EXPLANATORY STATEMENT
STATUTORY RULES 1987 NO 41
ISSUED BY THE AUTHORITY OF THE MINISTER FOR FINANCE
SUBJECT: SUPERANNUATION ACT 1976 - SUPERANNUATION (APPROVED AUTHORITIES) REGULATIONS (AMENDMENT)
Section 168 of the Superannuation Act 1976 (the Act) provides that the Governor-General may make regulations, not inconsistent with the Act, prescribing all matters which the Act requires or permits to be prescribed or which are necessary or convenient to be prescribed for carrying out or giving effect to the Act.
The Act makes provision for and in relation to an occupational superannuation scheme for persons employed by the Commonwealth and for certain other persons.
By virtue of the definitions of “eligible employee”, “permanent employee” and “temporary employee” in sub-section 3(1) of the Act, those eligible to contribute under the Act are officers and employees for the purposes of the Public Service Act 1922, any other persons employed by the Commonwealth and persons employed by an approved authority.
Section 3 defines “approved authority” as:
(a) an authority or other body specified in the regulations as an approved authority for the purposes of the Act, being an authority or body of a kind described in the definition; or
(b) an authority or body that was an approved authority for the purposes of the Superannuation Act 1922 immediately before 1 July 1976, the date of commencement of the Act.
Authorities or bodies that have become approved authorities since 1 July 1976 are specified in the Superannuation (Approved Authorities) Regulations.
The Superannuation Fund Investment Trust (the Trust) is a body corporate and was established by section 28 of the Act on 1 July 1976. Since that date staff of the Trust have been employed as officers or employees under the Public Service Act 1922 and are officers or employees of the Department of Finance attached to the Trust. Section 24 of the Superannuation Legislation Amendment Act 1986 (Act No 80 of 1986) inserted in the Act provision, in section 44A, for the Trust to appoint such officers and engage such staff as are necessary for the performance of its functions and duties and the exercise of its powers. The existing staff are to have the option of accepting offers of employment with the Trust under section 44A of the Act or of returning to the Department of Finance.
For staff of the Trust appointed or engaged under section 44A of the Act to be entitled to contribute for, and receive, benefits under the Act it is necessary for the Trust to be specified as an approved authority for the purposes of the Act. The Trust is a body of a kind described in the “approved authority” definition in sub-section 3(1) of the Act and it is appropriate that it be specified as an approved authority.
The Regulations amend the Superannuation (Approved Authorities) Regulations to specify the Superannuation Fund Investment Trust as an approved authority as provided for by section 3 of the Act. The Regulations operate from the date of the gazettal.