Superannuation (State Public Sector) Amendment of Deed Regulation (No. 4) 2013 (Qld)

Queensland Superannuation (State Public Sector) Amendment of Deed Regulation (No. 4) 2013 Subordinate Legislation 2013 No. 226 made under the Superannuation(StatePublicSector)Act1990 Contents Page 1 Short title . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 2 Commencement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 3 Deed amended. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 4 Amendment of s 4 (Definitions) . . . . . . . . . . . . . . . . . . . . . . . . . . 3 5 Insertion of new s 16A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 16A Investment objectives, strategies and policies . . . . . . 3 6 Insertion of new ch 1, pt 4B . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Part 4B Death or disablement insurance 23H Definitions for pt 4B . . . . . . . . . . . . . . . . . . . . . . . . . . 4 23I Provision of death or disablement insurance . . . . . . . 5 23J Insurance terms . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 23K Premiums . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 23L Transitional—insured persons under previous s 65, 84 or 88 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 7 Insertion of new ch 1, pt 7F . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 Part 7F Deferred retirement benefit amounts 29T Deferred retirement benefit amount . . . . . . . . . . . . . . 7 8 Amendment of s 32 (Definitions for ch 2) . . . . . . . . . . . . . . . . . . . 7

Superannuation (State Public Sector) Amendment of Deed Regulation (No. 4) 2013 Contents 9 Amendment of s 46 (Benefit on total and permanent disablement) 7 10 Amendment of s 47 (Member’s prospective membership benefit) 8 11 Amendment of s 48 (Benefit on death). . . . . . . . . . . . . . . . . . . . . 8 12 Amendment of s 50 (Income protection benefit) . . . . . . . . . . . . . 9 13 Renumbering of ch 2, pt 7 (Miscellaneous) . . . . . . . . . . . . . . . . . 9 14 Omission of s 65 (Voluntary insurance) . . . . . . . . . . . . . . . . . . . . 9 15 Insertion of new ch 2, pt 7, hdg . . . . . . . . . . . . . . . . . . . . . . . . . . 9 Part 7 Transitional provisions 16 Relocation and renumbering of s 66C (Minimum benefit payable) 9 17 Insertion of new ss 66C and 66D . . . . . . . . . . . . . . . . . . . . . . . . . 9 66C Transitional—prospective membership benefit for death or total and permanent disablement before 16 December 2013 . . . . . . . . . . . . . . . . . . . . . 10 66D Transitional—income protection benefit for temporary disablement before 16 December 2013 . . . . . . . . . . . 10 18 Amendment of s 68 (Definitions for ch 3) . . . . . . . . . . . . . . . . . . . 11 19 Amendment of s 76 (Acceptance of personal and eligible spouse contributions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 20 Omission of ch 3, pt 4, div 2 (Death and disablement insurance) 12 21 Renumbering of ch 3, pt 4, div 3 (Withdrawals from accumulation account) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 22 Replacement of s 89BA (Withdrawals on release authority) . . . . 12 89BA Withdrawals on release authority . . . . . . . . . . . . . . . . 12 23 Amendment of s 393 (Acceptance of personal and eligible spouse contributions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 24 Omission of ch 10, pt 3, div 2 (Death and disablement insurance) 13 25 Renumbering of ch 10, pt 3, div 3 (Withdrawals from non-public sector accumulation account). . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 Page 2 2013 SL No. 226

Superannuation (State Public Sector) Amendment of Deed Regulation (No. 4) 2013 [s 1] 1 Short title This regulation may be cited as the Superannuation (State Public Sector) Amendment of Deed Regulation (No. 4) 2013 . 2 Commencement Sections 4, 6, 9 to 18, 20, 21, 24 and 25 commence on 16 December 2013. 3 Deed amended This regulation amends the Superannuation (State Public Sector) Deed 1990. 4 Amendment of s 4 (Definitions) Section 4— insert— death or disablement insurance , for chapter 1, part 4B, see section 23I(1). insured member , for chapter 1, part 4B, see section 23H. 5 Insertion of new s 16A After section 16— insert— 16A Investment objectives, strategies and policies (1) The board may change the investment objective, strategy or policy under section 11 of the Act that applies to all or part of a member’s beneficial interest in the fund. (2) Without limiting subsection (1), the board may decide that— 2013 SL No. 226 Page 3

Superannuation (State Public Sector) Amendment of Deed Regulation (No. 4) 2013 [s 6] (a) an investment objective, strategy or policy is no longer available, or may apply only to a particular beneficial interest; or (b) a new investment objective, strategy or policy will— (i) replace an existing investment objective, strategy or policy; and (ii) apply to all or part of a member’s beneficial interest, unless the member chooses an alternative investment objective, strategy or policy. Note — For disclosure requirements that may apply in relation to the board’s decision, see the Corporations Act 2001 (Cwlth), section 1017B as modified by the Corporations Regulation 2001 (Cwlth), schedule 10A, part 10, section 10.1. 6 Insertion of new ch 1, pt 4B Chapter 1— insert— Part 4B Death or disablement insurance 23H Definitions for pt 4B In this part— death or disablement insurance see section 23I(1). insured member means a member insured under section 23I. Page 4 2013 SL No. 226

