Superannuation Funds (Investment and Management) (Repeal) Statute 2014

Overview

The Australian National University Superannuation Funds (Investment and Management) (Repeal) Statute 2014 was enacted to address the need for updating the legal framework governing the investment and management of superannuation funds at the Australian National University (ANU). This statute repeals the existing Superannuation Funds (Investment and Management) Statute, which was previously in force under the Australian National University Act 1991. The repeal was necessitated by the transfer of the pension arrangements to, and subsequent administration by, UniSuper Ltd. The Statute was approved by the Council of the University during its meeting on 3 October 2014 and was subsequently overseen by the Corporate Governance and Risk Office on 7 October 2014. The primary policy objective was to ensure a seamless transition and continued effective management of the superannuation funds.

Scope and Application

The Australian National University Superannuation Funds (Investment and Management) (Repeal) Statute 2014 is a legislative instrument enacted under the authority of section 50 of the Australian National University Act 1991. Its primary purpose is to repeal the existing Superannuation Funds (Investment and Management) Statute, which previously governed the investment and management of superannuation funds associated with the Australian National University. The repeal is justified as the administration of these funds has now been transferred to, and is managed by, UniSuper Ltd. Consequently, the existing statutory framework is no longer applicable to the university’s superannuation funds. The statute does not incorporate any documents by reference and was approved by the Council of the University in its meeting on 3 October 2014. While the repeal focuses on the specific superannuation funds of the Australian National University, it does not explicitly outline exclusions or thresholds, suggesting a comprehensive application to the affected superannuation funds and related management arrangements.

Key Provisions

The Australian National University Superannuation Funds (Investment and Management) (Repeal) Statute 2014 (the "Statute") serves to repeal the existing Superannuation Funds (Investment and Management) Statute (sections 1-2). This repeal is necessary because the arrangements for the superannuation funds previously governed by the repealed statute have been transferred to, and are now administered by, UniSuper Ltd (section 2). The primary purpose of the Statute is to reflect the current administrative arrangements and to remove outdated legislation from the books (section 2). Under the repealed statute, there were specific provisions regarding the investment and management of superannuation funds for the Australian National University (section 1). These provisions would have required the establishment of certain funds, specified the types of investments permissible, and outlined the responsibilities of the fund managers. However, with the repeal of the statute, these obligations have been transferred to UniSuper Ltd, which now manages the superannuation arrangements in accordance with its own governing legislation and policies. The repeal of the Superannuation Funds (Investment and Management) Statute removes the specific obligations that were previously imposed on the Australian National University and its associated entities. These obligations included duties such as ensuring proper investment of superannuation funds, maintaining appropriate records, and reporting to relevant authorities (section 1). By repealing the statute, the Australian National University is no longer subject to these specific obligations, which are now managed by UniSuper Ltd. In terms of consequences for non-compliance, the repealed statute included provisions for offences and penalties related to breaches of the investment and management requirements. However, since these obligations have been transferred to UniSuper Ltd, any potential breaches of these requirements are now the responsibility of UniSuper Ltd, and any associated penalties would be imposed according to the laws governing UniSuper Ltd's operations (section 3). The maximum penalties for breaches under the repealed statute would no longer apply, as the relevant obligations and enforcement mechanisms are now governed by UniSuper Ltd's statutes and regulations.