002, No. 176
19
Public Sector Superannuation (Miscellaneous Amendments) Act
2009
Act No. of
s. 26 Part 9 - Retirement Benefits Act 1993 Amended
PART 9 - RETIREMENT BENEFITS ACT 1993
AMENDED
26. Principal Act
In this Part, the Retirement Benefits Act 1993* is
referred to as the Principal Act.
27. Section 3 amended (Interpretation)
Section 3(1) of the Principal Act is amended as
follows:
(a) by omitting the definition of
"contravene";
(b) by inserting the following definition after
the definition of "contributory scheme":
"disqualified person" means -
(a) any person who, under
section 120 of the
Superannuation Industry
(Supervision) Act 1993 of
the Commonwealth, is a
disqualified person for the
purposes of Part 15 of that
Act; or
(b) any person who, being a
member or prospective
*No. 103 of 1993
20
Public Sector Superannuation (Miscellaneous Amendments) Act
2009
Act No. of
Part 9 - Retirement Benefits Act 1993 Amended s. 28
member of the Board,
would be a disqualified
person referred to in
paragraph (a) if the Board
were a regulated
superannuation fund
under the Act referred to
in that paragraph;
28. Section 8 amended (Constitution of Board)
Section 8 of the Principal Act is amended by
inserting after subsection (1) the following
subsection:
(2) A person is not eligible to be appointed
as a member of the Board if he or she -
(a) has not attained the age of 18
years; or
(b) is a disqualified person; or
(c) is an officer of the Board.
29. Section 9 amended (Suspension and removal of
members of Board)
Section 9(3) of the Principal Act is amended by
omitting "must" and substituting "may".
21
Public Sector Superannuation (Miscellaneous Amendments) Act
2009
Act No. of
s. 30 Part 9 - Retirement Benefits Act 1993 Amended
30. Section 9A inserted
After section 9 of the Principal Act, the
following section is inserted in Part 2:
9A. Board must meet certain superannuation
industry fitness and propriety standards
(1) The Governor may revoke a person's
appointment as a member of the Board if
satisfied, on the advice of the Minister
given on the recommendation of the
Board, that, if the person were to remain
as such a member, the Board would not
meet the requirements of standards
prescribed under Part 3 of the
Superannuation Industry (Supervision)
Act 1993 of the Commonwealth relating
to fitness and propriety.
(2) The Minister must act on a
recommendation of the Board given for
the purposes of subsection (1) if satisfied
that -
(a) the recommendation is properly
founded; and
(b) the Board -
(i) gave the member
concerned written notice
of its intention to make
the recommendation (and
its reasons for doing so);
and
22
Public Sector Superannuation (Miscellaneous Amendments) Act
2009
Act No. of
Part 9 - Retirement Benefits Act 1993 Amended s. 31
(ii) allowed the member
concerned a period of at
least 14 clear days in
which to make a
submission as to why the
recommendation should
not be made; and
(iii) duly considered any such
submission so made; and
(c) if the recommendation concerns a
member appointed pursuant to a
nomination by the Tasmanian
Trades and Labor Council, that
body has been consulted.
31. Section 10 amended (Functions of Retirement
Benefits Fund Board)
Section 10(3) of the Principal Act is amended by
omitting paragraph (d).
32. Section 12 amended (Power of delegation of Board)
Section 12(1) of the Principal Act is amended by
omitting "chairperson" and substituting
"President".
23
Public Sector Superannuation (Miscellaneous Amendments) Act
2009
Act No. of
s. 33 Part 9 - Retirement Benefits Act 1993 Amended
33. Section 29 amended (Regulations)
Section 29 of the Principal Act is amended as
follows:
(a) by omitting subsections (2), (3), (4) and
(4AA);
(b) by omitting subsection (6) and
substituting the following subsection:
(6) Before proposed regulations are
submitted to the Governor -
(a) the Minister must be
satisfied that the
Tasmanian Trades and
Labor Council has been
consulted on the proposed
regulations; and
(b) the Board must, if
appropriate to do so,
provide the Minister with
a statement as to the
likely cost to the State
arising from the proposed
regulations.
34. Section 29L inserted
After section 29K of the Principal Act, the
following section is inserted in Part 4:
24
Public Sector Superannuation (Miscellaneous Amendments) Act
2009
Act No. of
Part 9 - Retirement Benefits Act 1993 Amended s. 34
29L. TGIO Reserve Account
(1) In this section -
"former TGIO employee" means -
(a) a person who has ceased
to be an employee as
mentioned in section 19
of the Tasmanian
Government Insurance
Office (Sale) Act 1993; or
(b) a person who is entitled to
benefits under this Act by
reason of his or her
former employment under
the Tasmanian
Government Insurance
Act 1919; or
(c) a person who is entitled to
receive a pension or other
benefit under this Act by
reason of his or her
relationship to a person
referred to in
paragraph (a) or (b);
"former TGIO employee benefits"
means all of the pensions or other
benefits and entitlements to
which former TGIO employees
are entitled under this Act
consequent on provision made
pursuant to the Tasmanian
25
Public Sector Superannuation (Miscellaneous Amendments) Act
2009
Act No. of
s. 34 Part 9 - Retirement Benefits Act 1993 Amended
Government Insurance Office
(Sale) Act 1993;
"TGIO Reserve Account" means the
account maintained by the Board
to fund former TGIO employee
benefits.
