STATUTORY RULES.
1947. No. 14.
REGULATIONS UNDER THE SUPERANNUATION ACT 1922-1947.*
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 1922-1947.
Dated this twenty-first day of January, 1948.
W. J. McKell
Governor-General.
By His Excellency’s Command,
Treasurer.
Amendments of the Superannuation Regulations.†
1. After regulation 6a of the Superannuation Regulations the following regulation is inserted:—
Elections under section 16b.
“6b.—(1.) The time within which a contributor to whom sub-section (1.) of section 16b of the Act applies may elect to contribute for an additional unit or units of pension based on a retiring age of sixty-five years in accordance with that sub-section shall be six months from the date upon which the increased contribution in respect of the additional unit or units becomes payable.
“(2.) The time within which a contributor to whom sub-section (2.) of section 16b of the Act applies may elect to contribute for an additional unit or units of pension based on a retiring age of sixty-five years in accordance with that sub-section shall be six months from the twelfth day of June, 1947, or six months from the date upon which the increased contribution in respect of the additional unit or units would have become payable had the contributor not completed his contributions in accordance with the provisions of the Act, whichever is the later.”.
Approved authorities.
2. Regulation 15a of the Superannuation Regulations is amended by omitting the words “and the Overseas Telecommunications Commission (Australia) constituted under the Overseas Telecommunications Act 1946” and inserting in their stead the words “, the Overseas Telecommunications Commission (Australia) constituted under the Overseas Telecommunications Act 1946, the Australian Aluminium Production Commission constituted under the Aluminium Industry Act
* Notified in the Commonwealth Gazette on , 1947.
† Statutory Rules 1942, No. 549, as amended by Statutory Rules 1943, Nos. 120 and 248; 1944, No. 181; 1946, Nos. 121 and 147; and 1947, No. 103.
6923.—Price 3d. 10/19.11.1947.
1944, the Trustees of the Services Canteens Trust Fund established under the Services Trust Funds Act 1947, and the Australian Wool Board constituted tinder the Wool Use Promotion Act 1945”.
Amendment of Second and Third Schedules.
3. The Second Schedule and the Third Schedule to the Regulations are amended by omitting the words and figures “£52 Pension to Member: £26 to Widow” (wherever occurring) and inserting in their stead the words and figures “£65 Pension to Member: £32 10s. to Widow”.
By Authority: L. F. Johnston, Commonwealth Government Printer, Canberra.
Overview
The Superannuation Act 1922-1947 was enacted to address the need for a comprehensive superannuation scheme that provided for the financial security of contributors and their beneficiaries. The Act was intended to provide a reliable and consistent system of superannuation for employees across Australia, ensuring that they would have a source of income upon retirement. The 1948 Statutory Rules under this Act, specifically Statutory Rules 1947 No. 14, were introduced to further refine and update the regulations governing the operation of the superannuation scheme. These regulations were made by 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. The policy objective of these regulations was to maintain and improve the efficiency and effectiveness of the superannuation system, ensuring that it met the evolving needs of contributors and their families.
Scope and Application
The Superannuation Regulations 1947, as amended by the Statutory Rules of 1947 No. 14, apply to contributors to the Commonwealth Superannuation Scheme, which includes employees of the Commonwealth government and certain specified authorities. These Regulations govern the terms and conditions under which superannuation contributions are made, including the calculation and payment of pensions. The amendments outlined in these Regulations extend the scope to include additional authorities such as the Australian Aluminium Production Commission, the Trustees of the Services Canteens Trust Fund, and the Australian Wool Board. The Regulations are applicable throughout the Commonwealth of Australia and are designed to ensure consistency and fairness in the administration of superannuation benefits. Exclusions and exemptions are not explicitly stated in the document, but they may be found in the overarching Superannuation Act 1922-1947. The Regulations can be further refined or expanded through subordinate instruments, allowing for adjustments to the application and enforcement of the superannuation provisions.
Key Provisions
The primary operative sections of these Regulations, as noted in (1) to (3), include the introduction of a new regulation 6b under section 16b of the Superannuation Act 1922-1947, the amendment of regulation 15a to include additional approved authorities, and the amendment of the Second and Third Schedules to update the pension figures. Regulation 6b specifies that contributors have six months to elect to contribute for additional pension units based on a retiring age of sixty-five years, with different timeframes depending on the specific circumstances of the contributor. Regulation 15a is amended to expand the list of approved authorities to include the Australian Aluminium Production Commission, the Trustees of the Services Canteens Trust Fund, and the Australian Wool Board. The Second and Third Schedules are updated to reflect a new pension amount of £65 for the member and £32 10s. for the widow, replacing the previous figures.
These Regulations impose several obligations and requirements on the parties and entities they govern. Contributors to superannuation schemes must now be informed of their options to contribute for additional pension units within the specified timeframes outlined in regulation 6b. Approved authorities, as amended in regulation 15a, must adhere to the updated list and ensure compliance with the regulations pertaining to their roles within the superannuation framework. Trustees and administrators of superannuation funds must update their records and communications to reflect the new pension amounts specified in the amended Second and Third Schedules.
The Regulations do not explicitly state any offences, penalties, or consequences for breach. However, failure to comply with the requirements set out in the Regulations could potentially lead to legal action for non-compliance, especially if trustees or administrators do not adhere to the updated pension figures or if contributors miss the specified timeframes for electing to contribute for additional pension units. The exact consequences would depend on the specific circumstances and applicable laws at the time of any alleged breach.