STATUTORY RULES
1965 No. 156
REGULATIONS UNDER THE SUPERANNUATION ACT 1922-1963.*
WHEREAS it is provided by sub-section (3a.) of section 20 of the Superannuation Act 1922-1963 that, for the purposes of sub-sections (2.) and (3.) of that section, the prescribed amount is Two thousand six hundred pounds or such other amount, being a multiple of Sixty-five pounds, as is specified in the regulations for the purpose of sub-section (3a.) of that section:
And whereas it is provided by sub-section (3b.) of that section that, in making a regulation for the purpose of sub-section (3a.) of that section, the Governor-General shall have regard to any general variations in the rates of salaries of employees that have occurred:
Now therefore I, the Governor-General in and over the Commonwealth of Australia, acting with the advice of the Federal Executive Council, and, in relation to regulation 1 of these Regulations, on the recommendation of the Superannuation Board and, in relation to regulation 2 of these Regulations, having regard to general variations in the rates of salaries of employees that have occurred, hereby make the following Regulations under the Superannuation Act 1922-1963.
Dated this twenty-eighth day of October, 1965.
CASEY
Governor-General.
By His Excellency’s Command,
(SGD.) HAROLD HOLT
Treasurer.
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Amendments of the Superannuation Regulations†
1. Regulation 5 of the Superannuation Regulations is repealed and the following regulation inserted in its stead:—
Prescribed time for the purposes of section 19 (3.).
“5. Where the salary of an employee or pensioner is increased in circumstances set out in sub-section (3.) of section 19 of the Act, an election to contribute for additional units of pension shall be made by the employee or pensioner for the purposes of that sub-section within twelve months after the date on which his salary is so increased.”.
2. Regulation 6a of the Superannuation Regulations is repealed and the following regulation inserted in its stead:—
Amount specified for the purpose of section 20 (3a.).
“6a. The amount of Two thousand seven hundred and thirty pounds is specified for the purpose of sub-section (3a.) of section 20 of the Act.”.
* Notified in the Commonwealth Gazette on 4 November, 1965.
† Statutory Rules 1960, No. 68, as amended by Statutory Rules 1962, No. 14; 1963, Nos. 51 and 118; 1964, No. 73; and 1965, No. 5.
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By Authority: A. J. Arthur, Commonwealth Government Printer, Canberra.
12479/65.—Price 6d. (5c) 10/7.10.1965
Overview
The Superannuation Regulations 1965 were enacted to address the need for updated prescribed amounts and timelines for the purposes of certain sections within the Superannuation Act 1922-1963. The Superannuation Act, enacted by the Australian Parliament, established a system of superannuation contributions and benefits for employees, and these regulations were made under the authority of the Act to further refine and specify the application of its provisions. This legislative instrument was designed to ensure that the regulatory framework kept pace with economic changes, specifically considering general variations in the rates of salaries of employees. The Governor-General, acting with the advice of the Federal Executive Council, and in relation to certain regulations, on the recommendation of the Superannuation Board, made these regulations to maintain the relevance and effectiveness of the superannuation provisions.
Scope and Application
The Superannuation Regulations 1965, made under the Superannuation Act 1922-1963, apply to employees and pensioners who have experienced an increase in their salary under specific circumstances. The primary focus of these regulations is to set out the prescribed amount for the purposes of section 20(3a) of the Act, which is currently specified as Two thousand seven hundred and thirty pounds. These regulations also outline the time frame within which an election to contribute for additional units of pension must be made, which is within twelve months after the date on which the salary is increased. The regulations are applicable across the Commonwealth of Australia and are intended to provide clarity and uniformity in the application of superannuation contributions and benefits. The Superannuation Board's recommendation, along with general variations in employee salary rates, are taken into consideration by the Governor-General when making these regulations.
Key Provisions
The Superannuation Regulations of 1965, which amend the existing Superannuation Regulations under the Superannuation Act 1922-1963, introduce several key changes. Firstly, Regulation 5 (paragraph 1) replaces the previous regulation concerning the prescribed time for the purposes of section 19(3) of the Act. This regulation now specifies that an employee or pensioner must make an election to contribute for additional units of pension within twelve months after their salary has been increased, provided the increase occurs under the circumstances set out in subsection (3) of section 19 of the Act. Secondly, Regulation 6a (paragraph 2) revises the amount specified for the purpose of subsection (3a) of section 20 of the Act, setting it at Two thousand seven hundred and thirty pounds. This replaces the previous regulation and is intended to provide a new benchmark for certain calculations under the Act.
These regulations impose specific obligations on employees and pensioners who experience a salary increase. Under the new Regulation 5, those who are eligible to contribute additional pension units must make their election within a clearly defined timeframe of twelve months. This requirement ensures that any changes to their pension contributions are processed promptly and in accordance with the Act's provisions. The revision in Regulation 6a, meanwhile, sets a new monetary threshold that may affect the calculation of benefits or contributions under the Act, necessitating compliance with this updated figure.
Breach of the obligations set out in these regulations could potentially lead to administrative or legal consequences, although the specific penalties are not detailed within the text of the Regulations themselves. Generally, failure to comply with superannuation regulations can result in fines, legal action, or other penalties as outlined by the governing Act and related statutes. In some cases, non-compliance might also affect the individual's entitlement to superannuation benefits or the calculation of their pension, impacting their retirement financial security.