Superannuation (PSS) Approved Authority Inclusion Declaration (Amendment) 1995 No. 397
EXPLANATORY STATEMENT
STATUTORY RULES 1995 No. 397
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 1990 Act) makes provision for and in relation to an occupational superannuation scheme (the PSS) for Commonwealth employees and certain other persons.
Persons eligible to contribute under the 1990 Act include persons who are employed under the Public Service Act 1922, as well as persons who are employed by an approved authority. In accordance with paragraph (b) of the definition of "approved authority" in section 3 of that Act, an approved authority includes an authority or body that is declared in writing by the Minister for Finance to be an approved authority for the purposes of the Act, being an authority of a kind described in the definition. Declarations made under paragraph (b) of the definition of approved authority are contained in the Superannuation (PSS) Approved Authority Inclusion Declaration (the Principal Declaration).
Section 45 of the 1990 Act provides that such a declaration is 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 and may be expressed to have taken effect from and including a day not earlier than 12 months before the making of the declaration.
The Indigenous Land Corporation (the ILC) was established by the Aboriginal and Torres Strait Islander Commission Act 1989 (as amended by the Land Fund and Indigenous Land Corporation (ATSIC Amendment) Act 1995) on 1 June 1995, for the purposes of purchasing land on behalf of Aboriginal and Torres Strait Islander people.
The ILC is a body of a kind described in the definition of approved authority in section 3 of the 1990 Act. It is appropriate that the ILC be declared to be an approved authority for the purposes of the 1990 Act to enable employees to remain or become members of the PSS scheme.
The declaration contained in the Statutory Rule and cited as "Superannuation (PSS) Approved Authority Inclusion Declaration (Amendment)" amends the Principal Declaration by inserting the Indigenous Land Corporation in the fist of bodies declared to be approved authorities for the purposes of the 1990 Act.
The Declaration commenced on 1 November 1995.
Overview
The Superannuation (PSS) Approved Authority Inclusion Declaration (Amendment) 1995 No. 397, issued under the authority of the Minister for Finance, amends the Superannuation Act 1990 to include the Indigenous Land Corporation (ILC) as an approved authority. This legislative amendment addresses the need to allow employees of the ILC to remain or become members of the Public Sector Superannuation Scheme (PSS). The ILC, established by the Aboriginal and Torres Strait Islander Commission Act 1989, and subsequently amended by the Land Fund and Indigenous Land Corporation (ATSIC Amendment) Act 1995, was created to purchase land on behalf of Aboriginal and Torres Strait Islander people. By including the ILC as an approved authority, the amendment ensures that its employees are eligible to participate in the PSS, thereby providing them with the opportunity to benefit from occupational superannuation arrangements. This statutory rule, which took effect on 1 November 1995, aligns with the policy objective of extending superannuation benefits to a broader range of public sector employees.
Scope and Application
The Superannuation (PSS) Approved Authority Inclusion Declaration (Amendment) 1995 No. 397 applies to the Indigenous Land Corporation (ILC) by declaring it as an approved authority for the purposes of the Superannuation Act 1990. This amendment enables employees of the ILC to remain or become members of the Public Service Superannuation (PSS) scheme, aligning with the eligibility criteria set forth in the Act for other Commonwealth employees and those employed by approved authorities. The amendment extends the definition of "approved authority" to include the ILC, thus facilitating its employees’ participation in the PSS scheme. The geographic and jurisdictional reach of this Act is limited to Commonwealth entities and their employees, particularly those under the Public Service Act 1922, and any other authorities or bodies declared by the Minister for Finance to be approved authorities. The amendment operates within the Commonwealth jurisdiction and does not extend to state or territory entities or employees.
Key Provisions
The key operative sections of the Superannuation (PSS) Approved Authority Inclusion Declaration (Amendment) 1995 No. 397 (the Statutory Rule) primarily focus on amending the Principal Declaration, as defined in section 3 of the Superannuation Act 1990 (the 1990 Act). This amendment allows the inclusion of the Indigenous Land Corporation (ILC) as an approved authority under the 1990 Act. The amendment is effective from 1 November 1995, and its purpose is to enable employees of the ILC to remain or become members of the Public Service Superannuation (PSS) scheme.
Under the 1990 Act, the ILC, which was established by the Aboriginal and Torres Strait Islander Commission Act 1989, and subsequently amended by the Land Fund and Indigenous Land Corporation (ATSIC Amendment) Act 1995, is now recognised as an approved authority. This recognition facilitates the ILC employees' eligibility to participate in the PSS scheme, ensuring continuity and inclusion in the occupational superannuation arrangements for Commonwealth employees and others specified under the 1990 Act. The declaration made under the Statutory Rule effectively expands the list of bodies considered as approved authorities within the scope of the 1990 Act.
The obligations and requirements imposed by this Act on the parties and entities it governs primarily revolve around the inclusion of the ILC as an approved authority. This inclusion mandates that the ILC must comply with all provisions and regulations of the 1990 Act concerning occupational superannuation schemes. As an approved authority, the ILC is required to ensure that its employees who are eligible to contribute under the 1990 Act are either retained or can join the PSS scheme. The ILC must also adhere to the administrative and reporting requirements outlined in the 1990 Act, ensuring proper management and operation of the superannuation scheme for its employees.
The Statutory Rule does not explicitly outline specific offences, penalties, or civil/criminal consequences for breach. However, the 1990 Act, under which this amendment operates, provides a framework for penalties and enforcement mechanisms in case of non-compliance. Non-compliance with the provisions of the 1990 Act may lead to regulatory actions, fines, or other legal consequences as prescribed by the Act. The maximum penalties would depend on the specific breach and the provisions of the 1990 Act applicable to the circumstances. It is essential for the ILC and its employees to adhere to the obligations set out in the 1990 Act to avoid any potential repercussions.