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PARLIAMENT OF VICTORIA
Superannuation Acts (Beneficiary Choice) Act 2000
Act No.
TABLE OF PROVISIONS
Clause Page
PART 1--PRELIMINARY 1
1. Purpose 1
2. Commencement 2
PART 2--AMENDMENT OF STATE SUPERANNUATION ACT
1988 3
3. Establishment of Beneficiary Choice Scheme 3
PART 3A--BENEFICIARY CHOICE SCHEME 3
23A. Establishment of Scheme 3
23B. Membership of Scheme 3
23C. Entitlements of member 4
23D. Transfer of assets to Scheme 4
23E. Payments from Scheme 4
23F. Winding up of Scheme 4
23G. No stamp duty or other tax payable 4
4. Beneficiary Choice Program 5
PART 9--BENEFICIARY CHOICE PROGRAM 5
102. Definitions 5
103. Declaration in relation to Commonwealth funded
pensioners 7
104. Application to participate 7
105. Commutation--eligible beneficiaries 8
106. Commutation--eligible pensioners 9
5. New Schedule 2 inserted 9
6. Amendments relating to future commutation entitlements 11
7. Re-instatement of certain disability pensioners 16
77B. Re-instatement of certain disability pensioners 16
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Clause Page
PART 3--AMENDMENT OF EMERGENCY SERVICES
SUPERANNUATION ACT 1986 19
8. Spouse Accounts 19
21JA. Spouse Accounts 19
9. Amendments consequential on section 8 21
PART 4--AMENDMENT OF GOVERNMENT
SUPERANNUATION ACT 1999 22
10. Specified standards 22
46A. Commencement of specified standards Order 22
11. Repeal of spent provisions 22
PART 5--AMENDMENT OF POLICE REGULATION ACT 1958 23
12. Beneficiary Choice Program 23
Division 5--Beneficiary Choice Program 23
67C. Definitions 23
67D. Application to participate 24
67E. Commutation 24
PART 6--AMENDMENT OF STATE EMPLOYEES
RETIREMENT BENEFITS ACT 1979 26
13. Beneficiary Choice Program 26
PART VI--BENEFICIARY CHOICE PROGRAM 26
79. Definitions 26
80. Declaration in relation to Commonwealth funded
pensioners 27
81. Application to participate 28
82. Commutation--eligible beneficiaries 28
83. Commutation--eligible pensioners 29
14. Consequential 30
15. New Schedule inserted 30
16. Amendments relating to future commutation entitlements 30
PART 7--AMENDMENT OF SUPERANNUATION
(PORTABILITY) ACT 1989 33
17. Beneficiary Choice Program 33
5A. Beneficiary Choice Program 33
18. Amendments relating to future commutation entitlements 35
PART 8--AMENDMENT OF THE CONSTITUTION ACT
AMENDMENT ACT 1958 37
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Clause Page
19. Privileges of certain former members 37
PART 9--AMENDMENT OF TRANSPORT SUPERANNUATION
ACT 1988 40
20. Beneficiary Choice Program 40
PART 9--BENEFICIARY CHOICE PROGRAM 40
54. Definitions 40
55. Application to participate 41
56. Commutation--eligible beneficiaries 42
57. Commutation--eligible pensioners 42
21. Amendments relating to future commutation entitlements 43
ENDNOTES 45
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PARLIAMENT OF VICTORIA
Initiated in Assembly 1 November 2000
A BILL
to enable the commutation of certain pension entitlements and
deferred benefit entitlements under the State Superannuation Act
1988, the Police Regulation Act 1958, the State Employees
Retirement Benefits Act 1979, the Superannuation (Portability)
Act 1989 and the Transport Superannuation Act 1988, to make
miscellaneous amendments to certain Superannuation Acts and for
other purposes.
Superannuation Acts (Beneficiary
Choice) Act 2000
The Parliament of Victoria enacts as follows:
PART 1--PRELIMINARY
1. Purpose
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The purpose of this Act is to amend certain
Superannuation Acts--
(a) to provide for greater choice by way of a
one-off election and future options to
5 commute pension and deferred benefit
entitlements; and
(b) to improve the administration of certain
superannuation schemes.
2. Commencement
10 (1) This Act, except sections 3, 6, 10, 16, 18, 19 and
21, comes into operation on the day after the day
on which it receives the Royal Assent.
(2) Section 19(1) is deemed to have come into
operation on 23 January 1980.
15 (3) Section 19(2) is deemed to have come into
operation on 1 January 1987.
(4) Section 19(3) is deemed to have come into
operation on 1 July 1988.
(5) Section 10 is deemed to have come into operation
20 on 1 July 1999.
(6) Sections 3, 6, 16, 18 and 21 come into operation
on 1 July 2001.
_______________
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PART 2--AMENDMENT OF STATE SUPERANNUATION
ACT 1988
3. Establishment of Beneficiary Choice Scheme
After Part 3 of the State Superannuation Act
5 1988 insert--
"PART 3A--BENEFICIARY CHOICE SCHEME
23A. Establishment of Scheme
(1) There is established a Scheme within the
Fund called the Beneficiary Choice Scheme.
10 (2) The rules of the Beneficiary Choice Scheme
are the rules as specified in relation to
pensions in regulation 1.06 of the
Commonwealth Superannuation Industry
(Supervision) Regulations 1994.
15 23B. Membership of Scheme
The following are members of the
Beneficiary Choice Scheme--
(a) an eligible pensioner whose application
is accepted under section 104;
20 (b) an eligible pensioner whose application
is accepted under section 67D of the
Police Regulation Act 1958;
(c) an eligible pensioner whose application
is accepted under section 81 of the
25 State Employees Retirement Benefits
Act 1979;
(d) an eligible pensioner whose application
is accepted under section 55 of the
Transport Superannuation Act 1988.
