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This is a Bill, not an Act. For current law, see the Acts databases.
Queensland
Superannuation Legislation
Amendment Bill 2004
Queensland
Superannuation Legislation Amendment
Bill 2004
Contents
Page
Part 1 Preliminary
1 Short title . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
2 Commencement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
Part 2 Amendment of Governors (Salary and Pensions) Act 2003
3 Act amended in pt 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
4 Insertion of new pt 3, div 3, sdiv 2 . . . . . . . . . . . . . . . . . . . . . . . . 6
Subdivision 2 Provisions for agreements and court orders
under Family Law Act
16A Definitions for sdiv 2 . . . . . . . . . . . . . . . . . . . . . . . . . . 6
16B Providing information . . . . . . . . . . . . . . . . . . . . . . . . . 7
16C Agreement or court order--minimum benefit . . . . . . . 7
16D Agreement or court order--pension . . . . . . . . . . . . . . 8
16E Agreement or court order--death of Governor in office 9
16F Effect of agreement or court order on particular
pensions ............................. 10
16G Minister to inform entitled former spouse . . . . . . . . . . 10
5 Amendment of schedule (Dictionary) . . . . . . . . . . . . . . . . . . . . . . 10
Part 3 Amendment of Judges (Pensions and Long Leave) Act 1957
6 Act amended in pt 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11
7 Amendment of s 2 (Definitions) . . . . . . . . . . . . . . . . . . . . . . . . . . 11
8 Insertion of new pt 2, div 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12
Division 2 Provisions for agreements and court orders
under Family Law Act
9 Definitions for div 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . 12
10 Providing information . . . . . . . . . . . . . . . . . . . . . . . . . 13
11 Agreement or court order--minimum benefit . . . . . . . 13
12 Agreement or court order--pension . . . . . . . . . . . . . . 14
2
Superannuation Legislation Amendment Bill 2004
13 Agreement or court order--death of judge in office . . 15
14 Effect of agreement or court order on particular
pensions ............................. 15
14A Minister to inform entitled former spouse . . . . . . . . . . 15
Part 4 Amendment of Parliamentary Contributory Superannuation
Act 1970
9 Act amended in pt 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16
10 Amendment of s 4 (Application of Act) . . . . . . . . . . . . . . . . . . . . . 16
11 Amendment of s 16 (Contribution by Crown) . . . . . . . . . . . . . . . . 16
12 Amendment of s 18A (Preserved amount) . . . . . . . . . . . . . . . . . . 17
13 Amendment of s 21 (Payments to children) . . . . . . . . . . . . . . . . . 17
14 Insertion of new s 24A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18
24A When particular pension entitlement ends . . . . . . . . . 18
15 Amendment of s 25A (Indexation of pensions). . . . . . . . . . . . . . . 18
16 Amendment of s 25C (Superannuation contributions surcharge). 20
17 Insertion of new pt 4, div 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20
Division 3 Provision for Superannuation Legislation
Amendment Act 2004
30G Dealing with amount retained in fund . . . . . . . . . . . . . 20
18 Insertion of new s 31A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21
31A Trustees may accept late election . . . . . . . . . . . . . . . 21
19 Replacement of s 33A (Preservation of lump sum) . . . . . . . . . . . 21
33A Payment of lump sum . . . . . . . . . . . . . . . . . . . . . . . . . 22
20 Amendment of s 33B (Transfers in) . . . . . . . . . . . . . . . . . . . . . . . 22
Part 5 Amendment of Superannuation Legislation Amendment
Act 2003
21 Act amended in pt 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23
22 Amendment of s 4 (Amendment of s 5 (Definitions)) . . . . . . . . . . 23
23 Amendment of s 6 (Insertion of new pt 3A) . . . . . . . . . . . . . . . . . 24
24 Omission of pt 3 (Amendment of Superannuation (State Public
Sector) Act 1990) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24
Part 6 Amendment of Superannuation (State Public Sector) Act
1990
25 Act amended in pt 6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24
26 Amendment of s 2 (Interpretation) . . . . . . . . . . . . . . . . . . . . . . . . 24
