Superannuation (Former Eligible Employees) Regulations (Amendment) 1992 No. 271
EXPLANATORY STATEMENT
STATUTORY RULES 1992 No. 271
Issued by authority of the Minister for Finance
Superannuation Act 1976
Superannuation (Former Eligible Employees) Regulations (Amendment)
The Superannuation Act 1976 (the Act) makes provision for and in relation to an occupational superannuation scheme for certain Commonwealth employees and other persons.
Section 168 of the Act provides that the Governor-General may make regulations for the purposes of the Act.
The regulations provide the option to employees of Australian and Overseas Telecommunications Corporation (AOTC) to elect to transfer to the Telecom Superannuation Scheme during the period 27 August 1992 to 26 December 1992. This reopening of transfers is in addition to the period specified in Statutory Rule 1990/141 and will take to 12 months the total period in which eligible ex-Telecom employees may elect to transfer to the Telecom Superannuation Scheme. The 12 month period equates with the period in which eligible employees could elect to transfer to other new public sector superannuation schemes. The reopening will also give ex-OTC employees an opportunity to transfer to the Telecom Superannuation Scheme as the main AOTC superannuation scheme.
The regulations also amend Statutory Rules 1991 No.445, Superannuation (Former Eligible Employees) Regulations (Amendment) to correct a reference to the amended title of the Repatriation institutions (Transfer) Act 1992. This amendment is technical in nature and does not affect the provisions made in Statutory Rules 1991 No.445.
Regulation 1 identifies the Superannuation (Former Eligible Employees) Regulations as the regulations being amended.
Regulation 2 provides that the new regulation 9A will apply in respect of certain employees of Australian and Overseas Telecommunications Corporation who become members of the Telecom Superannuation Scheme from 27 August 1992 to 26 December 1992.
Regulation 3 amends the heading of schedule 5 to reflect the application of the proposed regulations.
Regulation 4 changes the reference in paragraph 139(2A)(b) inserted by Schedule 9 of the Regulations (modifications in respect of transfers from Repatriation Institutions to the States) to the correct title, as amended, of the Repatriation Institutions (Transfer) Act 1992. This amendment is not related to the reopening of transfers to the Telecom Superannuation Scheme.
The Regulations will commence on gazettal.
Overview
The Superannuation (Former Eligible Employees) Regulations (Amendment) 1992 No. 271 amends the Superannuation (Former Eligible Employees) Regulations under the Superannuation Act 1976. The objective of this amendment is to provide an additional opportunity for employees of the Australian and Overseas Telecommunications Corporation (AOTC) to transfer to the Telecom Superannuation Scheme. The amendment extends the transfer period from 27 August 1992 to 26 December 1992, aligning it with the period available for transfers to other new public sector superannuation schemes. This measure aims to ensure that eligible ex-Telecom employees have a total of 12 months to elect to transfer to the Telecom Superannuation Scheme. Additionally, the amendment corrects a technical error in the reference to the amended title of the Repatriation Institutions (Transfer) Act 1992, without affecting the provisions made in previous regulations. The regulations will come into effect upon gazettal.
Scope and Application
The Superannuation (Former Eligible Employees) Regulations (Amendment) 1992 No. 271, issued under the authority of the Minister for Finance, amends the Superannuation (Former Eligible Employees) Regulations to provide additional opportunities for former employees of the Australian and Overseas Telecommunications Corporation (AOTC) to transfer to the Telecom Superannuation Scheme. Specifically, these regulations extend the period from 27 August 1992 to 26 December 1992 during which former AOTC employees can elect to transfer to the Telecom Superannuation Scheme. This amendment ensures that the total period for such transfers aligns with the 12-month window available for transfers to other new public sector superannuation schemes, thereby offering a consistent opportunity for former Telecom employees to transition to the Telecom Superannuation Scheme. Furthermore, the regulations correct a technical error in the reference to the amended title of the Repatriation Institutions (Transfer) Act 1992, without affecting the provisions of the earlier regulations. These changes are designed to streamline the transfer process and provide clarity and fairness in superannuation arrangements for former AOTC employees.
Key Provisions
The Superannuation (Former Eligible Employees) Regulations (Amendment) 1992 No. 271 provides an additional opportunity for employees of the Australian and Overseas Telecommunications Corporation (AOTC) to transfer to the Telecom Superannuation Scheme. According to section 168 of the Superannuation Act 1976, the Governor-General may make regulations for the purposes of the Act. Regulation 2 of these amendments establishes that a new regulation, 9A, will apply to certain employees of AOTC who become members of the Telecom Superannuation Scheme between 27 August 1992 and 26 December 1992. This extends the transfer period beyond the initial one specified in Statutory Rule 1990/141, bringing the total transfer period to 12 months. This period aligns with the timeframe during which eligible employees can transfer to other new public sector superannuation schemes, providing a standardised opportunity for ex-Telecom employees.
The amendments impose specific obligations on the employees of AOTC who are eligible to transfer to the Telecom Superannuation Scheme during the specified period. They must elect to transfer within the given timeframe, which is now extended from 27 August 1992 to 26 December 1992. This ensures that they can take advantage of the opportunity to become members of the Telecom Superannuation Scheme. Additionally, the amendments require that the scheme's administrators handle these new transfers according to the existing rules and conditions, ensuring that the transition is smooth and compliant with the Act.
The Superannuation (Former Eligible Employees) Regulations (Amendment) 1992 No. 271 does not explicitly state any offences, penalties, or civil or criminal consequences for non-compliance with the regulations. However, failure to comply with the transfer period or the regulations could potentially lead to disputes or legal challenges. Given the legislative framework, it is important for the affected parties to adhere to the specified timelines and conditions to avoid any potential legal issues. The regulations are intended to provide a clear and straightforward process for transferring to the Telecom Superannuation Scheme, ensuring that eligible employees can make informed decisions about their superannuation arrangements.