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23C. Entitlements of member
A member is entitled to a complying pension
from the Beneficiary Choice Scheme.
23D. Transfer of assets to Scheme
5 (1) The Emergency Services Superannuation
Board must transfer to the Beneficiary
Choice Scheme assets of the Emergency
Services Superannuation Scheme equal to
the entitlements of a member of the
10 Beneficiary Choice Scheme whose pension
entitlements were administered under section
22 or 22A of the Emergency Services
Superannuation Act 1986 as determined by
an actuary appointed by the Minister.
15 (2) As soon as the assets have been transferred,
the assets form part of the Fund.
23E. Payments from Scheme
(1) The Board must commute a member's
complying pension into a lump sum payable
20 out of the Beneficiary Choice Scheme.
(2) The method of calculating the commutation
benefit of a member under sub-section (1) is
to be determined by the Minister on the
advice of an actuary appointed by the Board.
25 (3) The payment under this section releases the
Board from any liability to make any further
payments to, or in respect of, any
entitlements of the member under the
Beneficiary Choice Scheme.
30 23F. Winding up of Scheme
If there are no members left in the
Beneficiary Choice Scheme, the Board must
close the Beneficiary Choice Scheme.
23G. No stamp duty or other tax payable
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No stamp duty or other tax is payable under
any Act in respect of anything done under
this Part.".
4. Beneficiary Choice Program
5 After Part 8 of the State Superannuation Act
1988 insert--
'PART 9--BENEFICIARY CHOICE PROGRAM
102. Definitions
(1) In this Part--
10 "Beneficiary Choice Scheme" means the
Beneficiary Choice Scheme established
under Part 3A;
"Commonwealth funded pensioner"
means a person receiving a pension
15 specified in the definition of "eligible
pensioner"--
(a) any part of which relates to a
period of employment with an
employer specified in Schedule 2;
20 and
(b) which is partly or wholly funded
by the Government of the
Commonwealth of Australia;
"eligible beneficiary" means a person who
25 at any time during the election period--
(a) is entitled, or becomes entitled, to
a deferred pension under section
44(1)(b), 44(2), 45, 46(1)(a),
46(1)(b), 61A(1), 69(4)(a), 94 or
30 101; or
(b) is entitled, or becomes entitled, to
a deferred benefit under section
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58(1), 61A(2), 69(4)(b),
69B(3)(b), 94 or 101; or
(c) is entitled to a deferred pension
under section 61(2) or a reduced
5 deferred pension under section
61(2A) and is not eligible to make
contributions under section 50; or
(d) is entitled to a deferred pension
under section 61(5) or a reduced
10 deferred pension under section
61(5)(b) and is not eligible to
make contributions under section
28 of the Transport
Superannuation Act 1988;
15 "eligible pensioner" means a person who at
any time during the election period is
receiving, or becomes entitled to
receive--
(a) a pension under section 31(1), 94
20 or 101; or
(b) a pension as a spouse under
section 36 or 37; or
(c) a pension under section 31(2), 54
or 65(b) and has attained 55 years
25 of age; or
(d) a pension under section 31(2), 54
or 65(b) and has not attained the
age of 55 years, at the discretion
of the Board; or
30 (e) a pension under section 80--
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but does not include a Commonwealth
funded pensioner unless a declaration is
made under section 103;
"election period" means the period--
5 (a) specified by the Minister in a
notice published in the
Government Gazette in respect of
all or particular classes of eligible
beneficiaries and eligible
10 pensioners; and
(b) if the Minister on the advice of the
Board so decides, as extended to a
later date as is specified by the
Minister in a further notice
15 published in the Government
Gazette.
(2) In this Part, a reference to the Board in
relation to an eligible pensioner whose
pension entitlements are administered under
20 section 22 of the Emergency Services
Superannuation Act 1986 is to be construed
as a reference to the ESS Board.
103. Declaration in relation to Commonwealth
funded pensioners
25 (1) This section applies if an agreement in
respect of this Part is entered into between
the Government of Victoria and the
Government of the Commonwealth of
Australia in relation to Commonwealth
30 funded pensioners.
(2) If this section applies, the Minister must
publish a declaration in the Government
Gazette.
104. Application to participate
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(1) An eligible beneficiary or eligible pensioner
may during the relevant election period
apply in writing to the Board to participate in
the beneficiary choice program in the form
5 approved by the Board.
(2) An eligible beneficiary must elect to
commute the whole of his or her deferred
pension entitlement or deferred benefit
entitlement.
10 (3) An eligible pensioner must elect to convert
the whole or 50 per cent of his or her pension
entitlement.
(4) If an eligible pensioner has a spouse, the
eligible pensioner must also elect to convert
15 the same percentage of his or her spouse's
pension entitlement.
(5) An application under this section--
(a) can not be withdrawn after it has been
accepted by the Board;
20 (b) ceases to have any effect if the
applicant dies before the application is
accepted by the Board.
105. Commutation--eligible beneficiaries
(1) If the Board accepts an application by an
25 eligible beneficiary under section 104, the
eligible beneficiary is entitled to a
commutation benefit equal to a lump sum
determined by the Board.
(2) The method of calculating the commutation
30 benefit of an eligible beneficiary under sub-
section (1) is to be determined by the
Minister on the advice of an actuary
appointed by the Board.
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(3) As soon as the commutation benefit is
transferred to a complying superannuation
fund nominated by the eligible beneficiary--
(a) the Board is released from any liability
5 in respect of the entitlements of the
eligible beneficiary specified in the
application under section 104; and
(b) the eligible beneficiary ceases to be a
member of the Fund.
