Superannuation (Transfer Arrangements) Regulations (Amendment) 1995 No. 96
EXPLANATORY STATEMENT
STATUTORY RULES 1995 No. 96
Issued by the Authority of the Minister for Finance
Superannuation Act 19 76
Superannuation (Transfer Arrangements) Regulations (Amendment)
The Superannuation Act 1976 (the 1976 Act) makes provision for and in relation to an occupational superannuation scheme for Commonwealth employees and for certain other persons. That scheme is known as the Commonwealth Superannuation Scheme (the CSS).
Section 168 of the 1976 Act provides that the Governor-General may make regulations for the purposes of that Act.
The Superannuation Act 1922 (the 1922 Act) provided superannuation arrangements for Commonwealth employees and the 1976 Act established a superannuation scheme for Commonwealth employees to replace the scheme under the 1922 Act with effect from 1 July 1976.
Section 126 of the 1976 Act enables that Act to be modified by regulations in relation to persons who, before becoming members of the CSS, were members of another superannuation scheme.
Regulations for the purposes of section 126 are contained in the Superannuation (Transfer Arrangements) Regulations (the Principal Regulations). The Principal Regulations modify the 1976 Act in respect of specified CSS members and the modifications are contained in a series of Schedules. Schedules 10 and 11 include modifications in respect of certain CSS members who had prior membership of the superannuation scheme under the 1922 Act.
The Superannuation Legislation Amendment Act 1994 (the Amending Act) amended the 1976 Act to make changes to the CSS required for compliance with the Superannuation Industry (Supervision) Act 1993 and for other related reasons. These regulations amend the Principal Regulations as a consequence of the amendments to the 1976 Act contained in the Amending Act. The provisions of the amending Regulations are explained in the Attachment.
The amendments have effect from the date of gazettal.
ATTACHMENT
SUPERANNUATION (TRANSFER ARRANGEMENTS) REGULATIONS (AMENDMENT)
THE AMENDMENTS
Regulation 1
This regulation provides that the Principal Regulations are amended by the amending Regulations.
Regulation 2
This amends Schedule 10 to the Principal Regulations which includes modifications to the 1976 Act in respect of certain former contributors to the scheme under the 1922 Act. The Schedule inserts, in addition to a new definition of "period of contributory service" in subsection 3(1) of the 1976 Act, new sections 235 and 236.
Those sections refer to certain functions of the Superannuation Board under the 1922 Act which from 1 July 1976 were performed by the Commissioner for Superannuation. Subsection 235(2) makes it clear that where the sections inserted by the Schedule to the Principal Regulations refer to the Board they are actually referring to the Commissioner if that function was performed on or after 1 July 1976.
On 1 July 1994 the Commonwealth Superannuation Board of Trustees No 2 (the CSS Board) took over responsibility for the administration of the CS S from the Commissioner for Superannuation. To distinguish between the CSS Board and the Superannuation Board under the 1922 Act for the purposes of modifications relating to events before 1 July 1976 section 73 of the Amending Act omitted the definition of "Board" or "Superannuation Board" for the purposes of Part XII of the 1976 Act from section 169 of the Act and inserted a definition of the term "former Board" to mean the Superannuation Board established under the 1922 Act.
Regulation 2 changes the references to the Board in sections 235 to 236 to references to the former Board to make it clear that it is intended to refer to the Superannuation Board under the 1922 Act.
Regulation 3
This amends Schedule 11 to the Principal Regulations in respect of certain former contributors to the scheme under the 1922 Act for the same reasons as outlined in respect of the amendments made by regulation 2. Schedule 11 inserts new sections 236A and 236B in the Act which refer to periods before 1 July 1976. Regulation 3 changes the references to the Board in sections 236A to 236B to references to the former Board to make it clear that it is intended to refer to the Superannuation Board under the 1922 Act.
Overview
The Superannuation (Transfer Arrangements) Regulations (Amendment) 1995 No. 96, issued by the Authority of the Minister for Finance under the Superannuation Act 1976, address the need to align the existing regulations with amendments made to the Superannuation Act by the Superannuation Legislation Amendment Act 1994. This amendment was necessitated to ensure that the Commonwealth Superannuation Scheme (CSS) remains compliant with the new regulatory environment established by the Superannuation Industry (Supervision) Act 1993, and to rectify other related issues. The primary objective of these regulations is to modify the existing Superannuation (Transfer Arrangements) Regulations to reflect the changes introduced by the 1994 Act, particularly concerning the transfer of superannuation benefits from the old scheme under the Superannuation Act 1922 to the new CSS. These amendments clarify the roles and responsibilities of the Superannuation Board under the 1922 Act and the Commissioner for Superannuation, ensuring that references to the Board in the regulations correctly reflect the historical context and administrative changes that occurred with the establishment of the CSS Board on 1 July 1994.
Scope and Application
The Superannuation (Transfer Arrangements) Regulations (Amendment) 1995 No. 96 applies to the Superannuation Act 1976, which is concerned with the occupational superannuation scheme for Commonwealth employees and certain other individuals. These regulations specifically amend the existing Superannuation (Transfer Arrangements) Regulations to align with the changes introduced by the Superannuation Legislation Amendment Act 1994. The amendments address modifications to the Act concerning certain former contributors to the scheme under the Superannuation Act 1922, ensuring clarity in references to the relevant boards and their functions. These regulations have a national reach as they pertain to the Commonwealth of Australia and its legislative framework. There are no stated exclusions, exemptions, or thresholds within these regulations, and their scope is limited to the specified amendments outlined in the regulations and their attachment.
Key Provisions
The Superannuation (Transfer Arrangements) Regulations (Amendment) 1995 No. 96EXPLANATORY STATEMENTSTATUTORY RULES 1995 No. 96, issued by the Authority of the Minister for Finance, amends the Superannuation Act 1976 (1976 Act). These amendments modify the existing Superannuation (Transfer Arrangements) Regulations (Principal Regulations) in response to changes introduced by the Superannuation Legislation Amendment Act 1994 (Amending Act). Specifically, the amendments address the transfer arrangements for certain Commonwealth Superannuation Scheme (CSS) members who were previously members of a superannuation scheme under the Superannuation Act 1922 (1922 Act). The amendments are effective from the date of gazettal.
The main operative sections of these regulations are Regulation 1, which specifies that the Principal Regulations are amended by these amending Regulations, and Regulations 2 and 3, which modify Schedules 10 and 11 of the Principal Regulations. Regulation 2 and Regulation 3 make specific amendments to sections 235, 236, 236A, and 236B of the 1976 Act, ensuring that references to the Superannuation Board under the 1922 Act are correctly identified as the "former Board" when referring to events before 1 July 1976. This ensures clarity and accuracy in the legal references within the modified regulations.
The obligations and requirements imposed by these regulations on the parties governed by the 1976 Act include ensuring that the modifications to the Principal Regulations are accurately reflected in the legislative text. This involves updating references to the Superannuation Board under the 1922 Act to "former Board" where necessary, to distinguish between the functions of the Board under the 1922 Act and the Commissioner for Superannuation. The regulations also require that these modifications be applied consistently across all relevant sections of the Act, ensuring that the historical context of the changes is properly accounted for in the legal framework.
The amendments to the Superannuation (Transfer Arrangements) Regulations do not explicitly state any offences, penalties, or civil/criminal consequences for breach. However, non-compliance with the regulations could potentially lead to legal challenges or disputes regarding the interpretation and application of the modifications. This could result in the need for clarification or further legislative action to address any ambiguities or issues that arise from the amendments. The precise consequences of non-compliance would depend on the specific circumstances and the outcomes of any legal proceedings that may be initiated.