PARLIAMENTARY CONTRIBUTORY SUPERANNUATION ACT 1948
DETERMINATION BY THE PARLIAMENTARY RETIRING ALLOWANCES TRUST
EQUIVALENT FORTNIGHTLY REMUNERATION FOR OFFICES OF PROFIT UNDER THE CROWN
Pursuant to subsection 21B(3) of the Parliamentary Contributory Superannuation Act 1948, the Parliamentary Retiring Allowance Trust hereby determines that, for the purpose of determining an equivalent fortnightly rate of remuneration payable in respect of an office of profit under the Crown, where the remuneration is paid otherwise than on a fortnightly basis, the formulas in the Table in this determination are to be used.
Pursuant to section 9 of the Parliamentary Contributory Superannuation Act
1948, the Parliamentary Retiring Allowance Trust hereby delegates its power under subsection 21B(3) of the Act to the Minister for Finance to determine an equivalent fortnightly rate of remuneration payable in respect of an office of profit under the Crown, where the remuneration is paid otherwise than on a fortnightly basis and the formulas in this determination are not applicable.
TABLE
PAYMENT TYPE | METHOD |
Weekly: | multiply the salary by two |
Monthly: | multiply the salary by 144 and divide by 313 |
Quarterly: | multiply the salary by 48 and divide by 313 |
Annually: | multiply the salary by 12 and divide by 313 |
Per diem: | total payment for days worked in a retiring allowance payment period be treated as the fortnightly payment in that period |
Date this 12th day of December 1996
Signed Bob Charles Signed Clyde Holding
………………………………… ……………………………….
For and on behalf of the
Parliamentary Retiring
Allowances Trust
Overview
The Parliamentary Contributory Superannuation Act 1948 was enacted to provide for the establishment of a superannuation scheme for members of the Australian Parliament and other offices of profit under the Crown. This Act was introduced to address the need for a structured and equitable superannuation scheme for those in public office, ensuring that they have adequate retirement benefits. The Act is administered by the Parliamentary Retiring Allowances Trust, which has the authority to determine the equivalent fortnightly remuneration for offices of profit under the Crown where the remuneration is paid otherwise than on a fortnightly basis. This legislation aims to provide a consistent method for calculating superannuation entitlements, ensuring fairness and clarity in the retirement benefits process. The Trust has delegated certain powers to the Minister for Finance, allowing for efficient and effective administration of the superannuation scheme as outlined in the Act.
Scope and Application
The Parliamentary Contributory Superannuation Act 1948, as applied through the determination by the Parliamentary Retiring Allowances Trust, pertains to the calculation of an equivalent fortnightly rate of remuneration for offices of profit under the Crown where payments are not made on a fortnightly basis. This Act applies to those in receipt of remuneration from offices of profit under the Crown, including federal members of parliament, senators, and other Commonwealth public officials who are covered by the superannuation scheme. The legislation delineates specific formulas for converting various payment frequencies—weekly, monthly, quarterly, annually, and per diem—into an equivalent fortnightly rate. The reach of this Act is confined to the Commonwealth jurisdiction, impacting all members and officials receiving remuneration from the Australian federal government. The determination provides for exceptions where the prescribed formulas are not applicable, in which case the Minister for Finance has been delegated the authority to determine the equivalent fortnightly rate. The Act does not explicitly state any exclusions or thresholds but implies that it applies to all remuneration-receiving positions under the Crown unless otherwise specified by subordinate instruments or ministerial determination.
Key Provisions
The main operative sections of the Parliamentary Contributory Superannuation Act 1948 Determination by the Parliamentary Retiring Allowances Trust specify the formulas for calculating an equivalent fortnightly rate of remuneration for offices of profit under the Crown, where the remuneration is not paid on a fortnightly basis (subsection 21B(3)). The determination outlines methods for converting weekly, monthly, quarterly, annual, and per diem payments into an equivalent fortnightly rate, using specified mathematical formulas (section 9). For instance, a weekly salary should be multiplied by two, while a monthly salary should be multiplied by 144 and then divided by 313. This calculation ensures consistency in superannuation contributions, regardless of the payment frequency.
The Act imposes specific obligations on the parties it governs. The Parliamentary Retiring Allowances Trust is tasked with determining the equivalent fortnightly rate of remuneration, as outlined in the determination. Furthermore, the Trust has the authority to delegate this power to the Minister for Finance if the prescribed formulas are not applicable. This delegation underscores the importance of precise and accurate calculations to ensure fairness and compliance within the superannuation system. The Trust's role is to provide clarity and uniformity in the application of the superannuation provisions to various payment structures.
The legislation does not explicitly detail offences, penalties, or consequences for non-compliance within the determination itself. However, general provisions under the Parliamentary Contributory Superannuation Act 1948 may apply. Breaches of the Act could lead to civil or criminal penalties, depending on the nature and severity of the non-compliance. While specific maximum penalties are not stated in the determination, the overarching Act may provide guidance on the potential sanctions, including fines or other legal repercussions for those who fail to adhere to the prescribed calculations and obligations.