Superannuation (PSS) Approved Authority Inclusion Declaration No. 13 1994 No. 299
EXPLANATORY STATEMENT
STATUTORY RULES 1994 No. 299
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 Public Sector Superannuation (PSS) scheme, for persons employed by the Commonwealth and certain other persons.
Persons eligible to contribute under the 1990 Act include certain persons employed by an approved authority. In accordance with paragraph (b) of the definition of "approved authority" in section 3 of the 1990 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 or body of a kind described in the definition.
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 Forest and Wood Products Research and Development Corporation was established on 1 January 1994 by Regulations under the provisions of section 8 of the Primary Industries and Energy Research and Development Act 1989, and after 1 September 1994 will employ staff who are currently members of the PSS scheme. It is a body of a kind described in the definition of approved authority in subsection 3 of the 1990 Act. It is appropriate that the body be declared to be an approved authority for the purposes of that Act to enable its employees 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. 13, declares the Forest and Wood Products Research and Development Corporation to be an approved authority for the purposes of the 1990 Act with effect from the date of gazettal.
Overview
The Superannuation (PSS) Approved Authority Inclusion Declaration No. 13, issued under the authority of the Minister for Finance, was enacted in 1994 to address the gap in the existing superannuation framework by allowing the Forest and Wood Products Research and Development Corporation to be included as an approved authority under the Superannuation Act 1990. The 1990 Act established an occupational superannuation scheme, the Public Sector Superannuation (PSS) scheme, for Commonwealth employees and others. The policy objective of this declaration is to ensure that employees of the Corporation, who were previously members of the PSS scheme, can continue to remain or become members of the scheme. This declaration is in line with the provisions of the 1990 Act, which allows for the Minister for Finance to declare certain authorities or bodies as approved authorities, thereby enabling their employees to participate in the PSS scheme.
Scope and Application
The Superannuation (PSS) Approved Authority Inclusion Declaration No. 13, issued under the Superannuation Act 1990, pertains to the declaration of the Forest and Wood Products Research and Development Corporation as an approved authority. This declaration ensures that the employees of this corporation, established on 1 January 1994 and employing staff who are currently members of the Public Sector Superannuation (PSS) scheme, can remain or become members of the scheme. The declaration is made in accordance with the provisions of the Superannuation Act 1990, specifically under paragraph (b) of the definition of "approved authority" in section 3, and is intended to facilitate the inclusion of this corporation within the superannuation framework. The declaration, which is a disallowable instrument and a Statutory Rule, has effect from the date of its gazettal and allows the corporation's employees to participate in the PSS scheme, thereby ensuring continuity of their superannuation benefits.
Key Provisions
The Superannuation (PSS) Approved Authority Inclusion Declaration No. 13, made under the Superannuation Act 1990 (the "1990 Act"), declares the Forest and Wood Products Research and Development Corporation to be an approved authority for the purposes of the Act, as defined in section 3 of the 1990 Act. This declaration, which is a Statutory Rule issued by the Minister for Finance, allows the Corporation to be recognised as an approved authority, thus enabling its employees to remain or become members of the Public Sector Superannuation (PSS) scheme. This is particularly relevant given that the Corporation was established on 1 January 1994 and, after 1 September 1994, will employ staff who are currently members of the PSS scheme. The declaration takes effect from the date of its gazettal.
The declaration imposes specific obligations on the Forest and Wood Products Research and Development Corporation, now recognised as an approved authority. These obligations include ensuring that its employees who are members of the PSS scheme can continue their membership, and that new employees are eligible to join the scheme. Furthermore, the Corporation must comply with the provisions of the 1990 Act and any other related regulations, ensuring that superannuation contributions are appropriately managed and administered according to the requirements of the PSS scheme. This includes maintaining records and providing necessary information to the relevant authorities as stipulated by the Act.
Breaches of the obligations imposed by the 1990 Act and the Statutory Rule can lead to significant consequences. Under the Acts Interpretation Act 1901, the declaration is a disallowable instrument, meaning it can be subject to disallowance by Parliament. Additionally, any failure to comply with the requirements of the PSS scheme, including the proper administration of superannuation contributions, could result in civil or criminal penalties. The precise penalties for non-compliance with superannuation laws can vary, but they may include fines, imprisonment, or both, depending on the nature and severity of the breach. These penalties underscore the importance of adhering to the legislative requirements set forth by the 1990 Act and the Statutory Rule.