Untitled document
Superannuation Legislation Amendment Act 2008
No. 43 of 2008
table of provisions
Section Page
Part 1—Preliminary
1Purpose
2Commencement
Part 2—Emergency Services Superannuation Act 1986
3Amendment of section 3—Definitions
4Amendment of section 4—Application of Act
5Amendment of section 6—Objectives and duties of the Board
6Amendment of section 6A—Functions and powers of the Board
7Amendment of section 20A—Contributions
8New section 20PA inserted—Entitlements in respect of returning members who are operational staff members
20PAEntitlements in respect of returning members who are operational staff members
9Amendment of section 21—Definitions
10Amendment of section 21A—ESSPLAN Scheme
11Amendment of section 21B—Membership of ESSPLAN
12Amendment of section 21E—Amount and payment of benefits under ESSPLAN
13Amendment of section 21F—Disability and death cover under ESSPLAN
14New section 21FA inserted—Optional additional disability and death cover under ESSPLAN
21FAOptional additional disability and death cover under ESSPLAN
15Amendment of section 21G—Disability and death insurance under ESSPLAN
16Amendment of section 21H—Amount and payment of disability or death benefit
17Amendment of section 21I—Member's accounts for ESSPLAN
18Amendment of section 21J—Beneficiaries Accounts
19Amendment of section 21JA—Spouse Accounts
20Amendment of section 29A—Specified standards
Part 3—Amendments to Other Acts
21Amendment of State Superannuation Act 1988
22Amendment of Transport Superannuation Act 1988
23Amendment of Victorian Managed Insurance Authority Act 1996
Part 4—Repeal of Amending Act
24Repeal of amending Act
═══════════════
Endnotes
Superannuation Legislation Amendment Act 2008
No. 43 of 2008
[Assented to 26 August 2008]
The Parliament of Victoria enacts:
Part 1—Preliminary
1Purpose
The purpose of this Act is to—
(a)amend the Emergency Services Superannuation Act 1986 to enable greater access to superannuation products and services;
(b)consequentially amend the State Superannuation Act 1988 and the Transport Superannuation Act 1988;
(c)amend section 25A of the Victorian Managed Insurance Authority Act 1996 to extend from 1 year to 5 years the maximum period that may be specified by the Minister in a direction in respect of the period for which insurance or an indemnity is to be provided by the Victorian Managed Insurance Authority.
2Commencement
This Act comes into operation on the day after the day on which it receives the Royal Assent.
__________________
Part 2—Emergency Services Superannuation Act 1986
3Amendment of section 3—Definitions
In section 3(1) of the Emergency Services Superannuation Act 1986 insert the following definitions—
"eligible beneficiary means a person who is entitled to a benefit under a Superannuation Act (other than this Act) or an administered scheme;
returning member means a person who—
(a)was as an officer or other member of the police force of Victoria under the Police Regulation Act 1958; and
(b)is re-appointed under a fixed term agreement as an officer or other member of the police force of Victoria under the Police Regulation Act 1958;".
4Amendment of section 4—Application of Act
After section 4(7) of the Emergency Services Superannuation Act 1986 insert—
"(8)A returning member who is an operational staff member cannot become a contributor.
(9)Despite anything to the contrary in this section, an eligible beneficiary—
(a)may become a member of the ESSPLAN Scheme in accordance with section 21B(1)(c);
(b)who becomes a member of the ESSPLAN Scheme in accordance with section 21B(1)(c) is not a contributor to the Scheme.".
5Amendment of section 6—Objectives and duties of the Board
After section 6(2)(f) of the Emergency Services Superannuation Act 1986 insert—
"(fa)have regard to the interests of contributing employers under the Scheme, a Superannuation Act or an administered scheme; and".
6Amendment of section 6A—Functions and powers of the Board
After section 6A(3)(a)(iii) of the Emergency Services Superannuation Act 1986 insert—
"(iv)to provide superannuation advice and financial planning services for beneficiaries, contributors, members and eligible spouses;".
7Amendment of section 20A—Contributions
After section 20A(3) of the Emergency Services Superannuation Act 1986 insert—
"(3A)For the purposes of subsection (3), the Board may review the contributions payable by a part-time contributor.
(3B)If after a review under subsection (3A), the Board considers that the contributions paid by the part-time contributor during the period reviewed do not bear the same proportion to the contributions otherwise determined in accordance with this section that the service of the part-time contributor bears to the service of a person in similar employment on a full-time basis, the Board may require the part-time contributor to make additional contributions as determined by the Board.".
8New section 20PA inserted—Entitlements in respect of returning members who are operational staff members
After section 20P of the Emergency Services Superannuation Act 1986 insert—
"20PA Entitlements in respect of returning members who are operational staff members
(1)If the circumstances specified in section 20E, 20F, 20G, 20H or 20O apply—
(a)a returning member who is an operational staff member; or
(b)in the event of the death of a returning member who is an operational staff member, a dependant or nominee of the returning member—
is entitled to a benefit under the relevant section calculated and payable in accordance with this Part as if the returning member who is an operational staff member were a contributor.
