Superannuation Regulations 1952 (Amendment)

Overview

The Statutory Rules 1956, No. 95, made under the Superannuation Act 1922-1956, was enacted to address specific amendments to the Superannuation Regulations. The Superannuation Act 1922-1956 originally provided a framework for the administration of superannuation funds, including the regulation of approved authorities. This legislative instrument was introduced to update the list of approved authorities by replacing the Australian Whaling Commission and the Australian Wool Realization Commission with the Australian Stevedoring Industry Authority. Enacted by the Governor-General in Council, this regulation aims to ensure the continued appropriateness and relevance of the authorities listed in the Superannuation Regulations, thereby maintaining the integrity and efficacy of the superannuation system.

Scope and Application

The Superannuation Regulations 1956, as amended under the Superannuation Act 1922-1956, primarily govern the management and regulation of approved authorities within the Australian context. These regulations apply to entities designated as approved authorities, which are responsible for administering and overseeing approved superannuation funds. The regulation identifies specific authorities by amending the list of approved entities, such as replacing the Australian Whaling Commission with the Australian Stevedoring Industry Authority and removing the Australian Wool Realization Commission. This alteration ensures that only relevant and operational authorities are recognised under the Act, thereby maintaining the integrity and effectiveness of the superannuation system. The regulations are applicable across the Commonwealth of Australia, thus having a national reach. The exclusions and exemptions within these regulations are not explicitly detailed in this particular legislative instrument, but they can be further explored through the overarching Superannuation Act 1922-1956 and any subsequent amendments or subordinate instruments. These subordinate instruments may extend or further restrict the application of the Act, thereby ensuring the dynamic and evolving nature of superannuation regulation in Australia.

Key Provisions

The principal operative sections of this regulation amend the Superannuation Regulations under the Superannuation Act 1922-1956 (C1956L00095). Regulation 4, which pertains to approved authorities, is specifically modified in two ways. Firstly, the words "Australian Whaling Commission" are removed, and the words "Australian Stevedoring Industry Authority" are inserted in their place. Secondly, the words "Australian Wool Realization Commission" are omitted from the regulation. This amendment effectively updates the list of authorities that are approved for the purposes of the Superannuation Regulations. The obligations and requirements imposed by this Act primarily involve the identification and approval of specific authorities that are eligible to administer superannuation funds under the Act. By amending Regulation 4, the regulation now recognises the Australian Stevedoring Industry Authority as an approved authority, while removing the Australian Whaling Commission and Australian Wool Realization Commission from the list. This ensures that only relevant and authorised bodies are responsible for the administration of superannuation funds, thereby maintaining the integrity and compliance of the superannuation system. In terms of potential breaches and their consequences, the regulation does not explicitly outline specific offences, penalties, or civil/criminal consequences for non-compliance within the text itself. However, it is important to note that under the Superannuation Act 1922-1956, there are provisions for penalties and enforcement mechanisms to address breaches of the Act or its regulations. These may include fines, imprisonment, or other civil and criminal consequences, depending on the severity of the breach and the specific provisions of the Act. The exact penalties for non-compliance with the Superannuation Regulations would need to be determined by the courts or relevant authorities based on the circumstances of the breach.