Untitled document

Superannuation Acts (Miscellaneous Amendment)

Act 1997

Act No. 50/1997

TABLE OF PROVISIONS

Section	Page
PART 1—PRELIMINARY	1

1.	Purpose	1
2.	Commencement	2

PART 2—AMENDMENT OF LOCAL AUTHORITIES

SUPERANNUATION ACT 1988 3

3.	Amendment of section 23	3
4.	New section 27A inserted	3
27A. Payments into Fund by Authority	3

PART 3—AMENDMENTS RELATING TO PORT OF

MELBOURNE AUTHORITY SUPERANNUATION FUND 5

5.	Port of Melbourne Authority Act 1958	5
6.	Superannuation (Portability) Regulations 1991	5
7.	Port of Melbourne Authority (Superannuation) Regulations 1989	5
8.	Public Sector Superannuation (Administration) Act 1993	5
9.	State Superannuation Act 1988—PMASF provision	5
100. Transfer of assets in respect of PMASF	5
101. Provisions relating to transferred beneficiaries	7

PART 4—GENERAL AMENDMENTS 9

10.	Public Sector Superannuation (Administration) Act 1993	9
11.	State Employees Retirement Benefits Act 1979	9
12.	State Superannuation Act 1988	9
13.	Superannuation (Portability) Act 1989	10
14.	Superannuation Acts (Amendment) Act 1996	10
15.	Superannuation Acts (Further Amendment) Act 1996	10
16.	Repeal of Spent Act	11

i

Section Page

17.	Transport Superannuation Act 1988	11
18.	Statute Law Revision	12

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NOTES 13

ii

Victoria

No. 50 of 1997

Superannuation Acts (Miscellaneous

Amendment) Act 1997†

[Assented to 11 June 1997]

The Parliament of Victoria enacts as follows:

PART 1—PRELIMINARY

1. Purpose

The purpose of this Act is to amend specified superannuation legislation to facilitate further changes in the administration of public sector superannuation schemes.

Superannuation Acts (Miscellaneous Amendment) Act 1997

Act No. 50/1997 s. 2

2. Commencement

(1) Subject to this section, this Act comes into

operation on the day on which it receives the

Royal Assent.

(2) Section 9 is deemed to have come into operation

on 1 June 1997.

(3) Sections 5, 6, 7 and 8 come into operation on 30

June 1997.

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Superannuation Acts (Miscellaneous Amendment) Act 1997

s. 3 Act No. 50/1997

PART 2—AMENDMENT OF LOCAL AUTHORITIES

SUPERANNUATION ACT 1988

3. Amendment of section 23

After section 23(6) of the Local Authorities
Superannuation Act 1988 insert—
"(7) The Board may at any time request a further

actuarial determination as to any additional amount or amounts to be paid into the Fund by an Authority in respect of the unfunded

liability of the Fund relating to that

Authority.".

4. New section 27A inserted

After section 27 of the Local Authorities

Superannuation Act 1988 insert—

"27A. Payments into Fund by Authority

(1) Subject to sub-section (3), the Board may

determine the additional contributions to be paid into the Fund by an Authority or a class of Authority having regard to any
determination under section 23(7).

(2) Contributions under sub-section (1) may be calculated—

(a)	as a percentage or percentages of salary; or
(b)

as a multiple or multiples of an contribution; or

(c) as a proportion or proportions of the benefit paid or payable; or

(d) as a fixed amount or lump sum; or

Superannuation Acts (Miscellaneous Amendment) Act 1997

Act No. 50/1997 s. 4

(e) by any combination of the methods specified in paragraphs (a), (b), (c) and (d).

(3) A determination of the Board under this

section has no effect unless the
determination has been approved by the

Minister.

(4) An Authority must pay its contributions in

determined by the Board in respect of that

the manner and on such dates as are the Authority is a member.

(5) If an Authority does not within 14 days after an amount has become payable pay the whole of that amount to the Board, the Authority must pay interest at the rate for the

time being fixed under section 2 of the amount remaining unpaid from the date on which it became payable until the date on which it is paid to the Board.".

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Superannuation Acts (Miscellaneous Amendment) Act 1997

s. 5 Act No. 50/1997

PART 3—AMENDMENTS RELATING TO PORT OF

MELBOURNE AUTHORITY SUPERANNUATION FUND

5. Port of Melbourne Authority Act 1958

Section 36 of the Port of Melbourne Authority

Act 1958 is repealed.

