Superannuation (PSS) Approved Authority Inclusion Declaration No. 7 1992 No.
106
EXPLANATORY STATEMENT
STATUTORY RULES 1992 No. 106
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) provides for the new superannuation scheme (the PSS scheme) for Commonwealth employees and certain other persons to operate from 1 July 1990. Members of the Commonwealth superannuation scheme which was established under the Superannuation Act 1976 (the CSS) had the option, to be exercised between 1 July 1990 and 30 June 1991, of remaining members of that scheme or of transferring to the PSS scheme.
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.
The Dairy Research and Development Corporation was established on 1 April 1990 under the Primary Industries and Energy Research and Development Act 1989 as a body corporate with power to engage its own employees. Legislation was put in place in 1991 which had the effect of permitting persons who were contributors to the PSS scheme immediately before becoming employees of the Corporation to continue to be such contributors while being employees of the Corporation.
The Dairy Research and Development 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 permit employees who are not existing contributors to the PSS scheme to become such contributors.
The Declaration contained in the Statutory Rule, and cited as Superannuation (PSS) Approved Authority Inclusion Declaration No. 7, declares the Dairy Research and Development corporation to be an approved authority for the purposes of the 1990 Act with effect from the date of gazettal of the Declaration.
Overview
The Superannuation (PSS) Approved Authority Inclusion Declaration No. 7, enacted in 1992, serves to address the need to clarify the eligibility of certain entities as approved authorities under the Superannuation Act 1990. This Act was introduced to establish the new Public Sector Superannuation scheme (PSS scheme) for Commonwealth employees and other eligible persons, commencing from 1 July 1990. The enacting body was the Parliament of Australia, with the Minister for Finance empowered to declare authorities or bodies as approved authorities in accordance with the requirements of the 1990 Act. This particular declaration aims to include the Dairy Research and Development Corporation as an approved authority, thus allowing its employees to contribute to the PSS scheme. By recognising such bodies, the legislation seeks to ensure a consistent and inclusive application of superannuation arrangements across various entities within the public sector.
Scope and Application
The Superannuation (PSS) Approved Authority Inclusion Declaration No. 7 1992 No. 106 applies to the Dairy Research and Development Corporation, which was established as a body corporate under the Primary Industries and Energy Research and Development Act 1989. This statutory rule, issued under the authority of the Minister for Finance, declares the Corporation as an approved authority for the purposes of the Superannuation Act 1990. This designation allows the Corporation to permit its employees who were contributors to the Public Sector Superannuation Scheme (PSS) prior to becoming employees of the Corporation to continue as contributors. Furthermore, it enables employees who are not existing contributors to the PSS scheme to become such contributors. This rule extends the applicability of the 1990 Act to the Corporation, thereby integrating its employees into the PSS scheme. The declaration is a disallowable instrument and a Statutory Rule, as stipulated in the Acts Interpretation Act 1901 and the Statutory Rules Publication Act 1903, respectively.
Key Provisions
The key operative section of this Statutory Rule is section 4, which declares the Dairy Research and Development Corporation to be an approved authority for the purposes of the Superannuation Act 1990 (section 3(b) of the 1990 Act). This declaration, effective from the date of its gazette, allows employees of the Corporation who were not contributors to the Public Sector Superannuation scheme (PSS) prior to their employment to become contributors under the PSS scheme. The rule specifies that this declaration is made in accordance with the provisions of the 1990 Act and is subject to disallowance under section 46A of the Acts Interpretation Act 1901.
The obligations imposed by this Statutory Rule on the Dairy Research and Development Corporation, once declared an approved authority, include compliance with the requirements set forth in the Superannuation Act 1990. This involves facilitating the enrolment of eligible employees into the PSS scheme and ensuring that all superannuation contributions and other related obligations are met in accordance with the Act. The Corporation must also ensure that it meets the conditions specified in the declaration and any additional requirements that may be imposed by the Minister for Finance or under the 1990 Act.
Failure to comply with the provisions of the Superannuation Act 1990 or the obligations imposed by this Statutory Rule can result in various civil or criminal consequences. Under the 1990 Act, breaches of the Act may lead to penalties, including fines and imprisonment, depending on the nature and severity of the breach. The specific penalties are outlined in the 1990 Act, with the maximum penalties varying according to the type and extent of the non-compliance. Additionally, any failure to meet the obligations as an approved authority may result in the revocation of the approval, further regulatory scrutiny, or other administrative actions taken by the relevant authorities.