Superannuation Legislation Amendment Act 2004 (Qld)

Queensland Superannuation Legislation Amendment Act 2004 Act No. 42 of 2004

Queensland Superannuation Legislation Amendment Act 2004 Contents Part 1 1 2 Part 2 3 4 5 Part 3 6 7 8 Page Preliminary Short title . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 Commencement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 Amendment of Governors (Salary and Pensions) Act 2003 Act amended in pt 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 Insertion of new pt 3, div 3, sdiv 2 . . . . . . . . . . . . . . . . . . . . . . . . 6 Subdivision 2 Provisions for agreements and court orders under Family Law Act 16A Definitions for sdiv 2 . . . . . . . . . . . . . . . . . . . . . . . . . . 6 16B Providing information . . . . . . . . . . . . . . . . . . . . . . . . . 7 16C Agreement or court order—minimum benefit . . . . . . . 7 16D Agreement or court order—pension . . . . . . . . . . . . . . 8 16E Agreement or court order—death of Governor in office 9 16F Effect of agreement or court order on particular pensions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 16G Minister to inform entitled former spouse . . . . . . . . . . 10 Amendment of schedule (Dictionary) . . . . . . . . . . . . . . . . . . . . . . 10 Amendment of Judges (Pensions and Long Leave) Act 1957 Act amended in pt 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 Amendment of s 2 (Definitions) . . . . . . . . . . . . . . . . . . . . . . . . . . 11 Insertion of new pt 2, div 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 Division 2 Provisions for agreements and court orders under Family Law Act 9 Definitions for div 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 10 Providing information . . . . . . . . . . . . . . . . . . . . . . . . . 13 11 Agreement or court order—minimum benefit . . . . . . . 13 12 Agreement or court order—pension . . . . . . . . . . . . . . 14

Part 4 9 10 11 12 13 14 15 16 17 18 19 20 Part 5 21 22 23 24 Part 6 25 26 27 28 29 2 Superannuation Legislation Amendment Act 2004 No. 42, 2004 13 Agreement or court order—death of judge in office . . 14 Effect of agreement or court order on particular pensions ............................. 14A Minister to inform entitled former spouse . . . . . . . . . . Amendment of Parliamentary Contributory SuperannuationAct 1970 Act amended in pt 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Amendment of s 4 (Application of Act) . . . . . . . . . . . . . . . . . . . . . Amendment of s 16 (Contribution by Crown) . . . . . . . . . . . . . . . . Amendment of s 18A (Preserved amount) . . . . . . . . . . . . . . . . . . Amendment of s 21 (Payments to children) . . . . . . . . . . . . . . . . . Insertion of new s 24A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24A When particular pension entitlement ends . . . . . . . . . Amendment of s 25A (Indexation of pensions). . . . . . . . . . . . . . . Amendment of s 25C (Superannuation contributions surcharge). Insertion of new pt 4, div 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Division 3 Provision for Superannuation Legislation Amendment Act 2004 30G Dealing with amount retained in fund . . . . . . . . . . . . . Insertion of new s 31A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31A Trustees may accept late election . . . . . . . . . . . . . . . Replacement of s 33A (Preservation of lump sum) . . . . . . . . . . . 33A Payment of lump sum . . . . . . . . . . . . . . . . . . . . . . . . . Amendment of s 33B (Transfers in) . . . . . . . . . . . . . . . . . . . . . . . Amendment of SuperannuationLegislationAmendmentAct 2003 Act amended in pt 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Amendment of s 4 (Amendment of s 5 (Definitions)) . . . . . . . . . . Amendment of s 6 (Insertion of new pt 3A) . . . . . . . . . . . . . . . . . Omission of pt 3 (Amendment of Superannuation (State PublicSector)Act1990) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Amendment of Superannuation (State Public Sector) Act1990 Act amended in pt 6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Amendment of s 2 (Interpretation) . . . . . . . . . . . . . . . . . . . . . . . . Amendment of s 13 (Membership of scheme) . . . . . . . . . . . . . . . Amendment of s 15G (Limit on deduction on refund of certain contributions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Insertion of new s 20A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 15 15 16 16 16 17 17 18 18 18 20 20 20 21 21 21 22 22 23 23 24 24 24 24 25 25 26

