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This is a Bill, not an Act. For current law, see the Acts databases.
New South Wales
Superannuation Legislation
Amendment Bill 2007
Contents
Page
1 Name of Act 2
2 Commencement 2
3 Amendment of State Authorities Non-contributory
Superannuation Act 1987 No 212 2
4 Amendment of State Authorities Superannuation Act
1987 No 211 2
5 Amendment of Superannuation Act 1916 No 28 2
6 Amendment of Superannuation Administration Act
1996 No 39 2
7 Repeal of Act 2
Schedule 1 Amendment of State Authorities Non-contributory
Superannuation Act 1987 3
Schedule 2 Amendment of State Authorities Superannuation Act 1987 4
Schedule 3 Amendment of Superannuation Act 1916 6
Schedule 4 Amendment of Superannuation Administration Act 1996 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, , 2007
New South Wales
Superannuation Legislation
Amendment Bill 2007
Act No , 2007
An Act to amend the Superannuation Act 1916, the State Authorities Superannuation
Act 1987 and the State Authorities Non-contributory Superannuation Act 1987 with
respect to the payment of compulsory employee superannuation contributions by
way of salary sacrifice arrangements and the transfer of benefits to other
superannuation schemes; to amend the Superannuation Administration Act 1996
with respect to the provision of indemnities by the SAS Trustee Corporation; 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.
Assistant Speaker of the Legislative Assembly.
Clause 1 Superannuation Legislation Amendment Bill 2007
The Legislature of New South Wales enacts:
1 Name of Act
This Act is the Superannuation Legislation Amendment Act 2007.
2 Commencement
This Act commences on the date of assent to this Act.
3 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 1.
4 Amendment of State Authorities Superannuation Act 1987 No 211
The State Authorities Superannuation Act 1987 is amended as set out in
Schedule 2.
5 Amendment of Superannuation Act 1916 No 28
The Superannuation Act 1916 is amended as set out in Schedule 3.
6 Amendment of Superannuation Administration Act 1996 No 39
The Superannuation Administration Act 1996 is amended as set out in
Schedule 4.
7 Repeal of Act
This Act is repealed on the day following the day on which this Act
commences.
Page 2
Superannuation Legislation Amendment Bill 2007
Amendment of State Authorities Non-contributory Superannuation Act 1987 Schedule 1
Schedule 1 Amendment of State Authorities
Non-contributory Superannuation Act
1987
(Section 3)
[1] Section 4 Salary
Insert after section 4 (1) (a):
(a1) if salary sacrifice contributions under an STC Act are
made in respect of the employee, the cost of the
contributions, and
[2] Section 4A Salary of executive officers
Insert ", other than salary sacrifice contributions," after "superannuation" in
section 4A (3).
[3] Section 4B Salary not to be affected by salary sacrifice
Omit the section.
[4] Schedule 5 Savings and transitional provisions
Insert at the end of clause 1 (1):
Superannuation Legislation Amendment Act 2007
Page 3
Superannuation Legislation Amendment Bill 2007
Schedule 2 Amendment of State Authorities Superannuation Act 1987
Schedule 2 Amendment of State Authorities
Superannuation Act 1987
(Section 4)
[1] Section 3 Definitions
Omit "section 19A (b)" from the definition of salary sacrifice contribution in
section 3 (1).
Insert instead "section 19A (1) (b)".
[2] Section 4 Salary
Insert after section 4 (1) (a):
(a1) if salary sacrifice contributions are made in respect of the
contributor, the amounts payable for those contributions
under section 19B, and
[3] Section 4A Salary of executive officers
Insert ", other than salary sacrifice contributions," after "superannuation" in
section 4A (3).
[4] Section 4B Salary not to be affected by salary sacrifice
Omit the section.
[5] Sections 12 (3) (a1) and 19B
Omit "income" wherever occurring.
