Victorian Numbered Acts

EMERGENCY SERVICES SUPERANNUATION (AMENDMENT) ACT 2005 (NO 32 OF 2005) - SECT 9

After section 25A of the Emergency Services Superannuation Act 1986 insert —

        '25AA.     No detriment provision

    (1)     In this section—

"actuary" means a person who is—

        (a)     a fellow or an accredited member of the Institute of Actuaries of Australia; and

        (b)     approved by the Minister; and

        (c)     appointed by the Board as the actuary for the purpose of this section;

"affected member" means a person who becomes a contributor on or after 1 July 2005 and becomes entitled to a benefit part of which is subject to a determination made under section 25A(3);

"after-tax benefit" has the same meaning as it has in section 25A;

"detriment" means receiving a lesser amount of after-tax benefit than would have been received if the benefit had not been subject to a determination made under section 25A(3);

"post-June 1983 component" has the same meaning as it has in section 25A;

"rebatable 27H amount" has the same meaning as it has in section 25A;

"tax law" has the same meaning as it has in section 25A;

"taxed element" has the same meaning as it has in section 25A;

"taxed" has the same meaning as it has in section 25A;

"untaxed" has the same meaning as it has in section 25A.
s. 9

    (2)     If, having received an application from an affected member in accordance with sub-section (3), the Board is satisfied that a reduction in benefits has resulted in a detriment to the member in respect of a benefit which has become payable to the member, the Board may take such steps, including without limitation increasing the benefit, as the Board considers necessary to avoid or compensate for that detriment.

    (3)     An affected member may within 3 months of a benefit becoming payable from the Fund (or any longer period approved by the Board if the Board considers that there are special circumstances) apply to the Board for a review of the amount of the benefit.

    (4)     The application must be in a form and contain and be accompanied by information required by the Board.

    (5)     The Board must not consider an application for review under this sub-section on any ground other than detriment.

    (6)     In determining whether a detriment exists and the extent of that detriment—

        (a)     the Board must act on the advice of the actuary, given either generally or in any specific case; and

        (b)     the actuary must have regard to the following factors—

              (i)     the receipt by a member of a post-June 1983 component of the benefit classified for the purposes of the tax law as a taxed element rather than as an untaxed element; and

              (ii)     the rates of tax and the basis for its assessment under the tax law as at the commencement of section 145 of the Public Sector Superannuation (Administration) Act 1993 in respect of a benefit that becomes payable to a person aged 55 years or more; and

              (iii)     any other matters the actuary considers relevant.'.