27 Amendment of s 13 (Membership of scheme) . . . . . . . . . . . . . . . 25
28 Amendment of s 15G (Limit on deduction on refund of certain
contributions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25
29 Insertion of new s 20A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26
3
Superannuation Legislation Amendment Bill 2004
20A Auditing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26
30 Amendment of s 28 (Contributions by units) . . . . . . . . . . . . . . . . 26
31 Amendment of s 30 (Assignment of benefit) . . . . . . . . . . . . . . . . 27
32 Insertion of new pt 4A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27
Part 4A Validation provision for appointment of
executive officer of board
31A Validation provision for appointment of executive
officer of board . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28
Part 7 Other amendments
33 Other amendments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28
Schedule Other amendments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29
Governors (Salary and Pensions) Act 2003 . . . . . . . . . . . . . . . . . 29
Judges (Pensions and Long Leave) Act 1957 . . . . . . . . . . . . . . . 29
Parliamentary Contributory Superannuation Act 1970 . . . . . . . . . 30
Superannuation (State Public Sector) Act 1990 . . . . . . . . . . . . . . 31
2004
A Bill
for
An Act to amend the Governors (Salary and Pensions) Act
2003, Judges (Pensions and Long Leave) Act 1957,
Parliamentary Contributory Superannuation Act 1970,
Superannuation Legislation Amendment Act 2003 and
Superannuation (State Public Sector) Act 1990
s1 6 s4
Superannuation Legislation Amendment Bill 2004
The Parliament of Queensland enacts-- 1
Part 1 Preliminary 2
Clause 1 Short title 3
This Act may be cited as the Superannuation Legislation 4
Amendment Act 2004. 5
Clause 2 Commencement 6
This Act, other than part 5, commences on a day to be fixed 7
by proclamation. 8
Part 2 Amendment of Governors 9
(Salary and Pensions) Act 2003 10
Clause 3 Act amended in pt 2 11
This part amends the Governors (Salary and Pensions) Act 12
2003. 13
Clause 4 Insertion of new pt 3, div 3, sdiv 2 14
Part 3, division 3, after section 16-- 15
insert-- 16
`Subdivision 2 Provisions for agreements and 17
court orders under Family Law Act 18
`16A Definitions for sdiv 2 19
`In this subdivision-- 20
s4 7 s4
Superannuation Legislation Amendment Bill 2004
agreement means an agreement mentioned in the definition 1
entitled former spouse. 2
court order means a court order mentioned in the definition 3
entitled former spouse. 4
entitled former spouse means a person who is entitled or 5
conditionally entitled under an agreement, or a court order, 6
under the Family Law Act, part VIIIB,1 to payment of a part 7
of a benefit that would otherwise be payable under this Act to 8
a former Governor. 9
Family Law Act means the Family Law Act 1975 (Cwlth). 10
operative time, for an agreement or court order, is the time 11
that is, under the Family Law Act, part VIIIB, the operative 12
time in relation to the payment split or payment flag under the 13
agreement or order. 14
`16B Providing information 15
`(1) This section applies if an eligible person within the meaning 16
of the Family Law Act, section 90MZB,2 applies under that 17
section to the Minister for information about a benefit that is 18
being paid, or may become payable, under this Act. 19
`(2) The Minister must give to the eligible person the information 20
as required under the Family Law Act. 21
`(3) If the information is about a benefit for the Governor, the 22
information may include an accrued benefit multiple for the 23
benefit decided by the Minister on the advice of an actuary. 24
`16C Agreement or court order--minimum benefit 25
`(1) This section applies if-- 26
(a) the Minister receives an agreement or court order that 27
relates to a person who, at the operative time for the 28
agreement or order, is the Governor; and 29
1 The Family Law Act, part VIIIB (Superannuation interests)
2 The Family Law Act, section 90MZB (Trustee to provide information)
s4 8 s4
Superannuation Legislation Amendment Bill 2004
(b) the benefit that becomes payable under this Act in 1
relation to the person is a minimum benefit under 2
section 13.3 3
`(2) The Minister must pay to an approved deposit fund, or a 4
superannuation fund, nominated by the entitled former spouse 5
