Local Government and Other Authorities (Superannuation) Amendment Act 1975 (NSW)
LOCAL GOVERNMENT AND OTHER AUTHORITIES (SUPERANNUATION)
AMENDMENT ACT.
ANNO VICESIMO QUARTO
ELIZABETHE II REGINE
Act No. 101, 1975.
An Act to amend the Local Government (Superannuation) Act, 1927, so as to make further provisions relating to the investment of the funds and accounts kept under that Act, to enable certain persons to make an election to come under Part I I IB of that Act, to provide for the payment of supplementary benefits to or in respect of certain persons, and in certain other respects. [Assented to, 18th December, 1975.]
BE
| Council and Legislative Assembly of New South Wales in | BE it enacted by the Queen's Most Excellent Majesty, by and with the advice and consent of the Legislative | |
| Parliament assembled, and by the authority of the same, as follows:— | ||
|
Other Authorities (Superannuation) Amendment Act, 1975".
2 . The Local Government (Superannuation) Act, 1927,
is referred to in this Act as the Principal Act.
This Act contains the following Schedules :—
SCHEDULE 1.—AMENDMENTS TO THE PRINCIPAL ACT, RELATING TO POWERS OF INVESTMENT.
SCHEDULE 2.—AMENDMENTS TO THE PRINCIPAL ACT, RELATING TO ELECTIONS TO COME UNDER PART IIIB OF THAT ACT.
SCHEDULE 3.—AMENDMENTS TO THE PRINCIPAL ACT, RELATING TO SUPPLEMENTARY BENEFITS.
SCHEDULE 4.—AMENDMENT TO SECTION 17BA OF THE PRINCIPAL ACT. SCHEDULE 5.—AMENDMENTS TO THE PRINCIPAL ACT, BY WAY OF STATUTE LAW REVISION.
4. The Principal Act is amended in the manner set forth
in Schedules 1-5.
(1) Any investments that were lawfully made by the Local Government Superannuation Board, or by a company pursuant to an agreement under section 15AC of the Principal Act, and that are in existence at the commencement of this Act shall be deemed to have been lawfully made under the Principal Act, as amended by this Act.
5.
(2) Any agreement with a company under section
15AC of the Principal Act and in force immediately before the
commencement of this Act shall be deemed to have been entered into under section 16D of the Principal Act, as amended by this Act, but the company may not, pursuant to the agreement, make investments of a class that the Local Government Superannuation Board is not authorised to make.
SCHEDULE 1.
AMENDMENTS TO THE PRINCIPAL ACT, RELATING TO POWERS
OF INVESTMENT.
(1) Section 4A—
Omit "The board may invest any moneys in such reserve account in any investment authorised by this Act for any of its accounts.", insert instead :—
Interest derived from the investment of the reserve
account shall form part thereof. (2) Section 9—
Omit the section.
(3) Section 10—
Omit "Moneys held", insert instead "Moneys in the
Provident Fund held".SCHEDULE 1—continued.
AMENDMENTS TO THE PRINCIPAL ACT, RELATING TO
POWERS OF INVESTMENT—continued.
(4) Section 13A (2)—
Omit the subsection, insert instead :—
(2) Interest derived from the investment of the reserve account shall form part thereof.
(5) (a) Section 15T (1) ( a )—
Omit the paragraph.
(b) Section 15T (1) (e)— Omit "of this Act", insert instead "before the com mencement of the Local Government and Other Authorities (Amendment) Act, 1975, or pursuant to any agreement entered into by the board under section 16D".
(6) Section 15AC—
Omit the section.
| (7) | Section 16B— Omit the section, insert instead :— |
| 16B. Interest derived from the investment of the Management Account shall form part thereof. |
SCHEDULE 1—continued.
AMENDMENTS TO THE PRINCIPAL ACT, RELATING TO
POWERS OF INVESTMENT—continued.
(8) Sections 16c, 16D, 16E—
After section 16B, insert:—
16c. (1) In this section, "prescribed fund" means the Provident Fund, the Benefits Fund, the Management Account, the Contingent Account, the reserve account under section 4A or the reserve account under section
13A.
(2) A prescribed fund shall, as far as practic able, be invested by the board—
(a)
in any manner in which trust funds may by any law in force in the State be invested; or
(b)
in a manner authorised by section 5A or 5B of the Superannuation Act, 1916, as applied by subsection (3).
