Superannuation (Resolution of Complaints) Regulations (Amendment) 1997 No. 115
EXPLANATORY STATEMENT
STATUTORY RULES 1997 NO. 115
Issued by the authority of the Assistant Treasurer
Superannuation (Resolution of Complaints) Act 1993
Superannuation (Resolution of Complaints) Regulations (Amendment)
The Superannuation (Resolution of Complaints) Act 1993 (the Act) establishes the Superannuation Complaints Tribunal, which commenced operations on 1 July 1994. The Tribunal has the objectives of providing a fair, economical, informal and quick mechanism for:
* the conciliation of complaints made by members of certain regulated superannuation funds and approved deposit funds; and
* if conciliation is not successful at resolving the complaint - the review of the fund trustee decision to which the complaint relates.
Section 68 of the Act provides that the Governor-General may make Regulations for the purposes of the Act.
Section 10 of the Superannuation Industry (Supervision) Act 1993 (SIS Act) provides that an exempt public sector superannuation scheme (EPSSS) means a public sector superannuation scheme (a scheme established by or under a Commonwealth, State or Territory Act of Parliament) that is specified in regulations made for the purposes of this definition.
Section 4A of the Act enables regulations to be made to provide that a specified EPSSS is taken to be a regulated superannuation fund for the purposes of this Act. This enables State and Territory Governments to opt to allow members of an EPSSS to access the Tribunal in preference to the existing appeal rights of the EPSSS, which may be more expensive and time consuming, for example, taking legal action through the courts. It also ensures consistent treatment of members of EPSSSs and members of regulated superannuation funds in relation to access to external review for superannuation complaints.
The purpose of the amending regulations is to comply with a request by the Queensland State Government that the Parliamentary Contributory Superannuation Fund be specified under section 4A of the Act so that the members of this scheme, without previous access, now have access to the Tribunal.
As required by section 4A of the Act, the nominated scheme is an EPSSS under the SIS Act ´ SIS Regulation 1.04(4A), and complies with subsections 19(2) and (3) of the SIS Act, ie, that the scheme must have a trustee that is a constitutional corporation pursuant to a requirement contained in the governing rules (defined in section 10 of the SIS Act to include legislation governing the scheme). Regulation 4A provides that an EPSSS specified in Schedule 1 to the Superannuation (Resolution of Complaints) Regulations is taken to be a regulated superannuation fund for the purposes of the Act.
The Regulations, therefore, insert into Schedule 1 a new EPSSS, the Parliamentary Contributory Superannuation Scheme, which is taken to be a regulated superannuation fund. for the purposes of the Act.
The Regulations will commence on 1 June 1997.
Overview
The Superannuation (Resolution of Complaints) Regulations (Amendment) 1997 No. 115, issued by the authority of the Assistant Treasurer, amends the existing regulations under the Superannuation (Resolution of Complaints) Act 1993. This Act was enacted to establish the Superannuation Complaints Tribunal, which provides a fair, economical, informal, and quick mechanism for conciliation and review of complaints made by members of certain regulated superannuation funds and approved deposit funds. The objective is to ensure that members of exempt public sector superannuation schemes have access to the Tribunal in a manner consistent with members of regulated superannuation funds, thus providing an alternative to more expensive and time-consuming legal actions. The amending regulations respond to a request by the Queensland State Government to include the Parliamentary Contributory Superannuation Fund under the Act, thereby enabling its members to access the Tribunal for the first time. The Regulations will take effect from 1 June 1997.
Scope and Application
The Superannuation (Resolution of Complaints) Regulations (Amendment) 1997 No. 115 amends the Superannuation (Resolution of Complaints) Regulations to include the Parliamentary Contributory Superannuation Scheme as an exempt public sector superannuation scheme (EPSSS) that is taken to be a regulated superannuation fund for the purposes of the Superannuation (Resolution of Complaints) Act 1993. This amendment enables members of this scheme to access the Superannuation Complaints Tribunal for complaints resolution, rather than the existing appeal rights under the Superannuation Industry (Supervision) Act 1993, which may be more costly and time-consuming. The amendment ensures consistent treatment of members of EPSSSs and members of regulated superannuation funds in relation to access to external review for superannuation complaints. The Regulations are made pursuant to section 4A of the Act and will commence on 1 June 1997.
Key Provisions
The Superannuation (Resolution of Complaints) Regulations (Amendment) 1997 No. 115 amends the Superannuation (Resolution of Complaints) Regulations to include the Parliamentary Contributory Superannuation Scheme as an exempt public sector superannuation scheme (EPSSS) that is taken to be a regulated superannuation fund for the purposes of the Act. This amendment responds to a request by the Queensland State Government to allow members of this scheme to access the Superannuation Complaints Tribunal for complaints, rather than pursuing existing appeal rights through more expensive and time-consuming legal action. Section 4A of the Act enables the Governor-General to make regulations that specify an EPSSS as a regulated superannuation fund, ensuring that members of such schemes have consistent access to the Tribunal for complaint resolution.
Under these regulations, the Parliamentary Contributory Superannuation Scheme is now included in Schedule 1, which lists EPSSSs treated as regulated superannuation funds for the purposes of the Act. This inclusion means that members of this scheme can access the Tribunal for conciliation and review of complaints regarding fund trustee decisions, aligning their complaint resolution process with that of members of other regulated superannuation funds. The regulations are designed to provide a fair, economical, informal, and quick mechanism for complaint resolution, as outlined in section 68 of the Act.
Entities governed by these regulations, including the Parliamentary Contributory Superannuation Scheme, must comply with the provisions that allow members to access the Tribunal for complaints. The scheme must ensure that its members are informed about their new rights to access the Tribunal and that any existing appeal processes are communicated alongside these new complaint resolution avenues. Trustees of the scheme must also ensure that the scheme meets the requirements of being an EPSSS under the Superannuation Industry (Supervision) Act 1993, including having a trustee that is a constitutional corporation.
Breaches of the regulations or failure to comply with the requirements to allow members access to the Tribunal may result in consequences under the governing acts. Although specific offences, penalties, or civil/criminal consequences are not detailed in the amending regulations, breaches of the Superannuation (Resolution of Complaints) Act 1993 or the Superannuation Industry (Supervision) Act 1993 could result in penalties as prescribed under those acts. These may include financial penalties, corrective measures, or other legal actions to ensure compliance with the regulatory requirements.