for the agreement or court order the amount to which he or she 6
is entitled under the agreement or order. 7
`(3) However, if the entitled former spouse does not nominate a 8
fund for subsection (2) within 3 months after the day the 9
minimum benefit becomes payable, the Minister must pay the 10
amount to the State Public Sector Superannuation Fund on 11
behalf of the entitled former spouse. 12
`(4) The Minister must reduce the benefit that, other than for the 13
agreement or court order, would be payable under this Act in 14
relation to the person mentioned in subsection (1) by the 15
amount paid to the entitled former spouse. 16
`(5) This section does not apply to an agreement or court order if 17
section 16E applies to the agreement or order. 18
`(6) In this section-- 19
State Public Sector Superannuation Fund means the State 20
Public Sector Superannuation Fund under the Superannuation 21
(State Public Sector) Act 1990. 22
`16D Agreement or court order--pension 23
`(1) This section applies if-- 24
(a) the Minister receives an agreement or court order that 25
relates to a person who, at the operative time for the 26
agreement or order, is a former Governor or the 27
Governor; and 28
(b) the benefit that is being paid, or becomes payable, under 29
this Act to the person is a pension (a relevant benefit). 30
`(2) Subject to subsection (4), the Minister must pay the entitled 31
former spouse for the agreement or court order the proportion, 32
stated in the agreement or order, of the relevant benefit to 33
3 Section 13 (Minimum benefit payable)
s4 9 s4
Superannuation Legislation Amendment Bill 2004
which he or she is entitled under the agreement or order (the 1
spousal amount). 2
`(3) The Minister must reduce the relevant benefit that, other than 3
for the agreement or court order, would be payable under this 4
Act to the person mentioned in subsection (1) by the spousal 5
amount. 6
`(4) The Minister must pay the entitled former spouse a pension 7
for his or her lifetime (a lifetime pension) if the entitled 8
former spouse elects, by written notice given to the Minister, 9
to be paid a lifetime pension. 10
`(5) The notice must be given to the Minister-- 11
(a) if the Minister receives the agreement or court order 12
before the relevant benefit becomes payable--within 13
3 months after it becomes payable; or 14
(b) otherwise--within 3 months after the day the Minister 15
receives the agreement or order. 16
`(6) If the entitled former spouse elects to be paid a lifetime 17
pension, the amount of the pension must be calculated in the 18
way decided by the Minister on the advice of an actuary. 19
`16E Agreement or court order--death of Governor in office 20
`(1) This section applies if the Minister receives an agreement or 21
court order that relates to a person who-- 22
(a) is the Governor at the operative time for the agreement 23
or order; and 24
(b) dies while holding office. 25
`(2) The Minister must pay the entitled former spouse for the 26
agreement or court order a pension for his or her lifetime (a 27
lifetime pension). 28
`(3) The amount of the lifetime pension must be-- 29
(a) calculated in the way decided by the Minister on the 30
advice of an actuary; and 31
(b) based on the proportion, stated in the agreement or court 32
order, of the pension that would have been payable to 33
the person mentioned in subsection (1) if the person had 34
s5 10 s5
Superannuation Legislation Amendment Bill 2004
been entitled to the pension under section 74 1
immediately before the person's death. 2
`16F Effect of agreement or court order on particular 3
pensions 4
`Despite section 7(4) or (5), 8(4), or 9(4),5 an entitled former 5
spouse is not entitled to receive a pension under any of the 6
provisions. 7
`16G Minister to inform entitled former spouse 8
`If the Minister receives an agreement or court order from a 9
person other than the entitled former spouse for the agreement 10
or order, the Minister must as soon as practicable inform the 11
entitled former spouse of the receipt of the agreement or 12
order.'. 13
Clause 5 Amendment of schedule (Dictionary) 14
Schedule-- 15
insert-- 16
`agreement, for part 3, division 3, subdivision 2, see 17
section 16A. 18
court order, for part 3, division 3, subdivision 2, see 19
section 16A. 20