(3) The provisions of sections 5A and 5B of the
Superannuation Act, 1916, with respect to the investment
of the State Superannuation Fund apply to and in respect
of a prescribed fund as if a reference in those provisionsto—
(a)
the State Superannuation Board were a reference to the board within the meaning of this Act; and
(b)
the State Superannuation Fund were a reference to that prescribed fund.
SCHEDULE 1—continued.
AMENDMENTS TO THE PRINCIPAL ACT, RELATING TO
POWERS OF INVESTMENT—continued.
( 4 ) For the purposes only of this section, the
Superannuation Act, 1 9 1 6 , shall be deemed to be amended by omitting from section 5A ( I D ) the words "The Board shall not at any time make any investment pursuant to subsection ( 1 ) where the total amount of the moneys proposed to be invested and of other moneys at such time invested by the Board pursuant to that subsection would exceed one-quarter of the total amount of the fund at such time.".
(5) Subsection (2) (a) has effect subject to section 5A of the Superannuation Act, 1 9 1 6 , as applied by subsection (3).
16D. ( 1 ) The board may enter into an agreement with a company approved by the Minister—
(a)
for or with respect to the exercise of such of the board's powers, authorities, duties and functions relating to the investment of the Benefits Fund as are specified in the agreement; and
(b)
for the purposes of paragraph (a), for or with respect to any one or more of the following :—
(i) the management of the Benefits Fund;
(ii) the payment to the company of the wholeor any part of the assets and investments of the Benefits Fund; and (iii) the exercise or performance by the company of any of the powers, authorities, duties and functions of the board that are specified in the agreement.
(2) The board shall not enter into any agreement under subsection (1) unless the terms and conditions of the agreement have been approved by the Minister.
SCHEDULE 1—continued.
AMENDMENTS TO THE PRINCIPAL ACT, RELATING TO
POWERS OF INVESTMENT—continued.
(3) The company, while acting pursuant to the agreement, shall have and may exercise the powers, authorities, duties and functions of the board conferred or imposed on the company by the agreement.
16E. (1) The board shall not at any time make any investment of moneys of a fund or account (other than the Benefits Fund) pursuant to section 5A (1) of the Superannuation Act, 1916, where the total amount of—
(a)
the moneys of the fund or account proposed to be invested; and
(b)
other moneys of the fund or account at that time invested by the board under section 5A of that Act,
would exceed one-quarter of the total amount of the
fund or account at that time.(2) The board shall not, and the board shall take such steps as are necessary to ensure that a company with whom an agreement under section 16D is in force does not, at any time make any investment of moneys of the Benefits Fund pursuant to section 5A (1) of the Superannuation Act, 1916, where the total amount of—
(a) the moneys of the Benefits Fund proposed to be
invested; and (b) other moneys of the Benefits Fund at that time invested in investments of any kind referred to in section 5A of that Act,
would exceed one-quarter of the total amount of the
Benefits Fund at that time.(3) A reference in this section to section 5A of the Superannuation Act, 1916, is a reference to that section as applied by section 16c (3) .
SCHEDULE 1—continued.
AMENDMENTS TO THE PRINCIPAL ACT, RELATING TO
POWERS OF INVESTMENT—continued.
(9) (a) Section 17P (2 )—
Omit "investments under section 16B of this Act", insert instead "the investment of the Management Account".
(b) Section 17P (3)—
Omit the subsection, insert instead :—
(3) Interest derived from the investment of the
Contingent Account shall form part thereof.
SCHEDULE 2.
AMENDMENTS TO THE PRINCIPAL ACT, RELATING TO ELECTIONS TO COME UNDER PART IIIB OF THAT ACT.
(1) (a) Section 15H, definition of "Election period"—
After the definition of "Current insurance policy", insert: —
"Election period" means the period of 6 months commencing on and including a day appointed by the board for the purposes of this definition and notified in the Gazette.
(b) Section 15H (2)—
At the end of section 15H, insert :—(2) Only one day may be appointed by the board for the purposes of the definition of "Election period" in subsection (1) .
SCHEDULE 2—continued.
AMENDMENTS TO THE PRINCIPAL ACT, RELATING TO ELECTIONS TO COME UNDER PART I I IB OF THAT
ACT—continued.
