EXPLANATORY STATEMENT
Statutory Rules 1983 No.321
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 the contributor 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 Statute Law (Miscellaneous Provisions) Act (No. 2) 1983, (Act No. 91 of 1983) which amends sub-section 54(1) of the Telecommunications Act 1975 by reducing the minimum retiring age for officers of the Australian Telecommunications Commission Service to 55 years received Royal Assent on 22 Nov 1983. The amendment to sub-section 54(1) of the Telecommunications Act will come into operation on 20 Dec 1983.
The Statutory Rules prescribe a “minimum retiring age” of 55 years for officers of the Australian Telecommunications Commission Service 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 of the Australian Telecommunications Commission 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 20 Dec 1983.
Overview
The Superannuation (Retiring Age) Regulations (Amendment) 1983, issued under the authority of the Minister for Finance, were enacted to amend the existing regulations concerning the minimum retiring age for superannuation purposes. This piece of legislation was introduced to address the need to align the retirement age provisions of the Superannuation Act 1976 with other specific occupational regulations, particularly those relating to officers of the Australian Telecommunications Commission Service. The policy objective was to standardise and facilitate the process of early retirement for certain classes of employees by allowing them to access their superannuation benefits earlier than the general retirement age of 60. This amendment was intended to provide flexibility in retirement options while ensuring that the superannuation system remained coherent and consistent across different sectors.
Scope and Application
The Superannuation (Retiring Age) Regulations (Amendment) under the Superannuation Act 1976 sets forth specific provisions that define the minimum retiring age for certain individuals and classes of persons, effectively influencing their eligibility for age retirement pensions. These regulations are particularly pertinent to officers of the Australian Telecommunications Commission Service, as amended by the Statute Law (Miscellaneous Provisions) Act (No. 2) 1983, which lowers their minimum retiring age to 55 years. This legislative adjustment ensures that these officers, who retire voluntarily between the ages of 55 and 60, are eligible for early retirement pensions, contingent upon their terms and conditions of employment. The regulations, which came into effect on 20 December 1983, thus facilitate the payment of superannuation pensions to these officers in accordance with the specified provisions of the Superannuation Act.
Key Provisions
The Superannuation (Retiring Age) Regulations (Amendment) under Section 168 of the Superannuation Act 1976, specify the minimum retiring age of 55 years for officers of the Australian Telecommunications Commission Service. This amendment aligns with the changes made by the Statute Law (Miscellaneous Provisions) Act (No. 2) 1983, which reduced the minimum retiring age for these officers from the previously stipulated age of 60 to 55 years. This regulatory amendment ensures that the officers who retire voluntarily between the ages of 55 and 60 are eligible to receive early retirement pensions, as per the terms and conditions of their employment.
Under the Superannuation Act 1976, any contributor with over a year of contributory service who retires voluntarily at or after age 60 is entitled to an age retirement pension. Similarly, a contributor who can retire voluntarily before age 60, as per their employment conditions, is entitled to an early retirement pension, provided the lesser age is prescribed in the Superannuation (Retiring Age) Regulations. For officers of the Australian Telecommunications Commission Service, this regulation specifically sets their minimum retiring age at 55, thereby facilitating their eligibility for early retirement pensions.
The obligations imposed by these regulations primarily focus on ensuring that the officers of the Australian Telecommunications Commission Service who retire voluntarily between the ages of 55 and 60 are processed for the appropriate early retirement pensions. This includes verifying their eligibility based on the terms of their employment and ensuring that the requisite pension payments are made in accordance with Division 2 and, if necessary, Division 3 of Part V of the Superannuation Act 1976.
Failure to comply with the stipulations of the Superannuation (Retiring Age) Regulations can result in legal consequences. While the specific penalties for breaches are not detailed in the provided text, it is reasonable to infer that non-compliance could lead to financial penalties, legal action, or both, depending on the severity and intent of the breach. These potential consequences underscore the importance of adhering to the regulatory requirements to ensure the proper administration of superannuation pensions.