STATUTORY RULES.
1925. No. 84.
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REGULATIONS UNDER THE SUPERANNUATION ACT 1922-1924.
WHEREAS by section 82 of the Superannuation Act 1922-24, the Governor-General may, on the recommendation of the Superannuation Fund Management Board constituted by the said Act, make Regulations for carrying out or giving effect to the Act:
Now, therefore, the Superannuation Fund Management Board recommends to the Governor-General that the following Regulations be made, to come into operation forthwith.
Dated this 22nd day of May, 1925.
F. J. Ross, President, | Superannuation Fund Management Board. |
M. J. D. Page, Member, |
Chas. H. Wickens, Member |
Approved in Executive Council this 27th day of May, 1925.
Governor-General.
By His Excellency’s Command,
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Superannuation Regulation.
(Statutory Rules 1923, No. 167; 1924, No. 195, as amended to date.)
Amendment.
Regulation 5 of the Superannuation Regulations is repealed, and the following regulation is inserted in its stead:—
“5. The time within which an employee to whom paragraph (a) of sub-section (4) of section 13 of the Act applies, may increase the amount of the contribution, in accordance with that paragraph, shall, where the salary of the contributor has been increased on or before the 20th May, 1925, be three years and six months from the 20th November, 1922. Where the salary of a contributor is increased after the 20th May, 1925 the time shall be twelve months from the date upon which payment of salary at the increased rate is actually made.”
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Printed and Published for the Government of the Commonwealth of Australia by H. J. Green, Government Printer for the State of Victoria.
C.7233.—Price 3d.
Overview
The Superannuation Regulations 1925 were enacted to address the need for updated provisions under the Superannuation Act 1922-24. These regulations were introduced to provide clarity and adjustments to the timeframes within which employees could increase their contributions, particularly in response to salary adjustments. The Superannuation Fund Management Board recommended these regulations to the Governor-General, who approved them, thereby ensuring they came into operation immediately. This legislative instrument aimed to streamline the administration of superannuation contributions by setting precise time frames based on changes in salary, thereby improving the efficiency and effectiveness of the superannuation system.
Scope and Application
The Superannuation Regulation, enacted under the Superannuation Act 1922-24, applies to employees who are subject to the provisions of paragraph (a) of subsection (4) of section 13 of the Act. Specifically, these regulations concern the timing for employees to increase their superannuation contributions, depending on whether their salary was increased prior to or after May 20, 1925. The Act's jurisdiction is national, as it pertains to the Commonwealth of Australia, and the regulation is intended to provide clear guidelines for the administration of superannuation funds across the country. The regulation does not explicitly state exclusions or thresholds but delineates specific timeframes for contribution increases based on salary changes, thereby providing a structured approach to superannuation contributions. The application of these regulations may be further extended or specified through subordinate instruments, which are not detailed in the provided text.
Key Provisions
The main operative section of these Regulations is the amendment to Regulation 5, which pertains to the timing of when an employee can increase their superannuation contributions under specific circumstances (Reg. 5). According to this amendment, if an employee’s salary increased on or before 20 May 1925, they have until 20 November 1922 plus three and a half years to increase their superannuation contributions. Conversely, if an employee's salary increases after 20 May 1925, they have twelve months from the date of the salary increase to make any required contribution adjustments.
The Regulations impose specific obligations on employees to be aware of the timelines for increasing their superannuation contributions. Employees whose salaries were increased by 20 May 1925 must ensure they increase their contributions within the specified three and a half years from 20 November 1922. Those whose salaries increased after this date must adjust their contributions within twelve months of the salary increase. Failure to comply with these timelines could result in missed opportunities to enhance retirement savings under the Act.
There are no explicit criminal or civil penalties stated in these Regulations for failing to meet the specified timelines for increasing superannuation contributions. However, the impact of not adhering to these deadlines might result in financial disadvantages for the employee, such as reduced retirement savings over time. Employers and superannuation fund managers may also need to ensure compliance with these timelines to avoid potential disputes or administrative issues.
Overall, the Regulations provide clarity on the timeframes for adjusting superannuation contributions based on salary changes, ensuring that employees can make informed decisions about their retirement savings. The absence of penalties indicates a reliance on compliance through awareness and administrative oversight rather than punitive measures.