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 Legislation
Amendment (Miscellaneous) Bill 2001
Contents
Page
1 Name of Act 2
2 Commencement 2
3 Amendment of First State Superannuation Act 1992
No 100 2
4 Amendment of State Authorities Non-contributory
Superannuation Act 1987 No 212 2
5 Amendment of Superannuation Administration Act 1996
No 39 2
Schedules
1 Amendment of First State Superannuation Act 1992 3
2 Amendment of State Authorities Non-contributory
Superannuation Act 1987 7
3 Amendment of Superannuation Administration Act 1996 10
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, , 2001
New South Wales
Superannuation Legislation
Amendment (Miscellaneous) Bill 2001
Act No , 2001
An Act to amend various public sector superannuation Acts with respect to the
transfer of certain preserved benefits under the State Authorities Non-contributory
Superannuation Scheme to the First State Superannuation Fund, salary for the
purposes of contributions to that Fund and the application of certain Government
trust deed schemes; 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 Legislation Amendment (Miscellaneous) Bill 2001
The Legislature of New South Wales enacts:
1 Name of Act
This Act is the Superannuation Legislation Amendment
(Miscellaneous) Act 2001.
2 Commencement
This Act commences on the date of assent to this Act.
3 Amendment of First State Superannuation Act 1992 No 100
The First State Superannuation Act 1992 is amended as set out in
Schedule 1.
4 Amendment of State Authorities Non-contributory Superannuation Act
1987 No 212
The State Authorities Non-contributory Superannuation Act 1987 is
amended as set out in Schedule 2.
5 Amendment of Superannuation Administration Act 1996 No 39
The Superannuation Administration Act 1996 is amended as set out in
Schedule 3.
Page 2
Superannuation Legislation Amendment (Miscellaneous) Bill 2001
Amendment of First State Superannuation Act 1992 Schedule 1
Schedule 1 Amendment of First State Superannuation
Act 1992
(Section 3)
[1] Section 3A Meaning of "salary or wages"
Omit section 3A (1) (a). Insert instead:
(a) in the case of a member who is not an executive officer,
the total of:
(i) earnings in respect of ordinary hours of work,
and
(ii) earnings consisting of over-award payments,
shift-loading or commission, and
(iii) allowances and other payments of a kind
prescribed by the regulations for the purposes of
this subsection, and
(iv) if employment benefits of a kind prescribed by
the regulations for the purposes of this
subsection are provided to the member, the cost
of providing the employment benefits, or
[2] Section 3A (1A)
Insert after section 3A (1):
(1A) A regulation made for the purposes of subsection (1) (a) (iii) or
(iv):
(a) may only be made with the concurrence of the
Treasurer, and
(b) may apply to all members who are not executive
officers, or to specified members or classes of members
who are not executive officers.
Page 3
Superannuation Legislation Amendment (Miscellaneous) Bill 2001
Schedule 1 Amendment of First State Superannuation Act 1992
[3] Section 3A (10)
Insert at the end of section 3A:
(10) In this section:
employment benefit means a benefit provided to a member at
the cost of the member's employer (being a benefit of a private
nature).
[4] Part 5A
Insert after Part 5:
Part 5A Preserved benefits transferred under State
Authorities Non-contributory
Superannuation Act 1987 to First State
Superannuation Fund
37 Definitions
In this Part:
eligible preserved benefit has the same meaning as it has in
Part 4B of the State Authorities Non-contributory
Superannuation Act 1987.
transfer day means the day on which the eligible preserved
benefits are transferred by STC under Part 4B of the State
Authorities Non-contributory Superannuation Act 1987.
transferred member means a person whose eligible preserved
benefit is transferred under section 27AD of the State
Authorities Non-contributory Superannuation Act 1987.
STC means the SAS Trustee Corporation.
38 Transfer to First State Superannuation Fund
(1) On and from the transfer day, a person whose benefit is
transferred to FTC for crediting to the Fund under section
27AD of the State Authorities Non-contributory
Superannuation Act 1987, and who is not already a member of
the superannuation scheme established under this Act and the
trust deed, is transferred as an inactive member of the Fund.
Page 4
Superannuation Legislation Amendment (Miscellaneous) Bill 2001
Amendment of First State Superannuation Act 1992 Schedule 1
(2) FTC must establish in the Fund an account in respect of any
such inactive member.
(3) FTC must credit to the Fund the amount transferred to FTC
under section 27AD of the State Authorities Non-contributory
Superannuation Act 1987.
(4) FTC must credit to the account of each transferred member an
amount equal to the amount of the eligible preserved benefit of
the transferred member immediately before the transfer day.
