Superannuation Acts Amendment Act 1987 (No. 2) (Qld)

886 A NN O TaI.-CESI %O --EXTO [ASSENTED TO 16TH NOVEMBER, 1987]

Superannuation Acts Amendment Act (No. 2) 1987, No. 64 887 BE IT ENACTED by the Queen's Most Excellent Majesty, by and wi th the advice and consent of the Legislative Assembly of Qu ee nsland in Parliament assembled, and by the authority of the sa me, as follows:- PART I - ELIMIN Y 1. F Tile. This Act may be cited as the Superannuation Acts A endme^ ` Act 1987 (No. 2). 2. Arrai -- This Act is arranged in Parts as follows:- PART I ®:-:aELIMIN Y (ss. 1-2); PART II- ENDMENT OF STATE SERVICE SUPERANNUATION ACT (ss. 3-17); PART III- ENDMENT OF PUBLIC SERVICE SUPERANNUATION ACT (ss. 18-24). PART II-AMENDMENT OF STATE SERVICE SUPERANN UATION ACT 3. Ci tat ion . ( 1) In this P art the State Service Superannuation Act1972-1987 is referred to as the Pri ncipal Act. (2) The Principal Act as amended by this P art may be cited as the State Service Superannuation Act 1972-1987. 4. Co mm ence m ent of ce rtain provisions . ( 1) Sections 5 and 6 of this Part shall be deemed to have commenced on 27 Febru ary 1984 and shall have retrospective effect accordingly. (2) The following sections of this P art shall commence on 1 January 1988:-ss. 13, 14 , 15, 16 and 17. 5. Amendment of s. 4 . Inte Section 4 of the Principal Act is amended by in the definition " final average salary", omitting p ar agraph ( a) and substituting the fol" s 'ng paragraph:- "(a) in relation to a contributor who, on or after the passing of the Superannuation Acts A-n. e. -_.' :gent Act 1984, attains the age for retire m ent ore 1' .r i :-s from employment as an o ffi cer othe rwi se than by retiring or eing retired on grounds of in ca pacity and who, af ¢' ° °°assing of that Act and during the two years i me:": j preceding his at ta ining the age for retire m ent or his ear:' z reti re ment, has received one or more increases in salary other than an increase in sal ary that, in the Board's opinion, is due to a variation in or a general ruling affecting an industrial award or industrial agreement , wi thin the meaning of those expressions in the Industrial Conciliation and Arbitration Act 1961-1987, or is a flow-on from such a variation or general ruling, or is a regular increment to which the contributor is entitled under the terms and conditions of his employment the final average sa lary asce rta ined in accordance wi th section 4A;"

888 S uperannuation Acts Amendment Act (No. 2) 1987, No. 64 6. Amendment of s. 4A. Ascertainment of certain final average salaries. Section 4A of the Principal Act is amended by- (a) numbering the provision thereof as subsection (1) and in that subsection- (i) omitting the words " b y reason of t ap po intment (s)" and substituting the words "being any prescribed increase or increases in ary sal " ; (ii) omitting from the definition "FASt" the words "t appointment(s)" and substituting the words "t prescribed increase(s) in salary"; (iii) omitting from the definition "A" the words "increases in salary by way of appointment(s)" and substituting the words "prescribed increases in salary"; (iv) o m itting fro m the definition "B e" the words "held the tth appointment" and substituting the words "received the tth pres cribed i ncrease in salary"; om ng po (v) itti from the definition "nt" the word "ap intment" and substituting the words "prescribed increase in salary"; (b) adding at the end of the section the following subsection:- "(2) For the purposes of subsection (1) an increase in salary is a prescribed increase in salary if it is one such that pursuant to paragraph (a) of the definition "final average salary" in section 4 a final average salary is to be ascertained in accordance with this section.". 7. Amendment of s. 6. State Service i_- -':_ 6 of the Principal Act is amended by- -ion Board. Section (a) omitting subsection (2) and substituting the following subsection:- "(2) The Board shall consist of- (a) the person for the time being holding the office of Under Treasurer, who shall be, ex officio, a member of the Board and chairman thereof; and (b) five other persons appointed by the Governor in Council on the Minister's nomination.". (b) renumbering subsection (7) as subsection (5); (c) inserting after subsection (5) the following subsection:- "(6) The chairman of the Board may from time to time nominate one person to be his deputy in relation to the Board and for as long as the nomination subsists such deputy shall be deemed to be a member of the Board authorized to attend meetings of the Board and to otherwise act in accordance with law in the Board's affairs in place of the chairman.";