3 Superannuation Legislation Amendment Act 2004 No. 42, 2004 30 31 32 Part 7 33 Schedule 20A Auditing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Amendment of s 28 (Contributions by units) . . . . . . . . . . . . . . . . Amendment of s 30 (Assignment of benefit) . . . . . . . . . . . . . . . . Insertion of new pt 4A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Part 4A Validation provision for appointment of executive officer of board 31A Validation provision for appointment of executive officer of board . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Other amendments Other amendments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Other amendments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Governors (Salary and Pensions) Act 2003 . . . . . . . . . . . . . . . . . Judges(PensionsandLongLeave)Act1957 . . . . . . . . . . . . . . . ParliamentaryContributorySuperannuationAct1970 . . . . . . . . . Superannuation(StatePublicSector)Act1990 . . . . . . . . . . . . . . 26 26 27 27 28 28 29 29 29 30 31

Queensland Superannuation Legislation Amendment Act 2004 Act No. 42 of 2004 An Act to amend the Governors (Salary and Pensions) Act2003 , Judges (Pensions and Long Leave) Act 1957 , Parliamentary Contributory Superannuation Act 1970 , Superannuation Legislation Amendment Act 2003 and Superannuation (State Public Sector) Act 1990 [Assented to 18 November 2004]

s1 6 s4 Superannuation Legislation Amendment Act 2004 No. 42, 2004 The Parliament of Queensland enacts— Part 1 Preliminary 1 Short title This Act may be cited as the Superannuation Legislation Amendment Act 2004 . 2 Commencement This Act, other than part 5, commences on a day to be fixed by proclamation. Part 2 Amendment of Governors (Salary and Pensions) Act 2003 3 Act amended in pt 2 This part amends the Governors(SalaryandPensions)Act2003. 4 Insertion of new pt 3, div 3, sdiv 2 Part 3, division 3, after section 16— insert— ‘Subdivision 2 Provisions for agreements and court orders under Family Law Act ‘16A Definitions for sdiv 2 ‘In this subdivision—

s4 7 s4 Superannuation Legislation Amendment Act 2004 No. 42, 2004 agreement means an agreement mentioned in the definition entitled former spouse . court order means a court order mentioned in the definition entitled former spouse . entitled former spouse means a person who is entitled or conditionally entitled under an agreement, or a court order, under the Family Law Act, part VIIIB, 1 to payment of a part of a benefit that would otherwise be payable under this Act to a former Governor. Family Law Act means the Family Law Act 1975 (Cwlth). operative time , for an agreement or court order, is the time that is, under the Family Law Act, part VIIIB, the operative time in relation to the payment split or payment flag under the agreement or order. ‘16B Providing information ‘(1) This section applies if an eligible person within the meaning of the Family Law Act, section 90MZB, 2 applies under that section to the Minister for information about a benefit that is being paid, or may become payable, under this Act. ‘(2) The Minister must give to the eligible person the information as required under the Family Law Act. ‘(3) If the information is about a benefit for the Governor, the information may include an accrued benefit multiple for the benefit decided by the Minister on the advice of an actuary. ‘16C Agreement or court order—minimum benefit ‘(1) This section applies if— (a) the Minister receives an agreement or court order that relates to a person who, at the operative time for the agreement or order, is the Governor; and 1 The Family Law Act, part VIIIB (Superannuation interests) 2 The Family Law Act, section 90MZB (Trustee to provide information)

s4 8 s4 Superannuation Legislation Amendment Act 2004 No. 42, 2004 (b) the benefit that becomes payable under this Act in relation to the person is a minimum benefit under section 13. 3 ‘(2) The Minister must pay to an approved deposit fund, or a superannuation fund, nominated by the entitled former spouse for the agreement or court order the amount to which he or she is entitled under the agreement or order. ‘(3) However, if the entitled former spouse does not nominate a fund for subsection (2) within 3 months after the day the minimum benefit becomes payable, the Minister must pay the amount to the State Public Sector Superannuation Fund on behalf of the entitled former spouse. ‘(4) The Minister must reduce the benefit that, other than for the agreement or court order, would be payable under this Act in relation to the person mentioned in subsection (1) by the amount paid to the entitled former spouse. ‘(5) This section does not apply to an agreement or court order if section 16E applies to the agreement or order. ‘(6) In this section— State Public Sector Superannuation Fund means the State Public Sector Superannuation Fund under the Superannuation(State Public Sector) Act 1990 . ‘16D Agreement or court order—pension ‘(1) This section applies if— (a) the Minister receives an agreement or court order that relates to a person who, at the operative time for the agreement or order, is a former Governor or the Governor; and (b) the benefit that is being paid, or becomes payable, under this Act to the person is a pension (a relevant benefit ). ‘(2) Subject to subsection (4), the Minister must pay the entitled former spouse for the agreement or court order the proportion, stated in the agreement or order, of the relevant benefit to 3 Section 13 (Minimum benefit payable)

