Superannuation (PSS) Approved Authority Inclusion Declaration No. 4 1991 No. 394
EXPLANATORY STATEMENT
STATUTORY RULES 1991 No. 394
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 were 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 Wool Research and Development Corporation was established under the Primary Industries and Energy Research and Development Amendment Act 1991. It is a body corporate with power to engage employees necessary for the performance of its functions. The Corporation was established on 1 July 1991 and commenced engaging employees on that date.
The corporation 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 Corporation be declared to be an approved authority for the purposes of that Act to enable its 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 4, declares the Wool Research and Development Corporation to be an approved authority for the purposes of the 1990 Act. The Declaration provides that the Corporation is taken to be an approved authority with effect from 1 July 1991, a date which falls within the maximum period of retrospectivity permitted under section 45 of the 1990 Act.
Overview
The Superannuation (PSS) Approved Authority Inclusion Declaration No. 4 1991 No. 394, issued under the authority of the Minister for Finance, serves to amend the Superannuation Act 1990 by declaring the Wool Research and Development Corporation to be an approved authority. This legislative action was taken to ensure that employees of the Corporation, established on 1 July 1991 under the Primary Industries and Energy Research and Development Amendment Act 1991, are eligible to join the Public Sector Superannuation Scheme (PSS). The declaration, which took effect from the same date the Corporation commenced employing personnel, aligns with the provisions of section 3 of the 1990 Act, thereby enabling these employees to participate in the PSS scheme. This Statutory Rule is designed to be a disallowable instrument, subject to the oversight mechanisms outlined in the Acts Interpretation Act 1901 and the Statutory Rules Publication Act 1903, ensuring compliance with established legislative processes.
Scope and Application
The Superannuation (PSS) Approved Authority Inclusion Declaration No. 4 1991 No. 394, issued under the authority of the Minister for Finance, serves to declare the Wool Research and Development Corporation as an approved authority for the purposes of the Superannuation Act 1990. This Act, which establishes a new superannuation scheme for Commonwealth employees and certain other persons, permits authorities or bodies of a specified kind to be declared as approved authorities, thereby allowing their employees to become or remain members of the scheme. The Corporation, established under the Primary Industries and Energy Research and Development Amendment Act 1991, fits the description of an approved authority as outlined in the Superannuation Act 1990. The Declaration ensures that the Corporation is recognized as an approved authority from 1 July 1991, a date that adheres to the maximum period of retrospectivity allowed by the 1990 Act. This recognition is crucial for enabling the employees of the Corporation to participate in the scheme, thereby providing them with the benefits of superannuation.
Key Provisions
The key provisions of this legislation are contained in the Superannuation (PSS) Approved Authority Inclusion Declaration No. 4, which is a statutory rule made under the Superannuation Act 1990. This declaration, referenced in section 3 of the Act, specifies that the Wool Research and Development Corporation is an approved authority (section 3). The Wool Research and Development Corporation is thereby recognised as an approved authority for the purposes of the Act, effective from 1 July 1991, which is the date the Corporation was established and began employing staff (section 45).
This Act imposes obligations on the Wool Research and Development Corporation to comply with the conditions and requirements of being an approved authority under the Superannuation Act 1990. This includes adhering to the provisions governing the PSS scheme, ensuring that employees of the Corporation are eligible to join or remain in the scheme, and facilitating any necessary transfers from the CSS to the PSS scheme where applicable. The Corporation must also ensure that it meets any reporting or administrative requirements imposed by the Superannuation Act 1990 and any related regulations or guidelines.
Breaches of the obligations and requirements set out in the Superannuation Act 1990 can lead to civil or criminal consequences. Under the Acts Interpretation Act 1901, the declaration is a disallowable instrument, which means that Parliament can review and potentially disallow it. Failure to comply with the Act's requirements could result in legal action against the Corporation, including potential penalties. The maximum penalties for breaches are not explicitly stated in this particular Statutory Rule, but they may be found in other sections of the Superannuation Act 1990 or related legislation. These could include fines or other sanctions for non-compliance with superannuation laws.