Superannuation (PSS) Approved Authority Inclusion Declaration No. 9

Overview

The Superannuation Act 1990 was enacted to establish the Public Sector Superannuation Scheme (PSS) for Commonwealth employees and other eligible individuals, providing them with a new superannuation framework that commenced on 1 July 1990. The Act allowed members of the former Commonwealth superannuation scheme to opt to remain in that scheme or transfer to the new PSS scheme between 1 July 1990 and 30 June 1991. One of the key provisions of the Act is the inclusion of "approved authorities" as entities whose employees can participate in the PSS scheme. Pursuant to this provision, the Minister for Finance can declare certain authorities or bodies as approved authorities, enabling their employees to remain or become members of the PSS scheme. The Superannuation (PSS) Approved Authority Inclusion Declaration No 9, issued under the authority of the Minister for Finance, declares Australian Marine Science and Technology Limited as an approved authority for the purposes of the 1990 Act, effective from 1 October 1992. This declaration ensures that the employees of Australian Marine Science and Technology Limited can participate in the PSS scheme.

Scope and Application

The Superannuation (PSS) Approved Authority Inclusion Declaration No 9 1992 pertains to the inclusion of Australian Marine Science and Technology Limited as an approved authority under the Superannuation Act 1990, thereby facilitating its employees' eligibility to join or remain in the Public Sector Superannuation scheme. The Act applies to entities like Australian Marine Science and Technology Limited, which are declared in writing by the Minister for Finance as bodies eligible to be considered approved authorities for the purposes of the Act. The inclusion of this company allows its employees to participate in the PSS scheme, ensuring continuity and eligibility for superannuation benefits. The jurisdictional reach of this Act is limited to the Commonwealth, as it pertains to the superannuation scheme for Commonwealth employees and certain other persons under the Superannuation Act 1990. This Statutory Rule, effective from 1 October 1992, ensures that the declared authority meets the criteria set forth in the Act, thereby extending the benefits and protections of the PSS scheme to the relevant employees.

Key Provisions

The Superannuation (PSS) Approved Authority Inclusion Declaration No 9 1992 No. 466, issued under the authority of the Minister for Finance, establishes Australian Marine Science and Technology Limited as an approved authority for the purposes of the Superannuation Act 1990. The 1990 Act, which governs the Public Sector Superannuation (PSS) scheme, commenced on 1 July 1990, providing a new superannuation scheme for Commonwealth employees and certain other persons. Under this Act, eligible individuals can contribute to the scheme if they are employed by an approved authority, defined in section 3 of the Act. The declaration, as provided in section 45 of the 1990 Act, is a disallowable instrument and a Statutory Rule, which can be made effective from a date not earlier than 12 months prior to its creation. The declaration specifies that Australian Marine Science and Technology Limited, established on 25 October 1991, is deemed an approved authority and therefore eligible to participate in the PSS scheme. This statutory rule imposes specific obligations on Australian Marine Science and Technology Limited by declaring it an approved authority for the purposes of the Superannuation Act 1990. As an approved authority, the company is now eligible to have its employees contribute to the PSS scheme, thereby providing them with the option to remain in or join the scheme. The declaration ensures that the company complies with the requirements set out in the 1990 Act, allowing its employees to benefit from the PSS scheme and maintain their superannuation benefits. The Act also mandates that any declaration of an approved authority must be made in writing by the Minister for Finance and must be consistent with the definition of an approved authority as outlined in section 3 of the Act. The Superannuation Act 1990 includes provisions that outline the consequences for any breach of the Act or non-compliance with its requirements. While the specific offences, penalties, and consequences for breaches are not detailed in the explanatory statement, it is generally understood that failure to comply with the statutory requirements can result in civil or criminal penalties. In the context of statutory rules such as this declaration, breaches may lead to actions taken by the Minister for Finance to rectify the non-compliance, potentially including fines or other sanctions as stipulated by relevant legislation. The Act ensures that approved authorities and their employees are properly governed and that the PSS scheme operates effectively.