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This is a Bill, not an Act. For current law, see the Acts databases.
Western Australia
State Superannuation Amendment Bill 2011
CONTENTS
Part 1 -- Preliminary
1. Short title 2
2. Commencement 2
3. Act amended 2
Part 2 -- State Superannuation
Amendment Act 2007 repealed
and related amendments
Division 1 -- State Superannuation Amendment
Act 2007 repealed
4. Act repealed 3
Division 2 -- Provisions related to the repeal of
the State Superannuation Amendment
Act 2007
5. Long title replaced 3
6. Section 3 amended 3
7. Part 3 heading deleted 4
8. Part 3 Division 1 deleted 4
9. Part 3 Division 2 heading deleted and Part 2
heading inserted 4
Part 2 -- Government Employees Superannuation
Board
10. Section 6 amended 5
11. Section 7B amended 5
12. Section 9 amended 5
13. Part 3 Division 3 heading deleted and Part 3
heading inserted 6
200--1 page i
State Superannuation Amendment Bill 2011
Contents
Part 3 -- Government Employees Superannuation
Fund
14. Section 14 amended 6
15. Section 15 amended 6
16. Part 3 Division 4 heading deleted and Part 4
heading inserted 6
Part 4 -- Superannuation Schemes
17. Section 29 amended 7
18. Section 30 amended 7
19. Part 3 Division 5 heading deleted and Part 5
heading inserted 7
Part 5 -- Government guarantees and appropriation
of the Consolidated Account
20. Section 31 amended 7
21. Part 3 Division 6 heading deleted and Part 6
heading inserted 8
Part 6 -- Miscellaneous
22. Section 33B amended 8
23. Section 34 amended 8
24. Section 35 amended 8
25. Section 36A inserted 10
36A. Supplementary provision about laying
documents before Parliament 10
26. Section 38 amended 10
27. Section 40 amended 15
28. Parts 4, 4A and 5 deleted 15
29. Schedule 1 amended 15
30. Schedule 2 amended 15
Part 3 -- Amendments relating to the
Treasurer
31. Various references to "Minister" amended 16
32. Section 6 amended 16
33. Section 7A amended 17
34. Section 30 amended 17
35. Section 33B amended 17
36. Section 36 amended 17
37. Section 37 deleted 18
38. Schedule 1 amended 18
page ii
State Superannuation Amendment Bill 2011
Contents
39. Schedule 3 amended 18
Part 4 -- Amendments relating to
administration and funding
40. Section 6 amended 19
41. Section 7 amended 19
42. Section 11 amended 20
43. Section 18 amended 21
44. Section 19 amended 21
45. Section 20A inserted 22
20A. Reserves 22
46. Section 22 replaced 23
22. Allocation of earnings and costs 23
47. Section 23 amended 24
48. Section 24 amended 24
49. Section 33 amended 24
Part 5 -- Amendments to introduce
choice
50. Part 2A inserted 27
Part 2A -- Employer contribution obligation
5A. Terms used 27
5B. Employers to make contributions 28
5C. Regulations may require extra
contributions 29
51. Section 6 amended 29
52. Section 15 amended 30
53. Section 30 amended 30
page iii
Western Australia
LEGISLATIVE ASSEMBLY
State Superannuation Amendment Bill 2011
A Bill for
An Act to amend the State Superannuation Act 2000.
The Parliament of Western Australia enacts as follows:
page 1
State Superannuation Amendment Bill 2011
Part 1 Preliminary
s. 1
1 Part 1 -- Preliminary
2 1. Short title
3 This is the State Superannuation Amendment Act 2011.
4 2. Commencement
5 This Act comes into operation as follows --
6 (a) sections 1 and 2 -- on the day on which this Act
7 receives the Royal Assent;
8 (b) the rest of the Act -- on a day fixed by proclamation,
9 and different days may be fixed for different provisions.