(2) Any amount standing to the credit of the
TGIO Reserve Account after all
liabilities in respect of former TGIO
employee benefits have been satisfied is
the property of the Crown.
(3) The Board may -
(a) determine that some of the funds
in the TGIO Reserve Account can
prudently be transferred to the
Crown; or
(b) determine that all of the funds in
the TGIO Reserve Account can
prudently be transferred to the
Crown.
(4) A determination under subsection (3)(a)
may be made whenever the Board, on the
written advice of the Actuary, is satisfied
that the amount then standing to the
credit of the TGIO Reserve Account
exceeds the amount required to fund
vested and future liabilities in respect of
former TGIO employee benefits.
26
Public Sector Superannuation (Miscellaneous Amendments) Act
2009
Act No. of
Part 9 - Retirement Benefits Act 1993 Amended s. 34
(5) A determination under subsection (3)(b)
may only be made if the Board, on the
written advice of the Actuary, is satisfied
that all liabilities in respect of former
TGIO employee benefits have been
satisfied.
(6) On making a determination under
subsection (3)(a) or (b), the Board is to
advise the Treasurer of the amount that it
has determined can prudently be
transferred to the Crown.
(7) On receipt of the Board's advice, the
Treasurer, by instrument in writing, may
direct the Board to transfer the amount
specified in the advice (or any part
thereof) to the Crown.
(8) If the Treasurer gives the Board such a
direction -
(a) the Board must comply with the
direction as soon as practicable;
and
(b) the direction constitutes full and
sufficient authority for the
amount specified in the direction
to be withdrawn from the TGIO
Reserve Account and paid into
the Consolidated Fund; and
(c) the Treasurer is to give notice
(and particulars) of the direction
in the Gazette.
27
Public Sector Superannuation (Miscellaneous Amendments) Act
2009
Act No. of
s. 35 Part 9 - Retirement Benefits Act 1993 Amended
(9) Where subsection (3)(b) applies and the
Treasurer's direction is in respect of all
of the residual funds in the TGIO
Reserve Account, the direction
constitutes full and sufficient authority
for the Board to close the TGIO Reserve
Account once those funds have been
transferred to the Crown.
(10) If at any time following the closure of the
TGIO Reserve Account the Board incurs
any further liability in respect of a benefit
paid or payable to a former TGIO
employee, the Treasurer is to indemnify
the Board for any costs in respect of the
liability so incurred.
35. Schedule 1 amended (Membership of Board)
Schedule 1 to the Principal Act is amended as
follows:
(a) by omitting paragraph (b) from clause
7(1) and substituting the following
paragraph:
(b) if he or she is, or becomes, a
disqualified person; or
(b) by omitting paragraph (e) from clause
7(1);
(c) by omitting clause 8 and substituting the
following clause:
28
Public Sector Superannuation (Miscellaneous Amendments) Act
2009
Act No. of
Part 9 - Retirement Benefits Act 1993 Amended s. 35
8. Filling of casual vacancies
If the office of a member of the
Board becomes vacant, the
Governor may appoint a person
to the vacant office for -
(a) in the case of an elected
member, the remainder of
the term of office for
which the member was
elected; and
(b) in the case of any other
member, such term not
exceeding 3 years as the
Governor specifies in the
person's instrument of
appointment.
29
Public Sector Superannuation (Miscellaneous Amendments) Act
2009
Act No. of
s. 36 Part 10 - Retirement Benefits Act 1993 Further Amended
PART 10 - RETIREMENT BENEFITS ACT 1993
FURTHER AMENDED
36. Principal Act
In this Part, the Retirement Benefits Act 1993* is
referred to as the Principal Act.
37. Section 5 amended (Objects of Act)
Section 5 of the Principal Act is amended by
omitting subsection (2).
38. Section 29M inserted
After section 29L of the Principal Act, the
following section is inserted in Part 4:
29M. Transfer of administration of investment
accounts to accumulation scheme
Schedule 4B has effect.
39. Schedule 4B inserted
After Schedule 4A to the Principal Act, the
following Schedule is inserted:
*No. 103 of 1993
30
Public Sector Superannuation (Miscellaneous Amendments) Act
2009
Act No. of
Part 10 - Retirement Benefits Act 1993 Further Amended s. 39
SCHEDULE 4B - TRANSITIONAL PROVISIONS
RELATING TO TRANSFER OF INVESTMENT
ACCOUNTS TO ACCUMULATION SCHEME
Section 29M
1. Interpretation
In this Schedule -
"investment account" means an
investment account within the
meaning of the subsisting
regulations;
"investment option direction" means
a direction as to how the funds or
prospective funds in an
investment account (or any part
of those funds) are to be invested;
"subsisting" means, according to the
context, existing or in force
immediately before the transfer
day;
"transfer day" means the day on
which section 39 of the Public
Sector Superannuation
(Miscellaneous Amendments) Act
2009 commences.
