Electricity (Superannuation Scheme) Amendment Determination (No. 1) 1992 (Qld)

Queensland Subordinate Legislation 1992 No. 132 Electricity Act 1976 ELECTRICITY (SUPERANNUATION SCHEME) AMENDMENT DETERMINATION (No. 1) 1992 TABLE OF PROVISIONS Section Page 1 Short title . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 2 Amended determination . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 3 Amendment of first sentence . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 1 Short title . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 2 Commencement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 3 Purpose of determination . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 4 Definitions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 5 Variation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 4 Amendment of s.5 (Variation) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 5 Insertion of new ss.6 and 7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 6 Preservation of benefits under the trust deed . . . . . . . . . . . . . . . . . . . 4 7 Interest rates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4

2 Electricity (Superannuation Scheme) Amendment No. 132, 1992 Determination (No. 1) ˙ Short title 1. This determination may be cited as the Electricity (Superannuation Scheme) Amendment Determination (No. 1) 1992 . ˙ Amended determination 2. The determination made under the Act and published in the Gazette on 6 August 1988 at pages 3255 to 3257 is amended as set out in this determination. ˙ Amendment of first sentence 3. First sentence— omit the words from and including ‘ in pursuance of ’ to and including ‘ varied to provide:— ’, insert ‘ under the ElectricityAct1976 has made the following determination. ˙ ‘Short title ‘1. This determination may be cited as the Electricity (Superannuation Scheme) Determination (No. 2) 1988 . ˙ ‘Commencement ‘2. This determination commences on 8 August 1988. ˙ ‘Purpose of determination ‘3. The existing and accruing rights, privileges and liabilities of a continuing member are varied as set out in this determination.

3 Electricity (Superannuation Scheme) Amendment No. 132, 1992 Determination (No. 1) ˙ ‘Definitions ‘4. In this determination— “continuing member” means a member who, under section 18 of the Articles, has continued to contribute to the Scheme under the trust deed; “OSSA” means the Occupational Superannuation Standards Act 1987 of the Commonwealth; “OSSA regulation” means a regulation made under the OSSA; “the Articles” means the Articles of the Queensland Electricity Supply Industry Employees’ Superannuation Scheme ; “trust deed” means the trust deed, made on 30 June 1977, governing the Southern Electric Authority of Queensland Superannuation Fund—Defined Benefit Plan. ˙ ‘Variation ‘5. This variation provides— ’. ˙ Amendment of s.5 (Variation) 4. Section 5(c)(v)(C)— omit, insert— ‘ (C) the former member dies; or (D) the former member satisfies the Superannuation Board that he or she is departing permanently from Australia; ’. ˙ Insertion of new ss.6 and 7 5. After section 5— insert—

4 Electricity (Superannuation Scheme) Amendment No. 132, 1992 Determination (No. 1) ˙ ‘Preservation of benefits under the trust deed ‘6. Despite any provision of the trust deed, if— (a) a continuing member is eligible to receive a benefit under the trust deed; and (b) an amount that is all or part of the benefit must be preserved under a provision of OSSA or an OSSA regulation; the amount must be preserved in compliance with the provision. ˙ ‘Interest rates ‘7.(1) The interest rate payable on the amount of a continuing member’s contributions under rules 9(2)(iii), 11, 13(2)(i), 13(2)(ii)(a) or 13(2)(ii)(c), or proviso (3) to rule 13, of the Southern Electric Authority of Queensland Defined Benefit Superannuation Plan Rules is— (a) for the period ending 30 June 1990—4% per annum compound; and (b) for the period after 30 June 1990—the prescribed rate. ‘(2) For the purpose of subsection (1)— “prescribed rate” means the rate determined by the Superannuation Board that applies to the amount, after considering the earning rate of the Scheme and the period for which the amount was held in the Scheme. ’. ENDNOTES 1. Made by the Governor in Council on 11 June 1992. 2. Published in the Gazette on 12 June 1992. 3. Laid before the Legislative Assembly on . . . 4. The administering agency is the Queensland Electricity Commission. The State of Queensland 1992