s4 9 s4 Superannuation Legislation Amendment Act 2004 No. 42, 2004 which he or she is entitled under the agreement or order (the spousal amount ). ‘(3) The Minister must reduce the relevant benefit that, other than for the agreement or court order, would be payable under this Act to the person mentioned in subsection (1) by the spousal amount. ‘(4) The Minister must pay the entitled former spouse a pension for his or her lifetime (a lifetime pension ) if the entitled former spouse elects, by written notice given to the Minister, to be paid a lifetime pension. ‘(5) The notice must be given to the Minister— (a) if the Minister receives the agreement or court order before the relevant benefit becomes payable—within 3 months after it becomes payable; or (b) otherwise — within 3 months after the day the Minister receives the agreement or order. ‘(6) If the entitled former spouse elects to be paid a lifetime pension, the amount of the pension must be calculated in the way decided by the Minister on the advice of an actuary. ‘16E Agreement or court order—death of Governor in office ‘(1) This section applies if the Minister receives an agreement or court order that relates to a person who— (a) is the Governor at the operative time for the agreement or order; and (b) dies while holding office. ‘(2) The Minister must pay the entitled former spouse for the agreement or court order a pension for his or her lifetime (a lifetime pension ). ‘(3) The amount of the lifetime pension must be— (a) calculated in the way decided by the Minister on the advice of an actuary; and (b) based on the proportion, stated in the agreement or court order, of the pension that would have been payable to the person mentioned in subsection (1) if the person had

s 5 10 s 5 Superannuation Legislation Amendment Act 2004 No. 42, 2004 been entitled to the pension under section 7 4 immediately before the person’s death. ‘16F Effect of agreement or court order on particular pensions ‘Despite section 7(4) or (5), 8(4), or 9(4), 5 an entitled former spouse is not entitled to receive a pension under any of the provisions. ‘16G Minister to inform entitled former spouse ‘If the Minister receives an agreement or court order from a person other than the entitled former spouse for the agreement or order, the Minister must as soon as practicable inform the entitled former spouse of the receipt of the agreement or order.’. 5 Amendment of schedule (Dictionary) Schedule— insert— ‘ agreement , for part 3, division 3, subdivision 2, see section 16A. court order , for part 3, division 3, subdivision 2, see section 16A. entitled former spouse , for part 3, division 3, subdivision 2, see section 16A. FamilyLawAct , for part 3, division 3, subdivision 2, see section 16A. operative time , for part 3, division 3, subdivision 2, see section 16A.’. 4 Section 7 (Pension relating to Governor appointed after commencement) 5 Section 7 (Pension relating to Governor appointed after commencement), 8 (Pension relating to Governor holding office immediately before commencement) or 9 (Provisions relating to each former Governor to whom a pension is payable before commencement)

s 6 11 s 7 Superannuation Legislation Amendment Act 2004 No. 42, 2004 Part 3 Amendment of Judges (Pensions and Long Leave) Act 1957 6 Act amended in pt 3 This part amends the Judges (Pensions and Long Leave) Act1957 . 7 Amendment of s 2 (Definitions) (1) Section 2, ‘In this Act—’— omit, insert— ‘The dictionary in the schedule defines particular words used in this Act.’. (2) Section 2— insert— ‘ agreement , for part 2, division 2, see section 9. approved deposit fund see the Superannuation Industry (Supervision) Act 1993 (Cwlth), section 10. 6 court order , for part 2, division 2, see section 9. entitled former spouse , for part 2, division 2, see section 9. Family Law Act , for part 2, division 2, see section 9. operative time , for part 2, division 2, see section 9. 6 Superannuation Industry (Supervision) Act 1993 (Cwlth), section 10— approved deposit fund means a fund that — (a) is an indefinitely continuing fund; and (b) is maintained by— (i) an approved trustee; or (ii) an RSE licensee that is a constitutional corporation; and (c) is maintained solely for approved purposes.