Superannuation (State Public Sector) Amendment of Deed Regulation (No. 4) 2013 [s 6] 23I Provision of death or disablement insurance (1) The board may provide insurance to a member against death or disablement of the member ( death or disablement insurance ). (2) The board may enter into a group life assurance policy to provide some or all of the insurance. (3) In this section— disablement means disablement that is— (a) temporary disablement; or (b) permanent and partial disablement; or (c) total and permanent disablement. 23J Insurance terms (1) The board must decide the terms on which death or disablement insurance is provided. (2) The terms of the insurance may, for example, include terms about the following matters— (a) the process for applying for the insurance; (b) the requirements, including any medical requirements, for eligibility to— (i) become an insured member; or (ii) increase the level of insurance cover provided to an insured member; (c) benefits; (d) the disclosure of relevant information to the board for the board to decide— (i) an issue about the payment of a benefit; or (ii) whether the requirements mentioned in paragraph (b) are satisfied; or 2013 SL No. 226 Page 5

Superannuation (State Public Sector) Amendment of Deed Regulation (No. 4) 2013 [s 6] (iii) another issue relating to the proper conduct of the insurance scheme; (e) ending a member’s insurance cover. 23K Premiums Subject to its agreeing otherwise with an insured member, the board may deduct premiums for the member’s death or disablement insurance from the member’s accumulation account or non-public sector accumulation account. 23L Transitional—insured persons under previous s 65, 84 or 88 (1) This section applies to a person (the insured person ) who, immediately before the commencement, is provided with insurance under previous section 65, 84 or 88. (2) The board must continue to provide the insurance to the insured person on the same terms. (3) However, the terms may be amended at any time after the commencement. (4) The board may cancel the insured person’s insurance only if— (a) under the terms, the person ceases to be insured; or (b) the person has requested the cancellation. (5) In this section— commencement means the commencement of this section. previous section 65, 84 or 88 means section 65, 84 or 88 as in force before the commencement. Page 6 2013 SL No. 226

Superannuation (State Public Sector) Amendment of Deed Regulation (No. 4) 2013 [s 7] 7 Insertion of new ch 1, pt 7F Chapter 1— insert— Part 7F Deferred retirement benefit amounts 29T Deferred retirement benefit amount (1) The purpose of this section is to declare what is a deferred retirement benefit amount. Note — Under the SIS regulation, regulation 1.04(3A)(d)(ii), a member who has a deferred retirement benefit amount is taken to be a defined benefit member for the SIS Act, section 20B or part 2C. (2) A deferred retirement benefit amount is— (a) an amount mentioned in section 52(2) until it is credited under that subsection; or (b) an amount credited to the fund under section 141(2), 191(4), 262(2) or 299(4) until it is paid under that subsection. 8 Amendment of s 32 (Definitions for ch 2) Section 32, definition permanent and partial disablement — relocate to section 4. 9 Amendment of s 46 (Benefit on total and permanent disablement) Section 46(1)(b), ‘if payable’— omit. 2013 SL No. 226 Page 7

Superannuation (State Public Sector) Amendment of Deed Regulation (No. 4) 2013 [s 10] 10 Amendment of s 47 (Member’s prospective membership benefit) (1) Section 47(1) and (2)— omit, insert— (1) An employed member’s prospective membership benefit is the amount calculated using the following formula— AP x PM where— AP means the applicable percentage stated in schedule 1 for the benefit. PM means the member’s prospective membership. (2) Section 47(3)— renumber as section 47(2). (3) Section 47(4) — omit. 11 Amendment of s 48 (Benefit on death) (1) Section 48(1), ‘Where’— omit, insert— If (2) Section 48(1), ‘the board shall’— omit, insert— , the board must (3) Section 48(2), from ‘If’ to ‘member’— omit, insert— If an employed member dies, the board must pay for each child of the member Page 8 2013 SL No. 226

Superannuation (State Public Sector) Amendment of Deed Regulation (No. 4) 2013 [s 12] (4) Section 48(4)(e)— omit. 12 Amendment of s 50 (Income protection benefit) Section 50(1)(c), ‘7’— omit, insert— 5 13 Renumbering of ch 2, pt 7 (Miscellaneous) Chapter 2, part 7— renumber as chapter 2, part 6. 14 Omission of s 65 (Voluntary insurance) Section 65— omit. 15 Insertion of new ch 2, pt 7, hdg After section 66— insert— Part 7 Transitional provisions 16 Relocation and renumbering of s 66C (Minimum benefit payable) Section 66C— relocate to chapter 2, part 4 and renumber as section 55B. 17 Insertion of new ss 66C and 66D Chapter 2, part 7— insert— 2013 SL No. 226 Page 9