2. Closure and transfer of investment accounts
(1) On the transfer day -
31
Public Sector Superannuation (Miscellaneous Amendments) Act
2009
Act No. of
s. 39 Part 10 - Retirement Benefits Act 1993 Further Amended
(a) each subsisting investment
account is closed; and
(b) the holder of that subsisting
investment account is taken to
have become a member of the
accumulation scheme in respect
of the money held in that
investment account on its closure
("the closing balance"); and
(c) the Board must credit the closing
balance to the accumulation
scheme account established or
augmented consequent on
paragraph (b); and
(d) the closing balance so credited to
the accumulation scheme forms
part of the funds under
management of the Board under
the Trust Deed.
(2) Subject to the Trust Deed -
(a) if the holder of a subsisting
investment account closed under
subclause (1) was contributing to
it immediately before the transfer
day, he or she is, on the transfer
day, taken to be continuing to
contribute to the accumulation
scheme at the same rate and in
the same manner as applied to
32
Public Sector Superannuation (Miscellaneous Amendments) Act
2009
Act No. of
Part 10 - Retirement Benefits Act 1993 Further Amended s. 39
him or her immediately before
that day; and
(b) any subsisting investment option
direction actioned by the Board
before the transfer day continues
to have effect according to its
terms; and
(c) any subsisting investment option
direction not actioned by the
Board before the transfer day
may be actioned by the Board
according to its terms as if it had
been given that direction under
the Trust Deed on that day; and
(d) any subsisting question notified
in writing to the Board
concerning an investment account
closed under subclause (1) may
be determined by the Board as if
section 39 of the Public Sector
Superannuation (Miscellaneous
Amendments) Act 2009 had not
been enacted.
33
Public Sector Superannuation (Miscellaneous Amendments) Act
2009
Act No. of
s. 40 Part 11 - Retirement Benefits Regulations 2005 Amended
PART 11 - RETIREMENT BENEFITS REGULATIONS
2005 AMENDED
40. Principal Regulations
In this Part, the Retirement Benefits Regulations
2005* are referred to as the Principal
Regulations.
41. Regulation 9 amended (Constitution, membership
and meetings of Board)
Regulation 9(3) of the Principal Regulations is
amended by omitting ", other than an officer of
the Board,".
42. Regulation 19 amended (Annual reports of Board)
Regulation 19(5) of the Principal Regulations is
amended by omitting "distribute to" and
substituting "give".
43. Regulation 19A inserted
After regulation 19 of the Principal Regulations,
the following regulation is inserted in Part 3:
*S.R. 2005, No. 77
34
Public Sector Superannuation (Miscellaneous Amendments) Act
2009
Act No. of
Part 11 - Retirement Benefits Regulations 2005 Amended s. 43
19A. Provision of information
(1) Where the Board is required to give a
person any information under these
regulations it is sufficient compliance, in
the absence of a clear legislative
imperative to the contrary, if the Board
makes the information available to the
person.
(2) For subregulation (1), the information
may be made available to the person
electronically or in such other manner as
the Board considers appropriate in the
circumstances.
(3) Nothing in the regulation prevents the
Board from electing to give the person
the information directly in addition to, or
instead of, making it available to the
person.
(4) In this regulation -
"give" includes deliver, distribute,
forward and provide;
"information" includes any
statement, report or other
document containing information;
"legislative imperative" includes
regulation 7 and a requirement
for personal service or delivery.
35
Public Sector Superannuation (Miscellaneous Amendments) Act
2009
Act No. of
s. 44 Part 11 - Retirement Benefits Regulations 2005 Amended
44. Regulation 34 amended (Commencement and
cessation of contributions)
Regulation 34(5) of the Principal Regulations is
amended by inserting "other than an
amalgamated contributor" after "person".
45. Regulation 42 amended (Contributors' accounts)
Regulation 42(3)(a) of the Principal Regulations
is amended by inserting "(and, accordingly, may
be either positive or negative interest)" after
"regulation 112".
46. Regulation 47 amended (Benefit on early retirement
of contributors)
Regulation 47(2) of the Principal Regulations is
amended by omitting "65" and substituting "70".
47. Regulation 48 amended (Benefit on redundancy or
compulsory retirement)
Regulation 48 of the Principal Regulations is
amended as follows:
(a) by omitting from subregulation (4) "65"
and substituting "70";
(b) by inserting the following subregulation
after subregulation (6):
36
Public Sector Superannuation (Miscellaneous Amendments) Act
2009
Act No. of
Part 11 - Retirement Benefits Regulations 2005 Amended s. 48
(7) Where a contributor who is
entitled to a benefit calculated
under this regulation has attained
his or her preservation age, the
Board is to pay the benefit so
calculated to that contributor in
accordance with regulation 79.