10 106. Commutation--eligible pensioners
(1) If the Board accepts an application by an
eligible pensioner under section 104, the
Board must commute the pension entitlement
specified in the application into a complying
15 pension under the Beneficiary Choice
Scheme.
(2) The method of calculating the commutation
benefit of an eligible pensioner under sub-
section (1) is to be determined by the
20 Minister on the advice of an actuary
appointed by the Board having regard to the
commutation factors specified in Schedule 1.
(3) The Board is released from any liability in
respect of the entitlements of an eligible
25 pensioner and of any spouse specified in the
application under section 104 as soon as the
eligible pensioner becomes entitled to a
complying pension under the Beneficiary
Choice Scheme.'.
30 5. New Schedule 2 inserted
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After Schedule 1 of the State Superannuation
Act 1988 insert--
"SCHEDULE 2
BALLARAT INSTITUTE
5 BENDIGO COLLEGE
BENDIGO INSTITUTE
CHISHOLM INSTITUTE
CHISHOLM INSTITUTE--FRANKSTON
DEAKIN UNIVERSITY
10 DEAKIN UNIVERSITY--WARRNAMBOOL
FOOTSCRAY INSTITUTE
GIPPSLAND INSTITUTE
HAWTHORN INSTITUTE
INSTITUTE OF CATHOLIC EDUCATION
15 INSTITUTE OF CATHOLIC EDUCATION--ASCOT
VALE
INSTITUTE OF CATHOLIC EDUCATION--OAKLEIGH
LATROBE UNIVERSITY
LINCOLN INSTITUTE
20 MELBOURNE COLLEGE
MELBOURNE UNIVERSITY
MONASH UNIVERSITY--GIPPSLAND
PHILLIP INSTITUTE
PHILLIP INSTITUTE--COBURG
25 ROYAL MELBOURNE INSTITUTE OF TECHNOLOGY
STATE COLLEGE OF VICTORIA--BALLARAT
STATE COLLEGE OF VICTORIA--BENDIGO
STATE COLLEGE OF VICTORIA--GEELONG
STATE COLLEGE OF VICTORIA--HAWTHORN
30 SWINBURNE UNIVERSITY OF TECHNOLOGY
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UNIVERSITY OF BALLARAT
VICTORIA COLLEGE
VICTORIA COLLEGE--RUSDEN
VICTORIA COLLEGE OF THE ARTS
5 VICTORIAN COLLEGE
VICTORIA UNIVERSITY
WARRNAMBOOL INSTITUTE
WESTERN INSTITUTE".
6. Amendments relating to future commutation
10 entitlements
(1) In sections 39(1) and 39(3) of the State
Superannuation Act 1988 after "convert" insert
"the whole of or".
(2) In section 39(3) of the State Superannuation Act
15 1988 omit "or a greater amount of pension as may
be prescribed".
(3) In section 40(1) of the State Superannuation Act
1988 after "convert" insert "the whole of or".
(4) For section 40(2) of the State Superannuation
20 Act 1988 substitute--
"(2) A person must elect under sub-section (1) to
convert to an equivalent lump sum payment
an amount--
(a) equal to the whole; or
25 (b) not greater than 50 per cent--
of his or her fortnightly pension
entitlement.".
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(5) After section 47(9) of the State Superannuation
Act 1988 insert--
"(10) A revised scheme member who is entitled to
a deferred pension under section 44(1)(b),
5 44(2), 45, 46(1)(a) or 46(1)(b) may elect in
writing to the Board to--
(a) convert the entitlement to a lump sum;
and
(b) have the lump sum transferred to a
10 complying superannuation fund
nominated by the revised scheme
member.
(11) The method of calculating the conversion
under sub-section (10) is to be determined by
15 the Minister on the advice of an actuary
appointed by the Board.".
(6) After section 58(3) of the State Superannuation
Act 1988 insert--
"(4) A new scheme member who is entitled under
20 sub-section (1) to a deferred benefit on
resignation may elect in writing to the Board
to--
(a) convert the entitlement to a present
lump sum; and
25 (b) have the lump sum transferred to a
complying superannuation fund
nominated by the new scheme member.
(5) The method of calculating the conversion
under sub-section (4) is to be determined by
30 the Minister on the advice of an actuary
appointed by the Board.".
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(7) After section 61(6) of the State Superannuation
Act 1988 insert--
"(7) Sub-section (8) applies to a person who--
(a) is entitled to a deferred pension under
5 section 61(2) or a reduced deferred
pension under section 61(2A) and is not
eligible to make contributions under
section 50; or
(b) is entitled to a deferred pension under
10 section 61(5) or a reduced deferred
pension under section 61(5)(b) and is
not eligible to make contributions under
section 28 of the Transport
Superannuation Act 1988.
15 (8) A former revised scheme member referred to
in sub-section (7) may elect in writing to the
Board to--
(a) convert the entitlement to a lump sum;
and
20 (b) have the lump sum transferred to a
complying superannuation fund
nominated by the former revised
scheme member.
(8A) The method of calculating the conversion
25 under sub-section (8) is to be determined by
the Minister on the advice of an actuary
appointed by the Board.".
(8) After section 61A(3) of the State
Superannuation Act 1988 insert--
30 "(4) A revised scheme member who is entitled to
a deferred pension under sub-section (1) may
elect in writing to the Board to--
(a) convert the entitlement to a lump sum;
and
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(b) have the lump sum transferred to a
complying superannuation fund
nominated by the revised scheme
member.