(2) (a) Section 15K (1A) —
After section 15K (1) , insert:—
(1A) Within the election period, a permanent servant who is the holder of a current insurance policy may in a form approved by the board—
(a)
apply to surrender or to have cancelled all current insurance policies in his name and direct payment to the board of any moneys payable in respect of the surrender or cancellation;
(b)
if he has any amount standing to his credit in the Provident Fund apply to have that amount transferred to the Benefits Fund for credit to his servant's account; and
(c)
elect to come under the provisions of this Part.
(b) Section 15K (2) — instead "Subsections (1) and (1A) do".
(c) Section 15K (3)—
Omit "one of this section", insert instead " (1) or (1A)".
(d) Section 15K (5)—
After section 15K (4), insert :—(5) A person who makes an application and election under subsection (1A) becomes a con tributor on a day determined by the board and shall upon that day be qualified for additional death benefits and additional disablement benefits.
SCHEDULE 2—continued.
| AMENDMENTS | TO | THE | PRINCIPAL | ACT, | RELATING |
TO ELECTIONS TO COME UNDER PART I I IB OF THAT
ACT—continued.
(3) (a) Section 15L ( 2 A ) —
After section 15L (2), insert:—
(2A) Within the election period, a permanent servant (not being a permanent servant entitled to make an application and election under section
15K (1A)), in respect of whom contributions are,
when he makes the application referred to in this subsection, being made under Part III to the Provident Fund, and who has not attained the age of 65 years, may, in a form approved by the board—
(a)
apply to have transferred to the Benefits Fund for credit to his servant's account the amount standing to his credit in the Provident Fund;
(b)
if he is the holder of any current insurance policies, apply to surrender or to have cancelled those insurance policies and direct payment to the board of any moneys payable in respect of the surrender or cancellation;
and (c)
apply to come under the provisions of this Part.
(b) Section 15L (3)—
Omit "one or two of this section", insert instead
" (1 ) , (2) or (2A)". (c)
Section 15L (7) (a) (ii)— Omit "or" where secondly occurring.
SCHEDULE 2—continued.
AMENDMENTS TO THE PRINCIPAL ACT, RELATING TO ELECTIONS TO COME UNDER PART I I IB OF THAT
ACT—continued.
(d)
Section 15L (7) (b)— Omit "be,", insert instead "be; or".
(e) Section 15L (7) (c)—
After section 15L (7) (b), insert :—
(c)
where he is a permanent servant referred to in subsection (2A)—on a day determined by the board,
(f) Section 15L (9)— Omit "one of this section", insert instead "(1) or
(2A)".
(g) Section 15L (11)- sections (1) , (2) and (2A)".
SCHEDULE 3.
AMENDMENTS TO THE PRINCIPAL ACT, RELATING TO
SUPPLEMENTARY BENEFITS.
(1) Section 1 (4) —
After the matter relating to Part I I IB , insert:—
PART IIIc—SUPPLEMENTARY BENEFITS— 15AE-15AK.
SCHEDULE 3—continued.
AMENDMENTS TO THE PRINCIPAL ACT, RELATING TO
SUPPLEMENTARY BENEFITS—continued.
(2) After Part IIIB, insert:—
PART IIIc.
SUPPLEMENTARY BENEFITS.
15AE. In this Part, "contributor" means—
(a) a person who is the holder of an insurance policy in force in respect of that person that was effected by that person or accepted by the board under Part II and that is kept in force by the payment of the premiums thereon under section 6;
(b) a person in respect of whom contributions are being made under Part III to the Provident
Fund; or(c) a person who is a contributor within the meaning of section 15H.
15AF. This Part applies to a person—
(a) who, on or after 1st April, 1974—
(i) having attained the age of 60 years, retired, resigned or was dismissed from the service of the council by which he was employed;
(ii) not having attained the age of 60 years, resigned or was dismissed from the service of the council by which he was employed, and in either case is, in the opinion of the board, entitled to a dis ablement benefit in accordance with section 15x;
S C H E D U L E 3—continued.
AMENDMENTS TO THE PRINCIPAL ACT, RELATING TO
SUPPLEMENTARY BENEFITS—continued.