10 3. Act amended
11 This Act, other than Part 2 Division 1, amends the State
12 Superannuation Act 2000.
page 2
State Superannuation Amendment Bill 2011
State Superannuation Amendment Act 2007 repealed and Part 2
related amendments
State Superannuation Amendment Act 2007 repealed Division 1
s. 4
1 Part 2 -- State Superannuation Amendment
2 Act 2007 repealed and related amendments
3 Division 1 -- State Superannuation Amendment
4 Act 2007 repealed
5 4. Act repealed
6 The State Superannuation Amendment Act 2007 is repealed.
7 Division 2 -- Provisions related to the repeal of the State
8 Superannuation Amendment Act 2007
9 5. Long title replaced
10 Delete the long title and insert:
11
12 An Act to provide for superannuation contributions and
13 superannuation schemes for and in respect of people
14 working or formerly working in the public sector and for
15 related purposes.
16
17 6. Section 3 amended
18 (1) In section 3(1) delete the definitions of:
19 regulated superannuation fund
20 SIS Act
21 transfer time
22 West State Scheme
23 working day
24 (2) In section 3(1) insert in alphabetical order:
25
26 benefit means a benefit paid or payable under a
27 scheme, whether paid or payable as a lump sum,
28 pension, allowance or annuity or in any other form;
page 3
State Superannuation Amendment Bill 2011
Part 2 State Superannuation Amendment Act 2007 repealed and
related amendments
Division 2 Provisions related to the repeal of the State Superannuation
Amendment Act 2007
s. 7
1 Fund means the Government Employees
2 Superannuation Fund under section 14;
3 Member means a member of a scheme;
4 scheme, except in section 30, means a superannuation
5 scheme established or continued under this Act;
6 subsidiary means a body determined under
7 subsection (3) to be a subsidiary of the Board;
8 Treasurer's guidelines means guidelines issued by the
9 Treasurer under section 33(2).
10
11 (3) After section 3(2) insert:
12
13 (3) Part 1.2 Division 6 of the Corporations Act applies for
14 the purpose of determining whether a body is a
15 subsidiary of the Board.
16
17 7. Part 3 heading deleted
18 Delete the heading to Part 3.
19 8. Part 3 Division 1 deleted
20 Delete Part 3 Division 1.
21 9. Part 3 Division 2 heading deleted and Part 2 heading
22 inserted
23 Delete the heading to Part 3 Division 2 and insert:
24
25 Part 2 -- Government Employees
26 Superannuation Board
27
page 4
State Superannuation Amendment Bill 2011
State Superannuation Amendment Act 2007 repealed and Part 2
related amendments
Provisions related to the repeal of the State Superannuation Division 2
Amendment Act 2007
s. 10
1 10. Section 6 amended
2 (1) Delete section 6(1)(a).
3 (2) In section 6(1)(e)(i) delete "superannuation schemes
4 administered by the Board under this Part or any other written
5 law; and" and insert:
6
7 the schemes; and
8
9 11. Section 7B amended
10 (1) In section 7B(2)(b) delete "Part; and" and insert:
11
12 Act; and
13
14 (2) In section 7B(2)(c) delete "Part." and insert:
15
16 Act.
17
18 (3) In section 7B(4) delete "Part" and insert:
19
20 Act
21
22 12. Section 9 amended
23 (1) In section 9(1) delete "Part." and insert:
24
25 Act.
26
page 5
State Superannuation Amendment Bill 2011
Part 2 State Superannuation Amendment Act 2007 repealed and
related amendments
Division 2 Provisions related to the repeal of the State Superannuation
Amendment Act 2007
s. 13
1 (2) In section 9(2) delete "Part" and insert:
2
3 Act
4
5 13. Part 3 Division 3 heading deleted and Part 3 heading
6 inserted
7 Delete the heading to Part 3 Division 3 and insert:
8
9 Part 3 -- Government Employees
10 Superannuation Fund
11
12 14. Section 14 amended
13 Delete section 14(3) and (4).
14 15. Section 15 amended
15 In section 15(1)(a) delete "Part; and" and insert:
16
17 Act; and
18
19 16. Part 3 Division 4 heading deleted and Part 4 heading
20 inserted
21 Delete the heading to Part 3 Division 4 and insert:
22
23 Part 4 -- Superannuation Schemes
24
page 6
State Superannuation Amendment Bill 2011
State Superannuation Amendment Act 2007 repealed and Part 2
related amendments
Provisions related to the repeal of the State Superannuation Division 2
Amendment Act 2007
s. 17
1 17. Section 29 amended
2 (1) In section 29(1) delete "Part --" and insert:
3
4 Act --
5
6 (2) Delete section 29(2).