5 (5) A new scheme member who is entitled to a
deferred benefit under sub-section (2) may
elect in writing to the Board to--
(a) convert the entitlement to a present
lump sum; and
10 (b) have the lump sum transferred to a
complying superannuation fund
nominated by the new scheme member.
(6) The method of calculating the conversion
under sub-section (4) or (5) is to be
15 determined by the Minister on the advice of
an actuary appointed by the Board.".
(9) After section 69(4) of the State Superannuation
Act 1988 insert--
"(4A) A contributor who is entitled to a deferred
20 retirement benefit under sub-section (4) may
elect in writing to the Board to--
(a) convert the entitlement to a present
lump sum; and
(b) have the lump sum transferred to a
25 complying superannuation fund
nominated by the contributor.
(4B) The method of calculating the conversion
under sub-section (4) is to be determined by
the Minister on the advice of an actuary
30 appointed by the Board.".
(10) In section 69B(4) of the State Superannuation
Act 1988 after "section 61A(3)" insert ", 61A(4)
or 61A(5)".
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(11) After section 94(1D) of the State
Superannuation Act 1988 insert--
"(1E) Without derogating from sub-sections (1A)
and (1B), a transferred member who is
5 entitled to a deferred benefit under section
94 or 95 may elect in writing to the Board
to--
(a) convert the entitlement to a present
lump sum; and
10 (b) have the lump sum transferred to a
complying superannuation fund
nominated by the member.
(1F) The method of calculating the conversion
under sub-section (1E) is to be determined
15 by the Minister on the advice of an actuary
appointed by the Board.".
(12) After section 101(4) of the State Superannuation
Act 1988 insert--
"(5) Without derogating from sub-sections (1)
20 and (2), a transferred beneficiary who is
entitled to a deferred benefit under this
section may elect in writing to the Board
to--
(a) convert the entitlement to a present
25 lump sum; and
(b) have the lump sum transferred to a
complying superannuation fund
nominated by the beneficiary.
(6) The method of calculating the conversion
30 under sub-section (5) is to be determined by
the Minister on the advice of an actuary
appointed by the Board.".
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7. Re-instatement of certain disability pensioners
After section 77A of the State Superannuation
Act 1988 insert--
'77B. Re-instatement of certain disability
5 pensioners
(1) This section applies if the Board is satisfied
that the application of a former disability
pensioner to retire on the grounds of ill
health and receive a payment under section
10 77A was materially influenced by an offer,
or the prospect of an offer, of employment
by the Department of Education,
Employment and Training under the New
Start Program or any other program which
15 the Board determines to be similar to the
New Start Program.
(2) An application for re-instatement under this
section must be made--
(a) within the period of 6 months after the
20 commencement of section 7 of the
Superannuation Acts (Beneficiary
Choice) Act 2000; or
(b) within such further period of time as
the Board may determine.
25 (3) If this section applies, subject to sub-section
(4), the Board must re-instate the former
disability pensioner as an officer entitled to a
disability pension with the same rights and
entitlements that he or she would have had if
30 he or she had not retired on the grounds of ill
health and sections 75, 76 and 77 apply
accordingly.
(4) It is a condition of any re-instatement under
this section that the former disability
35 pensioner must immediately repay to the
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Board an amount determined by the Board
on the advice of an actuary appointed by the
Board.
(5) The advice of the actuary should take into
5 account--
(a) the amount received under section
77A(2);
(b) interest at the rate for the time being
fixed under section 2 of the Penalty
10 Interest Rates Act 1983 on the amount
received under section 77A(2);
(c) any amount received in the course of
gainful employment within the meaning
of section 77(2) during the relevant
15 period;
(d) an amount determined by the Board on
the advice of the actuary to be equal to
the present value of the disability
pension that the former disability
20 pensioner would have received during
the relevant period had he or she
remained a disability pensioner;
(e) any other amount which the Board
determines to be relevant.
25 (6) In sub-section (5), "relevant period" means
the period beginning on the date of
retirement under section 77A and ending on
the proposed date of re-instatement.
(7) For the purposes of sub-section (4)--
30 (a) the Board may require the former
disability pensioner to provide to the
Board within 45 days any returns and
information which the Board specifies;
and
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(b) the determination of the Board has
effect as at the date of re-instatement.
(8) If in the opinion of the Board the former
disability pensioner is willing but financially
5 unable to immediately repay the amount
determined by the Board under sub-section
(4), the Board may re-instate the former
disability pensioner if he or she enters an
agreement with the Board to accept a
10 reduction in his or her pension entitlement of
an amount and for a period as is determined
by the Board so as to recover the amount
determined under sub-section (4) and interest
on that amount at the rate for the time being
15 fixed under section 2 of the Penalty Interest
Rates Act 1983 for that period.
(9) An agreement under sub-section (8) must
contain a condition that if the person or a
dependent, spouse or other beneficiary of
20 that person becomes entitled to a pension or
benefit under this Act and any amount is still
owing under the agreement, the pension or
benefit is to be reduced by that amount.
(10) The Board may deduct from any money
25 payable out of the Fund to any person
referred to in sub-section (9) in respect of
any pension or benefit under this Act any
money owing under an agreement under this
section.'.
30 _______________
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PART 3--AMENDMENT OF EMERGENCY SERVICES
SUPERANNUATION ACT 1986
8. Spouse Accounts
After section 21J of the Emergency Services
5 Superannuation Act 1986 insert--
"21JA. Spouse Accounts
(1) The Board may establish upon the request of
an eligible spouse a special arrangement
called a spouse account.
10 (2) The Board may accept for payment into a
spouse account any amount in respect of an
eligible spouse in accordance with section
159TC of the Commonwealth Income Tax
Assessment Act 1936.
