Superannuation (Former Eligible Employees) Regulations (Amendment) (Cth)

Statutory Rules 1990 No. 1411

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Superannuation (Former Eligible Employees) Regulations2 (Amendment)

I, THE GOVERNOR-GENERAL of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, hereby make the following Regulations under the Superannuation Act 1976.

Dated 18 June 1990.

BILL HAYDEN

Governor-General

By His Excellency’s Command,

Ralph Willis

Minister of State for Finance

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1. The Superannuation (Former Eligible Employees) Regulations are amended by inserting after regulation 7 the following regulations:

Application of the Act to employees of, and holders of statutory office in, Australian Postal Corporation

“8. The Act applies subject to the modification specified in Schedule 5 in respect of each person to whom section 126a of the Act applies:

(a) by reason of becoming a member of the Australia Post Superannuation Scheme on or after 1 July 1990 but before 1 March 1991; and

(b) who was an employee of or the holder of a statutory office in, Australian Postal Corporation immediately before becoming a member of that superannuation scheme.

 

(S.R. 132/90)—Cat. No. 15/29.5.1990

 

Application of the Act to employees of, and holders of statutory office in, Australian Telecommunications Corporation

“9. The Act applies subject to the modification specified in Schedule 5 in respect of each person to whom section 126a of the Act applies:

(a) by reason of becoming a member of the Telecom Superannuation Scheme on or after 1 July 1990 but before 1 March 1991; and

(b) who was an employee of, or the holder of a statutory office in, Australian Telecommunications Corporation immediately before becoming a member of that superannuation scheme.”.

Schedule 5

2. The Superannuation (Former Eligible Employees) Regulations are amended by adding at the end the following Schedule:

SCHEDULE 5 Regulations 8 and 9

MODIFICATION—EMPLOYEES OF, AND HOLDERS OF STATUTORY OFFICE IN, AUSTRALIAN POSTAL CORPORATION OR AUSTRALIAN TELECOMMUNICATIONS CORPORATION

Part IX, Division 3:

Substitute for Division 3 of Part IX the following Division:

“Division 3—Transfers to Approved Superannuation Schemes

Interpretation

“131. In this Division, unless the contrary intention appears:

‘approved superannuation scheme’ means:

(a) Australia Post Superannuation Scheme: and

(b) Telecom Superannuation Scheme;

‘assets’ has the same meaning as it has in Division 2 of Part XII;

‘investment assets of the Fund’ means the assets of the Fund or of the Trust arising out of, or otherwise connected with, the exercise or proposed exercise by the Trust of its power to invest moneys of the Fund;

‘investment liabilities of the Fund’ means liabilities of the Fund or of the Trust arising out of, or otherwise connected with, the exercise or proposed exercise by the Trust of its power to invest moneys of the Fund:

‘liabilities’ has the same meaning as it has in Division 2 of Part XII.

Loss of entitlements to benefits—eligible employees transferring to an approved superannuation scheme

“132. A person in respect of whom regulation 8 or 9 of the Superannuation (Former Eligible Employees) Regulations applies is not entitled to be paid any benefits under this Act as a former eligible employee, otherwise than on again becoming an eligible employee.

Transfer of assets from Fund to approved superannuation schemes

“133. (1) There is transferred in accordance with subsection (2) to the person or body administering an approved superannuation scheme:

(a) assets of the Fund (including investment assets of the Fund) determined by the Minister to be assets that fairly and equitably represent the

 

accumulated contributions of persons referred to in section 132 to whom section 126a applies by reason of their becoming members of that superannuation scheme; and

(b) liabilities (if any) (including investment liabilities of the Fund) determined by the Minister to be liabilities relating to those assets.

“(2) For the purposes of subsection (1), the transfer of assets, and of liabilities (if any) relating to those assets, takes effect:

(a) at such times; and

(b) in respect of such assets;

as the Minister determines.

“(3) The Trust must do all things necessary, as manager of the assets of the Fund, to give effect to a determination of the Minister under subsection (2).

“(4) A determination of the Minister for the purposes of paragraph (1) (a) or (b) or subsection (2) is a disallowable instrument for the purposes of section 46a of the Acts Interpretation Act 1901.

Payments by Commonwealth to approved superannuation schemes

“134. (1) After 28 February 1991, the Commonwealth must pay to the person or body administering an approved superannuation scheme an amount calculated by:

(a) aggregating the amounts determined in accordance with subsection (3) to be payable to that person or body in respect of persons referred to in section 132 to whom section 126a applies by reason of their becoming members of that superannuation scheme; and

(b) deducting from that aggregate all payments made in accordance with subsection (2).

“(2) The Commonwealth must pay to the person or body referred to in subsection (1), following a request in writing to the Commissioner by that person or body, the amount determined by that person or body to be payable in respect of a person referred to in paragraph (1) (a) who has ceased to be a member of that superannuation scheme before 1 March 1991.

“(3) The amount payable in respect of a person referred to in section 132 is an amount equal to the sum of:

(a) 2½ times the amount of the person’s accumulated basic contributions on the person’s last day of service; and

(b) the amounts (if any) that have been paid by the Commissioner into the Consolidated Revenue Fund under paragraph 128 (2) (b) in relation to the person: and

(c) the amounts (if any) that have been paid to the Commonwealth under subsection 119j (8) of the superseded Act in relation to the person; and

(d) the amount determined by the Commissioner having regard to:

(i) the number of non-contributory units (if any) that were, under the superseded Act, applicable in relation to the person on 30 June 1976 or immediately before the person became entitled to invalidity pension (as the case may be); and

(ii) the contributions that would have been paid by the person in respect of those units if they had been contributory units of pension in respect of which the person had contributed at rates based on a retiring age of 65; and

(e) the amount of any interest determined by the Minister to be payable in respect of the amounts referred to in paragraphs (a), (b), (c) and (d).

 

“(4) The amount to be paid under subsection (1) to the person or body administering an approved superannuation scheme is to be paid:

(a) in such instalments: and

(b) at such times;

as the Minister determines, having regard to:

(c) any relevant actuarial advice obtained by the Minister; and

(d) any other matters that the Minister considers relevant.

“(5) Payments under subsection (1) or (2) are payable out of moneys lawfully available for that purpose.

“(6) A determination of the Minister for the purposes of subsection (4) is a disallowable instrument for the purposes of section 46a of the Acts Interpretation Act 1901.

“(7) For the purposes of paragraph (3) (a), regulation 5 of the Superannuation (Interest) Regulations applies in relation to the ascertaining of the accumulated basic contributions of a person referred to in section 132 as if the reference in that regulation to the termination day in relation to the person were a reference to the person’s last day of service.

Exemption from tax etc.

“135. No tax or charge is payable under any law of the Commonwealth (other than the Income Tax Assessment Act 1936) or any law of a State or of a Territory in respect of a transfer of assets or liabilities under section 133.”.

 

NOTES

1. Notified in the Commonwealth of Australia Gazette on 25 June 1990.

2. Statutory Rules 1986 No. 266 as amended by 1987 No. 307; 1989 Nos. 16 and 306.

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