s 8 12 s 8 Superannuation Legislation Amendment Act 2004 No. 42, 2004 superannuation fund see the Superannuation Industry (Supervision) Act 1993 (Cwlth), section 10. 7 ’. (3) Section 2, definitions (as amended)— relocate to the schedule as inserted by this Act. 8 Insertion of new pt 2, div 2 After section 8B— insert— ‘Division 2 Provisions for agreements and court orders under Family Law Act ‘9 Definitions for div 2 ‘In this division— agreement means an agreement mentioned in the definition entitled former spouse . court order means a court order mentioned in the definition entitled former spouse . entitled former spouse means a person who is entitled or conditionally entitled under an agreement, or a court order, under the Family Law Act, part VIIIB, 8 to payment of a part of a benefit that would otherwise be payable under this Act to a retired judge. Family Law Act means the Family Law Act 1975 (Cwlth). operative time , for an agreement or court order, is the time that is, under the Family Law Act, part VIIIB, the operative 7 Superannuation Industry (Supervision) Act 1993 (Cwlth), section 10— superannuation fund means — (a) a fund that— (i) is an indefinitely continuing fund; and (ii) is a provident, benefit, superannuation or retirement fund; or (b) a public sector superannuation fund. 8 The Family Law Act, part VIIIB (Superannuation interests)

s 8 13 s 8 Superannuation Legislation Amendment Act 2004 No. 42, 2004 time in relation to the payment split or payment flag under the agreement or order. ‘10 Providing information ‘(1) This section applies if an eligible person within the meaning of the Family Law Act, section 90MZB, 9 applies under that section to the Minister for information about a benefit that is being paid, or may become payable, under this Act. ‘(2) The Minister must give to the eligible person the information as required under the Family Law Act. ‘(3) If the information is about a benefit for a judge, the information may include an accrued benefit multiple for the benefit decided by the Minister on the advice of an actuary. ‘11 Agreement or court order—minimum benefit ‘(1) This section applies if— (a) the Minister receives an agreement or court order that relates to a person who, at the operative time for the agreement or order, is a judge; and (b) the benefit that becomes payable under this Act in relation to the person is a minimum benefit under section 2C. 10 ‘(2) The Minister must pay to an approved deposit fund, or a superannuation fund, nominated by the entitled former spouse for the agreement or court order the amount to which he or she is entitled under the agreement or order. ‘(3) However, if the entitled former spouse does not nominate a fund for subsection (2) within 3 months after the day the minimum benefit becomes payable, the Minister must pay the amount to the State Public Sector Superannuation Fund on behalf of the entitled former spouse. ‘(4) The Minister must reduce the benefit that, other than for the agreement or court order, would be payable under this Act in 9 The Family Law Act, section 90MZB (Trustee to provide information) 10 Section 2C (Minimum benefit payable)

s 8 14 s 8 Superannuation Legislation Amendment Act 2004 No. 42, 2004 relation to the person mentioned in subsection (1) by the amount paid to the entitled former spouse. ‘(5) This section does not apply to an agreement or court order if section 13 applies to the agreement or order. ‘(6) In this section— State Public Sector Superannuation Fund means the State Public Sector Superannuation Fund under the Superannuation(State Public Sector) Act 1990 . ‘12 Agreement or court order—pension ‘(1) This section applies if— (a) the Minister receives an agreement or court order that relates to a person who, at the operative time for the agreement or order, is a judge or a retired judge; and (b) the benefit that is being paid, or becomes payable, under this Act to the person is a pension (a relevant benefit ). ‘(2) Subject to subsection (4), the Minister must pay the entitled former spouse for the agreement or court order the proportion, stated in the agreement or order, of the relevant benefit to which he or she is entitled under the agreement or order (the spousal amount ). ‘(3) The Minister must reduce the relevant benefit that, other than for the agreement or court order, would be payable under this Act to the person mentioned in subsection (1) by the spousal amount. ‘(4) The Minister must pay the entitled former spouse a pension for his or her lifetime (a lifetime pension ) if the entitled former spouse elects, by written notice given to the Minister, to be paid a lifetime pension. ‘(5) The notice must be given to the Minister— (a) if the Minister receives the agreement or court order before the relevant benefit becomes payable—within 3 months after it becomes payable; or (b) otherwise—within 3 months after the day the Minister receives the agreement or order.