Superannuation (State Public Sector) Amendment of Deed Regulation (No. 4) 2013 [s 17] 66C Transitional—prospective membership benefit for death or total and permanent disablement before 16 December 2013 (1) This section applies if— (a) before the commencement, an employed member died or became totally and permanently disabled before turning 55; and (b) benefits payable to the member under previous sections 46 to 48 have not been fully paid out at the commencement. (2) Previous sections 46 to 48 continue to apply in relation to the member as if the amendment regulation had not been made. (3) In this section— amendment regulation means the Superannuation (State Public Sector) Amendment of Deed Regulation (No. 4) 2013 . commencement means the commencement of this section. previous sections 46 to 48 mean sections 46, 47 and 48 as in force before the commencement. Page 10 66D Transitional—income protection benefit for temporary disablement before 16 December 2013 (1) Subsection (2) applies to an employed member who— (a) became temporarily disabled before the commencement; and (b) at the commencement, has been absent from duty on sick leave without salary for a continuous period of 14 days, whether or not working days. (2) Section 50 applies in relation to the member’s disablement and absence as if the reference in 2013 SL No. 226

Superannuation (State Public Sector) Amendment of Deed Regulation (No. 4) 2013 [s 18] section 50(1)(c) to 5 years were a reference to 7 years. (3) Subsection (4) applies to an employed member who— (a) became temporarily disabled before the commencement; and (b) has not, at the commencement, been absent from duty on sick leave without salary for a continuous period of 14 days, whether or not working days. (4) Section 50 as in force after the commencement applies in relation to the member’s disablement and absence. (5) In this section— commencement means the commencement of this section. 18 Amendment of s 68 (Definitions for ch 3) Section 68, definition income protection insurance — omit. 19 Amendment of s 76 (Acceptance of personal and eligible spouse contributions) (1) Section 76(1), ‘on behalf of’— omit, insert— for (2) Section 76(3), ‘from a member’— omit, insert— made for a member, or a member’s spouse, 2013 SL No. 226 Page 11

Superannuation (State Public Sector) Amendment of Deed Regulation (No. 4) 2013 [s 20] 20 Omission of ch 3, pt 4, div 2 (Death and disablement insurance) Chapter 3, part 4, division 2— omit. 21 Renumbering of ch 3, pt 4, div 3 (Withdrawals from accumulation account) Chapter 3, part 4, division 3— renumber as chapter 3, part 4, division 2. 22 Replacement of s 89BA (Withdrawals on release authority) Section 89BA— omit, insert— 89BA Withdrawals on release authority (1) This section applies if the board— (a) is given a release authority under taxation legislation for an amount held in a member’s account; and (b) is, because of receiving the release authority, required, under the taxation legislation, to pay an amount (the release amount ) to the commissioner or the member (the proper recipient ) . (2) The board must withdraw the release amount from the member’s account and pay the amount to the proper recipient. Note — For examples of provisions of taxation legislation providing for payment of amounts under a release authority, see— • the Income Tax Assessment Act 1997 (Cwlth), subdivision 292-G Page 12 2013 SL No. 226

Superannuation (State Public Sector) Amendment of Deed Regulation (No. 4) 2013 [s 23] • the Taxation Administration Act 1953 (Cwlth), schedule 1, divisions 96 and 135. (3) In this section— account means accumulation account or non-public sector accumulation account. commissioner means the commissioner of taxation under the Income Tax Assessment Act 1997 (Cwlth). taxation legislation means the Income Tax Assessment Act 1997 (Cwlth) or the Taxation Administration Act 1953 (Cwlth). 23 Amendment of s 393 (Acceptance of personal and eligible spouse contributions) (1) Section 393(1), ‘on behalf of’— omit, insert— for (2) Section 393(3), ‘from a member’— omit, insert— made for a member, or a member’s spouse, 24 Omission of ch 10, pt 3, div 2 (Death and disablement insurance) Chapter 10, part 3, division 2— omit. 25 Renumbering of ch 10, pt 3, div 3 (Withdrawals from non-public sector accumulation account) Chapter 10, part 3, division 3— renumber as chapter 10, part 3, division 2. 2013 SL No. 226 Page 13

Superannuation (State Public Sector) Amendment of Deed Regulation (No. 4) 2013 ENDNOTES 1 Consented to by the Board of Trustees of the State Public Sector Superannuation Scheme on 24 October 2013. 2 Made by the Governor in Council on 21 November 2013. 3 Notified on the Queensland legislation website on 22 November 2013. 4 The administering agency is Queensland Treasury and Trade. © State of Queensland 2013 Authorised by the Parliamentary Counsel Page 14 2013 SL No. 226