Superannuation (PSS) Membership Inclusion Declaration No. 2 1991 No. 253
EXPLANATORY STATEMENT
STATUTORY RULES 1991 No. 253
ISSUED BY AUTHORITY OF THE MINISTER FOR FINANCE
SUPERANNUATION ACT 1990
DECLARATION UNDER PARAGRAPH 6(1)(j)
The Public Sector Superannuation scheme (PSS) was established under the Superannuation Act 1990 (the Act) from 1 July 1990.
The Australian Securities Commission (ASC) commenced operations on 1 January 1991. Its staff includes persons transferred from the Corporate Affairs Commissions of the Northern Territory and the States.
The majority of transferred staff are now Commonwealth public servants employed under the provisions of the Public Service Act 1922 as either officers or employees. Some are employed by the ASC on contract.
Temporary employees under the Public Service Act 1922 of the Commonwealth have a number of superannuation options available. The Commonwealth agreed that:
(a) transferees could remain members of the State scheme; or
(b) transferees could cease membership of the State scheme and immediately thereafter join the PSS; or
(c) transferees who previously elected not to be members of a State scheme, or who were covered by personal superannuation arrangements permitted under a State scheme, could continue with these arrangements after transfer.
Section 6 of the Act specifies the persons who may become members of the PSS. In accordance with paragraph 6(1)(j), a person declared by the Minister for Finance to be a person to whom section 6 applies is to be a member of the PSS.
The Declaration contained in the Statutory Rule and cited as "Superannuation (PSS) Membership Inclusion Declaration No. 2" specifies the rights of PSS membership for temporary employees who are staff of the ASC and of Regional Commissioners employed under contract by the ASC.
Paragraph 4(a) of the declaration provides the right of election to become members of the PSS to staff of the ASC who are temporary employees appointed under the Public Service Act 1922 and who were members of a State or Territory superannuation scheme immediately prior to appointment.
Paragraph 4(b) of the declaration provides a similar immediate right of PSS membership to Regional Commissioners of the ASC who were previously State employees and who elect to become members of the PSS.
In accordance with section 45 of the Act, a declaration under paragraph 6(1)(j) 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.
It is intended that the superannuation options should be available to ASC staff from the start of employment with the ASC. Accordingly, the Declaration operates with effect from 1 January 1991.
The declaration ensures that the superannuation options agreed with the States are available to former State employees who have taken up positions with the ASC.
Overview
The Superannuation (PSS) Membership Inclusion Declaration No. 2, issued in 1991 under the authority of the Minister for Finance, aims to address the specific superannuation membership options for certain employees of the Australian Securities Commission (ASC) and Regional Commissioners. This statutory rule was introduced to align with the provisions of the Superannuation Act 1990, particularly in relation to paragraph 6(1)(j) of the Act, which allows for the inclusion of certain individuals as members of the Public Sector Superannuation (PSS) scheme. The declaration ensures that temporary employees of the ASC, who were previously members of State or Territory superannuation schemes, have the right to remain in those schemes, to switch to the PSS, or to maintain their personal superannuation arrangements. The policy objective is to provide continuity and clarity in superannuation membership for employees transitioning from state roles to federal positions with the ASC.
Scope and Application
The Superannuation (PSS) Membership Inclusion Declaration No. 2 1991 No. 253 applies to specific individuals who are temporary employees of the Australian Securities Commission (ASC) and Regional Commissioners employed under contract by the ASC. These individuals include staff who were previously members of a State or Territory superannuation scheme prior to their employment with the ASC. The Declaration provides these employees with the option to either remain members of their existing State scheme, cease membership and join the Public Sector Superannuation (PSS) scheme, or continue with their previous personal superannuation arrangements if they had opted out of a State scheme or were covered by personal arrangements under a State scheme. This Declaration operates under the authority of the Minister for Finance and is governed by the Superannuation Act 1990, which applies throughout the Commonwealth of Australia. The Declaration itself is a disallowable instrument and a Statutory Rule, and it took effect from 1 January 1991 to ensure that the agreed superannuation options are available to ASC staff from the start of their employment.
Key Provisions
The Superannuation (PSS) Membership Inclusion Declaration No. 2 1991 No. 253, issued under the Superannuation Act 1990, outlines the provisions for certain employees to join the Public Sector Superannuation (PSS) scheme. According to section 6 of the Act, the Minister for Finance can declare individuals who are eligible to become members of the PSS. This Declaration specifically addresses the eligibility of certain employees of the Australian Securities Commission (ASC) to join the PSS. Paragraph 4(a) of the Declaration allows temporary employees of the ASC, who were previously members of a State or Territory superannuation scheme, to elect to join the PSS. Similarly, paragraph 4(b) permits Regional Commissioners of the ASC, who were previously State employees, to join the PSS if they choose to do so. This Declaration ensures that these employees have the option to remain in their existing superannuation arrangements or switch to the PSS.
The Act imposes obligations on both the Commonwealth and the employees to ensure compliance with the superannuation options outlined. The Commonwealth is obligated to provide these superannuation options to eligible employees from the commencement of their employment with the ASC. This includes ensuring that the employees are informed about their options and can make an informed choice regarding their superannuation membership. Employees, on the other hand, are required to elect their preferred superannuation scheme within the stipulated timeframe. The Declaration aims to provide clarity and legal backing for the superannuation membership options available to these employees.
Failure to adhere to the provisions of this Declaration could result in legal consequences. As a disallowable instrument under section 46A of the Acts Interpretation Act 1901, the Declaration can be subject to disallowance by Parliament. While the specific civil or criminal penalties for non-compliance are not detailed in the Declaration, it is implied that any breach of the statutory rules could lead to legal action. The Declaration operates with effect from 1 January 1991, ensuring that the agreed superannuation options are available from the start of employment for the affected employees.