Application of Act to former eligible employees - superannuation schemes approved under Part XIII
17 Application of Act to former eligible employees - superannuation schemes approved under Part XIII
The Act is modified in accordance with Schedule 14 in its application to any person:
to whom section 126A of the Act applies; and
for whom the relevant superannuation scheme within the meaning of that section is an approved superannuation scheme within the meaning of Part XIII of the Act.
Schedule 1 Modifications - Employees of Northern Territory
(regulation 4)
Section Modifications
137 Omit subsections (3) and (4).
138 Omit the section.
139 Omit subsection (1), substitute the following subsection:
"(1) Where a person who -
was, immediately before 1 October 1986, employed by an approved authority, being the Northern Territory of Australia or an authority or body established under a law of that Territory, or the holder of a statutory office established by a law of that Territory; and
on or after that date became, pursuant to section 52 of the Superannuation Act 1986 of the Northern Territory, an eligible employee within the meaning of that Act and thereby ceased to be an eligible employee within the meaning of this Act,
makes an election under section 137 as a consequence of so ceasing to be an eligible employee within the meaning of this Act, deferred benefits are, subject to this Division, applicable in respect of the person if, at the time when the person so ceased to be an eligible employee, he or she had completed one year of eligible employment.".
Insert in subsection (2) "referred to in subsection (1)" after "a person".
Omit paragraph (2) (b), substitute the following paragraph:
"(b) the date of his or her death;".
Omit subsections (3), (4), (6) and (7).
141 Omit the section.
Schedule 2 Modifications - Members of Police Force of Northern Territory
(regulation 5)
Section Modifications
137 Omit subsections (3) and (4).
138 Omit the section.
139 Omit subsection (1), substitute the following subsection:
"(1) Where a person who:
was, immediately before 1 January 1988, a member of the Police Force of the Northern Territory; and
on or after that date became, pursuant to section 53 of the Superannuation Act 1986 of the Northern Territory, an eligible employee within the meaning of that Act and thereby ceased to be an eligible employee within the meaning of this Act;
makes an election under section 137 as a consequence of so ceasing to be an eligible employee within the meaning of this Act, deferred benefits are, subject to this Division, applicable in respect of the person if, at the time when the person so ceased to be an eligible employee, he or she had completed one year of eligible employment.".
Insert in subsection (2) "referred to in subsection (1)" after "a person".
Omit paragraph (2) (b), substitute the following paragraph:
"(b) the date of his or her death;".
Omit subsections (3), (4), (6) and (7).
141 Omit the section.
Schedule 3 Modifications - Employees of Aerospace Technologies of Australia Pty Ltd
(regulation 6)
Section Modifications
137 Omit subsections (3) and (4).
138 Omit the section.
139 Omit subsection (1), substitute the following subsection:
"(1) Where a person:
who was, immediately before 1 March 1989, an eligible employee, being employed by Aerospace Technologies of Australia Pty Ltd; and
who, on or after that date but before 1 April 1989, becomes a member of a superannuation scheme known as the Aerospace Employees Superannuation Fund and thereby ceases to be an eligible employee;
makes an election under section 137 as a consequence of so ceasing to be an eligible employee, deferred benefits are, subject to this Division, applicable in respect of the person if, at the time when the person so ceased to be an eligible employee, he or she had completed one year of eligible employment.".
Insert in subsection (2) "referred to in subsection (1)" after "a person".
Omit paragraph (2) (b), substitute the following paragraph:
"(b) the date of his or her death;".
Omit subsections (3), (4), (6) and (7).
139A Omit the section.
141 Omit the section.
Schedule 4 Modifications - Employees of AIDC Ltd.
(regulation 7)
Section Modifications
137 Omit subsections (3) and (4).
138 Omit the section.
139 Omit subsection (1), substitute the following subsection:
"(1) Where a person:
who was, immediately before 20 November 1989, an eligible employee, being employed by AIDC Ltd; and
who, on or after that date but before 22 December 1989, becomes a member of either of the following superannuation schemes, namely:
The Australian Industry Development Corporation Executive Superannuation Plan; or
The Australian Industry Development Corporation Staff Superannuation Plan;
and thereby ceases to be an eligible employee;
makes an election under section 137 as a consequence of so ceasing to be an eligible employee, deferred benefits are, subject to this Division, applicable in respect of the person if, at the time when the person so ceased to be an eligible employee, he or she had completed one year of eligible employment.".
Insert in subsection (2) "referred to in subsection (1)" after "a person".
Omit paragraph (2) (b), substitute the following paragraph:
"(b) the date of his or her death;".
Omit subsections (3), (4), (6) and (7).