7 18. Section 30 amended
8 In section 30(2)(a) delete "Part;" and insert:
9
10 Act; or
11
12 19. Part 3 Division 5 heading deleted and Part 5 heading
13 inserted
14 Delete the heading to Part 3 Division 5 and insert:
15
16 Part 5 -- Government guarantees and
17 appropriation of the Consolidated Account
18
19 20. Section 31 amended
20 In section 31(1)(b) delete "Part" and insert:
21
22 Act
23
page 7
State Superannuation Amendment Bill 2011
Part 2 State Superannuation Amendment Act 2007 repealed and
related amendments
Division 2 Provisions related to the repeal of the State Superannuation
Amendment Act 2007
s. 21
1 21. Part 3 Division 6 heading deleted and Part 6 heading
2 inserted
3 Delete the heading to Part 3 Division 6 and insert:
4
5 Part 6 -- Miscellaneous
6
7 22. Section 33B amended
8 (1) In section 33B(3) delete "section 78 --" and insert:
9
10 section 36A --
11
12 (2) At the end of section 33B insert:
13
14 (5) The text of a direction referred to in subsection (3) is to
15 be included in the annual report submitted by the
16 accountable authority of the Board under the Financial
17 Management Act 2006 Part 5.
18
19 23. Section 34 amended
20 In section 34(1) delete "Part" and insert:
21
22 Act
23
24 24. Section 35 amended
25 Delete section 35(3) and insert:
26
27 (3) Subject to subsections (5) and (6), a direction becomes
28 effective on the expiry of 7 days after the Board
page 8
State Superannuation Amendment Bill 2011
State Superannuation Amendment Act 2007 repealed and Part 2
related amendments
Provisions related to the repeal of the State Superannuation Division 2
Amendment Act 2007
s. 24
1 receives it or of such longer period as the Treasurer
2 may, at the Board's request, determine.
3 (4) If the Board asks the Treasurer to extend the 7 day
4 period under subsection (3), the Treasurer must decide
5 whether or not to agree to the request and notify the
6 Board of that decision before the 7 day period has
7 expired.
8 (5) If a direction is the subject of a notice under the
9 Statutory Corporations (Liability of Directors)
10 Act 1996 section 17, it does not become effective
11 before it is confirmed under that section or the expiry
12 of any extension of time notified under subsection (2).
13 (6) Despite the Statutory Corporations (Liability of
14 Directors) Act 1996 section 17(4), the Treasurer may,
15 when confirming a direction under that section, extend
16 the time for the direction to become effective and is to
17 notify the Board of the extension.
18 (7) The Treasurer must cause a copy of a direction to be
19 laid before each House of Parliament or dealt with
20 under section 36A --
21 (a) within 14 days after the direction is given; or
22 (b) if the direction is the subject of a notice under
23 the Statutory Corporations (Liability of
24 Directors) Act 1996 section 17, within 14 days
25 after it is confirmed under that section.
26 (8) The text of a direction is to be included in the annual
27 report submitted by the accountable authority of the
28 Board under the Financial Management Act 2006
29 Part 5.
30
page 9
State Superannuation Amendment Bill 2011
Part 2 State Superannuation Amendment Act 2007 repealed and
related amendments
Division 2 Provisions related to the repeal of the State Superannuation
Amendment Act 2007
s. 25
1 25. Section 36A inserted
2 After section 35 insert:
3
4 36A. Supplementary provision about laying documents
5 before Parliament
6 (1) If a provision of this Act requires a person to cause a
7 document to be laid before each House of Parliament
8 or dealt with under this section within a period and --
9 (a) at the commencement of the period, a House of
10 Parliament is not sitting; and
11 (b) the person is of the opinion that the House will
12 not sit during that period,
13 the person must transmit a copy of the document to the
14 Clerk of that House.
15 (2) A copy of a direction transmitted to the Clerk of a
16 House is to be taken to have been laid before that
17 House.
18 (3) The laying of a copy of a direction that is regarded as
19 having occurred under subsection (2) is to be recorded
20 in the Minutes, or Votes and Proceedings, of the House
21 on the first sitting day of the House after the Clerk
22 received the copy.