15 (3) The Board must credit to a spouse's
account--
(a) any eligible spouse contribution made
in respect of that spouse; and
(b) any eligible spouse contribution made
20 by the spouse; and
(c) any net earnings calculated on the basis
of section 21L; and
(d) any other amount payable to the
spouse's account, including any amount
25 transferred from a complying
superannuation fund.
(4) The Board must debit to a spouse's
account--
(a) an amount determined by the Board in
30 respect of management and
administration costs incurred by the
Board; and
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(b) any net loss calculated on the basis of
section 21L; and
(c) any amounts transferred to another
complying superannuation fund; and
5 (d) any other amount payable by the
spouse.
(5) The Board must not accept any contributions
by or in respect of a spouse after the date of
termination of service of a member or
10 contributor.
(6) Section 23AA applies in respect of any
payment out of a spouse account under sub-
section (7) or (8) as if the payment were a
benefit under this Act.
15 (7) The balance of a spouse account is
payable--
(a) to the spouse on the request of the
spouse, in a form approved by the
Board; or
20 (b) in the case of the death of the spouse, to
such one or more of the spouse's
dependants and legal personal
representatives and in such proportions
of the whole of the balance as the
25 Board in its absolute discretion
determines.
(8) If a spouse ceases to be an eligible spouse or
the member, contributor or former
contributor dies, the spouse may elect to--
30 (a) maintain the account in an investment
fund in accordance with section 21K; or
(b) transfer the account balance to another
complying superannuation fund; or
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(c) receive the whole of the account
balance.".
9. Amendments consequential on section 8
(1) In section 21 of the Emergency Services
5 Superannuation Act 1986--
(a) after the definition of "child" insert--
' "eligible spouse" in relation to a member,
contributor or former contributor, has
the same meaning as in section 159TC
10 of the Commonwealth Income Tax
Assessment Act 1936;';
(b) after the definition of "participating
employer" insert--
' "spouse account" means a spouse's
15 account established and maintained by
the Board for an eligible spouse under
section 21JA.'.
(2) In the Emergency Services Superannuation Act
1986--
20 (a) in sections 21K(2) and 21K(3) for "or
member" (wherever occurring) substitute
", member or spouse";
(b) in sections 21K(2), 21K(3), 21K(4), 21L(1)
and 21L(2), for "or member's account"
25 (wherever occurring) substitute ", member's
or spouse's account".
_______________
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Act No.
PART 4--AMENDMENT OF GOVERNMENT
SUPERANNUATION ACT 1999
10. Specified standards
After section 46 of the Government
5 Superannuation Act 1999 insert--
"46A. Commencement of specified standards
Order
(1) This section applies to the Order in Council
cited as Specified Standards for the
10 Preservation of Superannuation Benefits
which was--
(a) made on 16 June 1999; and
(b) published in the Government Gazette
on 20 July 2000.
15 (2) Notwithstanding anything to the contrary in
any Act under which the Order in Council
was made or the failure to publish the Order
in Council on or before 1 July 1999, the
Order in Council is deemed--
20 (a) to have come into operation on 1 July
1999 as specified in the Order in
Council; and
(b) to have full force and effect from 1 July
1999.".
25 11. Repeal of spent provisions
Part 6 of the Government Superannuation Act
1999 is repealed.
_______________
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Act No.
PART 5--AMENDMENT OF POLICE REGULATION ACT
1958
12. Beneficiary Choice Program
In Part III of the Police Regulation Act 1958,
5 after Division 4 insert--
'Division 5--Beneficiary Choice Program
67C. Definitions
In this Division--
"Beneficiary Choice Scheme" means the
10 Beneficiary Choice Scheme established
under Part 3A of the State
Superannuation Act 1988;
"eligible pensioner" means a person who at
any time during the election period is
15 receiving, or becomes entitled to
receive--
(a) a pension under section 42; or
(b) a pension as a spouse under
section 44; or
20 (c) a pension or a gratuity under
section 43 and has attained 55
years of age; or
(d) a pension or a gratuity under
section 43 and has not attained the
25 age of 55 years, at the discretion
of the ESS Board;
"election period" means the period--
(a) specified by the Minister in a
notice published in the
30 Government Gazette in respect of
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all or particular classes of eligible
pensioners; and
(b) if the Minister on the advice of the
ESS Board so decides, as
5 extended to a later date as is
specified by the Minister in a
further notice published in the
Government Gazette.
67D. Application to participate
10 (1) An eligible pensioner may during the
relevant election period apply in writing to
the ESS Board to participate in the
beneficiary choice program in the form
approved by the ESS Board.
15 (2) An eligible pensioner must elect to convert
the whole or 50 per cent of his or her pension
or gratuity entitlement.
(3) If an eligible pensioner has a spouse, the
eligible pensioner must also elect to convert
20 the same percentage of his or her spouse's
pension entitlement.
(4) An application under this section--
(a) can not be withdrawn after it has been
accepted by the ESS Board;
25 (b) ceases to have any effect if the
applicant dies before the application is
accepted by the ESS Board.
67E. Commutation
(1) If the ESS Board accepts an application
30 under section 67D, the ESS Board must
commute the pension entitlement specified
in the application into a complying pension
under the Beneficiary Choice Scheme.
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(2) The method of calculating the commutation
benefit of an eligible pensioner under sub-
section (1) is to be determined by the
Minister on the advice of an actuary
5 appointed by the ESS Board.
(3) The ESS Board is released from any liability
in respect of the entitlements of an eligible
pensioner and of any spouse specified in the
application under section 67D as soon as the
10 eligible pensioner becomes entitled to a
complying pension under the Beneficiary
Choice Scheme.'.
_______________
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Act No.
