EXPLANATORY STATEMENT
Statutory Rules 1983 No 33
ISSUED BY THE AUTHORITY OF THE MINISTER FOR FINANCE
SUPERANNUATION ACT 1976 - SUPERANNUATION (RETIRING AGE) REGULATIONS (AMENDMENT)
Section 168 of the Superannuation Act 1976 provides that the Governor-General may make regulations, not inconsistent with the Act, prescribing all matters which the Act requires or permits to be prescribed or which are necessary or convenient to be prescribed for carrying out or giving effect to the Act.
Sub-section 3(1) of the Superannuation Act 1976 defines “minimum retiring age” as 60 years or such lesser age as, under regulations made under the Act, is the minimum retiring age applicable to a person or class of persons.
A contributor with more than one year’s contributory service who retires voluntarily on or after attaining age 60, is entitled to be paid an age retirement pension in accordance with Division 1 and, if appropriate, Division 3 of Part V of the Superannuation Act 1976. A contributor who, under his terms and conditions of employment, is able to retire voluntarily after attaining an age less than 60 is upon such voluntary retirement entitled to be paid an early retirement pension in accordance with Division 2 and, if appropriate, Division 3 of Part V provided that lesser age has been prescribed in the Superannuation (Retiring Age) Regulations as the minimum retiring age in respect of the class of persons within which he falls.
Regulation 5 of the Superannuation (Retiring Age) Regulations already specifies age 55 as the “minimum retiring age” for the purposes of the Superannuation Act 1976 in relation to certain persons and classes of persons.
The Statutory Rule prescribes a “minimum retiring age” of 55 years for a member of the Australian Secret Intelligence Service. This enables the payment of early retirement superannuation pensions to members of the Australian Secret Intelligence Service who take advantage of the early retirement provisions of their conditions of service by retiring voluntarily between the ages of 55 and 60.
The regulations operate from the date of notification in the Gazette.
Overview
The Superannuation (Retiring Age) Regulations (Amendment) 1996, issued under the authority of the Minister for Finance, amend the existing regulations to address the specific retirement needs of members of the Australian Secret Intelligence Service. This amendment was enacted to fill a gap in the legislative framework that did not previously recognise the unique conditions under which members of this service may retire. The amendment provides for a "minimum retiring age" of 55 years for members of the Australian Secret Intelligence Service, facilitating the payment of early retirement pensions to those who retire voluntarily between the ages of 55 and 60. This policy objective aligns with the broader legislative intent of the Superannuation Act 1976 to provide equitable superannuation benefits based on the specific service conditions of different classes of contributors. The amendment ensures that the retirement provisions are not only consistent with the Act but also convenient and necessary for implementing the Act’s objectives effectively.
Scope and Application
The Superannuation (Retiring Age) Regulations (Amendment) issued under Section 168 of the Superannuation Act 1976 provide a specific amendment to the minimum retiring age for members of the Australian Secret Intelligence Service. This amendment applies to persons who are members of this particular service and are entitled to an early retirement pension, provided they have more than one year’s contributory service and retire voluntarily between the ages of 55 and 60. The amendment sets the minimum retiring age at 55 for these individuals, enabling them to be paid an early retirement pension in accordance with Division 2 and, if appropriate, Division 3 of Part V of the Superannuation Act 1976. This legislative change ensures that the retirement provisions for these individuals are consistent with their conditions of service and are carried out effectively. The regulations, once notified in the Gazette, will apply to the relevant members of the Australian Secret Intelligence Service.
Key Provisions
The Superannuation (Retiring Age) Regulations (Amendment) specify a "minimum retiring age" of 55 years for members of the Australian Secret Intelligence Service (ASIS) (Reg. 5). This regulation allows ASIS members to be eligible for early retirement pensions if they retire voluntarily between the ages of 55 and 60. This amendment ensures that these individuals can access their superannuation benefits earlier than the general retirement age of 60, provided they meet the conditions of their employment that allow early retirement. The regulations are applicable to those who retire on or after the date of notification in the Gazette.
The Act imposes several obligations and requirements on the parties involved. Firstly, it requires that the superannuation funds be managed in accordance with the Superannuation Act 1976. This includes the administration of the pension benefits, ensuring that the correct amounts are paid to eligible retirees. Employers, including ASIS, must adhere to the conditions of service that allow for early retirement and must process retirement applications correctly to facilitate the payment of the appropriate pension. The superannuation funds themselves are required to assess eligibility based on the prescribed minimum retiring age and the individual's years of contributory service.
Breaches of the regulations can lead to both civil and criminal consequences. For instance, if an employer fails to process an eligible retirement application correctly, this could result in the individual not receiving their entitled pension. Such failures could be subject to review by the Australian Prudential Regulation Authority (APRA) and may lead to administrative penalties. Additionally, if an individual is found to have improperly claimed a pension by misrepresenting their age or service, this could lead to criminal charges, including fines or imprisonment. The specific penalties for such breaches are not detailed in the statutory rule but would be guided by the overarching provisions of the Superannuation Act 1976 and related legislation.