Parliamentary Contributory Superannuation Fund Acts Amendment Act of 1964 (Qld)

544 (11tePltstullbi ANNO TERTIO DECIMO ELIZABETHAE SECUNDAE REGINAE No. 53 of 1964 An Act to Amend "The Parliamentary Contributory Superannuation Fund Acts, 1948 to 1961," in certain particulars [ASSENTED TO 14TH DECEMBER, 1964 BE IT ENACTED by the Queen's Most Excellent Majesty, by and with the advice and consent of the Legislative Assembly of Queensland in Parliament assembled, and by the authority of the same , as follows.- 1. (1) Short title , This Act may be cited as " The Parliamentary Contributory Superannuation Fund Acts Amendment Act of 1964." (2) Principal Act, " The Parliamentary Contributory Superannuation Fund Acts, 1948 to 1961," are in this Act referred to as the Principal Act. (3) Collective title. The Principal Act and this Act may be collectively cited as " The Parliamentary Contributory Superannuation Fund Acts, 1948 to 1964."

Parliamentary Superannuation , Etc., Act of 1964, No. 53 545 2. Amendments of s. 4 . Section four of the Principal Act is amended by- (a) omitting subsection (5) and inserting in its stead the following subsection:- (5) The trustees may invest the fund or any part thereof- (a) in any securities of, or guaranteed by the Government of, the Commonwealth or the State; (b) on deposit with the Reserve Bank of Australia or with any authorised approved dealer in the short term money market with established lines of credit with the Reserve Bank of Australia as lender of last resort; (c) in such other securities as may be recommended by the Treasurer : -- Provided that the trustees shall not make any investment to which paragraph (c) of this subsection applies whereby the aggregate of the investments made under the authority of that paragraph would be increased to more than forty per centum of the total of all then subsisting investments made under the authority of this subsection."; and (b) omitting subsection (7) and inserting in its stead the following subsection:- " (7) Once at least in every period of three years, commencing on and from the first day of January, one thousand nine hundred and sixty-four, the trustees shall cause the assets and liabilities of the fund to be valued and reported on by an actuary approved by the trustees. " 3. Amendments of s. 6 . Section six of the Principal Act is amended by- (a) omitting subsections (1) and (IA) and inserting in their stead the following subsection:- " (1) Upon each periodical payment of the salary of a member or person who, having ceased to be a member, is in receipt of salary (commencing in the case of members holding office at the date of the passing of " The Parliamentary Contributory Superannuation Fund Acts Amendment Act of 1964," with the first such payment made after that date) there shall be deducted from the amount payable to him- (a) where the payment is made at fortnightly intervals-a sum of ten pounds; or (b) where the payment is made at other intervals-a sum at the rate equal to ten pounds per fortnight, and every member and every person who, having ceased to be a member, is in receipt of salary, shall contribute to the fund accordingly."; and (b) adding to subsection (2) the following paragraph:- (c) in respect of each financial year such sum as , when added to interest from investments accrued to the fund during the year in question, will provide an average earning on the total investible moneys in the fund in that year at a rate not less than five per centum per annum."

546 Parliamentary Superannuation , Etc., Act of 1964, No. 53 4. Amendment of s. 7 (1). Subsection (1) of section seven of the Principal Act is amended by omitting paragraph (e) and inserting in its stead the following paragraph 61 (e)- (i) has attained the age of sixty years; or (ii) has attained the age of fifty-five years and has served as a member for at least twenty years; or (iii) has served as a member for at least twelve years and has complied with section twelve of this Act; or (iv) has complied with section twelve of this Act and has attained the age of fifty years; or (v) subject to proof of his entitlement and the continuance of his entitlement thereto as prescribed by section 9A of this Act , ". 5. Amendment of s. 8 . Section eight of the Principal Act is amended by inserting after the words " section twelve of this Act ", the words ", but who has not served as a member for at least twelve years,". 6. Repeal of and new s . 9. The Principal Act is amended by repealing section nine and inserting in its stead the following section:- " [ 9.] Right to annuity of member failing to comply with s. 12. Subject to this Act a person who has ceased to be a member before attaining the age of sixty years and who has complied with the requirements of paragraphs (a), (b), (c) and (d) of subsection (1) of section seven of this Act shall, notwithstanding that he has not complied with the requirements of section twelve of this Act, be entitled to an annuity under this Act- (a) on attaining the age of sixty years; or (b) in the case of a person who has served as a member for at least twenty years, on attaining the age of fifty-five years. " 7. New S. 9A inserted . The Principal Act is amended by inserting after section nine the following section:- "[9A.] Right of member to annuity upon incapacity . (1) Subject to this Act a person who- (a) has complied with paragraphs (a), (b), (c) and (d) of subsection (1) of section seven of this Act; and (b) by reason of physical or mental incapacity proof whereof and of the continuance whereof has been made to the satisfaction of the trustees by the certificate of a Government medical officer, is incapacitated, in the opinion of the trustees, from earning a reasonable livelihood, shall be entitled to an annuity under this Act.

