Superannuation (CSS) Approved Authority Declaration No. 10 1992 No.
185
EXPLANATORY STATEMENT
STATUTORY RULES 1992 No. 185
ISSUED BY THE AUTHORITY OF THE MINISTER FOR FINANCE
SUPERANNUATION ACT 1976 DECLARATION UNDER PARAGRAPH (a) OF THE DEFINITION OF "APPROVED AUTHORITY" IN SUBSECTION 3 (1)
The Superannuation Act 1976 (the 1976 Act) makes Provision for and in relation to an occupational superannuation scheme (the CSS) for certain Commonwealth employees and other persons.
The Superannuation Act 1990 provides for a new superannuation scheme (the PSS scheme) for Commonwealth employees which came into operation on 1 July 1990. Members of the CSS had the option of remaining-members of that scheme or of transferring to the PSS.
Persons eligible to contribute under the 1976 Act include certain persons employed by an approved authority. in accordance with paragraph (a) of the definition of "approved authority" in subsection 3(1) of that Act, an approved authority includes an authority or other body declared by the minister for Finance to be an approved authority for the purposes of the Act, being an authority or body of a kind described in the definition.
Section 4A of the 1976 Act provides that such a declaration is a disallowable instrument for the purposes of section 46A of the Acts Interpretation Act 1901 and a Statutory Rule for the purposes of the Statutory Rules Publication Act 1903.
The Construction Industry Development Agency was established by the Construction Industry Reform and Development Act 1992 on 1 July 1992 as a body corporate with power to engage employees necessary for the performance of its functions.
The Construction Industry Development Agency is a body of a kind described in the definition of approved authority in subsection 3(1) of the 1976 Act. It is appropriate that the body be declared to be an approved authority for the purposes of that Act to enable its employees to remain or become members of the CSS.
The Declaration contained in the Statutory Rule, and cited as Superannuation (CSS) Approved Authority Declaration No. 10, declares the Construction Industry Development Agency to be an approved authority for the purposes of the 1976 Act with effect from the date of gazettal.
Overview
The Superannuation (CSS) Approved Authority Declaration No. 10, issued under the authority of the Minister for Finance, was enacted in 1992 to address the need for certain bodies to be recognised as approved authorities for the purposes of the Superannuation Act 1976. This legislative instrument responds to the establishment of the Construction Industry Development Agency (CIDA) as a corporate body with the capacity to employ staff, as per the Construction Industry Reform and Development Act 1992. The policy objective is to ensure that employees of the CIDA can remain members of the Commonwealth Superannuation Scheme (CSS) or transfer to the Public Sector Superannuation Scheme (PSS), thereby providing them with the same superannuation benefits as other Commonwealth employees. The Superannuation Act 1976 defines "approved authority" to include bodies declared by the Minister for Finance, and this declaration aims to align the CIDA within this framework.
Scope and Application
The Superannuation (CSS) Approved Authority Declaration No. 10, issued under the Superannuation Act 1976, declares the Construction Industry Development Agency to be an approved authority. This declaration enables employees of the Construction Industry Development Agency to remain or become members of the Commonwealth Superannuation Scheme (CSS). The 1976 Act provides for an occupational superannuation scheme for certain Commonwealth employees and other persons, and an approved authority is defined as a body declared by the Minister for Finance. The Construction Industry Development Agency, established by the Construction Industry Reform and Development Act 1992, is deemed to be a body of a kind described in the definition of approved authority under the 1976 Act, thus qualifying it to be declared as such. This allows the employees of the Construction Industry Development Agency to be eligible for the CSS. The declaration operates from the date of its gazettal, and the relevant statutory rules and instruments facilitate its implementation and operation within the legislative framework.
Key Provisions
The Superannuation (CSS) Approved Authority Declaration No. 10, issued under the Superannuation Act 1976, serves to designate the Construction Industry Development Agency as an approved authority for the purposes of that Act (Section 4A). This declaration, which came into effect on 1 July 1992, allows employees of the Construction Industry Development Agency to participate in the Commonwealth Superannuation Scheme (CSS) by either remaining members or transferring from the Public Sector Superannuation Scheme (PSS). This statutory rule aims to ensure that the Construction Industry Development Agency is recognised as a body that meets the criteria outlined in the definition of an approved authority in subsection 3(1) of the 1976 Act.
The declaration imposes specific obligations on the Construction Industry Development Agency, including compliance with the requirements of the 1976 Act and any other relevant legislation pertaining to the CSS. This involves ensuring that contributions are made on behalf of eligible employees, maintaining records of these contributions, and adhering to any other administrative duties specified by the Act. The Construction Industry Development Agency, as an approved authority, must also ensure that its employees are informed of their options regarding superannuation schemes and facilitate any necessary transfers between schemes.
Failure to comply with the provisions of the Superannuation Act 1976 can result in significant consequences. Offences under this Act may include the non-payment of required contributions, failure to provide necessary information, or any other breach of the statutory obligations. Penalties for such breaches can be substantial and may include fines or other financial penalties as prescribed by the Act. Additionally, civil or criminal proceedings may be initiated against individuals or the agency itself for non-compliance, which could further exacerbate the financial and reputational damage. The specific penalties, including maximum fines, are detailed within the Act and may vary depending on the nature and severity of the breach.