s 8 15 s 8 Superannuation Legislation Amendment Act 2004 No. 42, 2004 ‘(6) If the entitled former spouse elects to be paid a lifetime pension, the amount of the pension must be calculated in the way decided by the Minister on the advice of an actuary. ‘13 Agreement or court order—death of judge in office ‘(1) This section applies if the Minister receives an agreement or court order that relates to a person who— (a) is a judge at the operative time for the agreement or order; and (b) dies while holding office as a judge. ‘(2) The Minister must pay the entitled former spouse for the agreement or court order a pension for his or her lifetime (a lifetime pension ). ‘(3) The amount of the lifetime pension must be— (a) calculated in the way decided by the Minister on the advice of an actuary; and (b) based on the proportion, stated in the agreement or court order, of the pension that would have been payable to the person mentioned in subsection (1) if the person had been entitled to the pension under section 5 11 immediately before the person’s death. ‘14 Effect of agreement or court order on particular pensions ‘Despite section 7 or 8, 12 an entitled former spouse is not entitled to receive a pension under any of the provisions. ‘14A Minister to inform entitled former spouse ‘If the Minister receives an agreement or court order from a person other than the entitled former spouse for the agreement or order, the Minister must as soon as practicable inform the 11 Section 5 (Pension of judge retiring on account of ill health) 12 Section 7 (Pension of spouse on death of judge) or 8 (Pension of spouse on death of retired judge)

s 9 16 s 11 Superannuation Legislation Amendment Act 2004 No. 42, 2004 entitled former spouse of the receipt of the agreement or order.’. Part 4 Amendment of Parliamentary Contributory Superannuation Act 1970 9 Act amended in pt 4 This part amends the ParliamentaryContributorySuperannuation Act 1970. 10 Amendment of s 4 (Application of Act) (1) Section 4(b), after ‘Act’— insert— ‘and before the commencement of the SuperannuationLegislation Amendment Act 2004 , part 4’. (2) Section 4— insert— ‘(2) This Act does not apply to or in relation to a person who becomes a member after the commencement of the SuperannuationLegislationAmendmentAct2004 , part 4, unless the person— (a) was a member immediately before the commencement of the part; and (b) has not, after the commencement of the part, ceased to be a member at any time before again becoming a member.’. 11 Amendment of s 16 (Contribution by Crown) (1) Section 16(2)— renumber as section 16(3).

s 12 17 s 13 Superannuation Legislation Amendment Act 2004 No. 42, 2004 (2) Section 16— insert— ‘(2) Also, the Treasurer may, at any time, pay into the fund an amount the Treasurer considers necessary or desirable for the effective and efficient operation of the fund.’. 12 Amendment of s 18A (Preserved amount) (1) Section 18A, heading, after ‘ amount ’— insert— ‘ —lump sum entitlement ’. (2) Section 18A(4), definition preserved amount , ‘be retained in the fund’— omit, insert— ‘not be paid to the former member’. 13 Amendment of s 21 (Payments to children) (1) Section 21— insert— ‘(5A) A payment to a child may be made under this section at any time— (a) after the death of the member or former member through whom the child’s benefit is derived; and (b) while the child is— (i) under 16 years; or (ii) if the trustees are satisfied the child is receiving full-time education at a school, college or university—under 25 years. ‘(5B) If a benefit is payable under this section at a rate of pension payable to a former member or someone else, sections 25C

s 14 18 s 15 Superannuation Legislation Amendment Act 2004 No. 42, 2004 and 25D 13 do not apply to the pension for the purpose of calculating or paying the benefit.’. (2) Section 21(3A) to (6)— renumber as section 21(4) to (9). 14 Insertion of new s 24A After section 24— insert— ‘24A When particular pension entitlement ends ‘(1) This section applies to a member if— (a) the member is entitled to a pension, under section 17(1) or 19, that is not payable or is reduced under section 24(1)(d) or (e) (the first pension ); and (b) the member again becomes entitled to a pension under section 17(1) or 19 on again ceasing to be a member. ‘(2) The member’s entitlement to the first pension ends when the member again becomes entitled to a pension under section 17(1) or 19. ‘(3) Subsection (2) does not limit the member’s entitlement to a pension under this Act for the aggregate period for which he or she was a member.’. 15 Amendment of s 25A (Indexation of pensions) (1) Section 25A(1), ‘or 20B’— omit, insert— ‘, 20B or 25K’. (2) Section 25A— insert— 13 Sections 25C (Superannuation contributions surcharge) and 25D (Election to take part of pension as a lump sum to meet surcharge liability)

