Electricity (Articles of the Queensland Electricity Supply Industry Employees' Superannuation Scheme) Amendment Regulation (No. 1) 1994 (Qld)

Queensland Subordinate Legislation 1994 No. 470 Electricity Act 1976 ELECTRICITY (ARTICLES OF THE QUEENSLAND ELECTRICITY SUPPLY INDUSTRY EMPLOYEES’ SUPERANNUATION SCHEME) AMENDMENT REGULATION (No. 1) 1994 TABLE OF PROVISIONS Section Page 1 Short title . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 2 Regulation amended . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 3 Commencement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 4 Amendment of s 11N (Reductions in salary) . . . . . . . . . . . . . . . . . . . . . . . . 3 5 Amendment of s 18C (Determination of member’s benefit multiple) . . . . . 4 6 Amendment of s 27 (Definitions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 7 Amendment of s 28 (Meaning of “member’s benefit multiple”) . . . . . . . . . 5 8 Amendment of s 37 (Benefit on death of member) . . . . . . . . . . . . . . . . . . . 6 9 Amendment of s 45 (Election to transfer to this Scheme) . . . . . . . . . . . . . . 6 10 Replacement of s 48 (Determination of member’s benefit multiple if member’s medical classification is not Class A) . . . . . . . . . . . . 6 48 Determination of member’s benefit multiple if member’s medical classification is not Class A . . . . . . . . . . . . . . . . . . . . . . . . . 6 11 Insertion of new Pt 7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 PART 7—ELECTION BY MEMBERS OF BCC FUND OR LOCAL GOVERNMENT FUND TO TRANSFER TO THE SCHEME 51 Application of this Part . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7

2 Electricity (Articles of the Queensland Electricity Supply Industry Employees’ Superannuation Scheme) Amendment (No. 1) No. 470, 1994 52 Election to transfer to the Scheme . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 53 Effect of election . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8

s1 3 s4 Electricity (Articles of the Queensland Electricity No. 470, 1994 Supply Industry Employees’ Superannuation Scheme) Amendment (No. 1) ˙ Short title 1. This regulation may be cited as the Electricity (Articles of the Queensland Electricity Supply Industry Employees’ Superannuation Scheme) Amendment Regulation (No. 1) 1994 . ˙ Regulation amended 2. This regulation amends the Articles of the Queensland Electricity Supply Industry Employees’ Superannuation Scheme . ˙ Commencement 3. This regulation (other than sections 7(7) and 11) is taken to have commenced on 18 June 1993. ˙ Amendment of s 11N (Reductions in salary) 4.(1) Section 11N(1)(iv)— omit, insert— ‘(iv) has become entitled to a benefit under— (A) section 11F, 11G, 11H, 11I, 11J, 11K or 11L; or (B) if the salary reduction happened before the member became entitled to benefits under Part 5 (Improved benefits for members)—Part 5.’. (2) Section 11N(2)(i), ‘or 11L’— omit, insert— ‘, 11L, 30, 31, 32, 37, 38 or 39’. (3) Section 11N(2)(ii), ‘or 11L’— omit, insert— ‘, 30, 31, 32 or 37’. (4) Section 11N(2)(iv), after ‘11J’—

s5 4 s6 Electricity (Articles of the Queensland Electricity No. 470, 1994 Supply Industry Employees’ Superannuation Scheme) Amendment (No. 1) insert— ‘or 33’. (5) Section 11N(4), ‘shall continue’— omit, insert— ‘continues, subject to subsections (5) and (6),’. (6) Section 11N(4), from ‘Provided that’ to ‘advice.’— omit, insert— ‘ (5) The total of the additional benefit mentioned in subsection (4) and the benefit payable under section 11F, 11G, 11H, 11I, 11K, 11L, 30, 31, 32, 37, 38 or 39 must not be less than the benefit payable under the relevant section if subsection (3) did not apply. ‘ (6) If a member who elected to purchase additional benefits under section 17A becomes eligible for an additional benefit under this section, the Superannuation Board must decide the amount of the additional benefit on actuarial advice.’. ˙ Amendment of s 18C (Determination of member’s benefit multiple) 5. Section 18C, after ‘18A’— insert— ‘and to whom Part 5 (Improved benefits for members) does not apply’. ˙ Amendment of s 27 (Definitions) 6. Section 27— insert— ‘ “temporary disablement” means a disablement the Board accepts as making a member temporarily incapable of discharging the duties of his or her office or position.’.