23
24 26. Section 38 amended
25 (1) Before section 38(2) insert:
26
27 (1) Subject to subsections (3) to (8), the Governor may
28 make regulations prescribing all matters that are
29 required or permitted by this Act or the State
30 Superannuation (Transitional and Consequential
page 10
State Superannuation Amendment Bill 2011
State Superannuation Amendment Act 2007 repealed and Part 2
related amendments
Provisions related to the repeal of the State Superannuation Division 2
Amendment Act 2007
s. 26
1 Provisions) Act 2000 section 26 to be prescribed, or are
2 necessary or convenient to be prescribed for giving
3 effect to the purposes of this Act.
4
5 (2) In section 38(2):
6 (a) delete "section 79 but subject to this section," and insert:
7
8 subsection (1),
9
10 (b) delete "under section 79" and insert:
11
12 under subsection (1)
13
14 (3) Delete section 38(3) and insert:
15
16 (3) Regulations cannot be made under subsection (1) if
17 they reduce the amount of a benefit that --
18 (a) accrued or became payable before the
19 regulations came into operation; or
20 (b) is, or may become, payable in relation to a
21 period before the regulations came into
22 operation.
23
24 (4) After section 38(4) insert:
25
26 (5A) Regulations cannot be made under subsection (1) in
27 relation to the superannuation schemes continued by
28 section 29(1)(a), (b) or (c) unless --
29 (a) the Board has certified that it is satisfied that
30 the proposed regulations will not affect
31 contributions or benefits; or
page 11
State Superannuation Amendment Bill 2011
Part 2 State Superannuation Amendment Act 2007 repealed and
related amendments
Division 2 Provisions related to the repeal of the State Superannuation
Amendment Act 2007
s. 26
1 (b) an actuary appointed by the Board has certified
2 that the proposed regulations will not reduce, or
3 have the same effect as reducing --
4 (i) in the case of a scheme continued by
5 section 29(1)(a) or (b), the multiplying
6 factor for any relevant benefit; or
7 (ii) in the case of the scheme continued by
8 section 29(1)(c), the pension value
9 factor for any Member of that scheme,
10 to less than it was immediately before
11 17 February 2001; or
12 (c) any reduction of the kind referred to in
13 paragraph (b) will apply only in respect of
14 Members who have agreed with the Board that
15 the reduction is to apply in the calculation of
16 their benefit.
17 (5B) In subsection (5A) and in this subsection --
18 multiplying factor, in relation to a relevant benefit,
19 means the components of the benefit formula by which
20 the Member's salary is to be multiplied in order to
21 calculate the benefit;
22 pension value factor means --
23 (a) the number of units that a Member may, or may
24 become entitled to, acquire per dollar of the
25 Member's salary; or
26 (b) the amount of the pension that will or may
27 become payable in respect of each unit held by
28 a Member;
29 relevant benefit means a benefit, or part of a benefit,
30 the amount of which was, immediately before
31 17 February 2001, calculated as a multiple of a
32 Member's salary.
page 12
State Superannuation Amendment Bill 2011
State Superannuation Amendment Act 2007 repealed and Part 2
related amendments
Provisions related to the repeal of the State Superannuation Division 2
Amendment Act 2007
s. 26
1 (5C) Subsections (3) and (5A) do not apply in respect of
2 regulations that reduce or provide for the reduction of a
3 Member's benefit if --
4 (a) a superannuation agreement, flag lifting
5 agreement or splitting order is in force in
6 respect of the Member; and
7 (b) the reduction does not reduce the Member's
8 benefit to less than the Member's entitlement
9 under the agreement or order.
10 (5D) In subsection (5C) --
11 flag lifting agreement has the meaning given in the
12 Family Law Act 1975 (Commonwealth) section 90MD;
13 splitting order has the meaning given in the Family
14 Law Act 1975 (Commonwealth) section 90MD;
15 superannuation agreement has the meaning given in
16 the Family Law Act 1975 (Commonwealth)
17 section 90MD.
18 (5E) Regulations under subsection (1) may permit the Board
19 to pay a pension or other benefit under the scheme
20 continued by section 29(1)(c) for the purpose of --
21 (a) giving effect to a payment split; or
22 (b) satisfying the requirements of the Family Law
23 (Superannuation) Regulations 2001
24 (Commonwealth) Division 2.2 in relation to an
25 entitlement in respect of a superannuation
26 interest in the scheme.