Superannuation Acts Amendment Act (No. 2) 1987, No. 64 889 (d) in, subsection ( 9), i; rting before the word "members" and the word "mem ber" the word " appointed"; (e) omitting subsection ( 12) and substituting the following subsection:- "(12) E ach , person who, immediately before the commencement of section 7 of the Superannuation ActsAmendment Act 1987 ( No. 2), holds office as a member of the Board shall , upon the commencement of that section , cease to hold that office and, if he also holds the office of chairman or dep uty - ch a ir man of the Board shall , upon the commencement of that section , also cease to hold that office.". 8. Repeal of s. 8. Ch a i rman of the Board. The Principal Act is amended by repealing section S. 9. o s. 9. Fil7 i.-;.;, c,! seal vacancies . Section 9 of the Principal Act is amended in subsection ( 1) by omitting the words "a member " and substituting the words " an appointed member". 10. Amendment of s. 10 . T empor ary appoin tm ents . Section 10 of the Principal Act is amended in subsection (1) by- (a) inse rting after the word "any" the word " appointed"; (b) inserting after the words " so acting" the words "be deemed to be a member of the Board and shall". 11. Amendment of s. 11. Va ca tion of office. Section 11 of the Principal Act is amended in subsection (1) by- ( a) omitting the words " a member" and substituting the words "an appointed member"; (b) omitting from paragraph ( g) the words " for misbehaviour or incompetence". 12. Am endment of s. 14 . Proc eed ings of the Boar d. Section 14 of the Pri nci pal Act is amended by- (a) omitting subsection ( 4) and substituting the following subsection:- "(4) If the chairman is not present at a meeting of the Board his nominee (referred to in section 6 (6)) shall preside at the meeting and act in the place of the chairman and, while so acting , shall have all the powers and authority of the chairman."; (b) omitting subsection (5) and substituting the following subsec :- "(5) If neither the chairman nor his nominee is present at a meeting of the Board , the members present shall elect one of their number who shall preside at the meeting.". 13. Amendme nt of s. 27. of contributors : for category A bene fits. Section 27 of the Pri -icipal Act is amended in, subsection (6) 29

890 Superc-. ' `n Acts Amendment Act (No. 2) 1987, No. 64 by om itting tl:., word "co mm ence m ent" and substituti n g the word 66passing" 14. New s . 30A. Th e Pri ncipal Act f - - 1 ;d by in serting e se ct ion 30 the foll:D n section:- where a Lod of f e he would ' : rat of a m or -- w here- A rel - -r -, s the am ount B contributor , the final ;he contributor; or of an y co ntributor , the final [ary of the co- - ibutor; C se of a m ale contributor or a fe m ale ^)r who be cam e a contributor on or after :,'.'the Supera nn ua tion Acts Ame ndment or 313; or in c : e of a co :or 3-79 -itributor who becam e a passing of the :: z t Act 1984, the seats the length of service of the contributor, in ye ar s and as certa ined as prescribed by E of vs the factor set forth schedule IV opposite i years and comp. c : _ ^nths as at the date t set forth in 1' . he 3ule. ,or ._ 3 ct _,n (1 has of rv- x : rsu -int . _> ^. 24 of cila zA^"sue a:<u Z.^ Sts i 1 :. _ : O nce

