Overview

The Superannuation Act 1990 was enacted to provide a legislative framework for the establishment and administration of occupational superannuation schemes, particularly the Public Sector Superanneration Scheme (PSS) for Australian Government employees. The Act aimed to fill the gap by creating a structured system to ensure that public sector employees have access to superannuation benefits upon retirement or other qualifying events. The 1990 Act empowers the Minister for Finance and Deregulation to amend the Trust Deed establishing the PSS, subject to the consent of the Commonwealth Superanneration Corporation (CSC), the trustee for the PSS. In 2011, the Thirty-sixth Amending Deed was introduced to update the PSS Rules as a result of changes in the Remuneration Tribunal Act 1973, specifically relating to the determination of salary for Departmental Secretaries. This amendment also rectifies an outdated reference in Rule 6.4.6 by updating it to reflect the current Public Service Act 1999. The Thirty-sixth Amending Deed was issued by the Minister for Finance and Deregulation and is subject to disallowance under the Legislative Instruments Act 2003, although it was exempt from consultation due to being a consequence of machinery of government changes.

Scope and Application

The Thirty-sixth Amending Deed to the Trust Deed under the Superannuation Act 1990 is an instrument that applies specifically to the Public Sector Superannuation Scheme (PSS), which is designed to provide benefits for Australian Government employees and certain other individuals. This legislation is enacted at the Commonwealth level and is subject to the oversight and consent of the Commonwealth Superanneration Corporation (CSC), which serves as the trustee for the PSS. The amendments made through the Thirty-sixth Amending Deed are a direct consequence of changes in the Remuneration Tribunal Act 1973, as well as the need to update references within the PSS rules to reflect current legislative standards. These amendments do not require the consent of the CSC, as stipulated under subsection 5(1A) of the Superanneration Act 1990, and are subject to disallowance under the Legislative Instruments Act 2003. The amendments are effective from the later of the day after registration on the Federal Register of Legislative Instruments or the commencement of Part 1 of Schedule 1 of the Remuneration and Other Legislation Amendment Act 2011.

Key Provisions

The main operative sections of the Thirty-sixth Amending Deed to the Public Sector Superannuation Scheme Trust Deed (PSS) involve specific amendments to the rules governing the PSS, particularly in relation to how salary and allowances for Departmental Secretaries are determined, and updating outdated references. Section 3.1 introduces a new rule, Rule 1.2.4A, clarifying that an assignment of a Secretary's remuneration under the Remuneration Tribunal Act 1973 is considered a determination of that remuneration for the purposes of the PSS. This is to ensure alignment with recent legislative changes. Additionally, Section 4.1 removes the outdated reference to the Public Service Act 1922 in Rule 6.4.6 and replaces it with a reference to the Public Service Act 1999, correcting an anachronistic reference and ensuring compliance with current legislation. The obligations and requirements imposed by the Thirty-sixth Amending Deed on the parties involved are primarily concerned with updating the rules governing the Public Sector Superannuation Scheme to reflect recent legislative changes. The Commonwealth Superannuation Corporation (CSC), as the trustee of the PSS, is required to ensure that the updated rules are implemented and adhered to within the scheme. The Minister for Finance and Deregulation is required to ensure that the amendments are consistent with the objectives of the Superannuation Act 1990 and that they facilitate the proper administration of the PSS. The amendments necessitate that the PSS accurately reflect the remuneration of Departmental Secretaries as determined by the Remuneration Tribunal and correctly reference current legislation regarding the engagement of former Secretaries. Any breaches of the provisions in the Thirty-sixth Amending Deed could potentially lead to civil or administrative penalties, though the specific penalties are not detailed in the explanatory statement. The amendments themselves are designed to ensure compliance with existing laws and the proper administration of the PSS. Given that the Thirty-sixth Amending Deed is subject to disallowance under the Legislative Instruments Act 2003, failure to comply with the amended rules could result in administrative actions to rectify non-compliance. It is essential for all parties involved to ensure adherence to the updated rules to avoid any potential legal or administrative repercussions.