Superannuation (Transfer Arrangements) Regulations (Amendment) (Cth)

Statutory Rules 1986 No. 3111

Superannuation (Transfer Arrangements)

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 22 October 1986.

N.M. STEPHEN

Governor-General

By His Excellency’s Command,

Peter Walsh

Minister of State for Finance

 

Commencement

1. These Regulations shall be deemed to have taken effect from and including 3 February 1986.

Principal Regulations

2. In these Regulations, “Principal Regulations” means the Superannuation (Transfer Arrangements) Regulations.

3. After regulation 9 of the Principal Regulations the following regulation is inserted:

Application of the Act to the Managing Director of the Australian Trade Commission

“10. The Act and the provisions of the Act specified in Schedule 7 apply subject to the modifications specified in Schedule 7 to and in relation to the person who—

(a) on 3 February 1986, holds the office of Managing Director of the Australian Trade Commission and becomes an eligible employee by virtue of a direction given by the Commissioner under sub-section 14 (1) of the Act; and

(S.R. 286/86)—Cat. No.  10/1.10.1986

(b) was, for the period commencing on 8 February 1966 and ending on the expiration of 31 December 1977, a member of a superannuation scheme known as the Kennecott Pension Plan.”.

Schedule 7

4. The Principal Regulations are amended by adding at the end the following Schedule:

SCHEDULE 7 Regulation 10

MODIFICATIONS—MANAGING DIRECTOR OF THE AUSTRALIAN TRADE COMMISSION

Section

Modification

127

Omit, substitute the following section:

‘127. In this Division, a reference to the prescribed person is a reference to the person who—

(a) on 3 February 1986, holds the office of Managing Director of the Australian Trade Commission and becomes an eligible employee by virtue of a direction given by the Commissioner under sub-section 14 (1); and

(b) was, for the period commencing on 8 February 1966 and ending on the expiration of 31 December 1977, a member of a superannuation scheme known as the Kennecott Pension Plan.’.

128

Omit sub-sections (1) and (2), substitute the following sub-sections:

‘(1) Where the prescribed person pays to the Commissioner, not later than 3 months after the amount payable to the prescribed person under the Kennecott Pension Plan becomes so payable, or within such further period as the Commissioner allows, an amount equal to that amount, the Commissioner shall pay that amount into the Consolidated Revenue Fund.

‘(2) Where the prescribed person pays to the Commissioner, on the day on which the prescribed person pays to the Commissioner the amount referred to in sub-section (1), an amount of interest on that amount calculated at the flat rate of 10% per annum in respect of the period commencing on 3 February 1986 and ending on the expiration of the day on which the first-mentioned amount is so paid to the Commissioner, the Commissioner shall pay that amount of interest into the Consolidated Revenue Fund.

‘(2a) Where the prescribed person pays to the Commissioner, within such period as the Commissioner allows, the amount of $12,655.15, the Commissioner shall pay that amount into the Consolidated Revenue Fund.’.

Insert in sub-section (3) ‘prescribed’ after ‘upon the’.

Omit from sub-section (3) all words from and including ‘the amount paid’, substitute ‘an amount equal to two-sevenths of the amount paid into the Consolidated Revenue Fund under sub-section (1) or (2a), or, where amounts are paid into that Fund under both of those sub-sections, amounts equal to two-sevenths of each of those amounts, had been—

(a) basic contributions paid by the prescribed person to the Commissioner under this Act; and

(b) paid by the Commissioner into the Superannuation Fund.’.

Omit sub-sections (4), (5) and (6), substitute the following sub-sections:

‘(4) If, upon the prescribed person ceasing to be an eligible employee, a lump sum benefit becomes payable to or in respect of the prescribed person under section 80 or 111, there is payable to or in respect of the prescribed

 

SCHEDULE 7—continued

Section

Modification

person an additional lump sum benefit of an amount equal to the amount paid into the Consolidated Revenue Fund under sub-section (1) or (2a), or, where amounts are paid into the Consolidated Revenue Fund under both of those sub-sections, an amount equal to the total of those amounts.

‘(5) There shall be added to the period that, but for this sub-section, would be the period of contributory service of the prescribed person—

(a) where the prescribed person pays to the Commissioner in accordance with sub-sections (1) and (2) the amounts referred to in those subsections—the period commencing on 8 February 1966 and ending on the expiration of 31 December 1977; and

(b) where the prescribed person pays to the Commissioner in accordance with sub-section (2a) the amount referred to in that sub-section—the period commencing on 1 January 1978 and ending on the expiration of 9 February 1979.’.

129

Omit the section.

130

Omit, substitute the following section:

‘130, Where the prescribed person pays to the Commissioner in accordance with sub-section 128 (2a) the amount referred to in that sub-section, section 16 does not apply in relation to the prescribed person.’.

NOTES

1. Notified in the Commonwealth of Australia Gazette on 30 October 1986.

2. Statutory Rules 1978 No. 255 as amended to date. For previous amendments see Note 2 to Statutory Rules 1986 No. 90 and see also Statutory Rules 1986 No. 90.

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