EXPLANATORY STATEMENT
Statutory Rules 1983 No 74
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 Rules prescribe a “minimum retiring age” of 55 years for officers or temporary employees of the Australian Broadcasting Corporation whose minimum retiring age, in accordance with the terms and conditions of their employment, is the age of 55 years. This enables the payment of early retirement superannuation pensions to officers and temporary employees of the Australian Broadcasting Corporation 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 1 July 1983.
Overview
The Superannuation (Retiring Age) Regulations (Amendment) Statutory Rules 1983 No 74, issued by the authority of the Minister for Finance, amend the existing superannuation laws under the Superannuation Act 1976. This amendment was introduced to address the need for more flexibility in the retirement age for certain categories of employees, specifically officers and temporary employees of the Australian Broadcasting Corporation. The Superannuation Act 1976, as enacted by the Parliament of Australia, aims to provide a structured retirement income for individuals. The amendment allows for a "minimum retiring age" of 55 years, enabling eligible employees of the Australian Broadcasting Corporation to retire voluntarily and receive early retirement pensions, provided they have met the necessary contributory service requirements. This regulation was designed to be convenient and necessary for implementing the provisions of the Act, ensuring that it aligns with the terms and conditions of employment for these specific employees.
Scope and Application
The Superannuation (Retiring Age) Regulations (Amendment) 1983, issued under the authority of the Minister for Finance, modify the Superannuation Act 1976 by setting the minimum retiring age for certain individuals and classes of persons. Specifically, the Regulations establish a minimum retiring age of 55 years for officers and temporary employees of the Australian Broadcasting Corporation, allowing them to qualify for early retirement pensions if they retire voluntarily between the ages of 55 and 60. This amendment extends the provisions of the Superannuation Act to ensure that these employees can access their superannuation benefits earlier than the general minimum retiring age of 60, provided their terms and conditions of employment allow for such early retirement. The Regulations are effective from 1 July 1983 and do not specify any exclusions or exemptions beyond those already outlined in the existing terms and conditions of employment for the affected personnel.
Key Provisions
The Superannuation (Retiring Age) Regulations (Amendment) (F1996B01111) amend the existing regulations under the Superannuation Act 1976 by specifying a minimum retiring age of 55 years for officers and temporary employees of the Australian Broadcasting Corporation (ABC). This amendment is contained in Regulation 5, which is designed to align the minimum retiring age for these individuals with their terms and conditions of employment. This provision allows those who retire voluntarily between the ages of 55 and 60 to be eligible for an early retirement pension, as outlined in Division 2 and, if applicable, Division 3 of Part V of the Superannuation Act 1976.
Entities and individuals governed by these regulations must ensure compliance with the stipulated minimum retiring age of 55 for the specified employees of the ABC. Employers must correctly apply this age limit when processing retirement applications and pension payments, ensuring that employees who meet the age criteria are eligible for the early retirement pension. The regulations necessitate that all relevant documentation and records be accurately maintained to reflect compliance with these provisions.
Failure to adhere to the regulations can result in legal consequences. The Superannuation Act 1976 and related regulations impose strict requirements on employers to accurately apply the minimum retiring age criteria. Any breaches of these obligations, such as incorrectly denying pension payments to eligible employees or misapplying the regulations, could lead to civil or criminal penalties. The precise nature of these penalties is not detailed within the provided explanatory statement but generally, penalties for non-compliance with superannuation regulations can include fines and other legal actions as stipulated by relevant laws.