Statutory Rules
1978 No. 156
REGULATIONS UNDER THE SUPERANNUATION ACT 1976*
I, THE GOVERNOR-GENERAL of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, hereby make the following Regulations under the Superannuation Act 1976.
Dated this twenty-third day of August 1978.
ZELMAN COWEN.
Governor-General
By His Excellency’s Command,
Minister of State for Finance
SUPERANNUATION (ALLOCATION OF PREVIOUS FUND) REGULATIONS
Citation
1. These Regulations may be cited as the Superannuation (Allocation of Previous Fund) Regulations.
Interpretation
2. (1) In these Regulations, “ the Act ” means the Superannuation Act 1976.
(2) An expression in these Regulations that is contained in Division 2 of Part XII of the Act has, unless the contrary intention appears, the same meaning for the purposes of these Regulations as it has in that Division.
Matters to which the Minister is to have regard in making certain determinations
3. (1) In making a determination under sub-section 175 (1), 176 (2) or 177 (2) of the Act, the Minister shall have regard to the relevant recommendations made to the Treasurer by the committee of 5 persons appointed to consider, amongst other things, the division and allocation of the existing Fund between existing contributors and persons who were pensioners under the superseded Act, being recommendations (other than those made by a minority of the persons constituting the committee) contained in the report of that committee presented to the Parliament on 20 October 1976.
* Notified in the Commonwealth of Australia Gazette on 29 August 1978.
13431/78—Cat. No. —Recommended retail price 15c 14/4.8.1978
(2) A reference in sub-regulation (1), in relation to a determination made under sub-section 175 (1), 176 (2) or 177 (2) of the Act, to the relevant recommendations made to the Treasurer shall be read as a reference—
(a) in the case of a determination under sub-section 175 (1) of the Act—to recommendations 1 and 2 contained in the third chapter of the report referred to in that sub- regulation;
(b) in the case of a determination under sub-section 176 (2) of the Act—to recommendations 3, 4 and 5 contained in the third chapter of that report; and
(c) in the case of a determination under sub-section 177 (2) of the Act—to recommendations 7, 8, 9 and 10 contained in the third chapter of that report.
Certain benefits to be treated as if they were a charge upon the existing Fund
4. (1) In this regulation, unless the contrary intention appears—
“ additional benefits ” means the increase (if any) payable on or after the commencing day in the benefits payable to or in respect of a prescribed person, being the increase payable by virtue of section 48ac, 48ad, 123 or 125 of the superseded Act or, except where pension was not payable (other than by reason of pension having been suspended) to the prescribed person at the commencement of the Act, by virtue of section 48au of the superseded Act;
“ liability component ”, in relation to a prescribed person to whom, or in respect of whom, additional benefits were payable on the commencing day, means an amount equal to the sum of—
(a) the value of those prescribed benefits (calculated in accordance with actuarial principles and practice by the person for the time being performing the duties of the Australian Government Actuary), being prescribed benefits included in the additional benefits payable to or in respect of the prescribed person, that are payable on or after the commencing day to the person or persons to whom additional benefits were payable on that day; and
(b) the value of the benefits payable to or in respect of the prescribed person that were a charge upon the existing Fund immediately before that day;
“ pensioner component ”, in relation to a prescribed person to whom, or in respect of whom, additional benefits were payable on the commencing day, means that part of the value of the net assets of the existing Fund that the person
for the time being performing the duties of the Australian Government Actuary determines, in accordance with actuarial principles and practice, as being attributable to, or in relation to, that prescribed person;
“ prescribed benefits ” means that part of the additional benefits payable to or in respect of a prescribed person that would have been a charge on the existing Fund if the additional benefits had become payable before the commencing day;
“ prescribed person ” means a person, including a deceased per- son, who was a contributor for the purposes of the superseded Act and to whom, or in respect of whom, at the commencement of the Act, pension, other than a non-contributory pension, was payable or would, but for the pension having been suspended, have been payable under—
(a) the superseded Act; or
(b) section 10 of the Superannuation (Pension Increases) Act 1971.
(2) Where the liability component of a prescribed person to whom, or in respect of whom, additional benefits were payable on the commencing day is greater in value than his pensioner component, the prescribed benefits payable to or in respect of that person shall be taken by the person making the determination under sub-regulation (3) to be the prescribed benefits that would be so payable if—
(a) the liability component of the prescribed person were of the same value as his pensioner component; and
(b) the value of the benefits payable to or in respect of the prescribed person that were a charge upon the existing Fund immediately before the commencing day were unchanged.
(3) For the purposes of sub-section 176 (2) of the Act, prescribed benefits that the person for the time being performing the duties of the Australian Government Actuary determines, in accordance with actuarial principles and practice, would, on the commencing day, have been regarded as becoming payable to or in respect of each prescribed person on or after that day shall be treated as if they were a charge upon the existing Fund immediately before the commencing day.
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