Superannuation Acts AmendmentAct (No. 2) 1987, No. 64 891 with the formula expressed in subsection ( 1), such additional length of service shall be m ultiplied by the factor M where- M represents the contributor ' s length of se rvice, expressed in years, as at the time of his retirement; C represents- (i) in the case of a contributor who became a contributor after the passing of the SuperannuationActs Amendment Act 1978, the length of service, expressed in years, which the contributor would have had if he had continued as an officer until he attained the age for retirement, not exceeding 42 years and 6 months; or (ii) in the case of a contributor who became a contributor before the passing of the Superannuation Acts Amendment Act 1978, the length of service, expressed in years, which the contributor would have had if he had continued as an officer until he attained the age of 60 years. (3) A contributor entitled to the payment of an amount pursuant to subsection (1) may elect not to receive that amount or a part of that amount and to receive in lieu a pension on and from the date following the day of his retirement calculated in accordance with the formula- P = AxC B where- P represents the fortnightly amount of pension; A represents the amount to which the contributor is entitled pursuant to subsection (1) or pursuant to that subsection and subsection (2); B represents- (i) in the case of a male contributor, or a female contributor who became a contributor on or after the passing of the Superannuation Acts AmendmentAct 1984, the factor set forth in Part I of Schedule V opposite the age in years and completed months as at the date of retirement set forth in that Part of that Schedule; (ii) in the case of a female contributor who became a contributor before the passing of the Superannuation Acts Amendment Act 1984, the factor set forth in Part II of Schedule V opposite the age in years and completed months as at the

892 Superannuation Acts Amendment Act (No. 2) 1987, No. 64 date of retirement set forth in that Part of that Schedule. C represents a fraction that is the equivalent of the percentage of the amount of entitlement that the contributor elects to convert to a pension. (4) An election under subsection (3)- shall be in writing; shall be made within one month after the date of the contributor's retirement; and shall specify the percentage of the amount of entitlement in respect of which the elector desires to substitute a pension. (5) A male contributor who became a contributor before the passing of the Superannuation Acts Amendment Act 1984 and who is a contributor to whom subsection (1) applies, other than a contributor for category B benefits who has not completed 10 years' service at the time of his retirement, is entitled, to the extent that he does not elect pursuant to subsection (3), in addition to the benefits prescribed by subsection (1) to an amount determined by the Actuary and approved by the Board having regard to the period for which the contributor contributed to the Fund before the passing of that Act. (6) A contributor who is employed on the staff of the Agent- General for Queensland and who was liable- (a) to pay tax under the law of the United Kingdom relating to tax on incomes; or (b) to contribute for national insurance including graduated pensions under the law of the United Kingdom relating to national insurance, and who elects to retire as provided by subsection (1) is not entitled to payment of the amount prescribed by that subsection but is entitled to a pension as if he had been entitled to such an amount and had elected, pursuant to subsection (3), to receive a pension in lieu thereof.".

Superannuation Acts Amendment Act (No. 2) 1987, No. 64 893 15. New Schedule IV. The Principal Act is amended by adding after Schedule IIIB the following schedule:- "SCHEDULE IV [s. 30A (1)] Factors for lump sum benefits of contributors who retire between ages 55 and 60 Contributor' s Age in Years and Completed Months at Date of Retirement actor Contributor's Age in Years and Completed Months at Date of Retirement actor Years Months Years Months 55 0 1 2 3 4 5 6 7 8 9 10 11 56 0 1 2 3 4 5 6 7 8 9 10 11 57 0 1 2 3 4 5 6 .9000 57 7 .9517 .9017 8 .9533 .9033 9 .9550 .9050 10 .9567 .9067 11 .9583 .9083 .9100 58 0 .9600 .9117 1 .9617 .9133 2 .9633 .9150 3 .9650 .9167 4 .9667 .9183 5 .9683 6 .9700 .9200 7 .9717 .9217 8 .9733 .9233 9 .9750 .9250 10 .9767 .9267 11 .9783 .9283 .9300 59 0 .9800 .9317 1 .9817 .9333 2 .9833 .9350 3 .9850 .9367 4 .9867 .9383 5 .9883 6 .9900 .9400 7 .9917 .9417 8 .9933 .9433 9 .9950 .9450 10 .9967 .9467 11 .9983 .9483 .9500

894 Superannuation Acts Amendm ent Act (No. 2) 1987, N:. 4 16. New _ Schedule 11V ``ie V. The Principal Act is amended L,, ping schedule:- after "SCHEDULE V [s. 30A (3)] PART I-- ALE CONTRIBUTE ; AND FEMALE CONTRIBU- TORS WHO COMMENCED ON OR AFrER 27.2.1984 Factors for converting lump sum benefits to pension benefits of contributors who retire between s 55 and 60 Contributor's Age in Years and Completed Months at Date of Retirement Facter Years Months 55 56 57