27 (5F) In subsection (5E) --
28 payment split has the meaning given in the Family Law
29 Act 1975 (Commonwealth) section 90MD;
30 superannuation interest has the meaning given in the
31 Family Law Act 1975 (Commonwealth) section 90MD.
32
page 13
State Superannuation Amendment Bill 2011
Part 2 State Superannuation Amendment Act 2007 repealed and
related amendments
Division 2 Provisions related to the repeal of the State Superannuation
Amendment Act 2007
s. 26
1 (5) In section 38(5):
2 (a) delete "Regulations that --" and insert:
3
4 Regulations cannot be made under subsection (1),
5 unless they have been approved by the Treasurer, if
6 they --
7
8 (b) in paragraph (a) delete "Part to the extent that" and
9 insert:
10
11 Act and
12
13 (c) in paragraph (b) delete "subsection (2)(j)," and insert:
14
15 subsection (2)(j).
16
17 (d) delete "cannot be made unless they have been approved
18 by the Treasurer.".
19 (6) Delete section 38(6) and insert:
20
21 (6) Regulations that prescribe an authority, body or person
22 for the purposes of the definition of Employer in
23 section 3 may specify as the day on which they come
24 into operation a day that is earlier than the day on
25 which they are published in the Gazette.
26 (7) Regulations of the kind referred to in subsection (6)
27 cannot be made if they will or may affect a person,
28 except the Crown or an Employer, by --
29 (a) prejudicing rights that existed before the
30 regulation was published; or
page 14
State Superannuation Amendment Bill 2011
State Superannuation Amendment Act 2007 repealed and Part 2
related amendments
Provisions related to the repeal of the State Superannuation Division 2
Amendment Act 2007
s. 27
1 (b) imposing liabilities in respect of anything that
2 occurred before the regulation was published.
3
4 (7) In section 38(8) delete "section 37 or".
5 (8) Delete section 38(9) and (10).
6 27. Section 40 amended
7 In section 40 delete "this Part and the regulations referred to in
8 section 38" and insert:
9
10 this Act and the regulations made or applying under it
11
12 28. Parts 4, 4A and 5 deleted
13 Delete Parts 4, 4A and 5.
14 29. Schedule 1 amended
15 In Schedule 1 clause 6(2)(e) delete "Part 3; or" and insert:
16
17 this Act; or
18
19 30. Schedule 2 amended
20 In Schedule 2 clause 1 delete "Part 3." and insert:
21
22 this Act.
23
page 15
State Superannuation Amendment Bill 2011
Part 3 Amendments relating to the Treasurer
s. 31
1 Part 3 -- Amendments relating to the Treasurer
2 31. Various references to "Minister" amended
3 In the provisions listed in the Table delete "Minister" (each
4 occurrence) and insert:
5
6 Treasurer
7
8 Table
s. 3 def. of actuary s. 7A(1) and (3)
s. 7B(5) s. 8(1)(a)
s. 33B(1) and (3) s. 34(1)
s. 35(1) and (2) s. 36(1), (2), (3) and (4)
def. of information
Sch. 1 cl. 1(1) Sch. 1 cl. 1(2)
Sch. 1 cl. 2(1) Sch. 1 cl. 2(2)
Sch. 1 cl. 6(1)(b) and (d) Sch. 1 cl. 6(2)
Sch. 1 cl. 6(3) Sch. 1 cl. 6(4)
Sch. 2 cl. 11(2) Sch. 2 cl. 12(3)
Sch. 3 cl. 2(2) Sch. 3 cl. 3(3)
9 Note: The heading to amended section 35 is to read:
10 Treasurer may give directions to Board
11 32. Section 6 amended
12 In section 6(1)(d) delete "the Minister and".
page 16
State Superannuation Amendment Bill 2011
Amendments relating to the Treasurer Part 3
s. 33
1 33. Section 7A amended
2 Delete section 7A(2).
3 34. Section 30 amended
4 (1) In section 30(1) delete "Minister and the Treasurer have" and
5 insert:
6
7 Treasurer has
8
9 (2) In section 30(2) delete "Minister and the Treasurer have" and
10 insert:
11
12 Treasurer has
13
14 (3) In section 30(3) delete "Minister and the".