(iii) died while he was a contributor; or
(iv) attained the age of 65 years and was, immediately before he attained that age, a contributor within the meaning of section 15H; and
(b) who was a contributor during the whole of the period commencing on 1st January, 1954, and
ending on the date on which he so retired, so
resigned, was so dismissed or so died or on which
he attained the age of 65 years (as referred to in
paragraph (a) (iv)), as the case may be.15AG. A person to whom this Part applies is, or his
personal representatives are, without affecting his or their entitlement to any other benefits under this Act, entitled to be paid by—
(a) in the case of a person who is still in the employment of a council—that council; or
(b) in any other case—the council by which that person was last employed,
a supplementary benefit in accordance with this Part.
15AH. (1) In this section, "relevant date", in relation
to a person to whom this Part applies, means—
(a) if, on or after 1st April, 1974, he resigned or was dismissed from the service of the council by which he was employed and he is, in the opinion of the board, entitled to a disablement benefit in accordance with section 15x—the date on which the resignation or dismissal took effect;
S C H E D U L E 3—continued.
AMENDMENTS TO THE PRINCIPAL A C T , RELATING TO
SUPPLEMENTARY BENEFITS—continued.
(b) if he died while he was a contributor—the date of his death; or
(c) the date on which he attained, or will (if he survives) attain, the age of 65 years,
but if 2 of those dates are applicable to him, means the
earlier of those dates.(2 ) Subject to this section and section 15AI, the supplementary benefit payable to or in respect of a person to whom this Part applies (who is in this section referred to as "the payee") shall be calculated in accordance with the following formula :—
S - 1 V Y x R x v
2 X X 365 *
(3) For the purposes of subsection ( 2 ) , S represents the amount of the supplementary benefit payable to the payee in dollars.
(4 ) For the purposes of subsection ( 2 ) , Y
represents—
(a ) the number of years during which the payee was
a contributor, disregarding— (i) any period that occurred before any
period during which he was not a contributor before 1st January, 1954; and
(ii) any fraction of a year; or
(b ) the number 40,
whichever is the smaller number.
S C H E D U L E 3—continued.
AMENDMENTS TO THE PRINCIPAL ACT, RELATING TO
SUPPLEMENTARY BENEFITS—continued.
(5) For the purposes of subsection (2) , R
represents, where the relevant date applicable to the
payee occurs during—
(a) the period from 1st April, 1974, to 31st March, 1975, both inclusive—the number 10;
(b) the period from 1st April, 1975, to 31st March, 1976, both inclusive—the number 9;
(c) the period from 1st April, 1976, to 31st March, 1977, both inclusive—the number 8;
(d) the period from 1st April, 1977, to 31st March, 1978, both inclusive—the number 7;
(e) the period from 1st April, 1978, to 31st March, 1979, both inclusive—the number 6;
(f) the period from 1st April, 1979, to 31st March, 1980, both inclusive—the number 5;
(g) the period from 1st April, 1980, to 31st March,
(h) the period from 1st April, 1981, to 31st March, 1981, both inclusive—the number 4; 1982, both inclusive—the number 3 ; (i) the period from 1st April, 1982, to 31st March, 1983, both inclusive—the number 2 ; or "j) the period from 1st April, 1983, to 31st March, 1984, both inclusive—the number 1.
S C H E D U L E 3—continued.
AMENDMENTS TO THE PRINCIPAL ACT, RELATING TO
SUPPLEMENTARY BENEFITS—continued.
(6) For the purposes of subsection (2) , V
represents—
(a)
where the payee has effected insurance with an insurance company for the purposes of Part II— the amount of the value of the policy of insurance (together with bonuses) as at 1st April, 1969, as assessed by the company before that date, together with compound interest thereon; and
(b)
where the payee had an account in the Provident Fund or Benefits Fund as at 1st April, 1969— the amount standing to the credit of his account as at that date, together with compound interest thereon.
(7) Interest shall, for the purposes of
subsection (6) , be calculated as follows :—
(a) in the case of an amount referred to in subsec tion (6) (a)—that amount shall bear interest at the same rate as it would have borne interest in accordance with sections 15u (2) and 15z ( l ) , h a d —
(i) that amount (compounded annually) been at credit in a servant's account in the Benefits Fund; and
(ii) section 15z (1) (c) applied thereto as at the time the supplementary benefit is payable;
(b) in the case of an amount standing to the credit of the payee's account in the Provident Fund, as referred to in subsection (6) (b)—that amount
SCHEDULE 3—continued.
