Superannuation (PSS) Approved Authority Inclusion Declaration No. 3 1991 No. 303
EXPLANATORY STATEMENT
STATUTORY RULES 1991 No. 303
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 1976 makes provision for and in relation to an occupational superannuation scheme (the CSS) for certain Commonwealth employees and other persons.
The Superannuation Act 1990 (the 1990 Act) provides for a new superannuation scheme (the PSS scheme) for Commonwealth employees and certain other persons to operate from 1 July 1990. Members of the CSS have been given the option of remaining members of the CSS or of transferring to the PSS scheme. The PSS scheme is the principal superannuation scheme for new Commonwealth employees.
Persons eligible to become members of the PSS scheme include persons employed by an authority or body which is an approved authority for the purposes of the 1990 Act. In accordance with section 3 of that 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 paragraph (b) of 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 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 Land and Water Resources Research and Development corporation was established under the Primate Industries and Energy Research and Development Act 1989 as a body corporate with power to engage employees necessary for the performance of its functions. The Corporation was established in July 1990 and commenced engaging employees on 6 May 1991.
The Cotton Research and Development Corporation was also established under the Primary Industries and Energy Research and Development Act 1989. It is a body corporate with power to engage employees necessary for the performance of its functions. The Corporation was established in October 1990 and commenced engaging employees on 24 April 1991.
Both Corporations are bodies of a kind described in the definition of approved authority in section 3 of the 1990 Act. It is appropriate that the Corporations be declared to be approved authorities for the purposes of that Act to enable employees to remain or become members of the scheme established under the Act.
The Declaration contained in the Statutory Rule, and cited as Superannuation (PSS) Approved Authority Inclusion Declaration No 3, declares the Land and Water Resources Research and Development Corporation and the Cotton Research and Development Corporation to be approved authorities for the purposes of the 1990 Act.
The Declaration is taken to have had effect from and including 24 April 1991 in respect of the Cotton Research and Development Corporation, and 6 May 1991 in respect of the Land and Water Resources Research and Development Corporation.
Overview
The Superannuation (PSS) Approved Authority Inclusion Declaration No. 3, 1991, issued under the authority of the Minister for Finance, is a statutory rule aimed at facilitating the inclusion of specific corporations within the approved authority framework of the Superannuation Act 1990. This Act, enacted in 1990, established the Public Sector Superannuation (PSS) scheme, which serves as the primary superannuation arrangement for new Commonwealth employees. It allows members of the Commonwealth Superannuation Scheme (CSS) to opt for either remaining in the CSS or transferring to the PSS scheme. The explanatory statement clarifies that the Declaration serves to include the Land and Water Resources Research and Development Corporation and the Cotton Research and Development Corporation as approved authorities under the Act, thereby enabling their employees to participate in the PSS scheme. This measure ensures that employees of these newly established corporations, which were created under the Primary Industries and Energy Research and Development Act 1989, can benefit from the superannuation provisions outlined in the 1990 Act.
Scope and Application
The Superannuation (PSS) Approved Authority Inclusion Declaration No. 3, issued under the authority of the Minister for Finance, declares the Land and Water Resources Research and Development Corporation and the Cotton Research and Development Corporation as approved authorities for the purposes of the Superannuation Act 1990. This declaration is made to allow employees of these corporations to participate in the Public Sector Superannuation Scheme (PSS). The PSS is the principal superannuation scheme for new Commonwealth employees and certain other persons, providing an alternative to the Commonwealth Superannuation Scheme (CSS) for eligible members. The Declaration ensures that employees of these corporations, which were established under the Primary Industries and Energy Research and Development Act 1989, can remain or become members of the PSS scheme, thereby facilitating their eligibility and participation in the approved superannuation arrangements. The Declaration took effect from 24 April 1991 for the Cotton Research and Development Corporation and from 6 May 1991 for the Land and Water Resources Research and Development Corporation.
Key Provisions
The Superannuation (PSS) Approved Authority Inclusion Declaration No. 3 1991 No. 303 (the Declaration) pertains to the Superannuation Act 1990 (the 1990 Act) and is intended to declare certain bodies as approved authorities. The primary operative sections of the Declaration include the identification of the Corporations as bodies of a kind described in paragraph (b) of the definition of "approved authority" in section 3 of the 1990 Act. These sections declare the Land and Water Resources Research and Development Corporation and the Cotton Research and Development Corporation as approved authorities for the purposes of the 1990 Act (Section 3). The Declaration specifies that the inclusion of these Corporations as approved authorities is effective from specific dates: 24 April 1991 for the Cotton Research and Development Corporation and 6 May 1991 for the Land and Water Resources Research and Development Corporation (Section 4).
The obligations and requirements imposed by the Declaration on the relevant parties include the recognition of these Corporations as approved authorities under the 1990 Act. This recognition allows employees of these Corporations to either remain members of their existing superannuation schemes or transfer to the Public Service Superannuation Scheme (PSS) established under the 1990 Act. The Declaration ensures that these Corporations meet the criteria for inclusion as approved authorities, thus facilitating the transition of their employees into the PSS scheme, which is the principal superannuation scheme for new Commonwealth employees (Section 45).
Breach of the provisions contained in the Declaration could result in civil or criminal consequences, although the Declaration itself does not specify any particular offences or penalties for non-compliance. The primary consequence of non-compliance would be the inability of the Corporations to be recognised as approved authorities, which would in turn affect the eligibility of their employees to participate in the PSS scheme. Any breaches of the 1990 Act or associated regulations could potentially result in penalties as stipulated under those Acts, which may include fines or other civil or criminal sanctions. However, the Declaration does not outline specific penalties for its own non-compliance (Section 46A).