New South Wales Bills New South Wales Bills[Index] [Search] [Download] [Related Items] [Help]
This is a Bill, not an Act. For current law, see the Acts databases.
New South Wales
Superannuation Administration
Amendment Bill 2004
Contents
Page
1 Name of Act 2
2 Commencement 2
3 Amendment of Superannuation Administration Act 1996
No 39 2
4 Amendment of Regulations 2
Schedule 1 Amendment of Superannuation Administration Act 1996 3
Schedule 2 Amendment of Regulations 9
I certify that this PUBLIC BILL, which originated in the LEGISLATIVE ASSEMBLY,
has finally passed the LEGISLATIVE COUNCIL and the LEGISLATIVE ASSEMBLY of
NEW SOUTH WALES.
Clerk of the Legislative Assembly.
Legislative Assembly,
Sydney, , 2004
New South Wales
Superannuation Administration
Amendment Bill 2004
Act No , 2004
An Act to amend the Superannuation Administration Act 1996 with respect to
the provision of information by, and the prudential monitoring of, the trustees of
public sector superannuation funds; the internal management of those trustees;
disputes concerning certain entitlements and obligations; and for other purposes.
I have examined this Bill, and find it to correspond in all respects with the Bill
as finally passed by both Houses.
Chairman of Committees of the Legislative Assembly.
Clause 1 Superannuation Administration Amendment Bill 2004
The Legislature of New South Wales enacts:
1 Name of Act
This Act is the Superannuation Administration Amendment
Act 2004.
2 Commencement
This Act commences on a day or days to be appointed by
proclamation.
3 Amendment of Superannuation Administration Act 1996 No 39
The Superannuation Administration Act 1996 is amended as set out
in Schedule 1.
4 Amendment of Regulations
The Regulations specified in Schedule 2 are amended as set out in
that Schedule.
Page 2
Superannuation Administration Amendment Bill 2004
Amendment of Superannuation Administration Act 1996 Schedule 1
Schedule 1 Amendment of Superannuation
Administration Act 1996
(Section 3)
[1] Long title
Omit "to confer on the Axiom Funds Management Corporation power to
provide investment services for State public sector superannuation
schemes and other schemes;".
[2] Section 3 Objects of Act
Omit the note to the section.
[3] Section 4 Definitions
Omit the definition of AFMC.
[4] Section 4, definition of "Insurance and Superannuation
Commissioner"
Omit the definition.
[5] Section 4, definition of "SAA"
Omit the definition.
[6] Section 15 Investment manager to be appointed
Omit section 15 (4).
[7] Section 15, note
Omit the note.
[8] Section 19 Administrator to be appointed
Omit section 19 (3)-(7).
[9] Section 42 Provision of information to relevant Ministers
Insert "administering this Act or the Minister administering the FTC fund
Acts" after "Minister" where firstly occurring in section 42 (1).
[10] Section 42 (1)
Insert "concerned" after "Minister" where secondly occurring.
Page 3
Superannuation Administration Amendment Bill 2004
Schedule 1 Amendment of Superannuation Administration Act 1996
[11] Section 42 (2)
Omit "the Minister". Insert instead "a Minister under this section".
[12] Section 42 (3)
Insert after section 42 (2):
(3) In this section, FTC fund Acts mean the Acts referred to in the
definition of FTC fund in section 4.
[13] Section 42A Provision of information to Insurance and
Superannuation Commissioner
Omit the section.
[14] Section 59 Investment manager to be appointed
Omit section 59 (4).
[15] Section 60 AFMC to be first investment manager
Omit the section.
[16] Section 64 Administrator to be appointed
Omit section 64 (3)-(7).
[17] Section 90 Provision of information to relevant Ministers
Insert "administering this Act or the Minister administering the STC fund
Acts" after "Minister" where firstly occurring in section 90 (1).
[18] Section 90 (1)
Insert "concerned" after "Minister" where secondly occurring.
[19] Section 90 (2)
Omit "the Minister". Insert instead "a Minister under this section".
[20] Section 90 (3)
Insert after section 90 (2):
(3) In this section, STC fund Acts mean the Acts referred to in the
definition of STC fund in section 4.
Page 4
Superannuation Administration Amendment Bill 2004
Amendment of Superannuation Administration Act 1996 Schedule 1
[21] Section 90A Provision of information to Insurance and
Superannuation Commissioner
Omit the section.
[22] Part 4
Insert after section 95:
Part 4 Monitoring superannuation authorities
96 Definitions
In this Part:
authorised person means a person appointed in writing by the
Minister as an authorised person for the purposes of this Part.
97 Information to be given to Minister and authorised persons
(1) The Minister or an authorised person may, by written notice
to a superannuation authority, require the superannuation
authority, within a specified period, to give to the Minister or
authorised person in relation to a specified year of income the
information, or a report on matters, specified in the notice.
(2) A superannuation authority must comply with any notice
given to it under subsection (1).
Maximum penalty: 50 penalty units.
(3) The information or report required to be provided under
subsection (1) must relate to the superannuation authority's
exercise of its functions.
(4) If the superannuation authority gives information or a report
to the Minister or authorised person as required by this
section, the Minister or authorised person must give to the
superannuation authority a written statement that the
information or report has been received.
Page 5
Superannuation Administration Amendment Bill 2004
Schedule 1 Amendment of Superannuation Administration Act 1996
98 Minister and authorised persons may require production
of books
(1) The Minister or an authorised person may, by written notice
to a superannuation authority, require the superannuation
authority to produce to the Minister or authorised person, at a
reasonable time and reasonable place specified in the notice,
any books relating to the affairs of the authority.