48. Regulation 49 amended (Savings for entitlements of
certain contributors under Retirement Benefits Act
1982 )
Regulation 49 of the Principal Regulations is
amended by inserting after subregulation (4) the
following subregulation:
(5) Where a contributor who is entitled to a
benefit calculated under this regulation
has attained his or her preservation age,
the Board is to pay the benefit so
calculated to that contributor in
accordance with regulation 79.
49. Regulation 50 amended (Benefit for full benefits
contributors on death or retirement due to total and
permanent incapacity)
Regulation 50(2) of the Principal Regulations is
amended by omitting "65" and substituting "70".
37
Public Sector Superannuation (Miscellaneous Amendments) Act
2009
Act No. of
s. 50 Part 11 - Retirement Benefits Regulations 2005 Amended
50. Regulation 55 amended (Minimum benefit for 2.5%
contributors and amalgamated contributors)
Regulation 55(2) of the Principal Regulations is
amended by inserting ", whether positive or
negative," after "rate".
51. Regulation 72 amended (Early release of benefits)
Regulation 72 of the Principal Regulations is
amended by omitting subregulation (11) and
substituting the following subregulation:
(11) In each 12-month period, beginning on
the date of the first payment, the Board
may, under this regulation, pay by way of
early release of an RBF member's
benefit entitlement -
(a) a single lump sum that is to be -
(i) in respect of an amount
released under
subregulation (4)(a)(ii),
not more than the total of
the amounts referred to in
subregulation (8); or
(ii) in respect of an RBF
member who is in severe
financial hardship as
mentioned in
subregulation (9)(a), an
amount not less than
38
Public Sector Superannuation (Miscellaneous Amendments) Act
2009
Act No. of
Part 11 - Retirement Benefits Regulations 2005 Amended s. 52
$1 000 and not more than
$10 000 or, if the amount
of the RBF member's
benefit entitlement is less
than $1 000, the amount
of that benefit
entitlement; or
(iii) in respect of an RBF
member who is in severe
financial hardship as
mentioned in
subregulation (9)(b), an
amount not more than the
amount of his or her
benefit entitlement; or
(b) in respect of any other amount
released under subregulation (4),
such amounts with such
frequency as the Board considers
appropriate after consideration of
the relevant application and
accompanying evidence.
52. Regulation 76 amended (Recovery of overdue
contributions and payments)
Regulation 76 of the Principal Regulations is
amended by inserting after subregulation (2) the
following subregulation:
39
Public Sector Superannuation (Miscellaneous Amendments) Act
2009
Act No. of
s. 53 Part 11 - Retirement Benefits Regulations 2005 Amended
(3) To avoid doubt, the Board's powers
under subregulations (1) and (2) are
discretionary.
53. Regulation 82 amended (Half-yearly adjustments to
pensions)
Regulation 82 of the Principal Regulations is
amended as follows:
(a) by omitting subregulation (2) and
substituting the following subregulation:
(2) As soon as practicable after the
end of the first quarter in each
half-year, the Board is to obtain
from the Australian Statistician a
notice specifying the percentage
by which the Consumer Price
Index for that quarter is greater or
less than the Consumer Price
Index for the preceding half-year.
(b) by omitting from subregulation (3) "On
receipt of" and substituting "As soon as
practicable after obtaining";
(c) by omitting from subregulation (4)
"given to" and substituting "obtained
by";
(d) by omitting from subregulation (5)
"given to" and substituting "obtained
by".
40
Public Sector Superannuation (Miscellaneous Amendments) Act
2009
Act No. of
Part 11 - Retirement Benefits Regulations 2005 Amended s. 54
54. Regulation 85 amended (Reduction or suspension of
invalidity pensions in certain cases)
Regulation 85(5)(a) of the Principal Regulations
is amended by omitting "age or".
55. Regulation 109 amended (Provision for certain
State authorities)
Regulation 109(2)(b) of the Principal
Regulations is amended by inserting "(which,
accordingly, may be either positive or negative
interest)" after "regulation 112".
56. Regulation 112 amended (Fixing of interest rates)
Regulation 112 of the Principal Regulations is
amended by inserting after subregulation (6) the
following subregulation:
(7) To avoid doubt, a rate of interest or
interim interest calculated or determined
under this regulation may be either a
positive or negative rate of interest.
57. Regulation 118 amended (Power of Board to
determine invalidity)
Regulation 118(5) of the Principal Regulations is
amended by omitting "under the age of 65 years"
and substituting "who has not attained his or her
preservation age".
41
Public Sector Superannuation (Miscellaneous Amendments) Act
2009
Act No. of
s. 58 Part 11 - Retirement Benefits Regulations 2005 Amended
58. Regulation 122 amended (False and misleading
information)
Regulation 122(4)(a) of the Principal
Regulations is amended by inserting ", whether
positive or negative," after "rates".
