Twenty-Fourth Amending Deed to the Deed to Establish an Occupational Superannuation Scheme for Commonwealth Employees and Certain Other Persons (the Public Sector Superannuation Scheme) (Cth)

TWENTY-FOURTH AMENDMENT

of the

PUBLIC SECTOR SUPERANNUATION SCHEME TRUST DEED

THIS DEED is made on 8 JUNE 2005 by THE COMMONWEALTH OF AUSTRALIA.

WHEREAS section 4 of the Superannuation Act 1990 provides for the Minister to establish an occupational superannuation scheme to be administered by the Board established under section 20 of the Act;

AND WHEREAS the Public Sector Superannuation Scheme was established by deed dated 21 June 1990[1];

[1] Section 3 of the Act defines “Trust Deed” to include that deed as subsequently amended. A note listing particulars of the Trust Deed and the amending deeds is set out at the end of this Deed.

AND WHEREAS the Schedule to the Trust Deed contains Rules for the administration of the Scheme;

AND WHEREAS section 5 of the Act provides for the Minister, by instrument in writing, to amend the Trust Deed, and requires the consent of the Board to amendments in certain circumstances;

AND WHEREAS the consent of the Board is not required to the amendments provided for in this Deed;

NOW THIS DEED WITNESSES as follows:

1.            The amendments to the Rules made by this Deed come into effect on the day after they are registered.

2.            This Deed is to be read as if it formed part of the Trust Deed and, where the context requires or admits, a word or phrase in this Deed has the same meaning that it has in the Trust Deed.

3.            The Rules are amended as follows:

3.1.         Rule 1.2.1 is amended by inserting the following definition (and note) in its appropriate alphabetical place (determined on a letter-by-letter basis):

“family law commencement day” means 18 May 2004.

Note   Schedule 1 to the Superannuation Legislation Amendment (Family Law and Other Matters) Act 2004 commenced on 18 May 2004. The amendments made by the Twenty-second Amendment of this Deed, which related to family law matters, also came into effect on that day.

3.2          Rule 16.2.2 is deleted and the following rules substituted:

“16.2.2             Rule 16.2.2A applies if the most recent member information statement of a member spouse at the operative time did not show a debit in the member spouse’s surcharge debt account.

16.2.2A           For the definition of scheme value in Rule 16.1.2:

(a)      if the operative time was before the family law commencement day, the scheme value in relation to the member spouse is the family law value; and

(b)      if the operative time is on or after the family law commencement day:

(i)      the scheme value in relation to the member spouse is determined using the methods and factors set out in Division 8 as in force at the operative time; or

(ii)      if it is not possible to determine the scheme value using those methods and factors, the scheme value in relation to the member spouse is to be determined by an actuary appointed by the Board for this Rule.

16.2.2B           Rules 16.2.2C to 16.2.2G apply if the most recent member information statement provided to a member spouse before the operative time (the statement) showed a debit in the member spouse’s surcharge debt account.

16.2.2C           For the definition of scheme value in Rule 16.1.2, and subject to Rules 16.2.2D to 16.2.2G:

(a)      if the operative time was before the family law commencement day, the scheme value in relation to the member spouse is the family law value; and

(b)      if the operative time is on or after the family law commencement day:

(i)      the scheme value in relation to the member spouse is determined using the methods and factors set out in Division 8 as in force at the operative time; or

(ii)      if it is not possible to determine the scheme value using those methods and factors, the scheme value in relation to the member spouse is to be determined by an actuary appointed by the Board for this Rule.

16.2.2D           If:

(a)      it is necessary to work out the scheme value for the purpose of the definition of separation amount in Rule 16.1.2; and

(b)      the operative time is on or after the day on which this Rule commences;

the scheme value is the value identified under Rule 16.2.2C, reduced by the amount of the member spouse’s surcharge debt shown in the statement.

16.2.2E            If:

(a)      it is necessary to work out the scheme value for the purpose of the definition of separation factor in Rule 16.1.2; and

(b)      the operative time is on or after the day on which this Rule commences;

the scheme value is the value identified under Rule 16.2.2C.