AMENDMENTS TO THE PRINCIPAL ACT, RELATING TO
SUPPLEMENTARY BENEFITS—continued.
shall bear interest at the same rate as it would have borne interest in accordance with sections 13 (4) and 15 (1A), had—
(i) that amount (compounded annually) been at credit in an account in the Provident Fund; and
(ii) section 15 (1A) applied thereto as at the time the supplementary benefit is payable; and
(c) in the case of an amount standing to the credit of the payee's account in the Benefits Fund, as referred to in subsection (6) (b)—that amount shall bear interest at the same rate as it would have borne interest in accordance with sections
15u (2) and 15z ( l ) , had— (i) that amount (compounded annually) been at credit in a servant's account in the Benefits Fund; and
(ii) section 15z (1) (c) applied thereto as at the time the supplementary benefit is payable.
(8) No supplementary benefit is payable under
this Part to or in respect of a person to whom this Part
applies if the relevant date applicable to him occurs onor after 1st April, 1984.
15AI. (1) Subject to subsections (2) and (3) , the
amount of the supplementary benefit calculated in accordance with section 15AH in respect of a person to whom this Part applies shall be reduced by an amount
SCHEDULE 3—continued.
AMENDMENTS TO THE PRINCIPAL ACT, RELATING TO
SUPPLEMENTARY BENEFITS—continued.
equal to any amount paid to or in respect of that person by the council by which he was last employed, being an amount paid as a benefit arising on his retirement, resignation, dismissal or death (being the retirement, resignation or dismissal by virtue of which the supple mentary benefit is payable), including any amount so paid for untaken sick leave.
(2) Subsection (1) does not apply to—
(a) a gratuity granted under section 97 of the Local Government Act, 1919; or
(b) an amount paid for untaken long service leave, untaken extended leave or untaken recreation
leave.(3) The foregoing provisions of this section do not operate so as to reduce by more than one-half any amount calculated in accordance with section 15AH.
15AJ. The supplementary benefit payable to a person
to whom this Part applies is payable within 2 months
after he becomes entitled to be paid the benefit.
15AK. In calculating supplementary benefits payable under this Part, fractions of cents shall be disregarded.
(3) Section 17M ( C ) —
After " I I I B " , insert "or IIIc".
SCHEDULE 4 .
AMENDMENT TO SECTION 17BA OF THE PRINCIPAL ACT.
Section 17BA ( 1 ) —
Omit "one thousand dollars", insert instead " $ 2 , 0 0 0 " . SCHEDULE 5.
AMENDMENTS TO THE PRINCIPAL ACT, BY WAY OF STATUTE
LAW REVISION.
( 1 ) Long title—
After "Municipalities", insert "and of certain other authorities".
( 2 ) (a) Section 1 ( 1 ) — Omit the subsection, insert instead :—
( 1 ) This Act may be cited as the "Local Government and Other Authorities (Super
annuation) Act, 1 9 2 7 " .
(b) Section 1 ( 2 ) — Omit "(as amended by subsequent Acts)". (3) Section 2 (3 )—
Omit "inspector of stock", insert instead
"veterinary inspector".
SCHEDULE 5—continued.
AMENDMENTS TO THE PRINCIPAL ACT, BY WAY OF STATUTE
LAW REVISION—continued.
(4) (a) Section 3, definition of "Benefits Fund"—
After the definition of "Approved", insert:—
"Benefits Fund" means the Superannuation Benefits Fund established under section 15s.
(b) Section 3, definition of "Contingent Account"— After the definition of "Board", insert :—
"Contingent Account" means the Contingent
Account established under section 17P.
(c) Section 3, definition of "Fund"—
Omit the definition.
(d) Section 3, definition of "Inspector of stock"—
Omit the definition.
(e) Section 3, definition of "Insurance Company"—
Omit "Insurance Company", insert instead
"Insurance company".
(f) Section 3, definition of "Management Account"— After the definition of "Insurance company", insert:— "Management Account" means the Local Government (Superannuation) Manage ment Account established under section
16A.
SCHEDULE 5—continued.