15 35. Section 33B amended
16 (1) In section 33B(2)(d) delete "Board, the Minister" and insert:
17
18 Board
19
20 (2) Delete section 33B(4).
21 36. Section 36 amended
22 In section 36(1) delete "Minister's" and insert:
23
24 Treasurer's
25
26 Note: The heading to amended section 36 is to read:
27 Treasurer to have access to information
page 17
State Superannuation Amendment Bill 2011
Part 3 Amendments relating to the Treasurer
s. 37
1 37. Section 37 deleted
2 Delete section 37.
3 38. Schedule 1 amended
4 In Schedule 1 clause 7 delete "Minister" and insert:
5
6 Treasurer
7
8 39. Schedule 3 amended
9 In Schedule 3 clause 1 in the definition of prior approval delete
10 "Minister given with the Treasurer's concurrence." and insert:
11
12 Treasurer.
13
page 18
State Superannuation Amendment Bill 2011
Amendments relating to administration and funding Part 4
s. 40
1 Part 4 -- Amendments relating to administration
2 and funding
3 40. Section 6 amended
4 In section 6(1):
5 (a) in paragraph (c) delete "schemes; and" and insert:
6
7 schemes or, in accordance with any relevant
8 Treasurer's guidelines, select and appoint
9 external administrators of the schemes and
10 monitor their administration; and
11
12 (b) after paragraph (d) insert:
13
14 (ea) so far as practicable, provide information to
15 Members regarding their rights and
16 entitlements under the schemes; and
17
18 (c) in paragraph (f) after "under" insert:
19
20 this Act or
21
22 41. Section 7 amended
23 In section 7(2):
24 (a) in paragraph (b) before "enter" insert:
25
26 in accordance with any relevant Treasurer's guidelines,
27
28 (b) in paragraph (c) before "enter" insert:
29
30 in accordance with any relevant Treasurer's guidelines,
31
page 19
State Superannuation Amendment Bill 2011
Part 4 Amendments relating to administration and funding
s. 42
1 (c) in paragraph (ca) delete "subsidiary for the purpose of
2 performing the function referred to in section 6(1)(e);
3 and" and insert:
4
5 subsidiary; and
6
7 42. Section 11 amended
8 (1) In section 11(2) delete "Board." and insert:
9
10 Board on the advice of the Public Sector Commissioner.
11
12 (2) After section 11(2) insert:
13
14 (3) If the Board appoints an external administrator to
15 conduct the administration of a scheme or schemes and
16 in connection with that appointment the external
17 administrator makes an offer of employment to a
18 person appointed or employed by the Board under
19 subsection (1) or (2) (a Board officer), the Board may
20 enter into an agreement with the Board officer on terms
21 approved by the Public Sector Commissioner providing
22 for --
23 (a) in the case of a Board officer who is a
24 permanent public service officer appointed or
25 employed under subsection (1) --
26 (i) the right of the Board officer, during a
27 stated period, to resume appointment or
28 employment under subsection (1); and
29 (ii) the making by the Board of a payment
30 to the Board officer if the offer of
31 employment is accepted and the right of
32 election under subparagraph (i) expires
33 without being exercised;
page 20
State Superannuation Amendment Bill 2011
Amendments relating to administration and funding Part 4
s. 43
1 and
2 (b) in the case of any other Board officer, the
3 making by the Board of a payment to the Board
4 officer if the offer of employment is accepted.
5
6 43. Section 18 amended
7 (1) Delete section 18(2).
8 (2) In section 18(3) --
9 (a) in paragraph (b) delete "investment," and insert:
10
11 investment.
12
13 (b) delete "as it considers appropriate.".
14 44. Section 19 amended
15 (1) In section 19(1) delete "and give effect to a broad investment
16 strategy for the investment of " and insert:
17
18 a strategy for
19
20 (2) After section 19(1) insert:
21
22 (2A) The Board's investment strategy for the Fund is to be
23 consistent with any relevant Treasurer's guidelines.
24
25 (3) In section 19(2) delete "and in making investment decisions the
26 Board is to endeavour to optimize returns having" and insert:
27
28 the Board is to have
29
page 21
State Superannuation Amendment Bill 2011
Part 4 Amendments relating to administration and funding
s. 45
1 (4) In section 19(3):
2 (a) in paragraph (a) delete "broad";
3 (b) delete "the Treasurer's" and insert:
4
5 any relevant Treasurer's
6
7 (5) After section 19(3) insert:
8
9 (4) In exercising its powers under section 18 the Board is
10 to --
11 (a) act in accordance with any relevant Treasurer's
12 guidelines; and
13 (b) act so as to give effect to its investment
14 strategy.
