Superannuation (PSSAP) (Division of Costs) Determination 2005

Administered by Department of Finance

Legislation au F2005L01881 In force Legislative Instrument

Legislation content

Superannuation (PSSAP) (Division of Costs) Determination 2005

as amended

made under subsection 34(1) of the

Superannuation Act 2005

Compilation start date:  8 June 2013

Includes amendments up to: Superannuation (PSSAP) (Division of Costs) Amendment Determination 2013 (No. 2)

About this compilation

The compiled instrument

This is a compilation of the Superannuation (PSSAP) (Division of Costs) Determination 2005 as amended and in force on 8 June 2013. It includes any amendment affecting the compiled instrument to that date.

This compilation was prepared on 28 June 2013.

The notes at the end of this compilation (the endnotes) include information about amending Acts and instruments and the amendment history of each amended provision.

Uncommenced provisions and amendments

If a provision of the compiled instrument is affected by an uncommenced amendment, the text of the uncommenced amendment is set out in the endnotes.

Application, saving and transitional provisions for amendments

If the operation of an amendment is affected by an application, saving or transitional provision, the provision is identified in the endnotes.

Modifications

If a provision of the compiled instrument is affected by a textual modification that is in force, the text of the modifying provision is set out in the endnotes.

Provision ceasing to have effect

If a provision of the compiled instrument has expired or otherwise ceased to have effect in accordance with a provision of the instrument, details of the provision are set out in the endnotes.

 

 

 

 

 

Contents

1 Name of Determination

2 Commencement

3 Definitions

4 Schedule 1

Schedule 1—Costs to be paid by CSC from the PSSAP Fund

Schedule 2—Costs to be paid by the Commonwealth

Endnotes

Endnote 1—Legislation history

Endnote 2—Amendment history

Endnote 3—Uncommenced amendments [none]

Endnote 4—Misdescribed amendments [none]

 

 

 

1  Name of Determination

  This Determination is the Superannuation (PSSAP) (Division of Costs) Determination 2005.

2  Commencement

  This Determination commences on 1 July 2005.

3  Definitions

  In this Determination:

 

1990 Act

means the Superannuation Act 1990.

2005 Act

means the Superannuation Act 2005.

Chair

has the same meaning as in the Governance of Australian Government Superannuation Schemes Act 2011.

CSC

(short for Commonwealth Superannuation Corporation)

means the body corporate continued in existence by section 4 of the Governance of Australian Government Superannuation Schemes Act 2011.

director

has the same meaning as in the Governance of Australian Government Superannuation Schemes Act 2011.

non‑member spouse

has the same meaning as in the 2005 Act.

PSSAP

means the Public Sector Superannuation Accumulation Plan established by the Trust Deed.

PSSAP member

has the same meaning as in the Trust Deed.

PSSAP functions

has the same meaning as in the Trust Deed.

PSSAP Fund

has the same meaning as in the 2005 Act.

PSSAP pensioner

has the same meaning as in the Trust Deed.

reversionary beneficiary

has the same meaning as in the Trust Deed.

Trust Deed

means the Trust Deed made pursuant to section 10 of the 2005 Act, as amended from time to time.

4  Schedule 1

 (1) The costs described in Schedule 1 are to be paid by CSC from the PSSAP Fund and the costs that are described in Schedule 2 are to be paid by the Commonwealth.

 (2) For clarity, nothing in this Determination limits the power of CSC under the Trust Deed to charge fees, costs or expenses to a PSSAP member, non-member spouse, PSSAP pensioner or reversionary beneficiary.

 

Schedule 1—Costs to be paid by CSC from the PSSAP Fund

(section 4)

 

[1]  Costs of and incidental to the management of the PSSAP Fund by CSC and the investment of its money which, to remove doubt, include:

 (a) the remuneration and allowances of the Chair in relation to the Chair performing PSSAP functions in respect of the PSSAP Fund; and

 (b) the remuneration and allowances of the directors other than the Chair in relation to them performing PSSAP functions in respect of the PSSAP Fund; and

 (c) the costs in relation to the administration of the PSSAP Fund which are attributable to or in respect of a PSSAP member or non‑member spouse for arrangements connected with choosing particular investment strategies from time to time pursuant to Division 4 of Part 5 and Division 3 of Part 7 of the Trust Deed; and

 (d) the costs in relation to management of the PSSAP Fund in respect of pensions provided under Part 3, Division 6 of the Trust Deed.

[2]  Costs consisting of the remuneration and allowances of the Chair in relation to the Chair performing PSSAP functions in respect of the PSSAP other than those functions referred to in item 1 of this Schedule.

[3]  Costs of administration in respect of pensions provided under Part 3, Division 6 of the Trust Deed. 

[4]  Costs of administering personal accumulation accounts, represented in fees determined under Part 2, Division 5 of the Trust Deed.

Schedule 2—Costs to be paid by the Commonwealth

[1]  Costs of administration of the 2005 Act and of the Trust Deed (other than those costs referred to in Schedule 1) which, to remove doubt, includes the remuneration and allowances of the directors other than the Chair in relation to them performing PSSAP functions in respect of the administration of the PSSAP.

Endnotes

 

Endnote 1—Legislation history

This endnote sets out details of the legislation history of the Superannuation (PSSAP) (Division of Costs) Determination 2005.

