Occupational Superannuation Standards Regulations (Amendment) (Cth)

 

Statutory Rules 1991 No. 458

Occupational Superannuation Standards Regulations2 (Amendment)

I, THE GOVERNOR-GENERAL of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, make the following Regulations under the Occupational Superannuation Standards Act 1987.

Dated 1991.

Governor-General

By His Excellency’s Command,

Minister of State for Science and Technology

for and on behalf of

the Treasurer

1. Amendment

1.1 The Occupational Superannuation Standards Regulations are amended as set out in these Regulations.

[NOTE: These Regulations commence on gazettal: see Acts Interpretation Act 1901, s. 48]

91R609.DOC, 06/12/91, 15:59

2. Regulation 4b (Special rules relating to HAS)

2.1 Sub-subparagraph 4b (2) (c) (i) (f):

Omit “1 January 1992”, substitute “1 July 1992”.

2.2 Sub-subparagraph 4b (2) (c) (i) (g):

Omit “1 January 1992”, substitute “1 July 1992”.

2.3 Paragraph 4b (3) (d):

Omit “1 January 1992”, substitute “1 July 1992”.

2.4 Paragraph 4b (3) (e):

Omit “1 January 1992”, substitute “1 July 1992”.

2.5 Paragraph 4b (3) (f):

Omit “1 January 1992”, substitute “1 July 1992”.

2.6 Paragraph 4b (3) (g):

Omit “1 January 1992”, substitute “1 July 1992”.

3. Regulation 4l (Request for information by payers)

3.1 Paragraph 4l (1) (c):

Omit “1 January 1992”, substitute “1 July 1992”.

4. Regulation 4n (Amendment of interim applications)

4.1 Subregulation 4n (1):

Omit “subsection 15n (1)”, substitute “subsection 15m (1)”.

5. Regulation 4P (Amounts to be taken into account)

5.1 Subregulation 4p (3):

Omit “1 January 1992”, substitute “1 July 1992”.

5.2 Subregulation 4p (3a):

Omit “1 January 1992”, substitute “1 July 1992”.

5.3 Subregulation 4p (4):

Omit “1 January 1992”, substitute “1 July 1992”.

91R609.DOC, 06/12/91, 15:48

 

5.4 Paragraph 4p (4a) (a):

Omit “1 January 1992”, substitute “1 July 1992”.

5.5 Paragraph 4p (4a) (b):

Omit “1 January 1992”, substitute “1 July 1992”.

6. Regulation 4zb (Reasonable benefit limit where recipient member of a certain fund on 15 August 1989)

6.1 Subregulation 4zb (1):

Omit “1 January 1992”, substitute “1 July 1992”.

6.2 Subregulation 4zb (2):

Omit “1 January 1992”, substitute “1 July 1992”.

7. Schedule 3 (Pension valuation factors)

7.1 Omit the tables, substitute:

TABLES

Indexation rate of 8%

Reversion	Age next birthday of recipient on commencement day of pension
20	21	26	31	36	41	46	51	56	61	66	71	76	81
or	to	to	to	to	to	to	to	to	to	to	to	to	or
less	25	30	35	40	45	50	55	60	65	70	75	80	more
Below 50%	33	31	29	27	25	23	21	18	16	14	12	10	9	9
50%—75%	34	33	31	29	27	25	22	20	18	15	13	11	10	9
Above 75%	35	34	32	30	28	26	24	21	19	16	14	12	10	10

Indexation rate of at least 7% but less than 8%

Reversion	Age next birthday of recipient on commencement day of pension
20	21	26	31	36	41	46	51	56	61	66	71	76	81
or	to	to	to	to	to	to	to	to	to	to	to	to	or
less	25	30	35	40	45	50	55	60	65	70	75	80	more
Below 50%	26	25	24	23	21	20	18	16	14	13	11	10	9	8
50%—75%	27	26	25	24	23	21	19	18	16	14	12	10	9	9
Above 75%	28	27	26	25	24	22	20	19	17	15	13	11	10	9