s 15 19 s 15 Superannuation Legislation Amendment Act 2004 No. 42, 2004 ‘(1A) To remove any doubt, it is declared that this section applies to a pension that is not payable, or is reduced, under section 24(1)(d) or (e).’. (3) Section 25A(2), from ‘as follows’— omit, insert— ‘as follows— (a) for a pension payable to a relevant person— (i) if the basic salary at 1 July of the financial year is higher than the basic salary at 1 July of the previous financial year, the pension must be increased by the percentage increase between the 2 basic salaries; or (ii) otherwise, the pension remains the same; (b) for another pension— (i) if the June index for the previous financial year is higher than the last adjustment index for the pension, the pension must be increased by the percentage increase between the 2 indexes; or (ii) otherwise, the pension remains the same.’. (4) Section 25A(4), ‘2 indexes under subsection (2)(a)’— omit, insert— ‘2 basic salaries or 2 indexes under subsection (3)(a)(i) or (b)(i)’. (5) Section 25A(5)— insert— ‘ entitled former spouse has the same meaning as in part 3A. relevant person , for a pension, means— (a) if the pension is payable under section 17, 17A(3) or 19—a person who was a member immediately before the commencement of the SuperannuationLegislationAmendment Act 2004 , part 4; or (b) if the pension is payable under section 20AA, 20A, 20B or 25K—a person who derives the pension through, or is

s 16 20 s 17 Superannuation Legislation Amendment Act 2004 No. 42, 2004 the entitled former spouse for, a person mentioned in paragraph (a).’. (6) Section 25A(1A) to (5)— renumber as section 25A(2) to (6). 16 Amendment of s 25C (Superannuation contributions surcharge) (1) Section 25C(3)(c), ‘13.5%’— omit, insert— ‘12.5%’. (2) Section 25C(3)(d), ‘12.5%’— omit, insert— ‘10%’. 17 Insertion of new pt 4, div 3 After section 30F— insert— ‘Division 3 Provision for Superannuation Legislation Amendment Act 2004 ‘30G Dealing with amount retained in fund ‘(1) This section applies to a former member if, on the commencement, a lump sum benefit payable under section 17(2), 18 or 19A is retained in the fund for the former member. ‘(2) Subject to subsection (4), the trustees must pay the lump sum to an approved deposit fund, or a superannuation fund, nominated by the former member. ‘(3) The former member must nominate a fund for subsection (2) within 3 months after the commencement. ‘(4) If the former member does not nominate a fund under this section, the trustees must pay the lump sum to the State Public Sector Superannuation Fund on behalf of the former member as soon as practicable after the commencement.

s 18 21 s 19 Superannuation Legislation Amendment Act 2004 No. 42, 2004 ‘(5) In this section— commencement means the day this section commences.’. 18 Insertion of new s 31A After section 31— insert— ‘31A Trustees may accept late election ‘(1) Despite the stated period for making an election under a relevant provision, the trustees may accept an election made under the provision after the stated period ends if satisfied it would be reasonable in all the circumstances to accept the election. ‘(2) In this section— relevant provision means section 18(1) or (11), 19A(1), 20AA(7), 20A(1), 23A(1) or 27(3). 14 stated period , for making an election under a relevant provision, means— (a) for an election under section 18(1) or (11)—the period stated in section 18(1), including section 18(1) as applied by section 18(12), for the election; or (b) for an election under section 19A(1), 20AA(7), 23A(1), or 27(3)—the period stated in the subsection for the election; or (c) for an election under section 20A(1)—the period stated in section 20A(3)(b) for the election.’. 19 Replacement of s 33A (Preservation of lump sum) Section 33A— 14 Section 18 (Right to convert entitlement to lump sum entitlement), 19A (Right to convert s 19 entitlement to lump sum entitlement), 20AA (Benefits payable to a widow of a new member who died on or after the new member’s 70th birthday), 20A (Widow’s right to substitute pension for entitlement), 23A (Entitlement in respect of beneficiary who becomes a member) or 27 (Annuity to widow’s and female dependents payable or to become payable under repealed provisions)

s 20 22 s 20 Superannuation Legislation Amendment Act 2004 No. 42, 2004 omit, insert— ‘33A Payment of lump sum ‘(1) This section applies to a former member who— (a) is under 70 years; and (b) is entitled under this Act to payment of a lump sum. ‘(2) Subject to subsection (4), the trustees must pay the lump sum to an approved deposit fund, or a superannuation fund, nominated by the former member. ‘(3) The former member must nominate a fund for subsection (2) within 3 months after he or she ceases to be a member. ‘(4) If the former member does not nominate a fund under this section, the trustees must pay the lump sum to the State Public Sector Superannuation Fund on behalf of the former member as soon as practicable after the period stated in subsection (3) for nominating a fund ends.’. 20 Amendment of s 33B (Transfers in) (1) Section 33B, heading— omit, insert— ‘33B Transferring or withdrawing amounts’. (2) Section 33B— insert— ‘(3) The member may transfer from the fund to an approved deposit fund, or a superannuation fund, all or a part of an amount received under subsection (1), other than an amount received under the Superannuation(PublicEmployeesPortability) Act 1985 . ‘(4) If the member may withdraw from the fund an amount received under subsection (1), the trustees may impose reasonable conditions about the minimum amount of a withdrawal, or the frequency of withdrawals, having regard to the appropriate administration of the fund.’.