15
16 Note: The heading to amended section 19 is to read:
17 Exercise of investment powers
18 45. Section 20A inserted
19 After section 19 insert:
20
21 20A. Reserves
22 (1) The Board may maintain reserves within the Fund.
23 (2) The Board is to formulate a reserving strategy for the
24 Fund.
25 (3) The Board's reserving strategy for the Fund is to be
26 consistent with --
27 (a) the Board's capacity to discharge the liabilities
28 of the Fund, actual and contingent, as they fall
29 due; and
page 22
State Superannuation Amendment Bill 2011
Amendments relating to administration and funding Part 4
s. 46
1 (b) any relevant Treasurer's guidelines.
2 (4) The Board is to review its reserving strategy from time
3 to time in accordance with any relevant Treasurer's
4 guidelines.
5 (5) In exercising its power under subsection (1) the Board
6 is to --
7 (a) act in accordance with any relevant Treasurer's
8 guidelines; and
9 (b) act so as to give effect to the Fund reserving
10 strategy.
11
12 46. Section 22 replaced
13 Delete section 22 and insert:
14
15 22. Allocation of earnings and costs
16 (1) The Board is to allocate --
17 (a) earnings derived from the investment of the
18 Fund; and
19 (b) the costs of managing and administering the
20 Fund and the schemes,
21 between the schemes and where appropriate between
22 Members.
23 (2) In allocating earnings and costs under subsection (1)
24 the Board is to --
25 (a) ensure compliance with any relevant
26 guidelines; and
27 (b) otherwise act in accordance with section 6(2).
28
page 23
State Superannuation Amendment Bill 2011
Part 4 Amendments relating to administration and funding
s. 47
1 47. Section 23 amended
2 In section 23(2) delete "the Treasurer's" and insert:
3
4 any relevant Treasurer's
5
6 48. Section 24 amended
7 In section 24(1)(c) delete "the Treasurer's" and insert:
8
9 any relevant Treasurer's
10
11 49. Section 33 amended
12 (1) In section 33(2):
13 (a) delete "may issue" and insert:
14
15 may, after consulting the Board, issue
16
17 (b) before paragraph (a) insert:
18
19 (aa) the exercise by the Board of its powers under
20 section 6(1)(c) to select and appoint external
21 administrators of the schemes and monitor their
22 administration; and
23
24 (c) after paragraph (b) insert:
25
26 (ca) the exercise by the Board of its powers under
27 section 7(2)(b) and (c); and
28
page 24
State Superannuation Amendment Bill 2011
Amendments relating to administration and funding Part 4
s. 49
1 (d) in paragraph (d) delete "making of investments" and
2 insert:
3
4 exercise of the Board's powers
5
6 (e) after paragraph (e) insert:
7
8 (fa) the formulation and review of an investment
9 strategy under section 19; and
10
11 (f) after paragraph (f) insert:
12
13 (ga) the maintenance of reserves and the
14 formulation and review of a reserving strategy
15 under section 20A; and
16
17 (g) in paragraph (g) after "earnings" insert:
18
19 and costs of managing and administering the
20 Fund and the schemes
21
22 (2) After section 33(3) insert:
23
24 (4A) Where guidelines are issued under subsection (2), the
25 Treasurer is to --
26 (a) publish notice of the guidelines in the Gazette
27 within 21 days of the issue; and
28 (b) make and, for so long as they remain current,
29 keep the guidelines accessible on or through a
30 website maintained by the Department.
page 25
State Superannuation Amendment Bill 2011
Part 4 Amendments relating to administration and funding
s. 49
1 (4B) In subsection (4A) --
2 Department means the department of the Public
3 Service principally assisting in the administration of
4 this Act.