[6] Section 19A
Omit the section. Insert instead:
19A Contributions by or on behalf of employees
(1) Contributions may be made to the Fund for crediting to a
contributor's account:
(a) by the contributor (employee contributions), and
(b) by the contributor's employer in accordance with an
agreement between the contributor and the employer under
which the contributor is to forgo remuneration yet to be
earned and the remuneration foregone is to be applied by
the employer to contributions on behalf of the contributor
(salary sacrifice contributions).
Page 4
Superannuation Legislation Amendment Bill 2007
Amendment of State Authorities Superannuation Act 1987 Schedule 2
(2) In this Act and the regulations, a reference (however expressed)
to a contribution by an employee or a contributor or a
contributor-financed portion of a benefit is taken to include a
reference to a salary sacrifice contribution or any part of a benefit
financed by a salary sacrifice contribution.
(3) In this Act and the regulations, a reference (however expressed)
to an employer contribution or an employer-financed portion of a
benefit does not include a reference to a salary sacrifice
contribution or any part of a benefit financed by a salary sacrifice
contribution.
[7] Section 30A Contributor who is executive officer
Omit section 30A (5) (d). Insert instead:
(d) except as provided by subsection (6), is not entitled to be
paid the benefit provided by section 43 (6) until on or after
first ceasing to be an employee after making the election
and unless there exist the circumstances set out in section
43 (3), and
[8] Section 30A (6)
Omit the subsection. Insert instead:
(6) If a contributor makes an election under subsection (5) (e), STC
must, as soon as practicable after the election is made, pay to the
trustee or provider of the nominated fund or account the amount
of the benefit provided by section 43 (6) to which the contributor
is entitled having regard to this section.
[9] Schedule 6 Savings and transitional provisions
Insert at the end of clause 1 (1):
Superannuation Legislation Amendment Act 2007
Page 5
Superannuation Legislation Amendment Bill 2007
Schedule 3 Amendment of Superannuation Act 1916
Schedule 3 Amendment of Superannuation Act 1916
(Section 5)
[1] Section 3 Definitions
Insert in alphabetical order in section 3 (1):
Salary sacrifice contribution--see section 10U (2).
[2] Section 3AA Salary of executive officers
Insert ", other than salary sacrifice contributions," after "superannuation"
wherever occurring in section 3AA (3) and (6B).
[3] Section 3A Salary
Insert after section 3A (1) (a):
(a1) if salary sacrifice contributions are made in respect of the
contributor, the amounts payable for those contributions
under section 10U (3) (a) and (b), and
[4] Section 10U
Insert after section 10T:
10U Salary sacrifice contributions
(1) The whole or part of an amount that is required to be contributed
to the Fund by an employee under this Act may be paid by salary
sacrifice contributions.
(2) A salary sacrifice contribution is a contribution paid in
accordance with an agreement between an employee and the
employee's employer under which the employee is to forgo
remuneration yet to be earned and the remuneration foregone is
to be applied by the employer to the amount payable for the
employee contributions under this Act.
(3) The amount payable to the Fund for a salary sacrifice
contribution to meet the requirement for an employee
contribution under this Act is to comprise the following:
(a) the amount necessary (taking into account any
contributions not made on a salary sacrifice basis) to meet
the required employee contribution under this Act (the
contribution element),
(b) the amount necessary to meet any tax payable under
Commonwealth taxation law in respect of the amount paid
under paragraph (a).
Page 6
Superannuation Legislation Amendment Bill 2007
Amendment of Superannuation Act 1916 Schedule 3
(4) A salary sacrifice contribution is to be paid within the same
period as a contribution made by deduction from the salary or
wage of a contributor under section 20.
(5) In this Act and the regulations, a reference (however expressed)
to any of the following is taken to include a reference to the
contribution element of a salary sacrifice contribution in
accordance with an agreement under this section:
(a) a contribution by an employee or a contributor,
(b) the cost to an employee or a contributor of a unit of
pension,
(c) an instalment for a unit of pension paid by an employee or
a contributor.