59. Schedule 3 amended (Calculation of Certain
Pensions for Existing Contributors and
Amalgamated Contributors)
Clause 9(1)(b) of Schedule 3 to the Principal
Regulations is amended by inserting
"permanent" after "as a".
42
Public Sector Superannuation (Miscellaneous Amendments) Act
2009
Act No. of
Part 12 - Retirement Benefits Regulations 2005 Further Amended s. 60
PART 12 - RETIREMENT BENEFITS REGULATIONS
2005 FURTHER AMENDED
60. Principal Regulations
In this Part, the Retirement Benefits Regulations
2005* are referred to as the Principal
Regulations.
61. Regulation 3 amended (Interpretation)
Regulation 3(1) of the Principal Regulations is
amended as follows:
(a) by omitting the definition of "additional
employer contributions";
(b) by omitting the definitions of "allocated
pension", "allocated pension account"
and "allot";
(c) by omitting the definition of "investment
account";
(d) by omitting paragraph (c) from the
definition of "RBF member";
(e) by omitting "regulation 64A and" from
the definition of "spouse";
(f) by omitting the definition of "spouse
contributions";
*S.R. 2005, No. 77
43
Public Sector Superannuation (Miscellaneous Amendments) Act
2009
Act No. of
s. 62 Part 12 - Retirement Benefits Regulations 2005 Further Amended
(g) by omitting the definition of "voluntary
contributions".
62. Regulation 5 amended (Application of regulations)
Regulation 5 of the Principal Regulations is
amended as follows:
(a) by omitting paragraph (c) from
subregulation (1);
(b) by omitting paragraph (f) from
subregulation (1);
(c) by omitting subregulation (2).
63. Regulation 10 amended (Functions and powers of
Board)
Regulation 10(1) of the Principal Regulations is
amended as follows:
(a) by omitting from paragraph (b) "and
voluntary contributions";
(b) by omitting from paragraph (c) "and
voluntary contributions".
64. Regulation 21 amended (Operation of Fund)
Regulation 21(1)(a) of the Principal Regulations
is amended by omitting "voluntary contributions,
44
Public Sector Superannuation (Miscellaneous Amendments) Act
2009
Act No. of
Part 12 - Retirement Benefits Regulations 2005 Further Amended s. 65
spouse contributions, additional employer
contributions,".
65. Regulation 25 amended (Minister's guarantee)
Regulation 25 of the Principal Regulations is
amended by omitting subregulation (3).
66. Regulation 54 amended (Preservation of
contributions)
Regulation 54 of the Principal Regulations is
amended as follows:
(a) by omitting from subregulation (3)(a)
"investment account" and substituting
"account in the accumulation scheme";
(b) by omitting from subregulation (4)(b)
"investment account" and substituting
"account in the accumulation scheme".
67. Part 6, Division 1 rescinded
Division 1 of Part 6 of the Principal Regulations
is rescinded.
45
Public Sector Superannuation (Miscellaneous Amendments) Act
2009
Act No. of
s. 68 Part 12 - Retirement Benefits Regulations 2005 Further Amended
68. Regulation 67 amended (Establishment of
compulsory preservation accounts)
Regulation 67 of the Principal Regulations is
amended by omitting subregulation (5) and
substituting the following subregulation:
(5) Except as provided by regulation 72 or
118, where a person in whose name a
compulsory preservation account has
been established reaches his or her
preservation age, the balance of that
account is to be transferred, after
deduction of any tax liability, to an
account in the name of that person in the
accumulation scheme.
69. Regulations 68 and 69 rescinded
Regulations 68 and 69 of the Principal
Regulations are rescinded.
70. Regulation 72 amended (Early release of benefits)
Regulation 72 of the Principal Regulations is
amended as follows:
(a) by omitting from subregulation (2)
"regulation 62 or 67" and substituting
"regulation 67";
46
Public Sector Superannuation (Miscellaneous Amendments) Act
2009
Act No. of
Part 12 - Retirement Benefits Regulations 2005 Further Amended s. 71
(b) by omitting from subregulation (3)
"regulation 62 or 67" and substituting
"regulation 67".