page 26
State Superannuation Amendment Bill 2011
Amendments to introduce choice Part 5
s. 50
1 Part 5 -- Amendments to introduce choice
2 50. Part 2A inserted
3 After section 4 insert:
4
5 Part 2A -- Employer contribution obligation
6 4A. Terms used
7 (1) In this Part --
8 chosen fund means a fund chosen by an employee in
9 accordance with the SGA Act Part 3A Division 4;
10 default fund means --
11 (a) in relation to an employee who is not an exempt
12 employee, a fund prescribed by the regulations
13 as the default fund for that employee; and
14 (b) in relation to an exempt employee, a fund
15 named by the Employer of that employee, with
16 the approval of the Treasurer, as the default
17 fund for that employee;
18 employee has the meaning given in the SGA Act
19 section 12;
20 exempt employee means an employee for whom an
21 Employer, in accordance with section 30(1) or (2),
22 makes or may make superannuation contributions to a
23 fund that is not a scheme under this Act;
24 fund has the meaning given in the SGA Act
25 section 32E;
26 individual superannuation guarantee shortfall has the
27 meaning given in the SGA Act section 19;
28 SGA Act means the Superannuation Guarantee
29 (Administration) Act 1992 (Commonwealth);
page 27
State Superannuation Amendment Bill 2011
Part 5 Amendments to introduce choice
s. 50
1 superannuation guarantee charge means the charge
2 imposed by the Superannuation Guarantee Charge
3 Act 1992 (Commonwealth).
4 (2) For the purposes of this Part an employee is to be
5 regarded as an employee of the person or body
6 prescribed by the regulations for that employee.
7 4B. Employers to make contributions
8 (1) An Employer must make superannuation contributions
9 such that the Employer will avoid incurring an
10 individual superannuation guarantee shortfall for any
11 of its employees.
12 (2) Where subsection (1) requires an Employer to make
13 contributions for an employee, the Employer must pay
14 the contributions to --
15 (a) a chosen fund for the employee; or
16 (b) if at the time the contribution is paid there is no
17 chosen fund for the employee, the default fund.
18 (3) Except as prescribed in the regulations, an Employer
19 must comply with the requirements of the SGA Act
20 Part 3A Division 6, even if it is not required by that Act
21 to do so.
22 (4) If an Employer becomes liable to pay the
23 superannuation guarantee charge as a result of
24 incurring an individual superannuation guarantee
25 shortfall for an employee for a period, the Employer
26 has no obligation under subsection (1) to make
27 contributions in respect of that employee for that
28 period.
29 (5) This section does not apply in relation to an employee
30 who is in a class of employees prescribed by the
31 regulations.
page 28
State Superannuation Amendment Bill 2011
Amendments to introduce choice Part 5
s. 51
1 4C. Regulations may require extra contributions
2 (1) Subject to subsection (2), the regulations may require
3 an Employer to make superannuation contributions
4 which exceed any contributions the Employer is
5 required to make under section 4B or any other written
6 law.
7 (2) Regulations which require an Employer to make
8 contributions to a fund must either --
9 (a) specify the amount or rate of contributions to
10 be made; or
11 (b) specify the way in which the amount or rate of
12 contributions is to be determined, in which case
13 the regulations must provide that the
14 determination of the rate or amount of
15 contributions is to be subject to the approval of
16 the Treasurer.
17
18 51. Section 6 amended
19 After section 6(1)(a) insert:
20
21 (ba) if so agreed with the Treasurer, provide a
22 service of receiving superannuation
23 contributions paid by Employers and --
24 (i) crediting them to the Fund; or
25 (ii) remitting them on behalf of the
26 Employers to other funds,
27 in accordance with Part 2A; and
28
page 29
State Superannuation Amendment Bill 2011
Part 5 Amendments to introduce choice
s. 52
1 52. Section 15 amended
2 After section 15(2)(a) insert:
3
4 (aa) amounts transferred from the Fund to other
5 superannuation funds; and
6
7 53. Section 30 amended
8 (1) In section 30(2) delete "and only if the Minister and the
9 Treasurer have" and insert:
10
11 the Treasurer has
12
13 (2) After section 30(2) insert:
14
15 (3A) An Employer may make superannuation contributions
16 in accordance with section 4B(2) for persons who work
17 for the Employer to a superannuation fund or scheme
18 other than --
19 (a) a scheme under this Act; or
20 (b) a superannuation scheme or fund established in
21 accordance with subsection (1); or
22 (c) a superannuation scheme or fund established
23 before 28 December 1989.
24
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