EXPLANATORY STATEMENT
STATUTORY RULES 1990 NO 411
ISSUED BY THE AUTHORITY OF THE MINISTER FOR FINANCE
SUPERANNUATION ACT 1990
DECLARATION UNDER PARAGRAPH (b) OF THE DEFINITION OF “APPROVED AUTHORITY” IN SECTION 3
The Superannuation Act 1990 (the Act) provides for a new superannuation scheme (the PSS Scheme) for Commonwealth employees and certain other persons to operate from 1 July 1990.
Persons eligible to become members of the PSS Scheme include certain persons employed by a body or authority which is an approved authority for the purposes of the Act. In accordance with section 3 of the Act, an approved authority includes an authority or body declared by the Minister for Finance to be an approved authority for the purposes of the Act, being an authority or body of a kind described in the definition.
In accordance with section 45 of the 1990 Act, a declaration for the purposes of paragraph (b) of the “approved authority” definition is to be a disallowable instrument for the purposes of section 46A of the Acts Interpretation Act 1901 and a Statutory Rule for the purposes of the Statutory Rules Publication Act 1903.
The Rural Industries Research and Development Corporation was established by the Primary Industries and Energy Research and Development Act 1989 on 1 July 1990. It is a body corporate with power to engage employees necessary for the performance of its functions. The Corporation commenced engaging employees from 1 August 1990.
The Corporation is a body of a kind described in the definition of approved authority in section 3 of the Act. It is appropriate that the Corporation be declared to be an approved authority for the purposes of the Act to enable the Corporation’s staff to remain or become members of the PSS Scheme.
The Declaration contained in the Statutory Rule, and cited as Superannuation (PSS) Approved Authority Declaration No 1, declares the Rural Industries Research and Development Corporation to be an approved authority for the purposes of the 1990 Act.
The Declaration is taken to have had effect from and including 1 August 1990.
Overview
The Superannuation Act 1990, enacted to establish a new superannuation scheme (the PSS Scheme) for Commonwealth employees and certain other persons, aims to address the gap in retirement savings for these groups. The Act was introduced by the Parliament of Australia and its policy objective is to ensure that Commonwealth employees and specified others have access to a superannuation scheme that provides for their retirement savings. This legislation was necessary to formalise a structured retirement savings plan for these groups, which was previously lacking. The explanatory statement pertains to Statutory Rules 1990 No. 411, issued under the authority of the Minister for Finance, which includes a declaration to recognise the Rural Industries Research and Development Corporation as an approved authority. This declaration allows the Corporation's staff to join or remain in the PSS Scheme, effective from 1 August 1990.
Scope and Application
The Superannuation Act 1990 establishes a new superannuation scheme, the PSS Scheme, for Commonwealth employees and certain other individuals, effective from 1 July 1990. This Act provides the framework for what constitutes an "approved authority," defined in section 3, and allows the Minister for Finance to declare certain bodies or authorities as approved authorities. This declaration enables the employees of these approved authorities to join or remain members of the PSS Scheme. The Rural Industries Research and Development Corporation, established under the Primary Industries and Energy Research and Development Act 1989, was declared an approved authority through a Statutory Rule, which took effect from 1 August 1990. This allows the employees of the Corporation to benefit from the PSS Scheme. The Declaration, known as Superannuation (PSS) Approved Authority Declaration No 1, is a disallowable instrument under the Acts Interpretation Act 1901 and a Statutory Rule under the Statutory Rules Publication Act 1903. The Act's scope and application are thus extended through these subordinate instruments to include specific entities like the Rural Industries Research and Development Corporation.
Key Provisions
The primary sections of the Superannuation Act 1990, particularly section 3, define the criteria for an "approved authority," which are bodies or authorities that can participate in the new superannuation scheme (PSS Scheme). Section 45 of the Act mandates that a declaration of an approved authority, such as the one for the Rural Industries Research and Development Corporation (RIRDC), is to be a disallowable instrument under the Acts Interpretation Act 1901 and a Statutory Rule under the Statutory Rules Publication Act 1903. This means that the declaration has legal force but can be annulled by a resolution of either House of Parliament.
The obligations imposed by the Act on parties or entities it governs include ensuring that eligible persons can become or remain members of the PSS Scheme. For entities like the RIRDC, this means that once declared an approved authority, they must comply with the Act's provisions to maintain the superannuation scheme eligibility for their employees. This includes adhering to the requirements set out in section 3 of the Act, which involves ensuring that the entity is of the kind described in the definition of an approved authority and has engaged employees.
In terms of consequences for non-compliance, while the explanatory statement does not detail specific offences, penalties, or civil or criminal consequences, breaches of statutory obligations under the Superannuation Act 1990 could result in various penalties. These might include financial penalties, enforcement actions, or other legal consequences as provided by the Act or related legislation. The exact nature of these consequences would depend on the specifics of the breach and the provisions of the Act.