Superannuation (Productivity Benefit) Alternate Arrangements Declaration No. 4 1992 No. 366
EXPLANATORY STATEMENT
STATUTORY RULES 1992 No. 366
SUPERANNUATION (PRODUCTIVITY BENEFIT) ACT 1988
ISSUED BY THE AUTHORITY OF THE MINISTER FOR FINANCE
DECLARATION UNDER SUBSECTIONS 4A(1) AND 4A(2)
The Superannuation (Productivity Benefit) Act 1988 (the Act) provides the mechanism for the payment of productivity superannuation benefits to Commonwealth sector employees who have no other employer-sponsored superannuation coverage ("qualified employees").
The designated employers of qualified employees are required to pay to either the superannuation fund nominated by the Minister for Finance or a fund approved by the Minister periodic contributions based on the salary of the employee as well as a once only payment of any entitlements accrued under the Act in respect of service prior to the date when the employees joined the fund.
Subsection 4A(1) of the Act allows the Minister for Finance to declare that a specified class of employees, who are not members of the Commonwealth Superannuation Scheme or the Public Sector Superannuation Scheme, are not members of a fund approved under the Act.
Subsection 4A(2) of the Act allows the Minister for Finance to specify particular replacement superannuation arrangements to apply to declared classes of employees.
This declaration provides that two persons who are members of the Exclusive Brethren and who conscientiously object on religious grounds to membership of the funds approved under the Act are a declared class of persons who are not to be members of a fund approved under the Act. The declaration also provides that the superannuation benefits payable in accordance with the Act to the persons named in the schedule to the declaration must be paid into the superannuation funds named in the schedule which comply with the occupational Superannuation Standards.
The declaration takes effect from 1 July 1990.