(2) A superannuation authority must comply with a requirement
referred to in subsection (1).
Maximum penalty: 50 penalty units.
(3) The Minister or an authorised person may inspect, take
extracts from and make copies of any book, or of any version
of any book, produced to the Minister or authorised person
under this section.
99 Access to premises
(1) An authorised person may, for the purpose of monitoring the
exercise by any superannuation authority of its functions
under this Act:
(a) enter, at any reasonable time, any premises, other than
any part of premises used for residential purposes, at
which the authorised person has reason to believe books
relating to the affairs of the superannuation authority
are kept, and
(b) inspect any book found on the premises that relates to
those affairs or that the authorised person believes on
reasonable grounds to relate to those affairs, and
(c) make copies of, or take extracts from, any such book.
(2) The power of entry conferred by subsection (1) may only be
exercised while business is being carried on, or during the
hours that business is usually carried on, at or from the
premises.
[23] Section 119 Duties and liabilities of persons involved in
management
Omit the definition of superannuation authority from section 119 (5).
Insert instead:
superannuation authority means FTC or STC.
Page 6
Superannuation Administration Amendment Bill 2004
Amendment of Superannuation Administration Act 1996 Schedule 1
[24] Section 119 (6) and (7)
Omit the subsections.
[25] Section 128 Provisions consequent on establishment of
additional superannuation schemes
Omit "or AFMC (or its successors), or both" from section 128 (1) (h).
Insert instead "(or its successors)".
[26] Schedule 1 Provisions relating to FTC Board
Omit "5 members" from clause 10. Insert instead "6 members".
[27] Schedule 1, clause 12
Omit the clause. Insert instead:
12 Voting
A decision supported by two-thirds of the members of the
Board is the decision of the Board.
[28] Schedule 2 Provisions relating to STC Board
Omit "5 members" from clause 11. Insert instead "6 members".
[29] Schedule 2, clause 13
Omit the clause. Insert instead:
13 Voting
A decision supported by two-thirds of the members of the
Board is the decision of the Board.
[30] Schedule 3 Savings and transitional provisions
Insert at the end of clause 1 (1):
Superannuation Administration Amendment Act 2004
Page 7
Superannuation Administration Amendment Bill 2004
Schedule 1 Amendment of Superannuation Administration Act 1996
[31] Schedule 3, clause 2
Insert in alphabetical order:
AFMC means the Axiom Funds Management Corporation
established by the Superannuation (Axiom Funds
Management Corporation) Act 1996.
SAA means the Superannuation Administration Authority
formerly established by this Act, and dissolved by the
Superannuation Administration Authority Corporatisation
Act 1999.
Page 8
Superannuation Administration Amendment Bill 2004
Amendment of Regulations Schedule 2
Schedule 2 Amendment of Regulations
(Section 4)
2.1 Superannuation Administration (Electricity Superannuation
Scheme Transitional Provisions) Regulation 1997
[1] Clause 12 Effect of transfers
Insert after clause 12 (2):
(3) A right of appeal available to a former member of or
contributor to a FTC scheme or STC scheme in respect of a
matter involving a dispute with the trustee of that scheme, and
not finally dealt with before the transfer of assets and
liabilities of the scheme in respect of the former member or
contributor under clause 15 or 15A, is to be dealt with in
accordance with procedures under the electricity
superannuation scheme as if the dispute were with Energy
Industries Superannuation Scheme Pty Ltd.
[2] Clause 40 Disputes concerning entitlements or obligations of
transferred or former members or associated beneficiaries under
FTC schemes
Insert ", former member of a FTC scheme" after "transferred member"
where firstly occurring.
[3] Clause 40
Insert "or former member" after "transferred member" where secondly
occurring.
[4] Clause 41 Disputes concerning entitlements or obligations of
transferred or former members or associated beneficiaries under
STC schemes
Insert ", former member of a STC scheme" after "transferred member"
where firstly occurring.
[5] Clause 41
Insert "or former member" after "transferred member" where secondly
occurring.
Page 9
Superannuation Administration Amendment Bill 2004
Schedule 2 Amendment of Regulations
2.2 Superannuation Administration (Local Government
Superannuation Scheme Transitional Provisions)
Regulation 1997
[1] Clause 13 Effect of transfers
Insert after clause 13 (2):
(3) A right of appeal available to a former member of or
contributor to a FTC scheme or STC scheme in respect of a
matter involving a dispute with the trustee of that scheme, and
not finally dealt with before the transfer of assets and
liabilities of the scheme in respect of the former member or
contributor under clause 16 or 16A, is to be dealt with in
accordance with procedures under the local government
superannuation scheme as if the dispute were with LGSS Pty
Ltd.
[2] Clause 41 Disputes concerning entitlements or obligations of
transferred or former members or associated beneficiaries under
FTC schemes
Insert ", former member of a FTC scheme" after "transferred member"
where firstly occurring.
[3] Clause 41
Insert "or former member" after "transferred member" where secondly
occurring.
[4] Clause 42 Disputes concerning entitlements or obligations of
transferred or former members or associated beneficiaries under
STC schemes
Insert ", former member of a STC scheme" after "transferred member"
where firstly occurring.
[5] Clause 42
Insert "or former member" after "transferred member" where secondly
occurring.
Page 10
[Index] [Search] [Download] [Related Items] [Help]