Superannuation Acts Amendment Act (No. 2) 1987, No. 64 895 PART I- ALE CONTRIBUTORS; AND FEmALF CONTRIBUTORS WHO COMMENCED ON OD AFTER 27.2.1984-continued Factors for conver+;r` ntributors who P_ I' 4+s to pension. I„ n es 5 a and 60--co. d Contribr :o -' Years and Cs • i at to of aaa: u uaei3 Factor Y ea rs 5 8 Months 59 334 333 332 331 331 330 329 328 327 326 325 324 324 323 322 321 320 319 318 317 317 316 315 314 PART II-FEMALE CONTRIBUTORS WHO CO M MENCED BEFORE 27.2.1984 Factors for con, ! p sum benefits to pensiol t contributors iho retire between ages 55 and 60 Contributor's Age in Ye -s Completed Months f Retirement Years Months Factor 0 391

896 Superannuation Acts Amendment Act (No. 2) 1987, No. 64 PART I1 - FEMALE CONTRIBUTORS WHO COMMENCED BEFORE 27.2.1984-continued Factors for converting lump sum benefits to pension benefits of contributors who retire between ages 55 and 60-continued Contributor ' s Age in Years and Completed Months at Date of Retirement Factor Years Months 56 57 58 391 390 389 388 387 386 385 384 384 383 382 381 380 379 378 377 377 376 375 374 373 372 371 371 370 369 368 367 366 365 364 364 363 362 361 360 359 358

Superannuation Acts Amendment Act (No. 2) 1987, No. 64 897 PART II-FE mALE CONTRIBUTORS WHO COMMENCED BEFORE 27.2.1984-continued Factors for converting lump sum benefits to pension benefits of contributors who retire between ages 55 and 60-continued Contributor ' s Age in Years and Completed Months at Date of Retirement Factor Years Months 59 357 357 356 355 354 353 352 351 351 350 349 348 347 346 345 344 344 343 342 341 3 17. Con seq uen tial am end m ents. A section of the Principal Act specified in the first column of the following Table is amended as specified in the second column of the Table opposite the reference to that section:- TABLE Section amended Amendment s. 4 (9A). Interpretation s. 35. Refund of contributions Omit the expression " 60" and substitute the expression "55"; Omit the expression "60" wherever it occurs and substitute in each case the expression "55";

898 Superannuation Acts An. ' Act (No. 2) 1987, No. 64 Section amended ename 46 (2). con tri" s. 63. E bete A officer *^t to I _0 prepay (a) Omit the word "five" substitute the exp s X993 (b) Or word " of Or it an s-ibp (a) the p '.e the ex pi 3 W We "10". 195'1" ° : ENT OF PU BLIC c ° " R CE SUPE RANNUATION AE'I' (1) In this P the lilac Service Superannuation Act n d to as the Pr' A. (2) The l icipal Act as a encie i Jy this Part may cites Public Service T: -:-,---auction Act 1958-1987. 19. co enc of The following sections of this Part shall 1988:-ss. 20 - a - )_- _`s* Te. 21 rT_ __ section 77A 7 " 7o Notwi contril ty time °en$ 60. (1) _ct, where a an officer at ding , then, paid for ye re ' e ent (b) in the case c:° forth Pa yet _ cc retir€ -d ai -e )nV at the c - .'that Schedt.ie.

Superannuation Acts Am endment Act (No. 2) 1987, No. 64 899 (2) A contributor entitled to the payment of an amount pursuant to subsection ( 1) m ay elect not to receive that amount or a part of that amount and to receive in lieu a pension on and from the date following the day of his retirement calculated in accordan ce with the formula- AXC B where- P represents the fortnightly amount of pension; A represents the amount to which the contributor is entitled pursuant to subsection (1); B represents- (i) in the case of a m ale contributor, the factor set forth in Part I of Schedule VI opposite t__ ige in years and completed months as at the of retirement set forth in that Part of the d .1e; in the case of a fe m ale contributor , the fact or set forth in Part II of Schedule VI opposite the age in years and completed months as at the date of retirement set forth in that Part of that Schedule; C represents a fraction that is the equivalent of the percentage of the amount of entitlement that the contributor elects to convert to a pension. ( I An election under subsection (2)- shall be in wri ting; shall be m ade w ithin one month after the date of the contributor' s retirement; and shall specify in resl ;.-^ c c a pension. ::- , entage of the amount of Lich the elector desires to su T e provi '. c cc---l' ear to who .-. specil^ -;d in the folio . ,ction 37 apply i n relation to a . o - (1) applies wi th the modifications