PART 6--AMENDMENT OF STATE EMPLOYEES
RETIREMENT BENEFITS ACT 1979
13. Beneficiary Choice Program
After Part V of the State Employees Retirement
5 Benefits Act 1979 insert--
'PART VI--BENEFICIARY CHOICE PROGRAM
79. Definitions
In this Part--
"Beneficiary Choice Scheme" means the
10 Beneficiary Choice Scheme established
under Part 3A of the State
Superannuation Act 1988;
"Commonwealth funded pensioner"
means a person receiving a pension
15 specified in the definition of "eligible
pensioner"--
(a) any part of which relates to a
period of employment with an
employer specified in Schedule 2;
20 and
(b) which is partly or wholly funded
by the Government of the
Commonwealth of Australia;
"eligible beneficiary" means a person who
25 at any time during the election period is
entitled, or becomes entitled, to a
deferred retirement benefit under
section 22A, 34A, 34AB, 37 or 38;
"eligible pensioner" means a person who at
30 any time during the election period is
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receiving, or becomes entitled to
receive--
(a) a pension under section 39, 40 or
75; or
5 (b) a pension as a spouse under
section 38(3), 44, 45 or 57; or
(c) a pension under section 55 and
has attained 55 years of age; or
(d) a pension under section 55 and
10 has not attained the age of 55
years, at the discretion of the
Board--
but does not include a Commonwealth
funded pensioner unless a declaration is
15 made under section 80;
"election period" means the period--
(a) specified by the Minister in a
notice published in the
Government Gazette in respect of
20 all or particular classes of eligible
beneficiaries and eligible
pensioners; and
(b) if the Minister on the advice of the
Board so decides, as extended to a
25 later date as is specified by the
Minister in a further notice
published in the Government
Gazette.
80. Declaration in relation to Commonwealth
30 funded pensioners
(1) This section applies if an agreement is
entered into between the Government of
Victoria and the Government of the
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s. 13
Act No.
Commonwealth of Australia in relation to
Commonwealth funded pensioners.
(2) If this section applies, the Minister must
publish a declaration in the Government
5 Gazette.
81. Application to participate
(1) An eligible beneficiary or eligible pensioner
may during the relevant election period
apply in writing to the Board to participate in
10 the beneficiary choice program in the form
approved by the Board.
(2) An eligible beneficiary must elect to
commute the whole of his or her deferred
retirement benefit entitlement.
15 (3) An eligible pensioner must elect to convert
the whole or 50 per cent of his or her pension
entitlement.
(4) If an eligible pensioner has a spouse, the
eligible pensioner must also elect to convert
20 the same percentage of his or her spouse's
pension entitlement.
(5) An application under this section--
(a) can not be withdrawn after it has been
accepted by the Board;
25 (b) ceases to have any effect if the
applicant dies before the application is
accepted by the Board.
82. Commutation--eligible beneficiaries
(1) If the Board accepts an application by an
30 eligible beneficiary under section 81, the
eligible beneficiary is entitled to a
commutation benefit equal to a lump sum
determined by the Board.
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(2) The method of calculating the commutation
benefit of an eligible beneficiary under sub-
section (1) is to be determined by the
Minister on the advice of an actuary
5 appointed by the Board.
(3) As soon as the commutation benefit is
transferred to a complying superannuation
fund nominated by the eligible beneficiary--
(a) the Board is released from any liability
10 in respect of the entitlements of the
eligible beneficiary specified in the
application under section 81; and
(b) the eligible beneficiary ceases to be a
member of the Fund.
15 83. Commutation--eligible pensioners
(1) If the Board accepts an application by an
eligible pensioner under section 81, the
Board must commute the pension entitlement
specified in the application into a complying
20 pension under the Beneficiary Choice
Scheme.
(2) The method of calculating the commutation
benefit of an eligible pensioner under sub-
section (1) is to be determined by the
25 Minister on the advice of an actuary
appointed by the Board having regard to the
commutation factors specified in Schedule 1.
(3) The Board is released from any liability in
respect of the entitlements of an eligible
30 pensioner and of any spouse specified in the
application under section 81 as soon as the
eligible pensioner becomes entitled to a
complying pension under the Beneficiary
Choice Scheme.'.
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14. Consequential
In the State Employees Retirement Benefits Act
1979--
(a) in section 40(1A) for "the Schedule"
5 (wherever occurring) substitute
"Schedule 1";
(b) in the Schedule after "SCHEDULE" insert
"1".
15. New Schedule inserted
10 After Schedule 1 of the State Employees
Retirement Benefits Act 1979 insert--
"SCHEDULE 2
DEAKIN UNIVERSITY
LATROBE UNIVERSITY--BENDIGO
15 MELBOURNE UNIVERSITY
MONASH UNIVERSITY
RMIT--(FORMERLY PHILLIP INSTITUTE)
RMIT--HIGHER EDUCATION
SWINBURNE UNIVERSITY
20 UNIVERSITY OF BALLARAT
UNIVERSITY OF MELBOURNE--VICTORIAN
COLLEGE OF AGRICULTURE AND HORTICULTURE
VICTORIA UNIVERSITY".
16. Amendments relating to future commutation
25 entitlements
(1) After section 34AB(2) of the State Employees
Retirement Benefits Act 1979 insert--
"(3) A member who is entitled to a deferred
retirement benefit under sub-section (1) may
30 elect in writing to the Board to--
30
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s. 16
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(a) convert the entitlement to a present
lump sum; and
(b) have the lump sum transferred to a
complying superannuation fund
5 nominated by the member.
(4) The method of calculating the conversion
under sub-section (3) is to be determined by
the Minister on the advice of an actuary
appointed by the Board.".