s 21 23 s 22 Superannuation Legislation Amendment Act 2004 No. 42, 2004 Part 5 Amendment of Superannuation Legislation Amendment Act 2003 21 Act amended in pt 5 This part amends the Superannuation Legislation AmendmentAct 2003 . 22 Amendment of s 4 (Amendment of s 5 (Definitions)) Section 4, insertion of new definitions approved deposit fund , State Public Sector Superannuation Fund and superannuation fund — omit, insert— ‘ approved deposit fund see the Superannuation Industry (Supervision) Act 1993 (Cwlth), section 10. 15 State Public Sector Superannuation Fund means the State Public Sector Superannuation Fund under the Superannuation(State Public Sector) Act 1990 . superannuation fund see the Superannuation Industry (Supervision) Act 1993 (Cwlth), section 10. 16 ’. 15 Superannuation Industry (Supervision) Act 1993 (Cwlth), section 10— approved deposit fund means a fund that — (a) is an indefinitely continuing fund; and (b) is maintained by— (i) an approved trustee; or (ii) an RSE licensee that is a constitutional corporation; and (c) is maintained solely for approved purposes. 16 Superannuation Industry (Supervision) Act 1993 (Cwlth), section 10— superannuation fund means — (a) a fund that— (i) is an indefinitely continuing fund; and (ii) is a provident, benefit, superannuation or retirement fund; or (b) a public sector superannuation fund.

s 23 24 s 26 Superannuation Legislation Amendment Act 2004 No. 42, 2004 23 Amendment of s 6 (Insertion of new pt 3A) Section 6, insertion of new section 25E, definitions approved deposit fund , State Public Sector Superannuation Fund and superannuation fund — omit. 24 Omission of pt 3 (Amendment of Superannuation (StatePublic Sector) Act 1990) Part 3— omit. Part 6 Amendment of Superannuation (State Public Sector) Act 1990 25 Act amended in pt 6 This part amends the Superannuation(StatePublicSector)Act 1990. 26 Amendment of s 2 (Interpretation) (1) Section 2(1), definition unit of the State public sector — insert— ‘(la) the Legislative Assembly; or’. (2) Section 2(1), definition unit of the State public sector , paragraph (p)— omit. (3) Section 2(1), definition unit of the State public sector , paragraphs (la) to (o)— renumber as paragraphs (m) to (p). (4) Section 2(3), ‘paragraph (n)’— omit, insert—

s 27 25 s 28 Superannuation Legislation Amendment Act 2004 No. 42, 2004 ‘paragraph (o)’. (5) Section 2(3)— renumber as section 2(2). 27 Amendment of s 13 (Membership of scheme) Section 13(6)— insert— ‘(c) a person for whom an amount is paid to the fund under— (i) the Governors(SalaryandPensions)Act2003 , section 16C; 17 or (ii) the Judges(PensionsandLongLeave)Act1957 , section 11; 18 or (iii) the ParliamentaryContributorySuperannuationAct 1970 , section 25G or 25H. 19 ’. 28 Amendment of s 15G (Limit on deduction on refund of certain contributions) Section 15G(2)— omit, insert— ‘(2) The amount deducted under section 15F must not be more than the total of the following amounts— (a) 15% of the employer-financed component of the part of the benefit that accrued after 20 August 1996 and before 1 July 2003; 17 Governors(SalaryandPensions)Act2003 , section 16C (Agreement or court order—minimum benefit) 18 Judges(PensionsandLongLeave)Act1957 , section 11 (Agreement or court order—minimum benefit) 19 Parliamentary Contributory Superannuation Act 1970 , section 25G (Agreement or court order for member with less than 8 years service at the operative time) or 25H (Agreement or court order for member with at least 8 years service at the operative time)

s 29 26 s 30 Superannuation Legislation Amendment Act 2004 No. 42, 2004 (b) 14.5% of the employer-financed component of the part of the benefit that accrued after 30 June 2003 and before 1 July 2004; (c) 12.5% of the employer-financed component of the part of the benefit that accrued after 30 June 2004 and before 1 July 2005; (d) 10% of the employer-financed component of the part of the benefit that accrued after 30 June 2005.’. 29 Insertion of new s 20A After section 20— insert— ‘20A Auditing ‘(1) The board must— (a) keep appropriate financial statements about the administration of the scheme; and (b) have the financial statements for each financial year audited by the auditor-general. ‘(2) As soon as practicable after the auditor-general certifies the financial statements and prepares a report about the certified statements under the audit, the auditor-general must— (a) give the certified statements and report to the board; and (b) give a copy of the certified statements and report to the Minister.’. 30 Amendment of s 28 (Contributions by units) (1) Section 28(3), ‘for this section’— omit. (2) Section 28(4)— renumber as section 28(6). (3) Section 28— insert— ‘(4) Subsection (5) applies if—