6. Superannuation (Portability) Regulations 1991

The Superannuation (Portability) Regulations
1991 (SR No. 89/1991) are revoked by virtue of
this section.

7.  Port of Melbourne Authority (Superannuation) Regulations 1989

The Port of Melbourne Authority
(Superannuation) Regulations 1989 (SR No.
90/1989) are revoked by virtue of this section.

8. Public Sector Superannuation (Administration) Act 1993

Section 67(1)(e) of the Public Sector
Superannuation (Administration) Act 1993 is

repealed.

9. State Superannuation Act 1988—PMASF provision

After section 99 of the State Superannuation Act
1988 insert—

'100. Transfer of assets in respect of PMASF

(1) In this section and section 101—

"transfer date" means 27 June 1997 or

such earlier date as is specified in the

agreement;

"transferred beneficiary" means a

beneficiary in the Port of Melbourne Authority Superannuation Fund who first became entitled to a pension on or

Superannuation Acts (Miscellaneous Amendment) Act 1997

Act No. 50/1997	s. 9
before the transfer date or who becomes entitled after the transfer date due to the death of the first beneficiary after the
transfer date.

(2) On the transfer date, a transferred

beneficiary is transferred to the Fund.

(3) With the approval of the Minister, Port of

Melbourne Authority Superannuation agreement with the Board which specifies—

(a)	the liability of the Port of Melbourne Authority Superannuation Fund up to the transfer date in respect of the
entitlements of transferred beneficiaries as determined by an actuary appointed by Port of Melbourne Authority Superannuation Scheme Pty Ltd; and
(b)	the value of assets of the Port of Melbourne Authority Superannuation Fund equal to the liability of the Port of Melbourne Authority Superannuation Fund under paragraph (a) that are to be transferred to the Fund; and
(c)	the terms and conditions which apply to the transfer of these assets to the Fund.

(4) If agreement cannot be reached before 16

June 1997, the Minister may determine the matters specified in sub-section (3) or which are in dispute and Port of Melbourne Authority Superannuation Scheme Pty Ltd and the Board are deemed by virtue of this sub-section to have entered into an agreement containing the matters determined by the Minister.

Superannuation Acts (Miscellaneous Amendment) Act 1997

s. 9 Act No. 50/1997

(5) Port of Melbourne Authority Superannuation

Scheme Pty Ltd must transfer the assets specified in the agreement to the Fund.

(6) As soon as the assets specified in the

agreement have been transferred, the assets

form part of the Fund.

(7) No stamp duty or other tax is chargeable

under any Act in respect of anything done
under this section.

(8) Port of Melbourne Authority Superannuation Scheme Pty Ltd is released from any liability in respect of the entitlements of transferred

beneficiaries as soon as the assets specified

in the agreement have been transferred.

101. Provisions relating to transferred
beneficiaries

(1) Despite the transfer of a beneficiary under section 100 to the Fund—

(a)	the transferred beneficiary is entitled to receive the same benefits that he or she would have been entitled to receive had he or she not been so transferred; and
(b)	have his or her rights and obligations determined in accordance with the provisions of the governing instrument of the Port of Melbourne Authority

the transferred beneficiary is entitled to immediately before the transfer date.

(2) For the purposes of sub-section (1), the

Board has in respect of the transferred beneficiary the duties and powers conferred on Port of Melbourne Authority Superannuation Scheme Pty Ltd by or under the provisions of the governing instrument of

Superannuation Acts (Miscellaneous Amendment) Act 1997

Act No. 50/1997 s. 9

the Port of Melbourne Authority Superannuation Fund as in force immediately before the transfer date.

(3) For the purposes of sub-section (1), the powers of the Board are not limited by regulations 7E and 9(2) of the Port of

Melbourne Authority (Superannuation)
Regulations 1989.

(4) Without derogating from sub-sections (1) and (2), sections 84 and 85 apply to and in respect of a transferred beneficiary.'.

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Superannuation Acts (Miscellaneous Amendment) Act 1997

s. 10 Act No. 50/1997

PART 4—GENERAL AMENDMENTS

10. Public Sector Superannuation (Administration) Act 1993

Section 67(1)(d) of the Public Sector
Superannuation (Administration) Act 1993 is

repealed.

