Overview

The Superannuation (PSS) Approved Authority Inclusion Amendment Declaration 2009 (No. 1) was enacted to address the issue arising from the merger of Health Services Australia Limited with Medibank Private Limited. Effective from 1 April 2009, this legislative instrument amends the Superannuation (PSS) Approved Authority Inclusion Declaration 1995 by removing Health Services Australia Limited from the list of approved authorities under the Superannuation Act 1990. This ensures that Health Services Australia Limited ceases to be an approved authority post-merger, aligning with the fact that Medibank Private Limited, which is not an approved authority, is set to become its parent company. The changes do not impact the superannuation arrangements for existing Health Services Australia Limited employees, who will retain their PSS membership under the Superannuation (PSS) Membership Inclusion Amendment Declaration 2009 (No. 1). The Declaration was issued under the authority of the Minister for Superannuation and Corporate Law, acting on behalf of the Minister for Finance and Deregulation, and is a legislative instrument pursuant to the Legislative Instruments Act 2003.

Scope and Application

The Superannuation (PSS) Approved Authority Inclusion Amendment Declaration 2009 (No. 1) pertains to the Superannuation Act 1990, which governs the Public Sector Superannuation Scheme (PSS) for Australian Government employees and certain other individuals. Specifically, this legislation addresses the classification of "approved authorities" under the 1990 Act, which include entities declared by the Minister to be eligible for the PSS. The primary function of the Declaration is to amend the Superannuation (PSS) Approved Authority Inclusion Declaration 1995 by removing Health Services Australia Limited from the list of approved authorities. This amendment ensures that Health Services Australia Limited ceases to qualify as an approved authority following its merger with Medibank Private Limited, which itself is not an approved authority. The superannuation arrangements for existing employees of Health Services Australia Limited are unaffected, and employees who are PSS members at the time of the merger retain their PSS membership. This change is effective from 1 April 2009 and operates within the Commonwealth jurisdiction.

Key Provisions

The Superannuation (PSS) Approved Authority Inclusion Amendment Declaration 2009 (No. 1) primarily modifies the Superannuation (PSS) Approved Authority Inclusion Declaration 1995 by removing Health Services Australia Limited from the list of approved authorities under section 3 of the Superannuation Act 1990 (the 1990 Act). This change is effective from 1 April 2009, as specified in section 2 of the Amendment Declaration (sections 1, 2, and 3). This amendment is necessary due to a merger, where Health Services Australia Limited will become a wholly owned subsidiary of Medibank Private Limited on 1 April 2009. The 1990 Act requires that an approved authority for superannuation purposes must be an entity declared by the Minister, and Medibank Private Limited does not meet this criterion. Consequently, Health Services Australia Limited will no longer be considered an approved authority post-merger, ensuring compliance with the superannuation legislative framework. Entities and individuals governed by the 1990 Act and the Amendment Declaration must ensure that their superannuation arrangements adhere to the updated list of approved authorities. Specifically, Health Services Australia Limited, now ceasing to be an approved authority, must manage its superannuation arrangements in accordance with the legislative changes, ensuring that its employees' superannuation contributions align with the new status of the entity post-merger. The Amendment Declaration explicitly states that the superannuation arrangements of existing Health Services Australia Limited employees remain unaffected by the omission, with PSS members retaining their membership as per the Superannuation (PSS) Membership Inclusion Amendment Declaration 2009 (No. 1) (section 4). Failure to comply with the requirements outlined in the Amendment Declaration may result in legal consequences. While the specific penalties for non-compliance are not detailed within the text, breaches of superannuation laws generally attract civil and criminal penalties. These can include fines, imprisonment, or both, depending on the severity and nature of the breach. The 1990 Act encompasses provisions for enforcement and penalties, which are designed to uphold the integrity of the superannuation system and protect the interests of superannuation members.