900 Superannuation Acts Amendment Act (No. 2) 1987, No. 64 TABLE Expression modified Modification "para (2 g ) r " aph (iv) of section 29 to be read as "section 77B"; comm u^tes for a lump sum" to be read as "receives a lump sum in respect of'; "for which he has commuted" to be omitted; "commuted for" to be read as "received"; "commuted" lastly occurring to be read as "received a lump in paragraph (a) sum"; "not commute" to be read as "not receive a lump sum"; "commuted" occurring in to be read as "received a lump paragraph (b) sum ". (5) Section 33 (1) applies to a widow of a contributor to whom subsection (1) applies to the extent that the contributor was in receipt of a pension pursuant to an election made by him pursuant to subsection (2). The amount of assurance benefit to which a widow of such a contributor is entitled shall be an amount determined by the Actuary and approved by the Board. The rate per fortnight of pension that a widow may, pursuant to section 34B, receive in lieu of assurance benefit derived through a contributor to whom subsection (1) applies shall be a rate determined by the Actuary and approved by the Board. (6) A contributor who is employed on the staff of the Agent- General for Queensland and who was liable- (a) to pay tax under the law of the United Kingdom relating to tax on incomes; or (b) to contribute for national insurance including graduated pensions under the law of the United Kingdom relating to national insurance, and who elects to retire as provided by subsection (1) is not entitled to payment of an amount prescribed by that subsection but is entitled to a pension as if he had been entitled to such an amount and had elected, pursuant to subsection (2), to receive a pension in lieu thereof. (7) A contributor to whom subsection (1) applies who, pursuant to section 57, is, on his retirement, maintaining an amount of benefit under the repealed Acts (called therein

Superannuation Acts Amendment Act (No. 2) 1987, No. 64 901 "assurance benefit ") may apply to the Board within one month after the date of the contributor's retirement to convert that benefit to a benefit payable on his retirement and the Board may convert that benefit accordingly upon such terms and conditions as are determined by the Actuary and approved by the Board. Wh ere a benefit under the repealed Acts referred to in the preceding paragraph that could be converted as provided by that par agra ph is not converted, the amount thereof payable at the death or at the age of 65 years or prior death of the contributor shall be such amount as is determined by the Actuary and approved by the Board. (8) Section 38 (2) applies to a contributor who has duly made an election pursuant to subsection (2) as if the reference therein to "the age of sixty-five years" were a reference to the contributor ' s age at the date of his retirement and the reference therein to "the rate of $3.84 per fortnight per unit of annuity benefit" were a reference to the rate of pension calculated in accordance with subsection (2). (9) Section 55 (1) applies to a contributor to whom subsection (1) applies as if the reference therein to "the age of sixty-five years" were a reference to the contributor's age at the date of his retirement and the reference therein to "annuity benefit at the rate per unit of $ 1.34 per fortnight and no more" were a reference to such amount as is determined by the Actuary and approved by the Board. (10) Sections 38 (1), 38A (1) and 39 do not apply to a contributor to whom subsection (1) applies.".

