COMMONWEALTH OF AUSTRALIA
MILITARY SUPERANNUATION AND BENEFITS ACT 1991
DETERMINATION
The Military Superannuation and Benefits Board of Trustees No. 1, pursuant to clause 3 of the Trust Deed made under Part 2 of the Military Superannuation and Benefits Act 1991, DETERMINES as follows:
Citation
1. This determination may be cited as the Military Superannuation and Benefits Act 1991 (Interest) Determination No. 34.
Commencement
2. This determination shall take effect from and including 1 February 1999.
Principal Determination
3. In this determination "the Principal Determination" means the Military Superannuation and Benefits Act 1991 (Interest) Determination No. 1, as amended.
Amendments to the Principal Determination
4. Clause 5 of the Principal Determination is amended by deleting "7.8% per annum” (wherever occurring) and inserting in its stead "10.2% per annum".
Application
5. (1) The provisions of the Principal Determination, as amended by this determination, apply in relation to interest payable in respect of an amount that is a prescribed amount in relation to a person:
(a) if a benefit under Part 5 of the Rules becomes payable in respect of the person - after the date of the commencement of this determination; or
(b) if:
(i) a benefit under Part 5 of the Rules ceases to be applicable in respect of the person; or
(ii) in the case of a person to whom a benefit under Part 5 of the Rules is not applicable - the person ceases to be a member;
on or after that date.
[Military Superannuation and Benefits Act 1991 (Interest) Determination No. 34
(continued)]
(2) An expression used in subclause 5(1) that is defined in the Principal Determination has the same meaning for the purposes of that subclause as it has in that determination.
Charles Kiefel
.........................................................
C.P. Kiefel
(Chairperson)
N. J. Ford R. C. Swanwick
......................................................... .........................................................
AIRCDRE N.J. Ford WOFF R.C. Swanwick
(Trustee) (Trustee)
P. D. Gourley M. Sharpe
......................................................... .........................................................
P.D. Gourley M.J. Sharpe AM
(Trustee) (Trustee)
The Common Seal of the Military Superannuation and Benefits Board of Trustees No. 1 was hereunto affixed by authority of the Board.
Dated this twenty - eighth day of January 1999
Overview
The Military Superannuation and Benefits Act 1991 was enacted by the Parliament of Australia to establish a superannuation and benefits scheme for members of the Australian Defence Force. This Act was designed to address the need for a comprehensive superannuation and benefits framework to support serving and retired military personnel. The Act provides for the establishment of the Military Superannuation and Benefits Board of Trustees, which is responsible for the administration and management of the scheme. The policy objective is to ensure that military members receive adequate and timely benefits, including superannuation and other entitlements, upon their service and retirement. The Military Superannuation and Benefits Act 1991 (Interest) Determination No. 34, made by the Military Superannuation and Benefits Board of Trustees No. 1, amends the interest rate applicable to prescribed amounts under the scheme. This amendment, effective from 1 February 1999, adjusts the interest rate from 7.8% per annum to 10.2% per annum, impacting the interest payable on certain amounts related to military benefits.
Scope and Application
The Military Superannuation and Benefits Act 1991 (Interest) Determination No. 34 applies to interest payable on prescribed amounts for individuals who are, or were, members of the military superannuation scheme, specifically in relation to benefits outlined in Part 5 of the Rules. This includes members for whom a benefit becomes payable after the commencement of the determination or for those members who cease to be members or for whom a benefit ceases to apply on or after the commencement date. The determination applies nationally across the Commonwealth of Australia and is enacted by the Military Superannuation and Benefits Board of Trustees No. 1. This legislative instrument amends the Principal Determination by adjusting the interest rate from 7.8% per annum to 10.2% per annum for the specified circumstances, ensuring that the interest calculations for superannuation benefits reflect the updated rate. The provisions of this determination extend to any expressions defined in the Principal Determination, maintaining consistency in interpretation and application.
Key Provisions
The Military Superannuation and Benefits Act 1991 (Interest) Determination No. 34 (section 1) amends the Military Superannuation and Benefits Act 1991 (Interest) Determination No. 1 (section 3). Specifically, the determination modifies clause 5 of the Principal Determination by replacing the interest rate of 7.8% per annum with a new rate of 10.2% per annum (section 4). These changes apply to interest payable on prescribed amounts in relation to a person under certain circumstances, including when a benefit under Part 5 of the Rules becomes payable or ceases to be applicable, or when a person ceases to be a member (section 5(1)). Expressions used in subclause 5(1) that are defined in the Principal Determination retain their meanings for the purposes of this subclause (section 5(2)).
The Military Superannuation and Benefits Act 1991 imposes several obligations on parties and entities it governs. Trustees are required to administer the superannuation benefits in accordance with the Act and its determinations (section 13). Beneficiaries must provide accurate and complete information as required by the Trustees to facilitate the calculation and payment of benefits. The Board of Trustees must ensure that the provisions of the Act and its determinations are implemented and adhered to, maintaining the integrity and effectiveness of the military superannuation system.
There are potential consequences for breaches of the Military Superannuation and Benefits Act 1991. The Act does not explicitly outline specific offences, penalties, or civil/criminal consequences for breaches within the Determination. However, breaches of the Act or its determinations could potentially result in legal action, including civil penalties, enforcement actions, or other legal remedies available under Australian law. The precise penalties for breaches would depend on the nature and severity of the breach and would be determined in accordance with applicable laws and regulations.