Statutes Amendment (Superannuation) Act 2015 (SA)

South Australia

Statutes Amendment (Superannuation) Act 2015

An Act to amend the Police Superannuation Act 1990 and the Southern State Superannuation Act 2009.

The Parliament of South Australia enacts as follows:

Part 1Preliminary1Short title

This Act may be cited as the Statutes Amendment (Superannuation) Act 2015.

2Commencement

This Act will come into operation on a day to be fixed by proclamation.

3Amendment provisions

In this Act, a provision under a heading referring to the amendment of a specified Act amends the Act so specified.

Part 2Amendment of Police Superannuation Act 19904Amendment of section 4 – Interpretation

Section 4(6)—delete "ten per cent" and substitute:

11%

Part 3Amendment of Southern State Superannuation Act 20095Amendment of section 3 – Interpretation

Section 3(1)—after the definition of salary insert:

salary sacrifice contribution in relation to a member means an amount or amounts allocated pursuant to an award or enterprise agreement of the whole or part of the member's non‑monetary salary for the purposes of the allocated amount or amounts being credited to the member's contribution account;

6Amendment of section 5 – Employer contribution percentage

1. (1)

   Section 5(3)(a)—delete paragraph (a) and substitute:

   1. (a)

      in the case of—

      1. (i)

         a member (other than a prescribed member) who is making contributions to the Treasurer as a deduction from salary under section 20 at a rate of at least 4.5%; or

      2. (ii)

         a prescribed member who is making contributions to the Treasurer as a deduction from salary under section 20 at a rate of at least 4.5%, or salary sacrifice contributions at a rate of at least 5.3%, (or both),

   10% or a percentage equal to the charge percentage applicable under the Commonwealth Act to the employer of the member, whichever is the greater; and

2. (2)

   Section 5—after subsection (3) insert:

   1. (4)

      In this section—

   prescribed member means—

   1. (a)

      a police member (other than a police cadet or a police officer employed on a contract having a fixed term); or

   2. (b)

      a member or a class of members prescribed by the regulations for the purposes of this definition.

7Amendment of section 20 – Contributions

1. (1)

   Section 20(1)(b)—after "must" insert:

   , subject to subsection (1a),

2. (2)

   Section 20—after subsection (1) insert:

   1. (1a)

      Subsection (1)(b) does not apply to a police member who is making salary sacrifice contributions at a rate of at least 5.3%.

8Amendment of section 21 – Payments by employers

Section 21(2)—delete subsection (2) and substitute:

1. (2)

   If a member makes a salary sacrifice contribution, the employer must, within 7 days after salary is paid to the member, pay to the Treasurer an amount (or arrange for the payment within that period to the Treasurer of an amount) equivalent to the member's salary sacrifice contribution.

9Amendment of Schedule 1 – Transitional provisions

1. (1)

   Schedule 1, clause 12(2)(b)—delete paragraph (b) and substitute:

   1. (b)

      made contributions as a deduction from salary under this Act at the applicable percentage from the day on which this clause commenced until the designated day; and

   2. (ba)

      makes—

      1. (i)

         contributions as a deduction from salary under this Act at the applicable percentage; or

      2. (ii)

         salary sacrifice contributions under this Act at the applicable percentage,

   from the designated day until his or her retirement from employment,

2. (2)

   Schedule 1, clause 12(3)(a)—delete paragraph (a) and substitute:

   1. (a)

      the applicable percentage is—

      1. (i)

         in relation to contributions made by a member as a deduction from salary—a percentage equal to the rate at which the member was required to contribute under the Police Superannuation Act 1990 immediately before 1 July 2008; and

      2. (ii)

         in relation to salary sacrifice contributions made by a member—a percentage determined by dividing the rate at which the member was required to contribute under the Police Superannuation Act 1990 immediately before 1 July 2008 by—

         1. (A)

            .85; or

         2. (B)

            if another amount is prescribed by regulation for the purposes of this paragraph—that amount; and

   2. (ab)

      the designated day is the day on which section 9 of the Statutes Amendment (Superannuation) Act 2015 came into operation; and