10 (2) After section 37(1A) of the State Employees
Retirement Benefits Act 1979 insert--
"(1B) A member who is entitled to a deferred
retirement benefit under sub-section (1)(b)
may elect in writing to the Board to--
15 (a) convert the entitlement to a present
lump sum; and
(b) have the lump sum transferred to a
complying superannuation fund
nominated by the member.
20 (1C) The method of calculating the conversion
under sub-section (1B) is to be determined
by the Minister on the advice of an actuary
appointed by the Board.".
(3) After section 38(2) of the State Employees
25 Retirement Benefits Act 1979 insert--
"(2A) A member who is entitled to a deferred
retirement benefit under sub-section (1) may
elect in writing to the Board to--
(a) convert the entitlement to a present
30 lump sum; and
(b) have the lump sum transferred to a
complying superannuation fund
nominated by the member.
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(2B) The method of calculating the conversion
under sub-section (2A) is to be determined
by the Minister on the advice of an actuary
appointed by the Board.".
5 _______________
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s. 17
Act No.
PART 7--AMENDMENT OF SUPERANNUATION
(PORTABILITY) ACT 1989
17. Beneficiary Choice Program
After section 5 of the Superannuation
5 (Portability) Act 1989 insert--
'5A. Beneficiary Choice Program
(1) In this section--
"Beneficiary Choice Scheme" means the
Beneficiary Choice Scheme established
10 under Part 3A of the State
Superannuation Act 1988;
"eligible beneficiary" means a person who
at any time during the election period is
entitled, or becomes entitled, to a
15 deferred retirement benefit by the
operation of section 5;
"election period" means the period--
(a) specified by the Minister in a
notice published in the
20 Government Gazette in respect of
all or particular classes of eligible
beneficiaries; and
(b) if the Minister so decides, as
extended to a later date as is
25 specified by the Minister in a
further notice published in the
Government Gazette.
(2) An eligible beneficiary may during the
relevant election period apply in writing to
30 the administrator to participate in the
beneficiary choice program in the form
approved by the administrator.
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(3) An eligible beneficiary must elect to
commute the whole of his or her deferred
retirement benefit entitlement.
(4) An application under this section--
5 (a) can not be withdrawn after it has been
accepted by the administrator;
(b) ceases to have any effect if the
applicant dies before the application is
accepted by the administrator.
10 (5) If the administrator accepts an application
under sub-section (2), the eligible
beneficiary is entitled to a commutation
benefit of a lump sum determined by the
administrator.
15 (6) The method of calculating the commutation
benefit of an eligible beneficiary under sub-
section (5) is to be determined by the
Minister on the advice of an actuary
appointed by the administrator.
20 (7) As soon as the commutation benefit is
transferred to a complying superannuation
fund nominated by the eligible beneficiary--
(a) the administrator is released from any
liability in respect of the entitlements of
25 the eligible beneficiary specified in the
application under sub-section (3); and
(b) the eligible beneficiary ceases to be a
member of the statutory superannuation
scheme to which their deferred benefit
30 relates.'.
34
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s. 18
Act No.
18. Amendments relating to future commutation
entitlements
(1) After section 5(2) of the Superannuation
(Portability) Act 1989 insert--
5 "(2A) A member who is entitled to a deferred
retirement benefit by the operation of this
section may elect in writing to the
administrators to--
(a) convert the entitlement to a present
10 lump sum; and
(b) have the lump sum transferred to a
complying superannuation fund
nominated by the member.
(2B) The method of calculating the conversion
15 under sub-section (2A) is to be determined
by the Minister on the advice of an actuary
appointed by the administrators.".
(2) After section 7(7) of the Superannuation
(Portability) Act 1989 insert--
20 "(7A) A person who is entitled under sub-section
(7) to a deferred retirement benefit by the
operation of section 5 may elect in writing to
the administrators to--
(a) convert the entitlement to a present
25 lump sum; and
(b) have the lump sum transferred to a
complying superannuation fund
nominated by the person.
(7B) The method of calculating the conversion
30 under sub-section (7A) is to be determined
by the Minister on the advice of an actuary
appointed by the administrators.".
35
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Act No.
_______________
36
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s. 19
Act No.
PART 8--AMENDMENT OF THE CONSTITUTION ACT
AMENDMENT ACT 1958
19. Privileges of certain former members
(1) After section 30(2)(ba) of The Constitution Act
5 Amendment Act 1958 insert--
"(bb) if immediately before he or she so ceased to
be employed, he or she was a contributor
under the State Employees Retirement
Benefits Act 1979, he or she becomes a
10 contributor under that Act if, on being re-
employed in the service, he or she pays into
the Fund under that Act an amount equal to
the sum paid to him or her out of that Fund
when he or she so ceased to be employed
15 together with an additional amount equal to
the contributions he or she would have been
required to make under the State Employees
Retirement Benefits Act 1979 if he or she
had remained in the service during the period
20 from so ceasing to be employed until re-
employment in the service and on payment
of that amount into the Fund he or she is to
be treated for the purposes of the State
Employees Retirement Benefits Act 1979
25 as if he or she had continued to be a
contributor under that Act during that
period;".
(2) After section 30(2)(bb) of The Constitution Act
Amendment Act 1958 insert--
30 "(bc) if immediately before he or she so ceased to
be employed, he or she was a contributor
under the Emergency Services
Superannuation Act 1986, he or she
becomes a contributor under that Act if, on
35 being re-employed in the service, he or she
37
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pays into the Scheme under that Act an
amount equal to the sum paid to him or her
out of that Scheme when he or she so ceased
to be employed together with an additional
5 amount equal to the contributions he or she
would have been required to make under the
Emergency Services Superannuation Act
1986 if he or she had remained in the service
during the period from so ceasing to be
10 employed until re-employment in the service
and on payment of that amount into the Fund
he or she is to be treated for the purposes of
the Emergency Services Superannuation
Act 1986 as if he or she had continued to be
15 a contributor under that Act during that
period;".
