EXPLANATORY STATEMENT
STATUTORY RULES 1987 NO 255
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 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.
Subsection 3(1) 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 Authorities) Regulations (the Principal Regulations).
Subsection 168(3) of the Act provides that regulations for the purposes of the “approved authority” definition made after 31 December 1978 may be expressed to have taken effect from and including a day not earlier than twelve months before the making of the regulations.
On 8 October 1987 the functions and staff of the Government Aircraft Factories were transferred to Aerospace Technologies of Australia Pty Ltd, a company incorporated on 3 December 1986 and which is wholly owned by the Commonwealth. Prior to the transfer, members of the staff of the Government Aircraft Factories were employed under either the Public Service Act 1922 or the Supply and Development Act 1939 and were therefore either required or eligible to be contributors under the Act.
It is intended that those transferees who were contributors under the Act immediately before 8 October 1987 shall have the option of either remaining contributors under the Act or joining a superannuation scheme established by Aerospace Technologies of Australia Pty Ltd. To enable such persons to remain contributors under the Act it was necessary for the Company to be specified as an approved authority for the purposes of the Act. The Company is a body of a kind described in the definition of “approved authority” in subsection 3(1) of the Act.
Regulation 2 of the Regulations amends the Principal Regulations to specify Aerospace Technologies of Australia Pty Ltd as an approved authority for the purposes of the Act. By regulation 1 of the Regulations, regulation 2 is deemed to have taken effect from and including 8 October 1987.