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. 55.
Commencement
2. This determination shall take effect from and including 18 August 2000.
Principal Determination
3. In this determination “the Principal Determination” means the Military Superannuation and Benefits Act 1991 (Interest) Determination No. 1, as amended.
Amendments of the Principal Determination
4. Clause 5 of the Principal Determination is amended by:
(a) deleting "1 July 1999" (wherever occurring) and inserting in its stead "1 July 2000"; and
(b) deleting “the exit rate of interest of 13.6% per annum” (wherever occurring) and inserting in its stead “the exit rate of interest of minus 5.5% per annum”.
5. The Schedule to the Principal Determination is amended by adding at the end:
"10 1 July 1999 - 30 June 2000 13.6% per annum".
Charles Kiefel
.........................................................
C.P. Kiefel
(Chairperson)
R.C. Brown R. Swanwick
......................................................... .........................................................
BRIG R.C. Brown WOFF R.C. Swanwick
(Trustee) (Trustee)
P. D. Gourley M. Sharpe
......................................................... .........................................................
P.D. Gourley Dr M.J. Sharpe AO
(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 Eighteenth day of August 2000
Overview
The Military Superannuation and Benefits Act 1991 was enacted by the Commonwealth Parliament to establish a superannuation scheme for members of the Australian Defence Force, addressing the need for a dedicated retirement income system for military personnel. This Act aimed to ensure that members of the ADF receive appropriate benefits upon their service completion. The Act was designed to provide a reliable and secure superannuation system tailored to the unique needs of those serving in the defence forces. The Military Superannuation and Benefits Board of Trustees No. 1, acting under the authority granted by the Act, has issued the Military Superannuation and Benefits Act 1991 (Interest) Determination No. 55 to revise interest rates applicable to the scheme, reflecting the policy objective to maintain the financial integrity and sustainability of the superannuation benefits provided to ADF members.
Scope and Application
The Military Superannuation and Benefits Act 1991 (Interest) Determination No. 55 applies to the Military Superannuation and Benefits Board of Trustees No. 1, which is established under the Military Superannuation and Benefits Act 1991. This legislation governs the interest rates applied to military superannuation funds and benefits, particularly affecting current and former members of the Australian Defence Force, their spouses, and dependents who are recipients of military superannuation benefits. The Act operates within the Commonwealth jurisdiction, meaning its provisions apply nationally across Australia. This determination amends the Military Superannuation and Benefits Act 1991 (Interest) Determination No. 1, adjusting the interest rates applicable to the superannuation funds for a specific period. The amendments include changes to the interest rates effective from 1 July 2000, and the determination also updates the schedule to reflect these changes.
Key Provisions
The Military Superannuation and Benefits Act 1991 (Interest) Determination No. 55, which came into effect from 18 August 2000, makes specific amendments to the Principal Determination. Clause 5 of the Principal Determination is altered by replacing the date of "1 July 1999" with "1 July 2000" and changing the exit rate of interest from "13.6% per annum" to "minus 5.5% per annum". Additionally, the Schedule to the Principal Determination is updated by including a new entry for the period 1 July 1999 to 30 June 2000, specifying an interest rate of 13.6% per annum.
This Act imposes obligations on the Military Superannuation and Benefits Board of Trustees No. 1 to accurately update and maintain the interest rates as per the amendments set forth in this Determination. The Board is tasked with ensuring that all relevant parties are informed of these changes and that the new rates are applied correctly in accordance with the legislation.
Failure to comply with the provisions of this Determination could result in legal consequences. While the specific penalties or consequences for non-compliance are not explicitly stated in the text, it can be inferred that any breach of the Act could lead to civil or criminal penalties, depending on the severity and intent behind the breach. The maximum penalties for such breaches would likely be determined by the courts based on the circumstances of each case and relevant statutes governing such offences.