(6) In this Act and the regulations, a reference (however expressed)
to an employer contribution or an employer-financed portion of a
benefit does not include a reference to a salary sacrifice
contribution or any part of a benefit financed by a salary sacrifice
contribution.
(7) This section has effect despite any other provision of this Act.
[5] Section 20AB Contributor who is executive officer
Omit section 20AB (5) (d). Insert instead:
(d) except as provided by subsection (6), is not entitled to be
paid the benefit provided by Division 3A of Part 4 until on
or after first ceasing to be an employee after making the
election and unless there exist the circumstances in which
a person referred to in section 52A (1) is entitled to be paid
a benefit under that Division, and
[6] Section 20AB (6)
Omit the subsection. Insert instead:
(6) If a contributor makes an election under subsection (5) (e), STC
must, as soon as practicable after the election is made, pay to the
trustee or provider of the nominated fund or account the amount
of the benefit provided by Division 3A of Part 4 to which the
contributor is entitled under subsections (7) and (8).
[7] Section 20AB (7)
Omit "subsection (6) (a)". Insert instead "subsection (6)".
Page 7
Superannuation Legislation Amendment Bill 2007
Schedule 3 Amendment of Superannuation Act 1916
[8] Schedule 25 Savings and transitional provisions
Insert at the end of clause 1 (1):
Superannuation Legislation Amendment Act 2007
Page 8
Superannuation Legislation Amendment Bill 2007
Amendment of Superannuation Administration Act 1996 Schedule 4
Schedule 4 Amendment of Superannuation
Administration Act 1996
(Section 6)
[1] Section 80A
Insert after section 80:
80A STC not to indemnify officers without Ministerial approval
(1) STC may indemnify a person who is or has been an officer of
STC against a liability incurred as an officer of STC, or enter into
an indemnity agreement, only with the written approval of the
Minister.
(2) For the purposes of this section, an indemnity agreement means
an agreement or arrangement (whether made by deed or
otherwise), between STC and a person who is or has been an
officer of STC, that contains any one or more of the following
provisions:
(a) a provision that requires STC to indemnify the person
against any liability incurred as an officer of STC,
(b) a provision that requires STC to maintain an insurance
policy in respect of any liability incurred by the person as
an officer of STC,
(c) a provision that requires STC to pay money to or on behalf
of the person to assist in defending or responding to any
claim, investigation or other proceedings relating to the
person's term of office as an officer of STC (including a
provision that requires payment in advance of any liability
being incurred by the person),
(d) a provision that confers on the person a right of access to
documents held by STC, in any specified circumstances, in
connection with any claim, investigation or other
proceedings relating to the person's term of office as an
officer of STC.
(3) If an indemnity agreement is entered into by STC in accordance
with the approval of the Minister under this section, STC may
indemnify a person, as required by that agreement, without
obtaining a further approval from the Minister.
(4) The approval of the Minister under this section:
(a) may be given generally or may be limited to a particular
case or class of cases, and
Page 9
Superannuation Legislation Amendment Bill 2007
Schedule 4 Amendment of Superannuation Administration Act 1996
(b) is subject to such conditions (if any) as are specified in the
approval.
(5) In this section:
officer of STC means the following:
(a) a member of the STC Board,
(b) the chief executive officer of STC.
[2] Schedule 3 Savings and transitional provisions
Insert at the end of clause 1 (1):
Superannuation Legislation Amendment Act 2007
[3] Schedule 3, Part 5
Insert after Part 4:
Part 5 Provisions consequent on the enactment
of the Superannuation Legislation
Amendment Act 2007
30 Indemnification agreements entered into before commencement
(1) Section 80A, as inserted by the Superannuation Legislation
Amendment Act 2007, does not prevent STC from indemnifying
a person who is or has been an officer of STC against a liability
incurred as an officer of STC, without the approval of the
Minister, if the indemnity is provided pursuant to a deed or other
written agreement entered into by STC before the
commencement of section 80A.
(2) In this clause:
officer of STC means the following:
(a) a member of the STC Board,
(b) the chief executive officer of STC.
Page 10
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