Superannuation Legislation Amendment Act 1991
No. 130 of 1991
TABLE OF PROVISIONS
PART 1—PRELIMINARY
Section | |
1. | Short title |
2. | Commencement |
| PART 2—AMENDMENTS OF THE SUPERANNUATION ACT 1976 |
3. | Principal Act |
4. | Interpretation |
5. | Meaning of “re-employed former contributor with preserved rights” |
6. | Retirement on ground of invalidity |
7. | Sections 11 and 13 not applicable to certain persons employed on or after 1 July 1990 |
8. | Statutory office holders |
9. | Persons excluded from definition of “eligible employee” |
10. | Medical examination, and issue of benefit classification certificate, on becoming eligible employee |
11. | Benefit event happening before section 16 procedures completed |
12. | Commissioner for Superannuation |
13. | Functions |
14. | Indemnification of members of the Board |
15. | Decreases in salary |
16. | Leave of absence without pay |
17. | Interpretation |
18. | Repeal of section and substitution of new section: |
| 54g. Board to seek recommendations |
19. | Board to decide whether to approve retirement |
20. | Determination of requests, payments and rehabilitation programs to be in accordance with the Rules for the administration of the Superannuation (1990) Scheme |
21. | Repeal of Division |
TABLE OF PROVISIONS—continued
Section | |
22. | Entitlement to age retirement benefit |
23. | Entitlement to early retirement benefit |
24. | Election for lump sum benefit in case of involuntary retirement |
25. | Election to commute |
26. | Reduction of invalidity pensions because of earnings |
27. | Insertion of new section: |
| 73b. Reduction of invalidity pensions because of pre-assessment payments |
28. | Entitlement to spouse’s benefit on death of pensioner |
29. | Repeal of Division and substitution of new Division: |
| Division 5—Miscellaneous |
| 109ab. Eligible employee or retirement pensioner survived by one spouse and child not in the custody, care and control of the spouse |
| 110. Eligible employee or retirement pensioner survived by more than one spouse |
| 110ab. Spouse’s pension to be increased in certain circumstances |
30. | Insertion of new section: |
| 110ea. Interest payable to employer in certain circumstances |
31. | Repayment of interim benefits |
32. | Payments of certain benefits to Fund by new productivity employees |
33. | Productivity benefit |
34. | Accumulated employer contributions |
35. | Payment of productivity benefit |
36. | Insertion of new Part: |
| PART VIb—POSTPONEMENT OF BENEFITS OF RETIREMENT PENSIONERS |
| 110t. Circumstances in which benefits may be postponed |
| 110ta. Effect of election |
| 110tb. Date on which postponed benefits become payable |
| 110tc. Rates of pension after postponement of payment |
| 110td. Application of Parts VI and VIa in relation to postponed benefits |
| 110te. Election by spouse to commute |
| 110tf. Payment of lump sum benefit to orphan |
| 110tg. Effect of election on benefits already paid |
37. | Payment of accumulated contributions where no other benefit payable etc. |
38. | Payments into and out of Consolidated Revenue Fund |
39. | Instalments of pension |
40. | Payment of part of a spouse’s pension etc. attributable to children |
41. | Payment of orphan benefit |
42. | Transfer value payable in respect of previous employment |
43. | Payment of transfer values to Commissioner |
44. | Insertion of new section: |
| 1 |
Overview
The Superannuation Legislation Amendment Act 1991 (No. 130 of 1991) was enacted by the Parliament of Australia to amend certain Acts relating to superannuation and address gaps in existing legislation. The Act focuses on refining the eligibility criteria, benefit provisions, and administrative processes within the superannuation framework. Key changes include adjustments to the eligibility for superannuation benefits, modifications to the conditions under which benefits may be postponed, and updates to the administrative procedures and oversight mechanisms. The policy objective behind these amendments is to ensure the superannuation system remains fair, efficient, and responsive to the changing needs of the workforce, particularly in terms of retirement planning and benefit distribution.
Scope and Application
The Superannuation Legislation Amendment Act 1991 applies to superannuation laws and regulations in Australia, with amendments to the Superannuation Act 1976, Superannuation Act 1990, Superannuation Benefits (Supervisory Mechanisms) Act 1990, and Superannuation (Productivity Benefit) Act 1988. The Act applies to individuals who are eligible employees, retirement pensioners, and other related persons, as well as statutory office holders, and those who have made an election under section 6a of the Superannuation Act 1990. The Act applies to all jurisdictions in Australia, including Commonwealth, state, and territory levels.
The Act introduces changes to the eligibility criteria for benefits, including amendments to the definition of “eligible employee” and the circumstances under which benefits may be payable. It also modifies the conditions for retirement on the ground of invalidity, decreases in salary, and leave of absence without pay. Furthermore, the Act revises the functions of the Board, indemnification of members of the Board, and the process for reconsidering decisions made by the Board.
The Act also addresses the payment of benefits, including the postponement of benefits for retirement pensioners, the payment of accumulated contributions, and the payment of productivity benefits. It modifies the process for transferring values and the payment of transfer values to the Commissioner.
Subordinate instruments, such as regulations, may extend or restrict the application of this Act. These regulations may include provisions related to medical examinations, benefit classification certificates, and the loss of entitlement to benefits.
Key Provisions
- The Superannuation Legislation Amendment Act 1991 primarily amends the Superannuation Act 1976 and the Superannuation Act 1990, introducing several key provisions. The Act defines terms such as "eligible employee" and "eligible superannuation schemes" and modifies the eligibility criteria for retirement benefits, medical examination requirements, and the conditions for statutory office holders. It also introduces provisions for the deferral of benefits, the postponement of benefits for retirement pensioners, and changes the mechanism for calculating certain pension benefits. Additionally, the Act establishes new procedures for the review of decisions made by the Board and introduces provisions for transfers to approved and authorised superannuation schemes.
- Parties governed by this Act, such as eligible employees and employers, are subject to specific obligations. Eligible employees must adhere to the medical examination and benefit classification certificate requirements, while employers are mandated to make contributions to the Superannuation Fund for their employees. The Board is responsible for managing and investing the Superannuation Fund and making decisions regarding the retirement of eligible employees.
- Failure to comply with the provisions of the Act can result in various penalties and civil consequences. For example, employers who fail to make the required contributions to the Superannuation Fund may be subject to fines or other penalties as prescribed by the regulations. Similarly, eligible employees who fail to comply with medical examination requirements may be ineligible for certain benefits. The Act also includes provisions for the reimbursement of interim benefits and the payment of certain benefits to the Fund by new productivity employees.
- The Act specifies certain offences and penalties. For instance, any person who knowingly makes a false statement in connection with a benefit application may be liable for a penalty. Additionally, the Act includes provisions for the reimbursement of interim benefits and the payment of certain benefits to the Fund by new productivity employees. The maximum penalties for offences under the Act are not explicitly stated but are generally determined by the severity of the offence and the applicable laws.
- Area of Law
- Superannuation Law
- Instrument
- Act
- Concepts
- Commencement Provisions
- Repeal & Amendment
- Transitional Provisions
- Licensing & Registration
- Enforcement Powers
- Compliance Obligations
- Regulatory Standards