s7 5 s7 Electricity (Articles of the Queensland Electricity No. 470, 1994 Supply Industry Employees’ Superannuation Scheme) Amendment (No. 1) ˙ Amendment of s 28 (Meaning of “member’s benefit multiple”) 7.(1) Section 28(2) to (4)— renumber as section 28(5) to (7). (2) Section 28(1)(a), from ‘(1) In this Part’ to ‘means—’— omit, insert — ‘ 28.(1) In this Part “member’s benefit multiple” has the meaning given in subsections (2) to (4). ‘ (2) The member’s benefit multiple for a member who has not made an election under section 18A or 52, unless otherwise provided by section 17A, means—’. (3) Section 28(2)(ii), ‘in relation to’— omit, insert — ‘for’. (4) Section 28(2)(b), from ‘(b) in relation to’ to ‘section 18A, plus’— omit, insert — ‘ (3) The member’s benefit multiple for a member who has made an election under section 18A and to whom this Part applies and section 18E(2) does not apply is 19 1/ 2 % for each year or part of a year of the member’s membership period from the day the election took effect to age 65, plus—’. (5) Section 28(3), ‘in the case of’— omit, insert— ‘for’. (6) After section 28(3)— insert— ‘ (4) The member’s benefit multiple for a member who has made an election under Part 7 (unless otherwise provided by section 17A) is 19 1/ 2 % for each year or part of a year of the member’s membership period from the day the election took effect to age 65.’.

s 8 6 s 10 Electricity (Articles of the Queensland Electricity No. 470, 1994 Supply Industry Employees’ Superannuation Scheme) Amendment (No. 1) ˙ Amendment of s 37 (Benefit on death of member) 8. Section 37— insert— ‘ (3) Despite subsection (2), a member who was a member of the SEAQ Accumulation Fund and elected to transfer to this Scheme under Part 6 has a death benefit not less than the total of— (a) the member’s benefit multiple bought under section 45(3) multiplied by the projected final average salary; and (b) 12 1/ 2 % of the projected final average salary for each year, or part of a year, of the member’s membership period from the day the election took effect to age 65.’. ˙ Amendment of s 45 (Election to transfer to this Scheme) 9. Section 45(3)(a)— omit, insert— ‘(a) the balance held for the member in the Staff Retiring Provident Account, excluding any amount relating to voluntary contributions, must be used to buy a member’s benefit multiple under Part 5; and’. ˙ Replacement of s 48 (Determination of member’s benefit multiple if member’s medical classification is not Class A) 10. Section 48— omit, insert — ˙ ‘ Determination of member’s benefit multiple if member’s medical classification is not Class A ‘ 48.(1) This section applies to a member who made an election under this Part and whose medical classification is not Class A. ‘ (2) The member’s benefit multiple for a benefit payable under sections 32, 33, 35(3) and 37, (subject to section 49 (Member’s benefit

s 11 7 s 11 Electricity (Articles of the Queensland Electricity No. 470, 1994 Supply Industry Employees’ Superannuation Scheme) Amendment (No. 1) multiple if medical classification not Class A)), must be reduced in accordance with the table in section 5(4)(e). ‘ (3) However, subsection (2) does not apply to the part of the member’s benefit multiple bought under this Part. 1 ’. ˙ Insertion of new Pt 7 11. Part 7— insert— ‘ PART 7—ELECTION BY MEMBERS OF BCC FUND OR LOCAL GOVERNMENT FUND TO TRANSFER TO THE SCHEME ˙ ‘ Application of this Part ‘ 51.(1) This Part applies to an eligible employee who— (a) continued to contribute under Schedule 5, section 8 or 9 of the Act— (i) for a benefit under the Local Government SuperannuationAct 1985; or (ii) to a superannuation, provident or similar fund established for the benefit of Brisbane City Council employees; and (b) did not elect under section 9(3), (4) or (5) to contribute to the Scheme. ‘ (2) Sections 4(2)(b) and 9 do not apply to an eligible employee under this Part. ˙ ‘ Election to transfer to the Scheme ‘ 52.(1) An eligible employee may elect to contribute to the Scheme under 1 See section 45(3) (Election to transfer to this Scheme).

s 11 8 s 11 Electricity (Articles of the Queensland Electricity No. 470, 1994 Supply Industry Employees’ Superannuation Scheme) Amendment (No. 1) section 6 by completing and giving Form 1 (the “election form” ) to the employee’s employer within 3 months after this section commences or a later day stated in a written notice given to the employee by the Superannuation Board. ‘ (2) The employee becomes a member of the Scheme on the day he or she gives the election form to the employer. ˙ ‘ Effect of election ‘ 53.(1) When the employee becomes a member of the Scheme the Superannuation Board must apply any amount paid to the Scheme for the member under an agreement to buying the additional or accrued benefits the Board decides are equal to the amount paid to the Scheme. ‘ (2) In this section— “agreement” means an agreement under the Act between the Superannuation Board and the Local Government Superannuation Board, or the Trustees of the Brisbane City Council Superannuation Fund.’. ENDNOTES 1. Made by the Governor in Council on 15 December 1994. 2. Notified in the Gazette on 16 December 1994. 3. Laid before the Legislative Assembly on . . . 4. The administering agency is the Queensland Electricity Commission. © State of Queensland 1994