Superannuation (Government and Other Employees) Amendment of Articles Regulation (No. 2) 1996 (Qld)

Queensland Subordinate Legislation 1996 No. 54 Superannuation (Government and Other Employees) Act 1988 SUPERANNUATION (GOVERNMENT AND OTHER EMPLOYEES) AMENDMENT OF ARTICLES REGULATION (No. 2) 1996 TABLE OF PROVISIONS Section Page 1 Short title . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 2 Articles amended . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 SCHEDULE . . . . . . . . . . . . . . . . . . . . . . . . . 3 AMENDMENTS OF THE ARTICLES OF THE GOVERNMENT OFFICERS’ SUPERANNUATION SCHEME

s1 2 s2 Superannuation (Government and Other Employees) Amendment of Articles (No. 2) No. 54, 1996 ˙ Short title 1. This regulation may be cited as the Superannuation (Government and Other Employees) Amendment of Articles Regulation (No. 2) 1996 . ˙ Articles amended 2. This regulation approves the amendments of the ArticlesoftheGovernment Officers’ Superannuation Scheme set out in the schedule. 1 1 The articles have been reprinted as at 29 July 1994.

3 Superannuation (Government and Other Employees) Amendment of Articles (No. 2) No. 54, 1996 ¡ SCHEDULE AMENDMENTS OF THE ARTICLES OF THE GOVERNMENT OFFICERS’ SUPERANNUATION SCHEME section 2 1. Section 2— insert — ‘ “authorised leave” , of a member, means leave from the member’s duties of employment that is— (a) approved by the member’s employer; or (b) authorised by— (i) a law of the State; or (ii) an agreement certified, or an award made, by the Industrial Relations Commission. “member with unclaimed benefits” means a person mentioned in section 26A(1) of the Act. “preserved amount” , of a member, means— (a) an amount received by the board for the member under article 5; or (b) the member’s accumulated personal contributions that, on 30 June 1994, were required to be preserved under the Occupational Superannuation Standards Regulations 1987 (Cwlth), regulation 9; 2 or (c) an amount received by the board under section 13(1) that the 2 Occupational Superannuation Standards Regulations 1987 (Cwlth), reg 9 (Preservation standards)

4 Superannuation (Government and Other Employees) Amendment of Articles (No. 2) SCHEDULE (continued) No. 54, 1996 board has undertaken to pay to the member only if a preservation cashing condition has been complied with. “preservation cashing condition” means an event mentioned in section 17(a) to (g). “superannuation system” has the meaning given to it by the Superannuation Industry (Supervision) Regulations 1994 (Cwlth), regulation 5.01. 3 ’. 2. Article 3— omit. 3. Section 8— insert — ‘ (3) Subsections (1) and (2) apply subject to section 12A.’. 4. Section 10— insert — ‘ (2) Subsection (1) applies subject to section 12A.’. 5. Section 12, ‘who has not attained the age of 65 years’— omit. 6. Section 12— insert — ‘ (2) Subsection (1) applies subject to article 6A.’. 3 Superannuation Industry (Supervision) Regulations 1994 (Cwlth), reg 5.01 (Interpretation)

5 Superannuation (Government and Other Employees) Amendment of Articles (No. 2) SCHEDULE (continued) No. 54, 1996 7. After Article 6— insert — ‘ Article 6A—Acceptance of contributions ‘ Acceptance of contributions—member under 65 ‘ 12A. The board may accept contributions for a member who is under 65 years only in the following circumstances— (a) while the member— (i) regularly works at least 10 hours a week for an employer and receives a regular salary for the employment; or (ii) receives a yearly salary from an employer that equals, or is at least, 50% of the tax-free threshold for taxation purposes under the Income Tax Assessment Act 1936 (Cwlth); or (iii) receives a salary of at least $450 a month; (b) for up to 2 years after the member ceases to regularly work at least 10 hours a week for an employer; (c) for up to 7 consecutive years while the member— (i) is on authorised leave to raise children, of whom the member is a parent, or for whom the member has assumed the responsibility of a parent; and (ii) has a statutory or contractual right to resume employment at the end of the authorised leave. ‘ Acceptance of contributions—member 65 or over ‘ 12B.(1) The board may accept contributions for a member who is 65 years or over only if the member— (a) was at least 60 years on 1 July 1990; and (b) is under 70 years when the contribution is made. ‘ (2) This section expires on 30 June 2000.’.

6 Superannuation (Government and Other Employees) Amendment of Articles (No. 2) SCHEDULE (continued) No. 54, 1996 8. Section 14— insert— ‘ (2) An amount of administrative fees and charges debited from an account for a period must not be more than the interest credited to the account for the period for— (a) members with unclaimed benefits; and (b) members with an account balance of less than $1 000. ‘ (3) For subsection (2), administrative fees and charges do not include a provision for income tax.’. 9. Section 17(a), before ‘retirement’— insert— ‘permanent’. 10. Section 17(b), before ‘retired’— insert— ‘permanently’. 11. Section 17— insert— ‘(g) the member— (i) turns 70 years; and (ii) is not employed for at least 30 hours a week.’.

7 Superannuation (Government and Other Employees) Amendment of Articles (No. 2) SCHEDULE (continued) No. 54, 1996 12. Section 25, heading— omit, insert— ‘ Preservation and portability on ceasing to be member ’. 13. Section 25(1)(b)— omit, insert— ‘(b) if the amount is a preserved amount, transferred within the superannuation system.’. 14. Section 25(4), ‘except’ to ‘(Cwlth)’— omit, insert— ‘that are not preserved amounts’. 15. After section 25— insert— ‘ Preservation and portability while member ‘ 26.(1) A member may withdraw all or part of the amount in the member’s account ascertained under section 14 that was received by the board under section 13(1). ‘ (2) The amount mentioned in subsection (1) does not include an amount that the board has undertaken to pay to the member only if a preservation cashing condition has been complied with.’.

8 Superannuation (Government and Other Employees) Amendment of Articles (No. 2) No. 54, 1996 ENDNOTES 1. Made by the Governor in Council on 28 March 1996. 2. The amendments approved in this regulation were made by the board on 21 February 1996. 3. Notified in the gazette on 29 March 1996. 4. Laid before the Legislative Assembly on . . . 5. The administering agency is the Government Superannuation Office. © State of Queensland 1996