STATUTORY RULES.
1954. No. .
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REGULATIONS UNDER THE SUPERANNUATION ACT 1922-1954.*
I, THE GOVERNOR-GENERAL in and over the Commonwealth of Australia, acting with the advice of the Federal Executive Council, and on the recommendation of the Superannuation Board, hereby make the following Regulations under the Superannuation Act 1922-1954.
Dated this twenty-sixth day of July, 1954.
W. J. Slim
Governor-General.
By His Excellency’s Command,
(Sgd.) A. W. FADDEN
Treasurer.
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Amendments of the Superannuation Regulations.†
Approved authorities.
1. Regulation 4 of the Superannuation Regulations is amended by omitting the words “ Australian Wool Board ” and inserting in their stead the words “ Australian Wool Bureau ”.
Prescribed times for the purposes of section 16b.
2. Regulation 7 of the Superannuation Regulations is amended by adding at the end thereof the following sub-regulation :—
“ (3.) Notwithstanding anything contained in the last preceding sub-regulation, the prescribed time for the purposes of sub-section (2.) of section 16b of the Act, within which a contributor to whom that sub-section applies may elect that his contributions for any additional units for which he has elected, under section 26 or 27 of the Superannuation Act 1954, to contribute shall be at the appropriate rate based on a retiring age of sixty-five years, is the period of twelve months which commenced on the twentieth day of April, 1954.”.
* Notified in the Commonwealth Gazette on , 1954.
† Statutory Rules 1952, No. 20, as amended by Statutory Rules 1953, No. 52.
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By Authority: L. F. Johnston, Commonwealth Government Printer, Canberra.
2203.—Price 3d. 10/31.5.1954.
Overview
The Superannuation Regulations 1954, issued under the Superannuation Act 1922-1954, were enacted to ensure the efficient and orderly administration of superannuation schemes for employees, addressing gaps in regulatory frameworks that existed at the time. These regulations were formulated by the Federal Executive Council on the advice of the Superannuation Board, and were assented to by the Governor-General, demonstrating the legislative authority of the Commonwealth Government in overseeing retirement funds. The primary policy objective behind these regulations was to provide clarity and structure to superannuation contributions and benefits, ensuring that employees' retirement savings were managed effectively. The amendments to the existing regulations reflect an intention to update and refine the administrative processes, such as adjusting the body responsible for overseeing certain aspects of the superannuation system from the Australian Wool Board to the Australian Wool Bureau, and setting specific timelines for contributing members to elect certain benefits.
Scope and Application
The Superannuation Regulations 1954, made under the Superannuation Act 1922-1954, apply to contributors to superannuation schemes that are approved authorities. These regulations govern the timing and process by which contributors can elect their superannuation contributions to be based on a retiring age of sixty-five years. The regulations affect entities involved in the administration of approved superannuation schemes and the individuals who contribute to these schemes. Geographically, the regulations have a national reach, applying throughout the Commonwealth of Australia. The stated exclusions or exemptions within these regulations are limited to the specific amendments noted, such as the substitution of the Australian Wool Bureau for the Australian Wool Board and the specific time frame for electing superannuation contributions based on a retiring age of sixty-five years. The application of the regulations can be further extended or restricted through subordinate instruments, which may provide additional details or modifications to the existing framework.
Key Provisions
The main operative sections of these Regulations under the Superannuation Act 1922-1954 pertain to amendments of the Superannuation Regulations. Specifically, Regulation 4 is amended by replacing the term "Australian Wool Board" with "Australian Wool Bureau". Additionally, Regulation 7 is further amended by adding a new sub-regulation (3) that specifies a prescribed time for contributors to elect the appropriate rate for their additional contributions based on a retiring age of sixty-five years. This prescribed time is set as the period of twelve months starting from April 20, 1954.
These amendments impose specific obligations on contributors under the Superannuation Act. Firstly, the replacement of "Australian Wool Board" with "Australian Wool Bureau" in Regulation 4 means that the Bureau is now the approved authority for certain superannuation-related matters. Secondly, contributors are required to make their election regarding the appropriate rate for their additional contributions within the specified twelve-month period starting from April 20, 1954, as outlined in the newly added sub-regulation (3) of Regulation 7. Failure to comply with this time frame may affect the contributor's eligibility for the specified contribution rate.
The Regulations do not explicitly outline specific offences, penalties, or consequences for breach. However, it is implied that non-compliance with the prescribed time for making the election regarding the contribution rate may result in contributors not being eligible for the specified rate. This could potentially lead to financial implications for the contributors, as they might not receive the benefits associated with the elected contribution rate. While the exact penalties or consequences are not detailed in these Regulations, adherence to the stipulated timeframes is critical to avoid such implications.