11. State Employees Retirement Benefits Act 1979

In section 2(1) of the State Employees of "employee" after paragraph (e) insert—

'; or

(f) a person referred to in a preceding paragraph who as a result of a change of employment becomes a person referred to in—

(i)  any other paragraph of this definition; or

(ii) any paragraph of the definition of "officer" in section 3(1) of the State Superannuation Act 1988; or

(iii) any paragraph of the definition of "employee" in section 3(1) of the Transport Superannuation Act 1988.'.

12. State Superannuation Act 1988

In section 3(1) of the State Superannuation Act 1988, in the definition of "officer" after paragraph (f) insert—

'; and

(g) a person referred to in a preceding paragraph who as a result of a change of employment becomes a person referred to in—

Superannuation Acts (Miscellaneous Amendment) Act 1997

Act No. 50/1997 s. 13

(i)  any other paragraph of this definition; or

(ii) "employee" in section 2(1) of the State

any paragraph of the definition of 1979; or

(iii) any paragraph of the definition of "employee" in section 3(1) of the Transport Superannuation Act 1988.'.

13. Superannuation (Portability) Act 1989

In section 9 of the Superannuation (Portability)

Act 1989—

(a)	in sub-section (1), in paragraph (b) of the definition of "transfer period" after "approved employer" insert "or the public authority";
(b)	in sub-sections (3) and (7) after "approved employer" insert "or the public authority".

14. Superannuation Acts (Amendment) Act 1996

(1) In section 62 of the Superannuation Acts

(Amendment) Act 1996—

(a) for "42" substitute "42A";

(b) in the proposed section 42A for "42A" substitute "42B".

(2) The Superannuation Acts (Amendment) Act

1996 is deemed to have been enacted as amended

by sub-section (1).

15. Superannuation Acts (Further Amendment) Act 1996

(1) For section 2(2) of the Superannuation Acts

(Further Amendment) Act 1996 substitute—

Superannuation Acts (Miscellaneous Amendment) Act 1997

s. 16 Act No. 50/1997

"(2) Sections 42(2), 42(3), 42(4), 42(5), 42(6),

42(7) and 78 are deemed to have come into
operation on 18 June 1996.

(2A) Section 42(1) is deemed to have come into operation on 1 July 1996.".

(2) In section 31 of the Superannuation Acts

(Further Amendment) Act 1996 for "section

58B(1)(a)" substitute "section 58B(1)(c)".

(3) The Superannuation Acts (Further

Amendment) Act 1996 is deemed to have been enacted as amended by this section.

16. Repeal of Spent Act

The Superannuation Acts (Further Amendment) Act 1996 is repealed.

17. Transport Superannuation Act 1988

In section 3(1) of the Transport Superannuation paragraph (c) insert—

'; or

(d) a person referred to in a preceding paragraph who as a result of a change of employment becomes a person referred to in—

(i)  any other paragraph of this definition; or

(ii) "employee" in section 2(1) of the State

any paragraph of the definition of 1979; or

(iii) any paragraph of the definition of "officer" in section 3(1) of the State Superannuation Act 1988.'.

Superannuation Acts (Miscellaneous Amendment) Act 1997

Act No. 50/1997 s. 18

18. Statute Law Revision

(1) In section 20F(11) of the Emergency Services

Superannuation Act 1986 for "for former" substitute "or former".

(2) In section 40HB(1) of the Hospitals

Superannuation Act 1988 for "40HBA(3)(b)(i)"

substitute "40HA(3)(b)(i)".

(3) In section 23(3) of the Parliamentary Salaries

and Superannuation Act 1968 for "or or"

substitute "or of".

(4) In section 3(1) of the State Superannuation Act

1988, in paragraph (d) of the definition of

"officer" after "meaning" insert "of".

(5) In section 9(2)(b)(i) of the Superannuation

(Public Sector) Act 1992 for "conract" substitute

"contract".

(6) In section 44C(1) of the Transport

Superannuation Act 1988, in the definition of
"post-June 1983 component" for "as is" substitute

"as in".

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Superannuation Acts (Miscellaneous Amendment) Act 1997

Notes Act No. 50/1997

NOTES

†

Minister's second reading speech—

Legislative Assembly: 23 April 1997

Legislative Council: 22 May 1997

The long title for the Bill for this Act was "to amend the Local
Authorities Superannuation Act 1988, the Port of Melbourne
Authority Act 1958, the Public Sector Superannuation
(Administration) Act 1993, the State Employees Retirement Benefits
Act 1979, the State Superannuation Act 1988, the Superannuation
(Portability) Act 1989, the Transport Superannuation Act 1988 and
certain other Acts and for other purposes."