EXPLANATORY STATEMENT
STATUTORY RULES 1984 NO: 157
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 minumum 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 entitled upon such voluntary retirement, 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 Fire Service Act 1983 of the Northern Territory which commenced on 28 Oct 1983 provides for the establishment of the Fire Service of the Northern Territory. The Fire Service Act also provides that the Director, Chief Fire Officer, Deputy Chief Fire Officer and members of the Fire Service may retire from the Fire Service on attaining the age of 55 years. The Statutory Rules amend the Regulations to
specify age 55 as the minimum retiring age applicable to these persons. This will enable the payment of early retirement pensions to members of the Fire 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 Gazettal.
Overview
The Superannuation (Retiring Age) Regulations (Amendment) 1996, issued under the authority of the Minister for Finance, aims to address the need for aligning retirement age provisions for members of the Fire Service of the Northern Territory with their specific conditions of service. This amendment to the Superannuation Act 1976 allows for a more tailored approach to retirement benefits for firefighters who meet certain criteria. The policy objective is to ensure that these public servants can access their superannuation benefits at an age that reflects their unique occupational demands and health considerations. This amendment specifically modifies the existing regulations to recognise age 55 as the minimum retiring age for firefighters, enabling them to claim early retirement pensions if they choose to retire voluntarily within the specified age range of 55 to 60 years. The changes are designed to take effect from the date of the regulations' gazette.
Scope and Application
The Superannuation (Retiring Age) Regulations (Amendment) under the Superannuation Act 1976 extend the definition of the minimum retiring age, allowing certain individuals within specific professions to retire earlier than the standard age of 60. Specifically, these regulations apply to members of the Fire Service of the Northern Territory as established under the Fire Service Act 1983, including the Director, Chief Fire Officer, Deputy Chief Fire Officer, and other members. By specifying age 55 as the minimum retiring age for these individuals, the amendment facilitates the payment of early retirement pensions to those who opt for voluntary retirement between the ages of 55 and 60. This amendment ensures that these public servants, who often face physically demanding and high-stress roles, are able to retire with financial support at a time that may be more appropriate for their health and personal circumstances. The Regulations are effective from the date of their publication in the Gazette.
Key Provisions
The Superannuation (Retiring Age) Regulations (Amendment) under the Superannuation Act 1976 specify that the minimum retiring age is 55 for certain classes of persons, including members of the Fire Service in the Northern Territory (section 3). This amendment aligns the retiring age for these individuals with the existing retirement provisions in their conditions of service, facilitating the payment of early retirement pensions to those who retire voluntarily between the ages of 55 and 60.
These Regulations impose specific obligations on the parties involved, particularly on employers and employees within the affected classes. Employers must recognise and facilitate the retirement of eligible individuals at the specified age of 55, ensuring they are paid the appropriate early retirement pension as stipulated in Division 2 of Part V of the Superannuation Act 1976. Employees within these classes who choose to retire voluntarily between 55 and 60 must meet the conditions of service that permit early retirement to be eligible for the pension.
Failure to comply with the provisions of these Regulations can result in legal consequences. While the specific offences and penalties are not detailed in the text, under the Superannuation Act 1976, non-compliance with pension entitlements and regulations can lead to civil and criminal penalties. For instance, civil penalties might include financial fines, and in more severe cases, criminal penalties could involve imprisonment, depending on the nature and severity of the breach. The exact penalties would need to be referred to in the principal Act or other relevant legislation.