141 Omit the section.
Schedule 5 Modification - Employees of, and holders of statutory offices in, Australian Postal Corporation, Australian Telecommunications Corporation, and Australian and Overseas Telecommunications Corporation
(regulations 8, 9 and 9A)
Part IX, Division 3:
Substitute for Division 3 of Part IX the following Division:
"Division 3 Transfers to approved superannuation schemes
"131 Interpretation
"In this Division, unless the contrary intention appears:
approved superannuation scheme means:
Australia Post Superannuation Scheme; and
Telecom Superannuation Scheme.
assets has the same meaning as it has in Division 2 of Part XII.
investment assets of the Fund means the assets of the Fund or of CSC arising out of, or otherwise connected with, the exercise or proposed exercise by CSC of its power to invest moneys of the Fund.
investment liabilities of the Fund means liabilities of the Fund or of CSC arising out of, or otherwise connected with, the exercise or proposed exercise by CSC of its power to invest moneys of the Fund.
liabilities has the same meaning as it has in Division 2 of Part XII.
"132 Loss of entitlements to benefits - eligible employees transferring to an approved superannuation scheme
A person in respect of whom regulation 8 or 9 of the FEE Regulations applies is not entitled to be paid any benefits under this Act, as a former eligible employee, otherwise than on again becoming an eligible employee.
"133 Transfer of assets from Fund to approved superannuation schemes
"(1) There is transferred in accordance with subsection (2) to the person or body administering an approved superannuation scheme:
assets of the Fund (including investment assets of the Fund) determined by the Minister, with the consent of CSC, to be assets that fairly and equitably represent the accumulated contributions of persons referred to in section 132 to whom section 126A applies by reason of their becoming members of that superannuation scheme; and
liabilities (if any) (including investment liabilities of the Fund) determined by the Minister, with the consent of CSC, to be liabilities relating to those assets.
"(2) For the purposes of subsection (1), the transfer of assets, and of liabilities (if any) relating to those assets, takes effect:
at such times; and
in respect of such assets;
as the Minister, with the consent of CSC, determines.
"(3) CSC must do all things necessary, as manager of the assets of the Fund, to give effect to a determination of the Minister under subsection (2).
"(4) A determination of the Minister for the purposes of paragraph (1) (a) or (b) or subsection (2) is a disallowable instrument for the purposes of section 46A of the Acts Interpretation Act 1901.
"134 Payments by Commonwealth to approved superannuation schemes
"(1) After 28 February 1991, the Commonwealth must pay to the person or body administering an approved superannuation scheme an amount calculated by:
aggregating the amounts determined in accordance with subsection (3) to be payable to that person or body in respect of persons referred to in section 132 to whom section 126A applies by reason of their becoming members of that superannuation scheme; and
deducting from that aggregate all payments made in accordance with subsection (2).
"(2) The Commonwealth must pay to the person or body referred to in subsection (1), following a request in writing to the Commissioner by that person or body, the amount determined by that person or body to be payable in respect of a person referred to in paragraph (1) (a) who has ceased to be a member of that superannuation scheme before 1 March 1991.
"(3) The amount payable in respect of a person referred to in section 132 is an amount equal to the sum of:
2½ times the amount of the person's accumulated basic contributions on the person's last day of service; and
the amounts (if any) that have been paid by the Commissioner to the Commonwealth under paragraph 128 (2) (b) in relation to the person; and
the amounts (if any) that have been paid to the Commonwealth under subsection 119J (8) of the superseded Act in relation to the person; and
the amount determined by the Commissioner having regard to:
the number of non-contributory units (if any) that were, under the superseded Act, applicable in relation to the person on 30 June 1976 or immediately before the person became entitled to invalidity pension (as the case may be); and
the contributions that would have been paid by the person in respect of those units if they had been contributory units of pension in respect of which the person had contributed at rates based on a retiring age of 65; and
the amount of any interest determined by the Minister to be payable in respect of the amounts referred to in paragraphs (a), (b), (c) and (d).
"(4) The amount to be paid under subsection (1) to the person or body administering an approved superannuation scheme is to be paid:
in such instalments; and
at such times;
as the Minister determines, having regard to:
any relevant actuarial advice obtained by the Minister; and
any other matters that the Minister considers relevant.
"(5) Payments under subsection (1) or (2) are payable out of moneys lawfully available for that purpose.
"(6) A determination of the Minister for the purposes of subsection (4) is a disallowable instrument for the purposes of section 46A of the Acts Interpretation Act 1901.
"(7) For the purposes of paragraph (3) (a), regulation 5 of the Superannuation (Interest) Regulations applies in relation to the ascertaining of the accumulated basic contributions of a person referred to in section 132 as if the reference in that regulation to the termination day in relation to the person were a reference to the person's last day of service.
"135 Exemption from tax etc
No tax or charge is payable under any law of the Commonwealth (other than the Income Tax Assessment Act 1936) or any law of a State or of a Territory in respect of a transfer of assets or liabilities under section 133.".
Schedule 5A Modifications - employees of, and holders of statutory office in, Australian Postal Corporation
(regulation 8)
This Act’s bill:Explanatory statement
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