16.2.2F            If the operative time was before the family law commencement day, the separation factor in relation to the member spouse is to be recalculated, from the operative time, by:

(a)      identifying the scheme value that had previously been used to calculate the separation factor; and

(b)      adding to that scheme value the amount of the member spouse’s surcharge debt shown in the statement; and

(c)      using the result of paragraph (b) to recalculate the separation factor from the operative time.

16.2.2G           If the operative time was on or after the family law commencement day, and before the day on which this Rule commences, the separation factor in relation to the member spouse is to be recalculated, from the operative time, by:

(a)      identifying the scheme value that had previously been used to calculate the separation amount as part of calculating the separation factor; and

(b)      subtracting from that scheme value the amount of the member spouse’s surcharge debt shown in the statement; and

(c)      recalculating the separation amount using the reduced scheme value calculated under paragraph (b); and

(d)      using the result of paragraph (c), and the unreduced scheme value identified under Rule 16.2.2C, to recalculate the separation factor from the operative time.”.

IN WITNESS WHEREOF this Deed has been executed the day and year first hereinbefore written.

SIGNED, SEALED AND DELIVERED   )

)

by the Honourable NICHOLAS HUGH MINCHIN     )   Nick Minchin

)

Minister for Finance and Administration             )

)

for and on behalf of   )

)

THE COMMONWEALTH OF   )

)

AUSTRALIA, in the presence of:   )

)

)

(name)   )   CHRIS KEANE

)

)   20 CLIFTON ST

(address)   )   PROSPECT   5082

)

)

(description)   )   ADVISER

)

Note to the Deed:

TABLE LISTING TRUST DEED AND AMENDING DEEDS

Before 1 January 2005, section 45 of the Superannuation Act 1990 provided, in part, that instruments under subsection 5(1) amending the Trust Deed were disallowable instruments for the purposes of section 46A of the Acts Interpretation Act 1901. The effect of these provisions was that amending instruments were required to be notified in the Gazette and take effect from the date of gazettal (unless the instrument provided otherwise).

From 1 January 2005, paragraph 6(d) of the Legislative Instruments Act 2003 declared disallowable instruments (such as the instruments amending the Trust Deed) to be legislative instruments. Legislative instruments are registered on the Federal Register of Legislative Instruments instead of being notified in the Gazette.

Date	Number	Gazette details
21 June 1990	Trust Deed	GN 25, 27 June 1990, p1728
21 June 1990	First	GN 25, 27 June 1990, p1728
1 July 1991	Second	S 180, 1 July 1991
30 June 1992	Third	S 181, 1 July 1991
21 December 1992	Fourth	GN 1, 13 January 1993, p110
16 June 1993	Fifth	S 181, 18 June 1993
24 January 1994	Sixth	GN 4, 2 February 1993, p366
7 March 1994	Seventh	S 89, 15 March 1994
28 June 1993	Eighth	S 246, 29 June 1994
22 June 1995	Ninth	GN 25, 28 June 1995, p2285
29 January 1996	Tenth	S 41, 1 February 1996
10 December 1996	Eleventh	GN 50, 18 December 1996
25 March 1998	Twelfth	GN 13, 1 April 1998, p901
5 December 1999	Thirteenth	S 590, 6 December 1999
20 August 2001	Fourteenth	S 342, 22 August 2001
25 September 2001	Fifteenth	GN 39, 3 October 2001, p2972
26 June 2002	Sixteenth	S 225, 27 June 2002
3 April 2003	Seventeenth	GN 17, 30 April 2004, p 1398
27 June 2003	Eighteenth	S 245, 27 June 2003
26 November 2003	Nineteenth	S 446, 1 December 2003
23 March 2004	Twentieth	S 89, 24 March 2004
9 May 2004	Twenty-first	S 146, 11 May 2004
5 July 2004	Twenty-second	S 277, 9 July 2004
9 August 2004	Twenty-third	S 330, 12 August 2004