EXPLANATORY STATEMENT
STATUTORY RULES 1989 NO 38
ISSUED BY THE AUTHORITY OF THE MINISTER FOR FINANCE
SUBJECT: SUPERANNUATION ACT 1976
SUPERANNUATION (APPROVED AUTHORITIES) REGULATIONS (AMENDMENT)
The Superannuation Act 1976 (the Act) makes provision for and in relation to an occupational superannuation scheme for persons employed by the Commonwealth and for certain other persons.
Section 168 of 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.
By virtue of the definitions of “eligible employee”, “permanent employee” and “temporary employee” in subsection 3(1) of the Act, those required or eligible to contribute under the Act include 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 of the Act 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 Athorities) Regulations (the Principal Regulations).
The Overseas Telecommunications Commission (Australia) (OTC) is an approved authority for the purposes of the Act. Section 11 of the OTC (Conversion into Public Company) Act 1988 provides for OTC to be taken to be a company registered under the name OTC Limited (the Company). In accordance with subsection 2(3) of that Act, section 11 is to come into operation on a day to be fixed by proclamation. Persons who are staff members of OTC immediately before it is taken to be registered as a company will continue to be employed by the Company.
It is appropriate that the Company be specified as an approved authority so that those staff of OTC who are contributors under the Act and who become employees of the Company on the commencement day will be eligible to continue contributing under the Act. It will also enable certain new staff of the Company to contribute under the Act.
Regulation 2 of the Regulations amends the Principal Regulations to specify OTC Limited as an approved authority for the purposes of the Act. By regulation 1 of the Regulations, regulation 2 will operate on and from the date on which section 11 of the OTC (Conversion into Public Company) Act 1988 comes into operation.