(2)For the purposes of this section—
(a)membership means the period of service under the fixed term agreement; and
(b)the accrual rate specified in section 20C(1)(a) is to be taken to apply for each year of the fixed term agreement.".
9Amendment of section 21—Definitions
In section 21 of the Emergency Services Superannuation Act 1986—
(a)in the definition of beneficiary for "or former contributor" substitute ", former contributor or eligible beneficiary";
(b)for the definition of eligible spouse substitute—
"eligible spouse, in relation to a member, contributor or former contributor, has the same meaning as spouse has in section 10 of the Superannuation Industry (Supervision) Act 1993 of the Commonwealth;";
(c)for the definition of member substitute—
"member means a person who is—
(a)a member of the ESSPLAN Scheme under section 4(7) or 4(8); or
(b)a contributor who becomes a member of the ESSPLAN Scheme in accordance with section 21B(1)(b); or
(c)an eligible beneficiary who becomes a member of the ESSPLAN Scheme in accordance with section 21B(1)(c);".
10Amendment of section 21A—ESSPLAN Scheme
After section 21A(2)(a) of the Emergency Services Superannuation Act 1986 insert—
"(ab)subject to any specified standards, any other contributions made by, or in respect of, a member or eligible spouse;
(ac)subject to any specified standards, any amount rolled over, transferred or allotted from within the superannuation system;".
11Amendment of section 21B—Membership of ESSPLAN
(1)In section 21B(1)(b) of the Emergency Services Superannuation Act 1986 for "the participating employer." substitute "the participating employer; or".
(2)After section 21B(1)(b) of the Emergency Services Superannuation Act 1986 insert—
"(c)if the person is an eligible beneficiary and applies in writing to the Board to become a member, if and when the Board accepts the application; or
(d)if the person is a returning member who is an operational staff member, on the commencement of the fixed term agreement.".
(3)Sections 21B(2), 21B(3), 21B(4) and 21B(5) of the Emergency Services Superannuation Act 1986 are repealed.
12Amendment of section 21E—Amount and payment of benefits under ESSPLAN
For sections 21E(3) and 21E(4) of the Emergency Services Superannuation Act 1986 substitute—
"(3)Subject to subsection (2), the benefit is payable unless—
(a)a member applies in a form approved by the Board to defer payment of benefits or to pay the benefits to an investment fund maintained for that purpose by the Board; and
(b)the application is approved by the Board.".
13Amendment of section 21F—Disability and death cover under ESSPLAN
(1)In section 21F(1) of the Emergency Services Superannuation Act 1986—
(a)after "member who" insert "is not an eligible beneficiary and who";
(b)for "Part 3" substitute "Part 3AA".
(2)For section 21F(4) of the Emergency Services Superannuation Act 1986 substitute—
"(4)Unless the Board otherwise determines, a member's disability and death benefits cover in force under this section ceases 30 days after section 21B(10) applies to that member.".
(3)In section 21F(5) of the Emergency Services Superannuation Act 1986 for "Part 3" substitute "Part 3AA".
(4)Section 21F(12) of the Emergency Services Superannuation Act 1986 is repealed.
14New section 21FA inserted—Optional additional disability and death cover under ESSPLAN
After section 21F of the Emergency Services Superannuation Act 1986 insert—
"21FA Optional additional disability and death cover under ESSPLAN
(1)The Board may in accordance with this section offer optional additional disability and death cover to members whom the Board determines are eligible.
(2)The Board may determine the level of optional additional disability and death cover and the basis on which and the terms and conditions that are to apply.
(3)An application for optional additional disability and death cover—
(a)must be in the form approved by the Board; and
(b)must be accompanied by any information required by the Board.
(4)For the purposes of this section, the Board may require a member to submit to any medical examination that the Board considers appropriate.
(5)The Board may obtain any evaluation of any medical examination or other information provided as the Board considers appropriate.".
15Amendment of section 21G—Disability and death insurance under ESSPLAN
In section 21G(1) of the Emergency Services Superannuation Act 1986 for "section 21F" substitute "sections 21F and 21FA".
16Amendment of section 21H—Amount and payment of disability or death benefit
(1)In section 21H(1)(b) of the Emergency Services Superannuation Act 1986 after "21F" insert
"or 21FA".
(2)In section 21H(3) of the Emergency Services Superannuation Act 1986 for "A" substitute "Unless subsection (4) applies, a".
(3)After section 21H(3) of the Emergency Services Superannuation Act 1986 insert—
"(4)Subject to any specified standards, if the member has given the Board a notice in a form approved by the Board, the Board must pay the death benefit in respect of the member that is payable under this Part in accordance with the notice.".