s 31 27 s 32 Superannuation Legislation Amendment Act 2004 No. 42, 2004 (a) the amount is paid within the time required under subsection (2); and (b) the board can not pay the amount or a part of the amount into the member’s appropriate account because information received for the member, from the unit of the State public sector in a return mentioned in section 17(1), is not accurate or complete. ‘(5) Interest accrues on the amount that can not be paid into the member’s appropriate account— (a) at the rate prescribed under a regulation; and (b) for the period in which the amount can not be paid into the account.’. (4) Section 28(6), as renumbered, ‘The amount’— omit, insert— ‘The amount mentioned in subsection (1), and interest that accrues under subsection (3) or (5),’. (5) Section 28— insert— ‘(7) In this section— ‘ member’s appropriate account , in relation to an amount received for a member of the scheme, means the member’s account under the scheme into which the amount must be paid under this Act.’. 31 Amendment of s 30 (Assignment of benefit) Section 30, ‘No’— omit, insert— ‘Subject to part 3A, no’. 32 Insertion of new pt 4A After section 31— insert—

s 33 28 s 33 Superannuation Legislation Amendment Act 2004 No. 42, 2004 ‘Part 4A Validation provision for appointment of executive officer of board ‘31A Validation provision for appointment of executive officer of board ‘(1) For this Act, the person appointed as the executive officer of the board by the Governor in Council on 24 July 2003 is taken to have been validly appointed as the executive officer of the board on 2 July 1997 for the relevant period. ‘(2) Anything done or omitted to be done during the relevant period that would have been valid and lawful under this Act had the person been validly appointed as the executive officer on 2 July 1997 is taken to be, and always to have been, as valid and lawful as if the person had been validly appointed as the executive officer on that day. ‘(3) In this section— relevant period means the period starting on 2 July 1997 and ending at the end of 23 July 2003.’. Part 7 Other amendments 33 Other amendments The schedule amends the Acts it mentions.

29 Superannuation Legislation Amendment Act 2004 No. 42, 2004 Schedule Other amendments section 33 Governors (Salary and Pensions) Act 2003 1 Part 3, division 3, before section 11— insert— ‘Subdivision 1 General provisions’. 2 Section 13(3), definitions approved deposit fund and superannuation fund — relocate to schedule. Judges (Pensions and Long Leave) Act 1957 1 Before section 1— insert— ‘Part 1 Preliminary’. 2 Before section 2C— insert— ‘Part 2 Pensions and other entitlements ‘Division 1 General provisions’.

30 Superannuation Legislation Amendment Act 2004 No. 42, 2004 Schedule (continued) 3 Section 2C(2), ‘a superannuation or approved deposit fund’— omit, insert— ‘an approved deposit fund, or a superannuation fund,’. 4 Before section 15— insert— ‘Part 3 Other matters’. 5 Before section 21— insert— ‘Part 4 Transitional provision for the Statute Law Revision Act(No. 2) 1995’. 6 After section 21— insert— ‘Schedule Dictionary section 2’. Parliamentary Contributory Superannuation Act 1970 1 Section 24(3), ‘as prescribed by’— omit, insert— ‘under former’.

31 Superannuation Legislation Amendment Act 2004 No. 42, 2004 Schedule (continued) 2 Section 24— insert— ‘(4) In this section— former section 22(1) means section 22(1) as in force before 14 June 1990.’. 3 Part 4, heading, after ‘TRANSITIONAL’— insert— ‘ Provisions ’. Superannuation (State Public Sector) Act 1990 1 Section 2(1), definition police 74 member , paragraph (a), before ‘ Police ’— insert— ‘the’. 2 Parts 4A (as inserted by this Act), 5 and 6— renumber as parts 5, 6 and 7. 3 Sections 31A (as inserted by this Act), 32 and 33— renumber as sections 32, 33 and 34. 4 Sections 33(2) and 34(2), as renumbered, ‘paragraph (n)’— omit, insert— ‘paragraph (o)’.

© State of Queensland 2004