71. Regulation 80 amended (Pension conversion
factors)
Regulation 80 of the Principal Regulations is
amended as follows:
(a) by omitting paragraphs (c) and (d) from
subregulation (3) and substituting the
following paragraph:
(c) a person who was an existing
contributor is entitled to an
amount transferred from the
accumulation scheme as
mentioned in regulation 79(1)(b)
and ceases employment after
attaining the preservation age,
where the amount transferred
comprises solely -
(i) the original benefit
entitlement, (less any
deductions for fees or tax)
that -
(A) the person became
entitled to under
regulation 37 or
37A of the
Retirement
47
Public Sector Superannuation (Miscellaneous Amendments) Act
2009
Act No. of
s. 71 Part 12 - Retirement Benefits Regulations 2005 Further Amended
Benefits
Regulations 1994
or under
regulation 48 or
49 of these
regulations; and
(B) was preserved in
the Fund under
regulation 43(4)(a)
and (b) or
regulation
43(5)(b) of the
Retirement
Benefits
Regulations 1994
or under
regulation 54(3)(a)
and (b) or
regulation
54(4)(b) of these
regulations; and
(ii) any earnings applied in
respect of the original
benefit entitlement (less
any deductions for fees or
tax) as if the amount
transferred had always
been invested in the
default investment option
specified by the Board
from time to time
pursuant to these
48
Public Sector Superannuation (Miscellaneous Amendments) Act
2009
Act No. of
Part 12 - Retirement Benefits Regulations 2005 Further Amended s. 71
regulations or the Trust
Deed -
(b) by omitting paragraphs (c) and (d) from
subregulation (4) and substituting the
following paragraphs:
(c) a person who was an existing
contributor whose benefit has
been preserved as mentioned in
regulation 43(4)(a) and (b) or
regulation 43(5)(b) of the
Retirement Benefits Regulations
1994 and who has made an
election under -
(i) regulation 60(4) of the
Retirement Benefits
Regulations 1994; or
(ii) regulation 62(5)(a) or (b)
of these regulations as in
force immediately before
the date of
commencement of section
39 of the Public Sector
Superannuation
(Miscellaneous
Amendments) Act 2009;
or
(iii) clause 6.2.1 of the Trust
Deed; or
(d) a person who was an existing
contributor whose benefit has
49
Public Sector Superannuation (Miscellaneous Amendments) Act
2009
Act No. of
s. 72 Part 12 - Retirement Benefits Regulations 2005 Further Amended
been preserved as mentioned in
regulation 54(3)(a) and (b) or
regulation 54(4)(b) of these
regulations and who has made an
election under -
(i) regulation 62(5)(a) or (b)
of these regulations as in
force immediately before
the date of
commencement of section
39 of the Public Sector
Superannuation
(Miscellaneous
Amendments) Act 2009;
or
(ii) clause 6.2.1 of the Trust
Deed; or
(c) by inserting in subregulation (4)(f) ",
other than an amount referred to in
subregulation (3)(c)" after "scheme".
72. Regulation 83 amended (Duration of pensions)
Regulation 83(2) of the Principal Regulations is
amended by omitting ", an allocated pension".
50
Public Sector Superannuation (Miscellaneous Amendments) Act
2009
Act No. of
Part 12 - Retirement Benefits Regulations 2005 Further Amended s. 73
73. Regulation 84 amended (Time and manner of
payment of pensions)
Regulation 84(1) of the Principal Regulations is
amended by omitting ", other than an allocated
pension,".
74. Regulation 87 amended (Amounts of pensions to be
rounded off)
Regulation 87 of the Principal Regulations is
amended by omitting "or allocated pension".
75. Regulation 90 amended (When benefit entitlements
become payable)
Regulation 90 of the Principal Regulations is
amended by omitting subregulation (2).
76. Regulation 91 amended (Contributions and benefit
entitlements subject to taxation)
Regulation 91(1) of the Principal Regulations is
amended as follows:
(a) by omitting from paragraph (a) "and
additional employer contributions";
(b) by omitting paragraphs (d) and (e).
51
Public Sector Superannuation (Miscellaneous Amendments) Act
2009
Act No. of
s. 77 Part 12 - Retirement Benefits Regulations 2005 Further Amended
77. Regulation 100 amended (Accounts for non-
member spouse)
Regulation 100 of the Principal Regulations is
amended as follows:
(a) by omitting from subregulation (1) "an
investment account or";
(b) by omitting from subregulation (2) "an
investment account or" and substituting
"a".
78. Regulation 113 rescinded
Regulation 113 of the Principal Regulations is
rescinded.
52
Public Sector Superannuation (Miscellaneous Amendments) Act
2009
Act No. of
Part 13 - Retirement Benefits Regulations 2005 Further Further Amended s. 79
PART 13 - RETIREMENT BENEFITS REGULATIONS
2005 FURTHER FURTHER AMENDED
79. Principal Regulations
In this Part, the Retirement Benefits Regulations
2005* are referred to as the Principal
Regulations.
80. Regulation 30 amended (Exemption from
contributing)
Regulation 30(1) of the Principal Regulations is
amended by inserting "or regulation 47A" after
"regulation".
81. Regulation 33 amended (Obligation of certain
employees to contribute)
Regulation 33(1) of the Principal Regulations is
amended by omitting "regulations 30, 34 and
60" and substituting "regulations 30, 34, 47A
and 60".
*S.R. 2005, No. 77
53
Public Sector Superannuation (Miscellaneous Amendments) Act
2009
Act No. of
s. 82 Part 13 - Retirement Benefits Regulations 2005 Further Further Amended
82. Regulation 34 amended (Commencement and
cessation of contributions)
Regulation 34(3) of the Principal Regulations is
amended as follows:
(a) by omitting from paragraph (e) "fund."
and substituting "fund; or";
(b) by inserting the following paragraph after
paragraph (e):
(f) a contributor who elects to cease
being a member of the
contributory scheme under
regulation 30 or 47A.