91R609.DOC, 09/12/91, 15:48

Indexation rate of at least 6% but less than 7%

Reversion	Age next birthday of recipient on commencement day of pension
20	21	26	31	36	41	46	51	56	61	66	71	76	81
or	to	to	to	to	to	to	to	to	to	to	to	to	or
less	25	30	35	40	45	50	55	60	65	70	75	80	more
Below 50%	22	21	20	19	18	17	16	14	13	12	10	9	8	8
50%-75%	22	22	21	20	19	18	17	16	14	13	11	10	9	8
Above 75%	23	22	22	21	20	19	18	16	15	13	12	10	9	8

Indexation rate of at least 5% but less than 6%

Reversion	Age next birthday of recipient on commencement day of pension
20	21	26	31	36	41	46	51	56	61	66	71	76	81
or	to	to	to	to	to	to	to	to	to	to	to	to	or
less	25	30	35	40	45	50	55	60	65	70	75	80	more
Below 50%	18	18	17	17	16	15	14	13	12	11	10	9	8	8
50%-75%	19	18	18	17	17	16	15	14	13	12	10	9	8	8
Above 75%	19	29	18	18	17	17	16	15	13	12	11	9	8	8

Indexation rate of at least 4% but less than 5%

Reversion	Age next birthday of recipient on commencement day of pension
20	21	26	31	36	41	46	51	56	61	66	71	76	81
or	to	to	to	to	to	to	to	to	to	to	to	to	or
less	25	30	35	40	45	50	55	60	65	70	75	80	more
Below 50%	16	15	15	15	14	13	13	12	11	10	9	8	8	7
50%-75%	16	16	15	15	15	14	13	13	12	11	10	9	8	7
Above 75%	16	16	16	15	15	15	14	13	12	11	10	9	8	7

Indexation rate of at least 3% but less than 4%

Reversion	Age next birthday of recipient on commencement day of pension
20	21	26	31	36	41	46	51	56	61	66	71	76	81
or	to	to	to	to	to	to	to	to	to	to	to	to	or
less	25	30	35	40	45	50	55	60	65	70	75	80	more
Below 50%	14	14	13	13	13	12	11	11	10	9	8	8	7	7
50%-75%	14	14	14	13	13	13	12	11	11	10	9	8	7	7
Above 75%	14	14	14	14	13	13	12	12	11	10	9	8	8	7

91R609.DOC, 06/12/91, 15:48

 

Indexation rate of at least 2% but less than 3%

Reversion	Age next birthday of recipient on commencement day of pension
20	21	26	31	36	41	46	51	56	61	66	71	76	81
or	to	to	to	to	to	to	to	to	to	to	to	to	or
less	25	30	35	40	45	50	55	60	65	70	75	80	more
Below 50%	12	12	12	12	11	11	10	10	9	9	8	7	7	7
50%-75%	12	12	12	12	12	11	11	10	10	9	8	8	7	7
Above 75%	12	12	12	12	12	12	11	11	10	9	9	8	7	7

Indexation rate of at least 1% but less than 2%

Reversion	Age next birthday of recipient on commencement day of pension
20	21	26	31	36	41	46	51	56	61	66	71	76	81
or	to	to	to	to	to	to	to	to	to	to	to	to	or
less	25	30	35	40	45	50	55	60	65	70	75	80	more
Below 50%	11	11	11	11	10	10	10	10	9	8	7	7	7	6
50%-75%	11	11	11	11	11	10	10	10	9	8	8	7	7	6
Above 75%	11	11	11	11	11	10	10	10	9	9	8	7	7	6

Indexation rate less than 1%

Reversion	Age next birthday of recipient on commencement day of pension
20	21	26	31	36	41	46	51	56	61	66	71	76	81
or	to	to	to	to	to	to	to	to	to	to	to	to	or
less	25	30	35	40	45	50	55	60	65	70	75	80	more
Below 50%	10	10	10	10	9	9	9	8	8	8	7	7	6	6
50%-75%	10	10	10	10	10	9	9	9	8	8	7	7	6	6
Above 75%	10	10	10	10	10	10	9	9	9	8	8	7	7	6

NOTES

1. Notified in the Commonwealth of Australia Gazette on 19 December 1991.

2. Statutory Rules 1987 No. 322 as amended by 1988 No.255; 1989 Nos. 24, 281 and 356; 1990 Nos. 149, 150,185,202 and 275; 1991 Nos. 16, 58, 148, 150 and 155

          

91R609.DOC, 06/12/91, 16:00