Superannuation Act 1990 (Eligible Superannuation Schemes) Declaration No. 4

Overview

The Superannuation Act 1990, enacted by the Parliament of Australia, was introduced to establish a comprehensive framework for superannuation schemes to ensure that employees have a reliable source of income in their retirement. This Act aimed to address the need for a systematic approach to retirement savings, which was previously fragmented and insufficient to meet the needs of the ageing population. The Superannuation Act 1990 (Eligible Superannuation Schemes) Declaration No. 4, issued in 1992 by the Commonwealth Superannuation Board of Trustees No. 1, further refines the scope of eligible schemes by adding the Retirement Benefits Act 1982 (Tas) to the list. This amendment reflects a policy objective to broaden the eligibility criteria for superannuation schemes, thereby enhancing the coverage and effectiveness of retirement savings plans within the legislative framework.

Scope and Application

This legislative instrument, the Superannuation Act 1990 (Eligible Superannuation Schemes) Declaration No. 4, amends the existing framework established under the Superannuation Act 1990 by incorporating the Retirement Benefits Act 1982 of Tasmania as an eligible superannuation scheme. This declaration applies to the Commonwealth Superannuation Board of Trustees No. 1 and affects the eligibility criteria for superannuation schemes recognised under the Act. The amendment extends the scope of the Principal Declaration, allowing the Retirement Benefits Act 1982 of Tasmania to be included among the eligible superannuation schemes. The jurisdictional reach of this declaration is confined to the Commonwealth level, impacting the administration of superannuation within the framework set by the Commonwealth Superannuation Act 1990. There are no explicit exclusions or exemptions outlined in this declaration, and it operates within the existing legislative thresholds and conditions defined by the Superannuation Act 1990.

Key Provisions

This declaration amends the existing superannuation legislation by adding an eligible superannuation scheme to the list of those recognised under the Superannuation Act 1990. Specifically, section 3 of the declaration inserts a new subparagraph (d) into clause 1 of the Schedule of the Principal Declaration, recognising the "Retirement Benefits Act 1982 (Tas)" as an eligible superannuation scheme. This amendment broadens the scope of the superannuation arrangements that can be included under the Act, thereby potentially extending benefits and protections to a wider group of superannuation fund participants. The obligations imposed by this declaration on the parties and entities it governs are primarily to recognise the "Retirement Benefits Act 1982 (Tas)" as a scheme eligible for the benefits and protections outlined under the Superannuation Act 1990. This recognition ensures that the scheme complies with the necessary legislative requirements and can operate within the framework of the Act. Trustees and administrators of the "Retirement Benefits Act 1982 (Tas)" will need to ensure that their schemes meet these eligibility criteria and that they adhere to the standards and provisions set forth in the Act. There are no specific offences, penalties, or civil/criminal consequences outlined in this declaration itself. However, any failure to comply with the requirements of the Superannuation Act 1990, including the eligibility criteria for superannuation schemes, could result in penalties under the broader Act. Such penalties may include fines and other civil sanctions, and in severe cases, criminal charges for non-compliance, which can vary depending on the specific breach and the jurisdiction. The maximum penalties would be determined according to the relevant sections of the Superannuation Act 1990 and any other applicable laws.