83. Regulation 47A inserted
After regulation 47 of the Principal Regulations,
the following regulation is inserted in Division
4:
47A. Benefit on election to cease being contributor
whilst employed
(1) In this regulation -
"election" means an election made
under subregulation (2);
"election date" means the date
specified in an election as the
date on which it is to take effect.
54
Public Sector Superannuation (Miscellaneous Amendments) Act
2009
Act No. of
Part 13 - Retirement Benefits Regulations 2005 Further Further Amended s. 83
(2) A contributor may elect to cease being a
contributor if he or she has -
(a) attained his or her preservation
age; and
(b) not ceased the employment in
respect of which he or she has
been contributing to the
contributory scheme.
(3) Subject to subregulation (4), an election
is to be in a form provided or approved
by the Board.
(4) An election must -
(a) specify an election date (which
must be the date on which the
election is made or a later date);
and
(b) contain a form of release (being a
statement releasing the Board
from any further liability to the
contributor under the contributory
scheme with effect from the date
on which the Board is able to
implement the election); and
(c) be signed and dated by the
contributor; and
(d) be lodged with the Board.
55
Public Sector Superannuation (Miscellaneous Amendments) Act
2009
Act No. of
s. 83 Part 13 - Retirement Benefits Regulations 2005 Further Further Amended
(5) An election is invalid if it does not
comply with subregulation (4)(a), (b) and
(c).
(6) An election may be revoked by giving
the Board notice in writing to that effect
before the election date, but it cannot be
revoked on or after that date.
(7) Where an election is made, the Board is
to give the relevant Agency notice and
particulars of the election as soon as
practicable.
(8) Where an election is made, the Board is
to calculate the contributor's lump sum
benefit as follows:
(a) where the contributor is not an
amalgamated contributor and is
aged less than 65 years (or attains
the age of 65 years) on the
election date, the benefit is to be
calculated in accordance with the
following formula:
where -
"LS" is the lump sum benefit payable;
"FAS(3)" is -
56
Public Sector Superannuation (Miscellaneous Amendments) Act
2009
Act No. of
Part 13 - Retirement Benefits Regulations 2005 Further Further Amended s. 83
(a) the average annual salary paid
or payable to the contributor in
respect of the period of 3 years
immediately preceding the
election date; or
(b) in the case of a contributor
whose length of service as at the
election date is less than 3 years,
the average annual salary paid
or payable in respect of the
actual period of service;
"ABMF" is the contributor's adjusted
benefit multiple factor, calculated
by taking the rate or rates of
contribution made by the
contributor and multiplying the
benefit multiple factor prescribed
for that rate or those rates of
contribution under regulation 44
by the contributor's length of
service in years at that rate or for
each of those rates of contribution
and accumulating each result
obtained from those
multiplications;
(b) where the contributor is an
amalgamated contributor and is
aged less than 70 years (or attains
the age of 70 years) on the
election date, the benefit is to be
57
Public Sector Superannuation (Miscellaneous Amendments) Act
2009
Act No. of
s. 83 Part 13 - Retirement Benefits Regulations 2005 Further Further Amended
calculated in accordance with the
following formula:
where -
"LS" is the lump sum benefit payable;
"SB" is the pension value of the
amalgamated contributor's
superannuation units as at
30 June 1982;
"DS" is the differential salary of the
amalgamated contributor, which
is the FAS(1) of the contributor
less the annual salary paid or
payable in respect of the
contributor as at 30 June 1982;
"FAS(1)", in the definition of "DS", is
the salary paid or payable to the
amalgamated contributor in
respect of the 12 months
immediately preceding the
election date;
(c) where the contributor is not an
amalgamated contributor and is
aged more than 65 years on the
election date, the benefit is to be
calculated in accordance with the
following formula:
58
Public Sector Superannuation (Miscellaneous Amendments) Act
2009
Act No. of
Part 13 - Retirement Benefits Regulations 2005 Further Further Amended s. 83
where -
"LS" is the lump sum benefit payable;
"FAS(3)" is -
(a) the average annual salary paid
or payable to the contributor in
respect of the period of 3 years
immediately preceding the
election date; or
(b) if the contributor's length of
service as at the election date is
less than 3 years, the average
annual salary paid or payable in
respect of the actual period of
service;
"ABMF" is the contributor's adjusted
benefit multiple factor, calculated
by taking the rate or rates of
contribution made by the
contributor and multiplying the
benefit multiple factor prescribed
for that rate or those rates of
contribution under regulation 44
by the contributor's length of
service in years at that rate or for
each of those rates of contribution
and accumulating each result
obtained from those
multiplications;
59
Public Sector Superannuation (Miscellaneous Amendments) Act
2009
Act No. of
s. 83 Part 13 - Retirement Benefits Regulations 2005 Further Further Amended
"SBMF" is the State's benefit multiple
factor which is -
(a) if the contributor was
contributing at the rate of
2.5% of salary, a factor of
0.075; or
(b) in any other case, a factor
of 0.15;
"PRS" is the contributor's length of
service after attaining the age of
65 years expressed in years
commencing on the day on which
he or she ceased making
contributions under
regulation 34(3)(e) or
regulation 34(5) and ending on
the election date.
