Superannuation (Former HLIC Employees) Regulations (Amendment) 1993 No. 350
EXPLANATORY STATEMENT
STATUTORY RULES 1993 No. 350
Issued by the authority of the Minister for Finance
Superannuation Act 1976
Superannuation (Former HLIC Employees) Regulations (Amendment)
The Superannuation Act 1976 (the 1976 Act) makes provision for and in relation to an occupational superannuation scheme for Commonwealth employees and for certain other persons. Persons who are contributors to that scheme are referred to in the 1976 Act as eligible employees.
Section 168 of the 1976 Act provides that the Governor-General may make regulations for the purposes of the Act.
Section 155B of the 1976 Act enables the Act to be modified by regulations in relation to a person:
(a) who ceases to be an eligible employee because his or her position ceases to exist because of the sale or transfer of his or her employer's organisation or function; and
(b) who has been offered equivalent employment by the purchaser or transferee.
The only regulations made so far for the purposes of section 155B are contained in the Superannuation (Former HLIC Employees) Regulations (the Principal Regulations). Those Regulations modify the 1976 Act in relation to employees of the Housing Loans Insurance Corporation who cease to be eligible employees on the sale of the Corporation. One of those modifications is the insertion, at the end of section 58, of a new subsection 58(5).
The Superannuation Legislation Amendment Act 1992 (the Amending Act) amended the 1976 Act to provide for additional benefits in certain limited circumstances that are required as a result of the Superannuation Guarantee (Administration) Act 1992 and to provide for certain other changes to Commonwealth superannuation schemes. The Amending Act amended the 1976 Act by adding a new subsection 58(5) to that Act.
The amending Regulations amend the Principal Regulations, as a consequence of the amendments contained in the Amending Act, by renumbering the provision referred to in the Principal Regulations as subsection 58(5). That provision is now referred to as subsection 58(6).
The amendment commences on gazettal.
Overview
The Superannuation (Former HLIC Employees) Regulations (Amendment) 1993 No. 350 were enacted to address specific regulatory modifications arising from the Superannuation Legislation Amendment Act 1992. This amendment aimed to align the Superannuation (Former HLIC Employees) Regulations with the updated legislative framework established by the Amending Act. By renumbering a specific subsection, the Regulations ensure that the existing modifications concerning former employees of the Housing Loans Insurance Corporation are consistent with the new legislative provisions. This amendment was issued under the authority of the Minister for Finance and was designed to maintain the integrity and functionality of the superannuation scheme for former employees amidst legislative changes. The Superannuation Act 1976, as amended, provides the legislative basis for these regulations, ensuring that eligible employees receive appropriate superannuation benefits following changes in their employment status.
Scope and Application
The Superannuation (Former HLIC Employees) Regulations (Amendment) 1993 applies to employees who cease to be eligible for the Commonwealth occupational superannuation scheme due to the sale or transfer of their employer's organisation or function, and who have been offered equivalent employment by the purchaser or transferee. This regulation pertains specifically to former employees of the Housing Loans Insurance Corporation, aligning with the modifications introduced under the Superannuation Legislation Amendment Act 1992. The primary purpose is to ensure that these employees receive appropriate superannuation benefits despite the changes in their employment status. The amendments made by this regulation update the references within the Principal Regulations to reflect changes introduced by the Amending Act, ensuring consistency and alignment with the current legislative framework. The amendments are effective from the date of their gazette.
Key Provisions
The Superannuation (Former HLIC Employees) Regulations (Amendment) 1993 No. 350 (the amending Regulations) modify the Superannuation (Former HLIC Employees) Regulations (the Principal Regulations) to align with changes made by the Superannuation Legislation Amendment Act 1992 (the Amending Act). Specifically, section 155B of the Superannuation Act 1976 (the 1976 Act) enables the Act to be modified by regulations in relation to former employees of the Housing Loans Insurance Corporation (HLIC) who lose their eligibility due to the sale or transfer of their employer's organisation or function and who have been offered equivalent employment by the purchaser or transferee. The Principal Regulations currently include a provision at the end of section 58, referred to as subsection 58(5), which is now renumbered as subsection 58(6) under the amending Regulations.
The obligations and requirements imposed by these regulations primarily concern the administration and modification of superannuation benefits for former HLIC employees. Under the Principal Regulations, these employees are entitled to certain benefits upon the cessation of their eligibility due to the sale or transfer of their employer's organisation or function. The amending Regulations ensure that these entitlements are updated in line with the changes introduced by the Amending Act. This includes renumbering the relevant provision in the Principal Regulations to reflect the new subsection 58(6) of the 1976 Act. The regulations require that the benefits for these employees be administered in accordance with the updated legal framework, ensuring that they receive the benefits they are entitled to under the modified provisions.
There are no specific offences or penalties mentioned in the amending Regulations themselves; however, the overarching 1976 Act and the Amending Act provide for potential penalties and consequences for non-compliance. Under the 1976 Act, there are provisions for penalties and enforcement actions for breaches of the Act or regulations made under it. For example, breaches of the Act may result in fines or other penalties as prescribed by law. The precise penalties would depend on the nature and severity of the breach, and the specific provisions of the 1976 Act and any related regulations. It is important for entities and individuals governed by these regulations to comply with the requirements to avoid any potential penalties or legal consequences.