AMENDMENTS TO THE PRINCIPAL ACT, BY WAY OF STATUTE
LAW REVISION—continued.
(g) Section 3, definition of "Permanent servant"—
Omit "an inspector of stock", insert instead
"a veterinary inspector".
(h) Section 3, definition of "Provident Fund"—
After the definition of "Permanent servant", insert :—
"Provident Fund" means the Local Govern ment Provident Fund established under section 8.
(i) Section 3, definition of "Regulations"—
Before the definition of "Salary", insert :—
"Regulations" means regulations under this
Act.
(j) Section 3, definition of "Veterinary inspector"—
After the definition of "Total service factor",
insert :— "Veterinary inspector" means a veterinary inspector appointed under the Pastures Protection Act, 1934.
(5) Section 7 (1)-
Omit "Fund hereinafter mentioned" wherever occurring, insert instead "Provident Fund".
SCHEDULE 5—continued.
AMENDMENTS TO THE PRINCIPAL ACT, BY WAY OF STATUTE
LAW REVISION—continued.
(6) Sections 7A, 7B, 7C, 8 (2) , 8 (3) , 13 (1) , 13A (4),
15 (1) , 15c, 15D, 15E, 15F, 15G, 15J (6) (b ) , 19—
Omit "fund" wherever occurring, insert instead
"Provident Fund".
<1) Sections 10, 12—
Omit "Colonial Treasurer" wherever occurring, insert instead "Treasurer".
(8) Sections 12, 15K, 15L—
Omit "the fund" wherever occurring, insert instead
"the Provident Fund".
| (9) | Sections 12, 13A (1) , 13A (3) (c), 15 (1A), 17M (b ) , | |
|
Omit "Local Government Provident Fund" wherever occurring, insert instead "Provident Fund".
| (10) Section 14— |
Omit "an inspector of stock" wherever occurring, insert instead "a veterinary inspector".
(11) Section 15H, definition of "Benefits Fund"—
Omit the definition.
SCHEDULE 5—continued.
AMENDMENTS TO THE PRINCIPAL ACT, BY WAY OF STATUTE
LAW REVISION—continued.
(12) Section 15L (10) (b) (iii)—
After "expiration", insert "of".
(13) Section 15Y (1) (b )—
Omit "of this section".
(14) (a) Section 16 (8A) (b )—
Omit "or any Act amending that Act,".
(b) Section 16 ( 8 B ) — Omit "or of any Act amending that Act,".
(c) Section 16 ( 8 B ) —
Omit "any such Act", insert instead "that Act".
(d) Section 16 (8D) —
Omit "or any Act amending such Acts", wherever occurring.
(e) Section 16 ( 8 D ) — Omit ", or any amendment thereof wherever occurring.
SCHEDULE 5—continued.
AMENDMENTS TO THE PRINCIPAL ACT, BY WAY OF STATUTE
LAW REVISION—continued.
(15) Section 17 (1)—
Omit "Local Government (Superannuation) Management Account", insert instead "Management Account".
(16) (a) Section 17c (1 )—
Omit "Local Government Provident Fund
Account", insert instead "Provident Fund".
(b) Section 17c (1)—
Omit "such account", insert instead "the Fund".
(c) Section 17c (1 )—
Omit "such fund", insert instead "the Fund".
(d) Section 17c (2)—
Omit "such fund", insert instead "the Provident
Fund".
(e) Section 17c (2 )—
Omit "fund" where secondly occurring, insert instead "Fund".
SCHEDULE 5—continued.
AMENDMENTS TO THE PRINCIPAL ACT, BY WAY OF STATUTE
LAW REVISION—continued.
(17) Section 17K (4 )—
Omit "an inspector of stock" wherever occurring, insert instead "a veterinary inspector".
(18) Section 17P (1 )—
Omit "As soon as practicable after the commencement of the Local Government (Superannuation) Amend ment Act, 1948, the board shall transfer to such account from the Local Government (Superannua tion) Management Account the sum of twenty thousand dollars.".
(19) (a) Section 20 (2 )—
Omit "or police".
(b) Section 20 (3)—
Omit the subsection, insert instead :—
(3) Section 41 of the Interpretation Act,
1897, applies in respect of a regulation as if this Act had been passed after the commencement of the Interpretation (Amendment) Act, 1969.
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