Southern State Superannuation Variation Regulations 2005 (SA)
South Australia
Southern State Superannuation Variation Regulations 2005
under the Southern State Superannuation Act 1994
Contents
Part 1—Preliminary
Short title
Commencement
Variation provisions
Part 2—Variation of Southern State Superannuation Regulations 1995
Variation of regulation 7—Amount of invalidity/death insurance benefits and amount of premiums
Revocation of regulation 8
Variation of Schedule—Invalidity/death insurance benefits
Schedule 1—Transitional provision
Transitional provision
Part 1—Preliminary
1—Short title
These regulations may be cited as the Southern State Superannuation Variation Regulations 2005.
2—Commencement
These regulations will come into operation on 2 October 2005.
3—Variation provisions
In these regulations, a provision under a heading referring to the variation of specified regulations varies the regulations so specified.
Part 2—Variation of Southern State Superannuation Regulations 1995
4—Variation of regulation 7—Amount of invalidity/death insurance benefits and amount of premiums
Regulation 7(4)(a)—delete paragraph (a) and substitute:
(a)for a person who is a member immediately before 1 July 2002—
(i)if the person is under the age of 60—
(A)$20 000; or
(B)1 unit of standard insurance cover,
whichever is the greater;
(ii)in any other case—1 unit of standard insurance cover;
Regulation 7(5)—delete "$1 per week" and substitute:
$0.75 per week
Regulation 7(9)—delete "on a permanent basis must not exceed $500 000" and substitute:
other than on a casual basis must not exceed $1 000 000
Regulation 7(10)—delete "$250 000" and substitute:
$500 000
5—Revocation of regulation 8
Regulation 8—delete the regulation
6—Variation of Schedule—Invalidity/death insurance benefits
Schedule, Tables 1 and 2—delete the tables and substitute:
Table 1—Standard Insurance Cover
Age last Birthday
One Unit
$
Cost/Week
$
Up to 34
75 000
0.75
35
72 000
0.75
36
69 000
0.75
37
66 000
0.75
38
63 000
0.75
39
60 000
0.75
40
57 000
0.75
41
54 000
0.75
42
51 000
0.75
43
48 000
0.75
44
45 000
0.75
45
42 000
0.75
46
39 000
0.75
47
36 000
0.75
48
33 000
0.75
49
30 000
0.75
50
27 000
0.75
51
24 000
0.75
52
22 000
0.75
53
20 000
0.75
54
18 000
0.75
55
16 000
0.75
56
14 000
0.75
57
12 500
0.75
58
11 000
0.75
59
9 500
0.75
60
8 000
0.75
61
6 500
0.75
62
6 000
0.75
63
5 500
0.75
64
5 000
0.75
Table 2—Fixed Insurance Cover
Age last Birthday
One Unit
$
Cost/Week
$
20 and under
75 000
0.80
21
75 000
0.85
22
75 000
0.85
23
75 000
0.90
24
75 000
0.95
25
75 000
1.00
26
75 000
1.05
27
75 000
1.10
28
75 000
1.15
29
75 000
1.20
30
75 000
1.25
31
75 000
1.30
32
75 000
1.40
33
75 000
1.50
34
75 000
1.60
35
75 000
1.70
36
75 000
1.80
37
75 000
2.00
38
75 000
2.10
39
75 000
2.30
40
75 000
2.40
41
75 000
2.60
42
75 000
2.70
43
75 000
2.90
44
75 000
3.10
45
75 000
3.30
46
75 000
3.50
47
75 000
3.70
48
75 000
3.90
49
75 000
4.10
50
75 000
4.40
51
75 000
4.70
52
75 000
5.10
53
75 000
5.50
54
75 000
6.00
55
75 000
6.50
56
75 000
7.10
57
75 000
7.70
58
75 000
8.40
59
75 000
9.20
60
75 000
10.10
61
75 000
11.00
62
75 000
12.00
63
75 000
13.00
64
75 000
14.10
Note—
Under section 34(1) of the Act, a member is entitled to invalidity benefits only if the member's employment terminates on account of invalidity before the member reaches the age of 60 years. In Table 1 and Table 2, the insurance cover specified in respect of a member aged 60 and over is relevant only in respect of the death insurance benefit payable on behalf of the member.
Schedule 1—Transitional provision
1—Transitional provision
The variations made by these regulations to the Southern State Superannuation Regulations 1995 apply as follows:
(a)the variation made by regulation 4(1) applies with respect to a benefit that becomes payable after the commencement of these regulations;
(b)the variation made by regulation 6 that constitutes an increase in a unit of cover by virtue of the substitution of new tables applies with respect to a benefit that becomes payable after the commencement of these regulations;
(c)the other variations apply in all respects from the commencement of these regulations.
Note—
As required by section 10AA(2) of the Subordinate Legislation Act 1978, the Minister has certified that, in the Minister's opinion, it is necessary or appropriate that these regulations come into operation as set out in these regulations.
Made by the Governor
with the advice and consent of the Executive Council
on 29 September 2005
No 209 of 2005
T&F05/059CS
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