902 Superannuation Acts Amendment Act (No. 2) 1987, No. 64 22. New Schedule V. The Principal Act is amended by adding after Schedule IVB the following schedule:- "SCHEDULE V [s. 77u (1)] PART I-VALUE PER UNIT OF ANNUITY BENEFIT OF MALE CONTRIBUTORS WHO RETIRE BET EN AGES 55 AND 60 Contributor's e in Years and Completed Months at to of Retirement Value Contributor's Age in Years and Completed Months at Date of Retirement Value Years Months Years I Months 55 57 758 767 775 783 792 58 800 808 817 825 833 842 850 56 858 867 875 883 892 59 900 911 923 934 OA 5 :' 57 57 979 91 1002 1013 1025

Superannuation Acts Amend ment Act (No. 2) 1987, No. 64 903 PART II-VALUE PER UNIT OF ANNUITY IEFIT OF FEMALE CONTRIBUTORS WHO RETIRE BETWEEN L ,E.s 55 AND 60 Contributor's Age in Years and Completed Months at to of Retirement Years Months 55 56 57 Value $ 625 633 642 650 658 667 675 683 692 700 708 717 725 733 742 750 758 767 775 783 792 800 808 817 825 833 842 850 858 867 875 Contributor's Age in Years and Completed Months at Dzir: of Retirer-_-- -I- Years 1; o}-.ths 57 58 59 Value 883 892 900 908 917 925 933 942 950 958 967 975 983 992 1000 1008 1017 1025 1037 1048 1060 1071 1083 1094 1106 1117 1129 1140 1152 23. New S - T. The Principal Act is after Schedule V owing sched ule:- "SCHEDULE VI y adding [s. 77B (2)]

904 Superannuation Acts Amendment Act (No. 2) 1987, No. 64 PART I-MALE CONTRIBUTORS Factors for converting lump sum benefits to pension benefits of contributors who retire between ages 55 and 60 Contributor ' s Age in Years and Completed Months at Date of Retirement Years Months Factor 55 56 57 58

Superannuation Acts Amendment Act (No. 2) 1987, No. 64 905 PART I-MALE CONTRIBUTORS - continued Factors for converting lump sum benefits to pension benefits of contributors who retire between ages 55 and 60-continued Contribut, >r's Age in 'Years and Cor ipleted Months at Date of Retirement Factor Years Months 331 331 330 329 328 327 326 325 324 59 324 323 322 321 320 319 318 317 317 316 315 314 PART 11-FEMALE CONTRIBUTORS Factors for converting lump sum benefits to pension benefits of contributors who retire between ages 55 and 60 Contributor ' s Age in Years and Completed Months at Date of Retirement Factor Years Months 55 391 391 390 389 388 387 386

906 S uperannuation Acts A m endment Act (No. 2) 1987, No. 64 Fact . corita .kR T I1-1"E :. JE CoN- . nve_. .tors IzJ JTO -continued -,fi ,4 ^ _ ,ion benefits of 55 °.S as uO co t1 ueL€ Contributor's f Years and Compi )nt as at Date of Retir , at Factor Years 56 57 Months 7 8 9 10 11 0 1 2 3 3 5 6 7 8 9 10 11 58 9

Superannuation Acts Amendment Act (No. 2) 1987, Igo. 64 907 PART II-FEMALE CoNTRIEUTORs-continued Factors for converting lump sum benefits to pension benefits of contributors who retire between ages 55 and 60-continued Contributor's Age in Years and Completed Months at Date of Retirement Factor Years 59 Months 351 351 350 349 348 347 346 345 344 344 343 342 341 340 24. ConsequentiL_ ts. A section of the Principal Act specified in the first column of the following Table is amended as specified in the second column of the Table opposite the reference to that section:- TABLE Section amended Amendment s. 4 (113). Interpretation Omit the expression "60" and substitute the expression "55", s. 33 (2). Entitlement to assurance Omit the words "This section" and benefit substitute the words "Subsection (1)"' s. 34B (1). Widow's right to Insert after the expression "33" the substitute pension for expression "(1)"; assurance benefit s. 34c. Entitlement of widow of Omit the words "in accordance with person on staff of Agent- section 34B." and substitute the General for Queensland following words:-

908 Superannuation Acts Amendment Act (No. 2) 1987, No. 64 TABLE -continued Section amended Amendment (a) where section 77B is relevant to the case, in accordance with that section; or (b) in any other case, in accordance with section 34B."; s. 40. Right to prepay contributions Omit the word "five" where it twice occurs and substitute in each case the expression "10"; s. 47. Postponement of payment of Omit the expression "60" wherever refunds it occurs and substitute in each case the expression "55"