 

Title

FRLI registration date

Commencement
date

Application, saving and transitional provisions

Superannuation (PSSAP) (Division of Costs) Determination 2005

30 June 2005 (see F2005L01881)

1 July 2005

 

Superannuation (PSSAP) (Division of Costs) Amendment Determination 2011 (No. 1)

30 June 2011 (see F2011L01387)

1 July 2011 (see s. 2)

—

Superannuation (PSSAP) (Division of Costs) Amendment Determination 2013 (No. 1)

25 Mar 2013 (see F2013L00550)

26 Mar 2013

—

Superannuation (PSSAP) (Division of Costs) Amendment Determination 2013 (No. 2)

7 June 2013 (see F2013L00935)

(a)

—

 

(a) Section 2 of the Superannuation (PSSAP) (Division of Costs) Amendment Determination 2013 (No. 2) provides as follows:

2 This Determination commences immediately after the commencement of clause 4 of the Ninth Amendment of the Superannuation (PSSAP) Trust Deed.

  Clause 4 of the Ninth Amendment of the Superannuation (PSSAP) Trust Deed commenced on 8 June 2013.

Endnote 2—Amendment history

This endnote sets out the amendment history of the Superannuation (PSSAP) (Division of Costs) Determination 2005.

 

ad. = added or inserted    am. = amended    rep. = repealed    rs. = repealed and substituted    exp. = expired or ceased to have effect

Provision affected

How affected

s. 3.....................

am. 2011 No. 1; 2013 No. 1

s. 4.....................

am. 2011 No. 1; 2013 No. 1

Schedule 1

 

Heading to Schedule 1........

rs. 2011 No. 1

Schedule 1................

am. 2011 No. 1; 2013 Nos. 1 and 2

Schedule 2

 

Schedule 2................

am. 2011 No. 1

 

Endnote 3—Uncommenced amendments [none]

There are no uncommenced amendments.

 

 

Endnote 4—Misdescribed amendments [none]

There are no misdescribed amendments.

 

 

 

Overview

The Superannuation (PSSAP) (Division of Costs) Determination 2005 was enacted to clarify and specify the division of costs between the Commonwealth Superannuation Corporation (CSC) and the Commonwealth in relation to the management and administration of the Public Sector Superannuation Accumulation Plan (PSSAP). This legislative instrument was made under subsection 34(1) of the Superannuation Act 2005 by the Governor-General and addresses the need to delineate the financial responsibilities associated with the PSSAP. The primary policy objective of this determination is to ensure a clear understanding of the cost distribution for the PSSAP, thereby promoting efficient and transparent financial management within the scheme. The determination includes amendments that have been made to update the original determination, with the latest amendment commencing on 26 March 2013.

Scope and Application

The Superannuation (PSSAP) (Division of Costs) Determination 2005, as amended, is a legislative instrument made under section 34(1) of the Superannuation Act 2005. It outlines the division of costs between the Commonwealth Superannuation Corporation (CSC) and the Commonwealth in relation to the Public Sector Superannuation Accumulation Plan (PSSAP). This Determination applies to the costs associated with the management and administration of the PSSAP Fund and the implementation of the PSSAP Trust Deed. The costs to be borne by the CSC include those related to the remuneration and allowances of the Chair and directors, as well as costs for investment management and pension-related administration. Conversely, the Commonwealth is responsible for the costs of administering the Superannuation Act 2005 and the Trust Deed, excluding those costs specified to be borne by the CSC. The instrument came into effect on 1 July 2005 and has been subject to amendments in 2011 and 2013, which have refined the division of costs and clarified certain provisions. This Determination does not specify any exclusions or exemptions but extends its application through subsequent amending determinations.

Key Provisions

The Superannuation (PSSAP) (Division of Costs) Determination 2005, as amended, primarily sets out the division of costs between the Commonwealth Superannuation Corporation (CSC) and the Commonwealth in relation to the Public Sector Superannuation Accumulation Plan (PSSAP). Section 4 of the Determination divides these costs into two schedules. Schedule 1 outlines the costs to be paid by CSC from the PSSAP Fund, which include the remuneration and allowances of the Chair and directors, costs related to the administration of the PSSAP Fund, and costs related to the management of the PSSAP Fund, such as investment management and pension administration. Schedule 2 details the costs to be paid by the Commonwealth, which include the administration of the Superannuation Act 2005 and the Trust Deed, excluding those costs already specified in Schedule 1. The Determination imposes specific obligations on both CSC and the Commonwealth concerning the payment of these costs. CSC is required to pay certain costs directly from the PSSAP Fund, as detailed in Schedule 1. These costs encompass the remuneration and allowances of the Chair and directors for their PSSAP-related functions, as well as administrative and management costs connected to the PSSAP Fund. The Commonwealth, on the other hand, is obligated to cover the administrative costs of the Superannuation Act 2005 and the Trust Deed, excluding those costs specified in Schedule 1. This clear division ensures that each party is responsible for specific costs associated with the PSSAP. Breach of the obligations outlined in the Determination can lead to significant consequences. Although the Determination itself does not specify explicit offences or penalties, it operates under the broader framework of the Superannuation Act 2005. Under this Act, any failure to comply with the provisions of the Determination could be considered a breach of the Act, potentially leading to enforcement actions by the Australian Taxation Office (ATO). The ATO has the authority to take civil or criminal action against parties found in breach, including imposing financial penalties. Civil penalties under the Superannuation Act can be substantial, with maximum fines that reflect the seriousness of the breach. Criminal penalties can also be imposed, leading to prosecution and potential imprisonment for severe or repeated breaches.

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