Superannuation (CSS) Approved Authority Declaration No. 5

Overview

The Superannuation (CSS) Approved Authority Declaration No. 5 1991 No. 304, enacted under the authority of the Minister for Finance, aims to address the gap in the Superannuation Act 1976 by declaring the Land and Water Resources Research and Development Corporation and the Cotton Research and Development Corporation as approved authorities for the purposes of the Act. This declaration enables the employees of these corporations to remain or become members of the Commonwealth Superannuation Scheme (CSS). The Superannuation Act 1976 governs an occupational superannuation scheme for certain Commonwealth employees and other eligible persons, and the declaration under Section 4A of the Act allows the Minister for Finance to declare bodies as approved authorities. The policy objective of the declaration is to ensure that the staff of the newly established corporations can participate in the CSS, thus providing them with superannuation benefits aligned with the existing scheme.

Scope and Application

The Superannuation (CSS) Approved Authority Declaration No. 5, issued under the Superannuation Act 1976, designates the Land and Water Resources Research and Development Corporation and the Cotton Research and Development Corporation as approved authorities for the purposes of the Act. This designation ensures that employees of these corporations, established under the Primary Industries and Energy Research and Development Act 1989, can participate in the Commonwealth Superannuation Scheme (CSS). The Declaration enables these entities, which began employing staff in May and April 1991 respectively, to be recognised as approved authorities, thereby allowing their employees to remain in or join the CSS. The geographic and jurisdictional reach of this Declaration is limited to the Commonwealth level, aligning with the national scope of the Superannuation Act 1976. It is important to note that the Declaration itself does not introduce any exclusions or exemptions but rather extends the application of the Act to include these specific entities, subject to the terms and conditions outlined in the 1976 Act.

Key Provisions

The Superannuation (CSS) Approved Authority Declaration No. 5 (1991 No. 304) serves to formally declare the Land and Water Resources Research and Development Corporation and the Cotton Research and Development Corporation as approved authorities under the Superannuation Act 1976. This declaration is made in accordance with the provisions of the Act, particularly under paragraph (a) of the definition of "approved authority" in subsection 3(1) (subsection 3(1)). The purpose of this declaration is to allow employees of these two corporations to participate in the Commonwealth Superannuation Scheme (CSS) or transfer to the Public Sector Superannuation Scheme (PSS) if they choose. By declaring these corporations as approved authorities, the Declaration ensures that their employees are eligible to contribute to the CSS under the 1976 Act. The Land and Water Resources Research and Development Corporation is recognised as an approved authority from 6 May 1991, the date it commenced engaging employees, while the Cotton Research and Development Corporation is recognised from the date of gazettal of the Declaration, which is 1991. This declaration facilitates the continuity of superannuation arrangements for employees transitioning from other schemes to these newly declared approved authorities. Under this Declaration, the Land and Water Resources Research and Development Corporation and the Cotton Research and Development Corporation are now bound by the obligations and requirements outlined in the Superannuation Act 1976. These include ensuring compliance with the regulations governing the superannuation contributions and benefits for their employees. The Act mandates that approved authorities must adhere to the statutory provisions to facilitate the smooth administration of the superannuation schemes. The Act also imposes certain obligations on the employees of these corporations, such as the requirement to contribute to the superannuation scheme and to be aware of their options to remain in the CSS or transfer to the PSS. The Declaration aids in clarifying the eligibility and options available to these employees, thereby facilitating their participation in the superannuation arrangements. Failure to comply with the provisions of the Superannuation Act 1976, including the requirements set out in this Declaration, can result in various consequences. Offences under the Act may lead to civil or criminal penalties, depending on the nature and severity of the breach. The Act provides for penalties that can include fines and, in more serious cases, imprisonment. The exact penalties depend on the specific breach and the discretion of the court, but they are intended to enforce compliance with the superannuation requirements and protect the interests of the employees.