explanatory statement
SUPERANNUATION (PRODUCTIVITY BENEFIT) ACT 1988
ISSUED BY THE AUTHORITY OF THE MINISTER FOR FINANCE AND ADMINISTRATION
DECLARATION UNDER SUBSECTION 4C(1)
APPROVED FUNDS
The Superannuation (Productivity Benefit) Act 1988 (the PB Act) provides the mechanism by which the Superannuation Guarantee (SG) minimum employer superannuation support is made available to Australian Government sector employees (and certain other employees) who have no other employer-sponsored superannuation cover. Prior to 1 July 1992, the PB Act provided productivity superannuation to these employees.
Since 1 July 1990, the designated employers of employees covered by the PB Act arrangements have been required to pay periodic contributions in respect of those employees to a superannuation fund nominated or approved by the Minister for Finance and Administration. Where the employee is eligible, contributions may be paid to another regulated superannuation fund as defined by the Superannuation Industry (Supervision) Act 1993.
Subsection 4C(1) of the PB Act enables the Minister to declare a superannuation fund to be an approved fund for the purposes of the PB Act. Section 4D of the PB Act provides that the Minister is not to declare a superannuation fund to be an approved fund unless the fund is a complying fund within the meaning of Part IX of the Income Tax Assessment Act 1936.
Earlier declarations of approved funds were reviewed and due to a number of changes the need for a new declaration was identified. Details of these changes are set out in the Attachment.
This Declaration cited as the Superannuation (Productivity Benefit) (Approved Funds) Declaration 2004 revokes all previous declarations made under subsection 4C(1) of the PB Act. Seven superannuation funds are declared to be approved funds:
1) Australian Retirement Fund
2) Construction and Building Unions Superannuation Fund
3) Health Employees Superannuation Trust Australia
4) JUST SUPER
5) Labour Union Co-operative Retirement Fund
6) Superannuation Trust of Australia
7) TWU Superannuation Fund
These superannuation funds have previously been declared to be approved funds and continue to be active. All funds included in the list of approved funds are complying funds in accordance with section 4D of the PB Act. This declaration has no effect on the current or future membership of these superannuation funds. No new approved funds have been declared.
The Declaration commences on gazettal.
ATTACHMENT
CHANGES TO EARLIER DECLARATIONS OF APPROVED FUNDS
Past Superannuation Funds Declared to be Approved Funds | Changes | New List of Approved Funds |
Australian Retirement Fund | No change. | Australian Retirement Fund |
CANPLAN Multi-Industry Superannuation Plan | Taken over by the Australian Superannuation Trust, which in turn merged with the Australian Retirement Fund. |
|
Building Union Superannuation Fund | Taken over by the Construction and Building Unions Superannuation Fund. | Construction and Building Unions Superannuation Fund |
Health Employees Superannuation Trust Australia | No change. | Health Employees Superannuation Trust Australia |
Joint Entertainment Superannuation Trust | Taken over by JUST SUPER. |
|
Journalists Union Superannuation Trust | Changed name to JUST SUPER. | JUST SUPER |
Labour Unions Co-operative Retirement Trust | Changed name to Labour Union Co-operative Retirement Fund. | Labour Union Co-operative Retirement Fund |
Professional Employees Superannuation Fund of Australia | Wound up and replaced by the Association of Professional Engineers Scientists and Managers of Australia Superannuation Plan, which is part of a master trust within MLC MasterKey Business Super and as such is not an actual fund and therefore does not have complying fund status. Only complying funds may be approved funds. |
|
Superannuation Trust of Australia | No change. | Superannuation Trust of Australia |
Transport Workers Superannuation Fund | Changed name to TWU Superannuation Fund. | TWU Superannuation Fund |