Superannuation (Resolution of Complaints) Regulations (Amendment) 1998 No. 84
EXPLANATORY STATEMENT
STATUTORY RULES 1998 NO. 84
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.
The purpose of the proposed Regulations is to amend the Superannuation (Resolution of Complaints) Regulations (the Principal Regulations) to remove the names of some Queensland public sector schemes listed as subject to the Act following the merger of those schemes into another scheme which continues to be listed in the Principal Regulations.
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, than 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.
Regulation 4A of the Principal Regulations provides that an EPSSS specified in Schedule 1 to the Principal Regulations is taken to be a regulated superannuation fund for the purposes of the Act.
The Queensland State Government has requested that the names of the Government Officers' Superannuation Scheme (Gosuper), Police Superannuation Fund (Police Super) and State Service Superannuation Fund (State Super) be removed from the Schedule specified under regulation 4A of the Principal Regulations following their merger into the State Public Sector Superannuation Scheme (Q Super) which continues to be listed in the Schedule.
The Regulations omit 'Item 1. Queensland' of Schedule 1 and insert a new 'Item 1. Queensland' to remove the relevant names of the schemes as requested. The removed schemes ceased to be EPSSS from 1 July 1997.
The Regulations will commence on gazettal.
Overview
The Superannuation (Resolution of Complaints) Regulations (Amendment) 1998 No. 84 were issued under the authority of the Assistant Treasurer and pertain to amendments of the Superannuation (Resolution of Complaints) Regulations. This set of regulations seeks to address the problem of updating the list of schemes covered under the Superannuation (Resolution of Complaints) Act 1993 following the merger of certain Queensland public sector superannuation schemes into another listed scheme. The Superannuation Complaints Tribunal, established by the Act, aims to provide an efficient and economical mechanism for conciliating and reviewing complaints made by members of certain regulated superannuation funds and approved deposit funds. The regulations are necessary to ensure that the list of schemes subject to the Act remains current and reflects the current state of superannuation schemes within the jurisdiction. These amendments were requested by the Queensland State Government to remove the names of the Government Officers' Superannuation Scheme, Police Superannuation Fund, and State Service Superannuation Fund, following their merger into the State Public Sector Superannuation Scheme, which continues to be listed under the regulations. The objective of these amendments is to maintain consistency and clarity in the regulation of superannuation complaints.
Scope and Application
The Superannuation (Resolution of Complaints) Regulations (Amendment) 1998 No. 84 pertains to the Superannuation (Resolution of Complaints) Act 1993, which establishes the Superannuation Complaints Tribunal to facilitate the conciliation and review of complaints from members of certain regulated superannuation funds and approved deposit funds. These regulations amend the Superannuation (Resolution of Complaints) Regulations by removing the names of specific Queensland public sector schemes from the list of schemes subject to the Act. This amendment follows the merger of the Government Officers' Superannuation Scheme (Gosuper), Police Superannuation Fund (Police Super), and State Service Superannuation Fund (State Super) into the State Public Sector Superannuation Scheme (Q Super), which remains listed. The objective is to ensure consistency in the treatment of superannuation complaints and provide an accessible resolution mechanism for members of these funds. The regulations are applicable to those affected by the specified superannuation schemes and will commence upon gazettal.
Key Provisions
The Superannuation (Resolution of Complaints) Regulations (Amendment) 1998 No. 84 primarily amend the Superannuation (Resolution of Complaints) Regulations (Principal Regulations) to adjust the list of exempted public sector superannuation schemes (EPSSS) that are subject to the Act. Specifically, Section 4A of the Act allows the Governor-General to make regulations specifying which EPSSS are treated as regulated superannuation funds for the purposes of the Act. Regulation 4A of the Principal Regulations originally listed certain Queensland public sector schemes, but these regulations have been amended to reflect the merger of the Government Officers' Superannuation Scheme (Gosuper), Police Superannuation Fund (Police Super), and State Service Superannuation Fund (State Super) into the State Public Sector Superannuation Scheme (Q Super). This amendment is reflected in the new 'Item 1. Queensland' in Schedule 1, which now omits the names of the merged schemes and includes only the Q Super scheme.
The amended regulations impose specific obligations on the parties involved, primarily ensuring that the list of EPSSS subject to the Act is kept current and accurate. This involves administrative duties on the part of the government agencies responsible for managing these schemes to ensure that the list reflects the current structure of superannuation funds. The obligation to update the regulations following a merger of schemes falls under the purview of the Assistant Treasurer, who is authorised to issue these statutory rules.
Breach of the regulations or failure to comply with the updated list could potentially lead to complications in the resolution of complaints for members of the affected schemes. However, the explanatory statement does not detail specific offences, penalties, or consequences for non-compliance. Generally, breaches of regulations under the Act could result in civil or criminal penalties as prescribed by the relevant legislation, but these are not explicitly outlined in the explanatory statement for these particular amendments. The primary focus of the amendment is to maintain consistency and fairness in the access to the Superannuation Complaints Tribunal for members of EPSSS.