(5) Any such amount is taken to have been credited to the account
on the day following the transfer day.
(6) An amount credited under this section to an account of a
transferred member is, for the purposes of this Act and the trust
deed, to be treated as if it were contributed or preserved under
this Act and the trust deed by or on behalf of the transferred
member.
39 Matters to be dealt with by trust deed
Without limiting section 13, 14, 18 or 20, the trust deed and the
rules under the trust deed may make provision for or with
respect to the following:
(a) the establishment of accounts in respect of transferred
members,
(b) the crediting of amounts to accounts of transferred
members,
(c) the investment of amounts held in accounts of
transferred members.
40 Rights, liabilities and other matters
(1) Nothing in the Superannuation Legislation Amendment
(Miscellaneous) Act 2001 affects the following:
(a) any rights, liabilities or obligations of STC relating to
eligible preserved benefits under the State Authorities
Non-contributory Superannuation Act 1987 in existence
immediately before the transfer day,
Page 5
Superannuation Legislation Amendment (Miscellaneous) Bill 2001
Schedule 1 Amendment of First State Superannuation Act 1992
(b) any rights, liabilities or obligations of a transferred
member arising under the State Authorities Non-
contributory Superannuation Act 1987 and in existence
immediately before the transfer day.
(2) A provision of the trust deed or a rule may not detrimentally
affect any right, liability or obligation referred to in subsection
(1) and is void to the extent to which it purports to do so.
[5] Schedule 3 Savings, transitional and other provisions
Insert at the end of clause 1 (1):
Superannuation Legislation Amendment (Miscellaneous) Act
2001
[6] Schedule 3, clause 11
Insert after clause 10:
11 Validation
Anything:
(a) that was done or omitted to be done for the purposes of
Part 5A before the date of assent to the Superannuation
Legislation Amendment (Miscellaneous) Act 2001, and
(b) that would have been lawful if Part 5A had been in
force when the thing was done or omitted to be done,
is as valid as it would have been had that Part been in force
when the thing was done or omitted to be done.
[7] Dictionary
Insert at the end of the definition of inactive member:
, or
(c) who becomes an inactive member by operation of Part
5A and who has a preserved benefit in the Fund.
Page 6
Superannuation Legislation Amendment (Miscellaneous) Bill 2001
Amendment of State Authorities Non-contributory Superannuation Act Schedule 2
1987
Schedule 2 Amendment of State Authorities Non-
contributory Superannuation Act 1987
(Section 4)
[1] Section 9 Funds etc
Insert at the end of section 9 (3):
, and
(d) any other amount payable from any such Fund under
this or any other Act.
[2] Section 10 Reserves for employers
Insert after 10 (4):
(4A) Despite any other provision of this Act, there is to be debited
to the Crown employer reserve such amount of the
administration costs incurred by STC in respect of the transfer
of a preserved benefit under Part 4B as is approved by the
Treasurer.
[3] Section 11A Source of administration costs payments
Insert ", except as provided by section 10 (4A)" after "Act" in section 11A
(2).
[4] Part 4B
Insert after Part 4AA:
Part 4B Transfer of certain preserved benefits
27AD Transfer of eligible preserved benefits
(1) In this section:
eligible preserved benefit means:
(a) a benefit preserved under section 26I, or
Page 7
Superannuation Legislation Amendment (Miscellaneous) Bill 2001
Schedule 2 Amendment of State Authorities Non-contributory Superannuation Act
1987
(b) any other benefit preserved under this Act on or before
9 December 2001 by or on behalf of a person who is
not a contributor to, or who does not have a benefit
preserved or deferred under, any other STC fund or
scheme.
FTC means the FSS Trustee Corporation established under the
Superannuation Administration Act 1996.
STC fund or scheme has the same meaning as it has in the
Superannuation Administration Act 1996.
(2) STC must on 9 December 2001, or as soon as practicable after
that day, transfer the amount of any eligible preserved benefit
preserved in respect of a person to FTC for crediting to the First
State Superannuation Fund.
(3) On the transfer of an eligible preserved benefit, the person in
respect of whom the benefit was preserved ceases to be entitled
to payment of the benefit under this Act.
[5] Schedule 5 Savings and transitional provisions
Insert at the end of clause 1 (1):
Superannuation Legislation Amendment (Miscellaneous) Act
2001
[6] Schedule 5, Part 5
Insert after Part 4:
Part 5 Superannuation Legislation Amendment
(Miscellaneous) Act 2001
5 Validation
Anything:
(a) that was done or omitted to be done for the purposes of
Part 4B before the date of assent to the Superannuation
Legislation Amendment (Miscellaneous) Act 2001, and
Page 8
Superannuation Legislation Amendment (Miscellaneous) Bill 2001
Amendment of State Authorities Non-contributory Superannuation Act Schedule 2
1987
(b) that would have been lawful if Part 4B had been in
force when the thing was done or omitted to be done,
is as valid as it would have been had that Part been in force
when the thing was done or omitted to be done.