(3) After section 30(2)(bc) of The Constitution Act
Amendment Act 1958 insert--
"(bd) if immediately before he or she so ceased to
20 be employed, he or she was a member under
the Transport Superannuation Act 1988,
he or she becomes a member under that Act
if, on being re-employed in the service, he or
she pays into the Fund under that Act an
25 amount equal to the sum paid to him or her
out of that Fund when he or she so ceased to
be employed together with an additional
amount equal to the contributions he or she
would have been required to make under the
30 Transport Superannuation Act 1988 if he
or she had remained in the service during the
period from so ceasing to be employed until
re-employment in the service and on
payment of that amount into the Fund he or
35 she is to be treated for the purposes of the
Transport Superannuation Act 1988 as if
he or she had continued to be a member
under that Act during that period;".
38
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Act No.
_______________
39
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s. 20
Act No.
PART 9--AMENDMENT OF TRANSPORT
SUPERANNUATION ACT 1988
20. Beneficiary Choice Program
After Part 8 of the Transport Superannuation
5 Act 1988 insert--
'PART 9--BENEFICIARY CHOICE PROGRAM
54. Definitions
In this Part--
"Beneficiary Choice Scheme" means the
10 Beneficiary Choice Scheme established
under Part 3A of the State
Superannuation Act 1988;
"eligible beneficiary" means a person who
at any time during the election period is
15 entitled, or becomes entitled, to a
deferred benefit under section 34A or
35;
"eligible pensioner" means a person who at
any time during the election period is
20 receiving, or becomes entitled to
receive--
(a) a pension under section 48; or
(b) a pension under section 31 and
has attained 55 years of age; or
25 (c) a pension under section 31 and
has not attained the age of 55
years, at the discretion of the
Board;
"election period" means the period--
30 (a) specified by the Minister in a
notice published in the
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s. 20
Act No.
Government Gazette in respect of
all or particular classes of eligible
beneficiaries and eligible
pensioners; and
5 (b) if the Minister on the advice of the
Board so decides, as extended to a
later date as is specified by the
Minister in a further notice
published in the Government
10 Gazette.
55. Application to participate
(1) An eligible beneficiary or eligible pensioner
may during the relevant election period
apply in writing to the Board to participate in
15 the beneficiary choice program in the form
approved by the Board.
(2) An eligible beneficiary must elect to
commute the whole of his or her deferred
pension entitlement or deferred benefit
20 entitlement.
(3) An eligible pensioner must elect to convert
the whole or 50 per cent of his or her pension
entitlement.
(4) If an eligible pensioner has a spouse, the
25 eligible pensioner must also elect to convert
the same percentage of his or her spouse's
pension entitlement.
(5) An application under this section--
(a) can not be withdrawn after it has been
30 accepted by the Board;
(b) ceases to have any effect if the
applicant dies before the application is
accepted by the Board.
41
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Act No.
56. Commutation--eligible beneficiaries
(1) If the Board accepts an application by an
eligible beneficiary under section 55, the
eligible beneficiary is entitled to a
5 commutation benefit equal to a lump sum
determined by the Board.
(2) The method of calculating the commutation
benefit of an eligible beneficiary under sub-
section (1) is to be determined by the
10 Minister on the advice of an actuary
appointed by the Board.
(3) As soon as the commutation benefit is
transferred to a complying superannuation
fund nominated by the eligible beneficiary--
15 (a) the Board is released from any liability
in respect of the entitlements of the
eligible beneficiary specified in the
application under section 55; and
(b) the eligible beneficiary ceases to be a
20 member of the Fund.
57. Commutation--eligible pensioners
(1) If the Board accepts an application by an
eligible pensioner under section 55, the
Board must commute the pension entitlement
25 specified in the application into a complying
pension under the Beneficiary Choice
Scheme.
(2) The method of calculating the commutation
benefit of an eligible pensioner under sub-
30 section (1) is to be determined by the
Minister on the advice of an actuary
appointed by the Board.
42
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Act No.
(3) The Board is released from any liability in
respect of the entitlements of an eligible
pensioner and of any spouse specified in the
application under section 55 as soon as the
5 eligible pensioner becomes entitled to a
complying pension under the Beneficiary
Choice Scheme.'.
21. Amendments relating to future commutation
entitlements
10 (1) After section 34A(2) of the Transport
Superannuation Act 1988 insert--
"(3) A member who is entitled to a deferred
benefit may elect in writing to the Board
to--
15 (a) convert the entitlement to a present
lump sum; and
(b) have the lump sum transferred to a
complying superannuation fund
nominated by the member.
20 (4) The method of calculating the conversion
under sub-section (3) is to be determined by
the Minister on the advice of an actuary
appointed by the Board.".
(2) After section 35(4) of the Transport
25 Superannuation Act 1988 insert--
"(4A) A member who is entitled to a deferred
benefit may elect in writing to the Board
to--
(a) convert the entitlement to a present
30 lump sum; and
(b) have the lump sum transferred to a
complying superannuation fund
nominated by the member.
43
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(4B) The method of calculating the conversion
under sub-section (4A) is to be determined
by the Minister on the advice of an actuary
appointed by the Board.".
5
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Superannuation Acts (Beneficiary Choice) Act 2000
Endnotes
Act No.
ENDNOTES
By Authority. Government Printer for the State of Victoria.
45
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