Declaration under section 134 of the Superannuation Act 1976 (14/11/1990)

Overview

The Superannuation Act 1976, enacted by the Commonwealth Parliament, addresses the establishment and regulation of superannuation schemes to ensure the provision of retirement benefits for eligible individuals. One of the objectives of the Act is to create a framework that facilitates the accumulation of retirement savings and provides for the efficient administration of these funds. To achieve this, the Act includes provisions for the recognition of eligible superannuation schemes, which are schemes that meet certain standards and criteria set by the legislation. This recognition ensures that the funds within these schemes are protected and can be effectively managed to provide for the financial security of retirees. In 1990, a legislative instrument was issued under the Superannuation Act 1976 to recognise the State Public Sector Superannuation Scheme of Queensland as an eligible superannuation scheme. This recognition was declared by Ralph Willis, the Minister of State for Finance, under section 134 of the Act. By deeming the scheme eligible, the instrument aimed to integrate the Queensland scheme into the national framework, thereby ensuring that it met the necessary standards for the protection and efficient administration of retirement savings for public sector employees.

Scope and Application

The legislative instrument, F2008B00758, pertains to the declaration made by Ralph Willis, the Minister of State for Finance, under section 134 of the Superannuation Act 1976. This declaration specifically identifies the State Public Sector Superannuation Scheme, established under the Superannuation (State Public Sector) Act 1990 of Queensland, as an eligible superannuation scheme within the framework of Division 3 of Part IX of the Act. This declaration applies to the State Public Sector Superannuation Scheme and the entities or persons governed by the Queensland legislation. The geographic reach of this legislation is primarily within the state of Queensland, as it pertains to a scheme established under state law. The declaration also specifies the effective date, which is deemed to be 6 September 1990, thereby extending the application of the Superannuation Act 1976 to the State Public Sector Superannuation Scheme from that date. There are no exclusions, exemptions, or thresholds explicitly mentioned in this declaration, which implies a broad application of the Act's provisions to the specified scheme.

Key Provisions

The main operative sections of this legislative instrument pertain to the declaration of an eligible superannuation scheme and the specification of the effective date of this declaration. Section (a) of the instrument declares that the State Public Sector Superannuation Scheme, as established under the Superannuation (State Public Sector) Act 1990 of the State of Queensland, is recognised as an eligible superannuation scheme for the purposes of Division 3 of Part IX of the Superannuation Act 1976. Section (b) specifies that this declaration is to be deemed to have come into force on 6 September 1990, thereby setting the effective date for this eligibility recognition. This Act imposes specific obligations on the parties involved, primarily by recognising the State Public Sector Superannuation Scheme as eligible under the Superannuation Act 1976. This recognition means that the scheme meets the criteria and requirements set out in Division 3 of Part IX of the Superannuation Act 1976, ensuring that it is compliant with the national regulatory framework for superannuation. The declaration by the Minister of State for Finance, Ralph Willis, under section 134 of the Superannuation Act 1976, formalises this eligibility and provides the necessary legal standing for the scheme to operate within the national superannuation system. In terms of offences, penalties, or consequences for breach, the legislative instrument itself does not detail specific sanctions. However, the Superannuation Act 1976 does outline potential penalties and consequences for non-compliance with superannuation regulations. Breaches of the Act can lead to civil or criminal penalties, including fines and imprisonment. For instance, under the Superannuation Act 1976, individuals or entities that fail to comply with the regulations can be subject to penalties, including fines of up to $18,000 for individuals and up to $90,000 for bodies corporate. Additionally, more severe breaches may result in criminal charges, leading to imprisonment for terms specified under the Act. It is essential for parties governed by this Act to ensure strict compliance to avoid these penalties.