EXPLANATORY STATEMENT
Statutory Rules 1983 No 34
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 an officer or employee of the Australian Shipping Commission. This enables the payment of early retirement superannuation pensions to officers or employees of the Australian Shipping Commission 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) Statutory Rules 1983 No 34 were enacted to address the need to align the retirement age for certain employees within the Australian Shipping Commission with the broader superannuation framework. This amendment was introduced by the authority of the Minister for Finance and serves to update the existing regulations under the Superannuation Act 1976. The policy objective is to ensure that eligible officers and employees of the Australian Shipping Commission can access their superannuation benefits at a prescribed earlier age, specifically setting the minimum retiring age at 55 years. This regulation facilitates the payment of early retirement pensions to those who retire voluntarily between the ages of 55 and 60, aligning with their employment conditions.
Scope and Application
The Superannuation (Retiring Age) Regulations (Amendment) Statutory Rules 1983 No 34, issued under the authority of the Minister for Finance, pertain to the Superannuation Act 1976. These regulations specifically apply to officers or employees of the Australian Shipping Commission by prescribing a minimum retiring age of 55 years for these individuals, allowing them to be eligible for early retirement superannuation pensions if they retire voluntarily between the ages of 55 and 60. This amendment facilitates the payment of such pensions in accordance with Divisions 2 and 3 of Part V of the Superannuation Act 1976, provided the individual has met the requisite conditions of service and contributory service criteria. The regulations are effective from the date of their notification in the Gazette.
Key Provisions
The primary operative sections of the Superannuation (Retiring Age) Regulations (Amendment) involve the specification of a minimum retiring age of 55 years for officers or employees of the Australian Shipping Commission (Regulation 5). This amendment allows these individuals to be eligible for early retirement pensions if they retire voluntarily between the ages of 55 and 60, as outlined in the Superannuation Act 1976. Specifically, under Section 168 of the Superannuation Act, these regulations are made to facilitate the payment of such pensions, ensuring that those who meet the criteria are not disadvantaged in terms of their retirement benefits.
These regulations impose obligations on the Australian Shipping Commission to recognise the eligibility of their officers and employees who retire between the ages of 55 and 60 for early retirement pensions. The Act mandates that these individuals must have more than one year of contributory service to qualify for the pension. Furthermore, the Commission must ensure that the terms and conditions of employment, which permit voluntary retirement at an age less than 60, are clearly defined and adhered to, as per the regulations. This ensures that all qualifying employees are aware of their entitlements and the conditions under which they can claim their pensions.
Failure to comply with these regulations can lead to significant consequences. While the explanatory statement does not explicitly detail the penalties for non-compliance, it is implied that any breach of the regulations could result in civil or criminal liabilities. These may include fines, legal action, or other penalties as prescribed by the relevant authorities under the Superannuation Act. Given the specific nature of these regulations, any misinterpretation or non-compliance could potentially deprive eligible employees of their entitled benefits, thus making adherence to the regulations crucial for both the Commission and its employees.