COMMONWEALTH OF AUSTRALIA
SUPERANNUATION ACT 1990
DECLARATION
I, Geoffrey Noel Vanthoff, Commissioner for Superannuation and
delegate of the Commonwealth Superannuation Board of Trustees
No. 1, pursuant to rule 8.2.5. of the Rules for the Administration of the Superannuation Scheme established by deed under section 4 of
the Superannuation Act 1990, DECLARE as follows:
1. This declaration may be cited as the “Superannuation Act 1990 (Eligible Superannuation Schemes) Declaration No. 1”.
2. My declaration dated 21 December 1990 for the purposes of rule
8.2.5. is hereby revoked.
3. The superannuation schemes specified in the Schedule are
eligible superannuation schemes for the purposes of Division 2 of
Part 8 of the Rules.
4. This declaration shall take effect from and including
1 July 1990.
(G.N. Vanthoff)
7 February 1991
SCHEDULE
1. The superannuation schemes established under the following
Acts:
(a) Parliamentary Contributory Superannuation Act 1948;
(b) Defence Force Retirement and Death Benefit Act 1973.
2. The superannuation schemes known as:
(a) Army Airforce Canteen Service Superannuation
Scheme;
(b) Australian Wool Corporation Provident Fund;
(c) AUSSAT Superannuation Fund;
(d) Gladstone Area Water Board Staff Superannuation Scheme;
(e) Gladstone Port Authority Staff Superannuation Fund;
(f) Gold Coast Waterways Staff Superannuation Scheme;
(g) Government Officers’ Superannuation Scheme (GO Super) (Queensland);
(h) Livestock and Meat Authority of Queensland Superannuation Scheme;
(j) Northern Territory Government and Public Authorities Superannuation Scheme;
(k) Queensland Ambulance Transport Brigade Staff Superannuation Scheme;
(l) Queensland Electricity Supply Industry Superannuation Scheme;
(m) Queensland Industry Development Corporation Superannuation Scheme;
(n) Queensland Local Government Employees Superannuation Scheme;
(p) Queensland Parliamentary Contributory Superannuation Scheme;
(q) Queensland Police Superannuation Scheme;
(r) Queensland State Service Superannuation Scheme;
(s) Suncorp Insurance and Finance Superannuation Plan;
(t) Superannuation Scheme for Australian Universities;
(u) Townsville Port Authority Staff Superannuation
Scheme;
(v) University of Newcastle Staff Superannuation Scheme.
Overview
The Superannuation Act 1990 was enacted by the Parliament of Australia to establish and regulate superannuation schemes, thereby addressing the need for a comprehensive legal framework to manage retirement savings. This Act aims to provide a consistent regulatory environment for various superannuation funds, ensuring they comply with the set standards and protections for contributors. The 1990 Act was designed to respond to the growing complexity and significance of superannuation as a key component of the Australian retirement income system, ensuring that it was managed efficiently and in the best interests of contributors.
The Superannuation Act 1990 (Eligible Superannuation Schemes) Declaration No. 1, issued by the Commissioner for Superannuation under the authority of the Superannuation Act 1990, specifies which superannuation schemes are eligible for the benefits and protections outlined in the Act. This legislative instrument was introduced to clarify and formalise the eligibility criteria for certain superannuation schemes, ensuring they meet the requirements set forth in the Act. The overarching policy objective of this declaration is to provide clarity and certainty regarding the eligibility of specified superannuation schemes, thereby reinforcing the integrity and effectiveness of the superannuation system in Australia.
Scope and Application
The Superannuation Act 1990 (Eligible Superannuation Schemes) Declaration No. 1 applies to the superannuation schemes established under the Parliamentary Contributory Superannuation Act 1948 and the Defence Force Retirement and Death Benefit Act 1973, as well as a list of specific superannuation schemes named in the Schedule. This includes schemes such as the Army Airforce Canteen Service Superannuation Scheme, the Australian Wool Corporation Provident Fund, and the Queensland Ambulance Transport Brigade Staff Superannuation Scheme, among others. The declaration identifies these schemes as eligible for the purposes of Division 2 of Part 8 of the Rules for the Administration of the Superannuation Scheme established by the Superannuation Act 1990. The geographic reach of this declaration is national, as it pertains to various schemes across different Australian jurisdictions and industries. This declaration revokes a previous declaration dated 21 December 1990 and is effective from 1 July 1990. The declaration does not explicitly state any exclusions, exemptions, or thresholds, but it does indicate the specific schemes that are eligible, thereby implying that only these schemes are subject to the declaration.
Key Provisions
This declaration, titled "Superannuation Act 1990 (Eligible Superannuation Schemes) Declaration No. 1," identifies certain superannuation schemes as eligible for the purposes of Division 2 of Part 8 of the Rules (Section 3). This document revokes an earlier declaration dated 21 December 1990 under rule 8.2.5. of the Rules for the Administration of the Superannuation Scheme (Section 2). The declaration specifies that it will take effect from and including 1 July 1990 (Section 4). The Schedule lists the superannuation schemes established under certain Acts, such as the Parliamentary Contributory Superannuation Act 1948 and the Defence Force Retirement and Death Benefit Act 1973, as well as other named superannuation schemes (Section 1 and 2).
The Act imposes obligations and requirements on parties and entities it governs by identifying which superannuation schemes are eligible under Division 2 of Part 8 of the Rules. This eligibility is significant as it determines the schemes' compliance and operational status under the Superannuation Act 1990. The revocation of the previous declaration and the establishment of new eligible schemes ensure that only the specified superannuation arrangements are recognised and managed within the legislative framework.
Failure to comply with the provisions of the Superannuation Act 1990 can result in various civil and criminal consequences. While the specific penalties are not detailed in this particular declaration, breaches of superannuation laws generally can lead to fines and other penalties as stipulated under the broader legislative provisions. The maximum penalties for non-compliance may vary depending on the specific nature of the breach and the provisions of the overarching superannuation legislation. It is crucial for entities governed by this Act to adhere to the requirements to avoid potential legal ramifications.