EXPLANATORY STATEMENT
Select Legislative Instrument 2006 No. 369
Issued by authority of the Parliamentary Secretary
to the Treasurer
Superannuation (Resolution of Complaints) Act 1993
Superannuation (Resolution of Complaints) Amendment Regulations 2006 (No. 1)
Section 68 of the Superannuation (Resolution of Complaints) Act 1993 (the Act) provides that the Governor-General may make regulations prescribing matters required or permitted by the Act to be prescribed, or necessary or convenient to be prescribed, for carrying out or giving effect to the Act.
The purpose of the Regulations is to update the list of exempt public sector superannuation schemes (EPSSSs) that are prescribed in the Superannuation (Resolution of Complaints) Regulations 1994 (the Principal Regulations).
Schedule 1 to the Principal Regulations contains a list of EPSSSs that have elected to be subject to the jurisdiction of the Superannuation Complaints Tribunal (the Tribunal).
The SA Metropolitan Fire Service Superannuation Scheme (the Scheme) was previously a regulated superannuation fund and its members could access the Tribunal However, after an amendment to the Superannuation Act 1988 (SA), the trustees of the Scheme applied to have its status altered to that of an EPSSS and this change was effected pursuant to a Declaration of the responsible South Australian Minister, which took effect on 1 December 2006. Following the Declaration, the Scheme became an EPSSS, which meant its members lost their entitlement to lodge complaints before the Tribunal.
The Regulations add the Scheme to Schedule 1 so that the Scheme is deemed to be a regulated superannuation fund for the purposes of the Act and its members again have access the Tribunal.
The Regulations commenced on the day after registration on the Federal Register of Legislative Instruments.
Delete RIS if not required.
Overview
The Superannuation (Resolution of Complaints) Amendment Regulations 2006 (No. 1) were enacted to amend the Superannuation (Resolution of Complaints) Regulations 1994, updating the list of exempt public sector superannuation schemes (EPSSSs) subject to the jurisdiction of the Superannuation Complaints Tribunal. This was necessitated by changes in the status of certain superannuation schemes, such as the SA Metropolitan Fire Service Superannuation Scheme, which transitioned from being a regulated superannuation fund to an EPSSS following amendments to the Superannuation Act 1988 in South Australia. The new regulations ensure that members of the SA Metropolitan Fire Service Superannuation Scheme regain access to the Tribunal for resolving complaints, aligning the scheme with the requirements of the Superannuation (Resolution of Complaints) Act 1993. These regulations were made under the authority of the Governor-General and aim to maintain the integrity and accessibility of the complaint resolution process for superannuation scheme members.
Scope and Application
The Superannuation (Resolution of Complaints) Amendment Regulations 2006 (No. 1) amends the Superannuation (Resolution of Complaints) Regulations 1994, updating the list of Exempt Public Sector Superannuation Schemes (EPSSSs) that are subject to the jurisdiction of the Superannuation Complaints Tribunal. This legislative instrument applies to the SA Metropolitan Fire Service Superannuation Scheme, which was previously a regulated superannuation fund allowing its members to access the Tribunal for complaints. After an amendment to the Superannuation Act 1988 (SA), the trustees of the Scheme applied for and received a change in status to an EPSSS, resulting in the loss of Tribunal access for its members. The Regulations seek to reinstate the Scheme's access to the Tribunal by adding it to Schedule 1 of the Principal Regulations, thereby deeming it a regulated superannuation fund under the Act. This change ensures that the members of the SA Metropolitan Fire Service Superannuation Scheme once again have the right to lodge complaints before the Tribunal. The Regulations came into effect on the day after their registration on the Federal Register of Legislative Instruments.
Key Provisions
The Superannuation (Resolution of Complaints) Amendment Regulations 2006 (No. 1) amend the existing Superannuation (Resolution of Complaints) Regulations 1994 by updating the list of exempt public sector superannuation schemes (EPSSSs) that are subject to the jurisdiction of the Superannuation Complaints Tribunal (SCT) as per section 68 of the Superannuation (Resolution of Complaints) Act 1993. Specifically, the regulations add the SA Metropolitan Fire Service Superannuation Scheme (the Scheme) to Schedule 1 of the Principal Regulations. This change comes after the Scheme transitioned from a regulated superannuation fund to an EPSSS following an amendment to the Superannuation Act 1988 (SA). The transition to EPSSS status resulted in the loss of members' rights to lodge complaints with the SCT, a matter the regulations seek to rectify by reclassifying the Scheme as a regulated fund under the Act. The amendments in the Regulations ensure that the Scheme is deemed a regulated fund for the purposes of the Act, thereby restoring members' access to the SCT.
These regulations impose specific obligations on the parties they govern. Primarily, the Scheme, now listed in Schedule 1, must comply with the requirements and processes outlined in the Act for handling complaints from its members. This includes adhering to the procedural guidelines and timeframes for complaint resolution set out in the Act. The trustees of the Scheme are also required to ensure that members are informed of their rights and the processes available to them for lodging and resolving complaints. Furthermore, the Scheme must maintain records and documentation that are accessible for review by the SCT as needed.
Failure to comply with the provisions of the Act and these regulations can result in various consequences. While specific offences and penalties are not detailed in the explanatory statement, breaches of the Act generally may lead to enforcement actions by the SCT. This could include orders for compliance, financial penalties, or other remedies aimed at rectifying the breach. Additionally, persistent or significant non-compliance could potentially lead to further regulatory scrutiny or legal action, depending on the nature and severity of the breach. It is important for the trustees and administrators of the Scheme to ensure full compliance to avoid such repercussions.