Statutory Authorities (Superannuation Arrangements) Act 1994

This Act may be cited as the Statutory Authorities (Superannuation Arrangements) Act 1994.

This Act is taken to have commenced on 1 July 1992.

In this Act—

member of a statutory authority means a person—

who is paid for the performance of duties as a member of the authority’s executive body (whether described as the board of directors or otherwise); and

for whom the authority is liable to pay the superannuation guarantee charge if it does not meet the minimum level of superannuation support prescribed under the Superannuation Guarantee (Administration) Act 1992 (Cwlth);

statutory authority means a body corporate established under an Act;

superannuation guarantee charge means the charge imposed by the Superannuation Guarantee Charge Act 1992 (Cwlth).

A statutory authority may—

establish and amend a superannuation scheme for its members; or

join in establishing and amending a superannuation scheme for its members; or

take part in a superannuation scheme for its members.

However, a statutory authority may not establish or take part in a superannuation scheme that does not satisfy the superannuation fund conditions under the Occupational Superannuation Standards Regulations Application Act 1992 (Cwlth).

For the purposes of subsection (1), a statutory authority may establish and keep any fund.

The Governor in Council may make regulations under this Act.