Page 9
Superannuation Legislation Amendment (Miscellaneous) Bill 2001
Schedule 3 Amendment of Superannuation Administration Act 1996
Schedule 3 Amendment of Superannuation
Administration Act 1996
(Section 5)
[1] Section 127 Additional State public sector superannuation schemes
Omit section 127 (1). Insert instead:
(1) The Minister may approve the preparation of a trust deed
providing for a superannuation scheme (a trust deed scheme)
for the benefit of any one or more of the following:
(a) State public sector employees,
(b) a class or classes of State public sector employees
(including employees of a local authority or a public
authority),
(c) employees, or a class or classes of employees, or former
employees, of employers or former employers under
FTC or STC schemes,
(d) other employees, or a class or classes of other
employees, approved by the Minister.
(1A) The Minister may approve the extension of the application of
a trust deed scheme to additional employees or classes of
employees, being employees or a class or classes of employees
of a kind referred to in subsection (1).
[2] Section 127 (3)
Omit "superannuation scheme". Insert instead "trust deed scheme".
[3] Section 128A Mobility between public sector schemes and EISS and
LGSS
Omit "127" from section 128A (3) (a). Insert instead "128 or 128B".
Page 10
Superannuation Legislation Amendment (Miscellaneous) Bill 2001
Amendment of Superannuation Administration Act 1996 Schedule 3
[4] Section 128B
Insert after section 128A:
128B Provisions consequent on extension of superannuation
schemes to additional employees
(1) Regulations may be made for or with respect to the following
matters, in relation to the extension of the application of a
superannuation scheme established under a trust deed
approved by the Minister under section 127 (the trust deed
scheme) to additional persons:
(a) the transfer of any such persons who are members or
former members of, or contributors or former
contributors to, an FTC scheme or an STC scheme from
that scheme to the trust deed scheme,
(b) the rights of the persons (if any) to remain as members
of, or contributors to, an FTC scheme or an STC
scheme,
(c) the transfer of assets and liabilities of an FTC Scheme
or an STC scheme, in respect of any such persons who
are transferred members or contributors or former
members or contributors, to the trust deed scheme,
(d) the payment of pensions and other benefits in respect of
any such persons who are former members of, or
former contributors to, an FTC scheme or an STC
scheme under the trust deed scheme,
(e) the preservation or deferral of benefits of persons
transferring to the trust deed scheme,
(f) the entitlements, rights and obligations of any such
persons who are members or former members of, or
contributors or former contributors to, an FTC scheme
or an STC scheme.
(2) A regulation made under this section has effect despite any
provision of an Act under which an FTC scheme or an STC
scheme is constituted.
Page 11
Superannuation Legislation Amendment (Miscellaneous) Bill 2001
Schedule 3 Amendment of Superannuation Administration Act 1996
[5] Schedule 3 Savings and transitional provisions
Omit "this Act and the Superannuation (Axiom Funds Management
Corporation) Act 1996" from clause 1 (1).
Insert instead:
this Act and the following Acts:
Superannuation (Axiom Funds Management Corporation)
Act 1996
Superannuation Legislation Amendment (Miscellaneous)
Act 2001 (but only to the extent that it amends this Act)
[6] Schedule 3, clause 25
Insert after clause 24:
25 Extension of trust deed schemes during transitional period
(1) The Minister may approve of the extension of a trust deed
scheme under section 127 (as amended by the 2001 amending
Act) to an employee or class of employees on and from a date
that is earlier than the commencement of the 2001 amending
Act.
(2) Any such extension may only be in respect of an employee or
class of employees referred to in section 127 (1) (as inserted by
the 2001 amending Act).
(3) A regulation made for the purposes of section 128B with
respect to any such employee or class of employees may take
effect from the date on which the trust deed is taken to have
been extended to the employee or class of employees and may
contain any necessary savings or transitional provisions.
(4) This clause ceases to have effect 6 months after the
commencement of the 2001 amending Act.
Page 12
Superannuation Legislation Amendment (Miscellaneous) Bill 2001
Amendment of Superannuation Administration Act 1996 Schedule 3
(5) In this clause:
2001 amending Act means the Superannuation Legislation
Amendment (Miscellaneous) Act 2001.
Page 13
[Index] [Search] [Download] [Related Items] [Help]