Parliamentary Superannuation , Etc., Act of 1964, No. 53 547 (2) A person to whom this section applies shall when and so often as he is thereunto required by the trustees, (or in any event at intervals of not longer than three years) prove to the satisfaction of the trustees, by the certificate of a Government medical officer, that, at the time in question, he is continuing to be incapacitated as specified in this section. (3) Upon the failure of a person to prove continuing incapacity as prescribed by this section his entitlement to annuity under this section shall cease, but without prejudice to his right to again prove such entitlement at any later time. (4) This section applies so as not to prejudice or affect the entitlement, under any other provisions of this Act, of a person to an annuity under this Act." 8. Repeal of and new s. 11. The Principal Act is amended by repealing section eleven and inserting in its stead the following section :- "[11.] Rate of annuity. (1) The rate of annuity benefit payable under and in pursuance of this Act shall depend on the length of service of the member as follows:- (a) in respect of service of nine years or longer but less than twelve years as a member, annuity benefit shall be computed at the rate of eighteen pounds a week; (b) in respect of service of twelve years or longer but less than fifteen years as a member, annuity benefit shall be computed at the rate of twenty-one pounds ten shillings a week; and (c) in respect of service of fifteen years or longer as a member, annuity benefit shall be computed at the rate of twenty-five pounds a week. (2) This section applies in the case of every person who is a member at the date of the passing of " The Parliamentary Contributory Superannuation Fund Acts Amendment Act of 1964," or who becomes a member after that date." 9. Repeal of and new s. 11A. The Principal Act is amended by repealing section 11A and inserting in its stead the following section:- "[11A.] Bonuses on annuities . (1) Where upon any periodical valuation of the assets and liabilities of the fund made pursuant to subsection (7) of section four of this Act the actuary reports to the trustees an actuarial surplus, the amount of such surplus shall, subject to subsection (3) of this section, be added by way of a bonus to all annuities- (a) for which members are contributing to the fund at the date when the actuary made to the trustees his report upon the valuation (which date is in this section called " the date of the valuation "); or (b) which are payable from the fund at the date of the valuation to persons who ceased to be members before that date; or (c) which are payable from the fund at the date of .he valuation to widows of persons who ceased to be members before that date.

548 Parliamentary Superannuation , Etc., Act of 1964, No. 53 (2) In respect of every annuity to which it is to be added, subject to paragraph (b) of subsection (3) of this section , the bonus shall be a percentage of the amount of the annuity and the rate of such percentage shall- (a) be the same for every annuity; and (b) be determined by multiplying one-half by such whole number as the trustees determine. (3) (a) Any actuarial surplus the amount whereof is less than one-half per centum of the aggregate of all annuities to which , but for this subsection , such surplus is prescribed to be added by way of a bonus shall not be so added. (b) The rate of the percentage referred to in subsection ( 2) of this section shall be such that the total amount to be added by way of a bonus to all annuities as prescribed by subsection ( 1) of this section does not exceed the actuarial surplus in question. If compliance with the foregoin g provisions of this paragraph and with the provisions of paragraph ( b) of subsection ( 2) of this section results in the addition by way of a bonus to all annuities as prescribed by subsection ( 1) of this section of a total amount less than the actuarial surplus in question , the sum by which such actuarial surplus exceeds such total amount shall not be so added. (4) In respect of the period from , and including , the date of a valuation made pursuant to subsection ( 7) of section four of this Act and thereafter to, but not including, the date of the next subsequent such valuation , the bonus added to any annuity pursuant to this section shall be payable and be paid- (a) in the case of an annuity for which a member is contributing to the fund as at the first day of such period, and which becomes payable to such member before the expiration of such period , on and from the date when such annuity becomes payable to such member and thereafter to, and i ncluding whichever of the following is the earlier , namely the date when such annuity ceases to be payable to such member or the date when such period expires; (b) in the case of an annuity from the fund to which a widow of a member who is contributing to the fund, or a widow of a person to whom an annuity is payable from the fund, as at the first day of such period , becomes entitled before the expiration of such period , on and from the date when such annuity becomes payable to such widow and thereafter to and including whichever of the following is the earlier , namely the date when such annuity ceases to be payable to such widow or the date when such period expires; (c) in the case of an annuity from the fund which is payable and being paid to a person or widow on the first day of such period on and from that day and thereafter to and including whichever of the following is the earlier, namely the date when such annuity ceases to be payable to such person or widow or the date when such period expires.