(9) A person who makes an election is not
entitled to a benefit calculated in
accordance with regulation 124 or
Schedule 3.
(10) The Board is to transfer the benefit
calculated under subregulation (8) to an
account in the accumulation scheme in
the name of the person who made the
relevant election.
(11) Once a benefit calculated under
subregulation (8) has been transferred to
60
Public Sector Superannuation (Miscellaneous Amendments) Act
2009
Act No. of
Part 13 - Retirement Benefits Regulations 2005 Further Further Amended s. 84
the accumulation scheme pursuant to
subregulation (10) -
(a) the benefit is not capable of being
converted to a pension otherwise
than as provided for in the Trust
Deed; and
(b) the person who made the relevant
election is not eligible to again
become a contributor under any
circumstances.
84. Regulation 55 amended (Minimum benefit for 2.5%
contributors and amalgamated contributors)
Regulation 55(1) of the Principal Regulations is
amended by inserting "47A," after
"regulation 47,".
85. Regulation 107 amended (Payments to Fund by
Minister and prescribed authorities)
Regulation 107(2)(a) of the Principal
Regulations is amended by inserting "47A," after
"regulation 47,".
61
Public Sector Superannuation (Miscellaneous Amendments) Act
2009
Act No. of
s. 86 Part 14 - Solicitor-General Act 1983 Amended
PART 14 - SOLICITOR-GENERAL ACT 1983
AMENDED
86. Principal Act
In this Part, the Solicitor-General Act 1983* is
referred to as the Principal Act.
87. Section 9B amended (Voluntary contributions and
spouse contributions)
Section 9B of the Principal Act is amended by
omitting "or an investment account established
by the regulations under the Retirement Benefits
Act 1993".
*No. 13 of 1983
62
Public Sector Superannuation (Miscellaneous Amendments) Act
2009
Act No. of
Part 15 - Supreme Court Act 1887 Amended s. 88
PART 15 - SUPREME COURT ACT 1887 AMENDED
88. Principal Act
In this Part, the Supreme Court Act 1887* is
referred to as the Principal Act.
89. Section 8A amended (Voluntary contributions and
spouse contributions)
Section 8A of the Principal Act is amended by
omitting "or an investment account established
by the regulations under the Retirement Benefits
Act 1993".
*No. 36 of 1887
63
Public Sector Superannuation (Miscellaneous Amendments) Act
2009
Act No. of
s. 90 Part 16 - Supreme Court Act 1959 Amended
PART 16 - SUPREME COURT ACT 1959 AMENDED
90. Principal Act
In this Part, the Supreme Court Act 1959* is
referred to as the Principal Act.
91. Section 4AA amended (Superannuation
entitlements of Associate Judge appointed after 1
July 1999)
Section 4AA(2)(e) of the Principal Act is
amended by omitting "investment account
provided by the regulations under the Retirement
Benefits Act 1993" and substituting "account in
the person's name in the accumulation scheme".
92. Section 4AB amended (Voluntary contributions and
spouse contributions)
Section 4AB of the Principal Act is amended by
omitting "or an investment account established
by the regulations under the Retirement Benefits
Act 1993".
*No. 41 of 1959
64
Public Sector Superannuation (Miscellaneous Amendments) Act
2009
Act No. of
Part 17 - Legislation rescinded and revoked s. 93
PART 17 - LEGISLATION RESCINDED AND
REVOKED
93. Legislation rescinded
The legislation specified in Schedule 1 is
rescinded.
94. Legislation revoked
The legislation specified in Schedule 2 is
revoked.
65
Public Sector Superannuation (Miscellaneous Amendments) Act
2009
Act No. of
sch. 1
SCHEDULE 1 - LEGISLATION RESCINDED
Section 93
Retirement Benefits Amendment Regulations 2005 (No. 147 of
2005)
Retirement Benefits Amendment Regulations 2006 (No. 155 of
2006)
Retirement Benefits Amendment Regulations 2007 (No. 37 of
2007)
Retirement Benefits (Parliamentary Superannuation)
Amendment Regulations 2007 (No. 38 of 2007)
66
Public Sector Superannuation (Miscellaneous Amendments) Act
2009
Act No. of
sch. 2
SCHEDULE 2 - LEGISLATION REVOKED
Section 94
Retirement Benefits Amendment Notice 2007 (No. 12 of 2007)
Retirement Benefits Amendment Notice (No. 2) 2007 (No. 15
of 2007)
Retirement Benefits Notice 2007 (No. 22 of 2007)
Retirement Benefits Amendment (Printing Authority of
Tasmania) Notice 2008 (No. 31 of 2008)
Retirement Benefits Amendment (Southern Regional Cemetery
Trust) Notice 2008 (No. 105 of 2008)
Government Printer, Tasmania 67