17Amendment of section 21I—Member's accounts for ESSPLAN
In section 21I(2)(d) of the Emergency Services Superannuation Act 1986 before "any other" insert "subject to any specified standards,".
18Amendment of section 21J—Beneficiaries Accounts
(1)After section 21J(2A) of the Emergency Services Superannuation Act 1986 insert—
"(2B)Subject to any specified standards, any amount rolled over, transferred or allotted from within the superannuation system for the beneficiary may be paid or transferred to a beneficiary account.".
(2)In section 21J(3)(b) of the Emergency Services Superannuation Act 1986 before "in the" insert "unless subsection (3A) applies,".
(3)After section 21J(3) of the Emergency Services Superannuation Act 1986 insert—
"(3A)Subject to any specified standards, if the beneficiary has given the Board a notice in a form approved by the Board, the Board must on the death of the beneficiary pay the balance of the beneficiary account established under subsection (1) in accordance with the notice.".
(4)After section 21J(8) of the Emergency Services Superannuation Act 1986 insert—
"(9)The Board must debit to a beneficiary account any other amount payable by the beneficiary.".
19Amendment of section 21JA—Spouse Accounts
(1)After section 21JA(1) of the Emergency Services Superannuation Act 1986 insert—
"(1A)Without limiting subsection (1), a person who—
(a)is an eligible spouse; and
(b)within the period of 3 months after the death of the member spouse applies in writing to the Board to become a member—
may, if the Board accepts the application to become a member, make a request under subsection (1).".
(2)In section 21JA(2) of the Emergency Services Superannuation Act 1986 omit "in accordance with section 159TC of the Commonwealth Income Tax Assessment Act 1936".
(3)In section 21JA(3) of the Emergency Services Superannuation Act 1986—
(a)after paragraph (b) insert—
"(ba)subject to any specified standards, any other contributions made by, or in respect of, the eligible spouse; and";
(b)in paragraph (d) before "any other" insert "subject to any specified standards,"
(4)Section 21JA(5) of the Emergency Services Superannuation Act 1986 is repealed.
(5)In section 21JA(7)(b) of the Emergency Services Superannuation Act 1986 before "in the" insert "unless subsection (7A) applies,".
(6)After section 21JA(7) of the Emergency Services Superannuation Act 1986 insert—
"(7A)Subject to any specified standards, if the eligible spouse has given the Board a notice in the form approved by the Board, the Board must on the death of the eligible spouse pay the balance of the spouse account in accordance with the notice.".
(7)For section 21JA(8) of the Emergency Services Superannuation Act 1986 substitute—
"(8)The spouse may elect to—
(a)maintain the account in an investment fund in accordance with section 21K; or
(b)roll over, transfer or allot the account balance within the superannuation system.".
20Amendment of section 29A—Specified standards
After section 29A(1)(b) of the Emergency Services Superannuation Act 1986 insert—
"(ba)specify standards (including conditions) in respect of the acceptance by the Board of—
(i)contributions made by, or in respect of, a member, eligible spouse or beneficiary; or
(ii)any amount rolled over, transferred or allotted from within the superannuation system; and".
__________________
Part 3—Amendments to Other Acts
21Amendment of State Superannuation Act 1988
(1)In section 4(1) of the State Superannuation Act 1988 for "This" substitute "Subject to subsection (1A), this".
(2)After section 4(1) of the State Superannuation Act 1988 insert—
"(1A)Subsection (1) does not apply if the officer is a member of the ESSPLAN Scheme in accordance with section 21B(1)(c) of the Emergency Services Superannuation Act 1986.".
22Amendment of Transport Superannuation Act 1988
(1)In section 4(5) of the Transport Superannuation Act 1988 for "This" substitute "Subject to subsection (5A), this".
(2)After section 4(5) of the Transport Superannuation Act 1988 insert—
"(5A)Subsection (5) does not apply if the employee is a member of the ESSPLAN Scheme in accordance with section 21B(1)(c) of the Emergency Services Superannuation Act 1986.".
23Amendment of Victorian Managed Insurance Authority Act 1996
In section 25A(3)(c) of the Victorian Managed Insurance Authority Act 1996 for "one year" substitute "5 years".
__________________
Part 4—Repeal of Amending Act
24Repeal of amending Act
This Act is repealed on the first anniversary of its commencement.
Note
The repeal of this Act does not affect the continuing operation of the amendments made by it (see section 15(1) of the Interpretation of Legislation Act 1984).
═══════════════
Endnotes
Minister's second reading speech—
Legislative Assembly: 12 June 2008
Legislative Council: 31 July 2008
The long title for the Bill for this Act was "A Bill for an Act to amend the Emergency Services Superannuation Act 1986, the State Superannuation Act 1988, the Transport Superannuation Act 1988 and the Victorian Managed Insurance Authority Act 1996 and for other purposes."
0
0
0