Parliamentary Superannuation , Etc., Act of 1964, No. 53 549 (5) A bonus added to an annuity pursuant to this section- (a) shall not be payable for so long as section fifteen of this Act prescribes that such annuity shall not be payable: (b) shall be payable at a proportionately reduced rate for so long as section fifteen of this Act prescribes that such annuity shall be payable at a reduced rate. (6) The amount determined by the trustees of the actuarial surplus reported by the actuary to the trustees in his report to them made on the thirty-first day of December, one thousand nine hundred and sixty- three, on the valuation made by him of the assets and liabilities of the fund shall be dealt with as prescribed by this section and for that purpose that valuation shall be deemed to have been made by the actuary in pursuance of the provisions of subsection (7) of section four of this Act and his report thereon to the trustees shall be deemed to have been made on the first day of January, one thousand nine hundred and sixty-five, and in respect thereof that date shall be the date in this section called " the date of the valuation ". In this subsection the amount determined by the trustees of the actuarial surplus referred to in this subsection means the excess over so much of that surplus as, being in the opinion of the trustees required to be retained in the fund to make provision for payments out of the fund, is so retained." 10. Amendments of s. 12 (1). Subsection (1) of section twelve of the Principal Act is amended by- (a) in the general words preceding paragraph (a), inserting after the words " the age of sixty years ", the words " or, if he has served as a member for at least twenty years, under the age of fifty-five years "; (b) in the general words succeeding paragraph (b) inserting after the words " if he ", the words " has not served as a member for at least twelve years and "; and (c) adding the following paragraph :- " or (v) he proves his entitlement and the continuance of his entitlement thereto as prescribed by section 9A of this Act." 11. Subsisting rights . (1) Every person who ceased to be a member before the date of the passing of this Act (hereinafter in this section referred to as the " said date ") shall continue to have the right or claim (if any) to be paid annuity from the fund had by him immediately prior to the said date under the Principal Act and shall be paid annuity from the fund accordingly but no such person shall have any right or claim to be paid annuity from the fund under or by virtue of the Principal Act as amended by this Act unless he again becomes a member. (2) Upon the death of a person who ceased to be a member before the said date after not l.: s than nine years' service as a member, the widow of that person shall have the right or claim (if any) to be paid annuity from the fund which she would have had if this Act had not been passed and payment of annuity shall be made from the fund as prescribed by the Principal Act on and from the date of death and thereafter while the widow continues to be entitled to such payment under the Principal Act.

550 Parliamentary Superannuation , Etc., Act of 1964, No. 53 (3) Every annuity being paid from the fund immediately prior to the said date in respect of any widow under the Principal Act shall continue to be payable at the rate of which the same was so being paid on and from the said date and thereafter whilst the same continues to be payable under the Principal Act. (4) Annuity under the Principal Act as amended by this Act shall not be payable to or claimable by or on behalf of any person or widow in respect of whom annuity is payable from the fund as prescribed by subsections (1), (2) or (3) of this section. (5) The foregoing provisions of this section apply so as not to prejudice or affect the right of any person or widow referred to therein to be paid any bonus which, pursuant to the provisions of the Principal Act as amended by this Act, has been added to the annuity payable to such person or widow and is payable.