entitled former spouse, for part 3, division 3, subdivision 2, 21
see section 16A. 22
Family Law Act, for part 3, division 3, subdivision 2, see 23
section 16A. 24
operative time, for part 3, division 3, subdivision 2, see 25
section 16A.'. 26
4 Section 7 (Pension relating to Governor appointed after commencement)
5 Section 7 (Pension relating to Governor appointed after commencement), 8 (Pension
relating to Governor holding office immediately before commencement) or 9
(Provisions relating to each former Governor to whom a pension is payable before
commencement)
s6 11 s7
Superannuation Legislation Amendment Bill 2004
Part 3 Amendment of Judges 1
(Pensions and Long Leave) Act 2
1957 3
Clause 6 Act amended in pt 3 4
This part amends the Judges (Pensions and Long Leave) Act 5
1957. 6
Clause 7 Amendment of s 2 (Definitions) 7
(1) Section 2, `In this Act--'-- 8
omit, insert-- 9
`The dictionary in the schedule defines particular words used 10
in this Act.'. 11
(2) Section 2-- 12
insert-- 13
`agreement, for part 2, division 2, see section 9. 14
approved deposit fund see the Superannuation Industry 15
(Supervision) Act 1993 (Cwlth), section 10.6 16
court order, for part 2, division 2, see section 9. 17
entitled former spouse, for part 2, division 2, see section 9. 18
Family Law Act, for part 2, division 2, see section 9. 19
operative time, for part 2, division 2, see section 9. 20
6 Superannuation Industry (Supervision) Act 1993 (Cwlth), section 10--
approved deposit fund means a fund that--
(a) is an indefinitely continuing fund; and
(b) is maintained by--
(i) an approved trustee; or
(ii) an RSE licensee that is a constitutional corporation; and
(c) is maintained solely for approved purposes.
s8 12 s8
Superannuation Legislation Amendment Bill 2004
superannuation fund see the Superannuation Industry 1
(Supervision) Act 1993 (Cwlth), section 10.7'. 2
(3) Section 2, definitions (as amended)-- 3
relocate to the schedule as inserted by this Act. 4
Clause 8 Insertion of new pt 2, div 2 5
After section 8B-- 6
insert-- 7
`Division 2 Provisions for agreements and 8
court orders under Family Law Act 9
`9 Definitions for div 2 10
`In this division-- 11
agreement means an agreement mentioned in the definition 12
entitled former spouse. 13
court order means a court order mentioned in the definition 14
entitled former spouse. 15
entitled former spouse means a person who is entitled or 16
conditionally entitled under an agreement, or a court order, 17
under the Family Law Act, part VIIIB,8 to payment of a part 18
of a benefit that would otherwise be payable under this Act to 19
a retired judge. 20
Family Law Act means the Family Law Act 1975 (Cwlth). 21
operative time, for an agreement or court order, is the time 22
that is, under the Family Law Act, part VIIIB, the operative 23
7 Superannuation Industry (Supervision) Act 1993 (Cwlth), section 10--
superannuation fund means--
(a) a fund that--
(i) is an indefinitely continuing fund; and
(ii) is a provident, benefit, superannuation or retirement fund; or
(b) a public sector superannuation fund.
8 The Family Law Act, part VIIIB (Superannuation interests)
s8 13 s8
Superannuation Legislation Amendment Bill 2004
time in relation to the payment split or payment flag under the 1
agreement or order. 2
`10 Providing information 3
`(1) This section applies if an eligible person within the meaning 4
of the Family Law Act, section 90MZB,9 applies under that 5
section to the Minister for information about a benefit that is 6
being paid, or may become payable, under this Act. 7
`(2) The Minister must give to the eligible person the information 8
as required under the Family Law Act. 9
`(3) If the information is about a benefit for a judge, the 10
information may include an accrued benefit multiple for the 11
benefit decided by the Minister on the advice of an actuary. 12
`11 Agreement or court order--minimum benefit 13
`(1) This section applies if-- 14
(a) the Minister receives an agreement or court order that 15
relates to a person who, at the operative time for the 16
agreement or order, is a judge; and 17
(b) the benefit that becomes payable under this Act in 18
relation to the person is a minimum benefit under 19
section 2C.10 20
`(2) The Minister must pay to an approved deposit fund, or a 21
superannuation fund, nominated by the entitled former spouse 22
for the agreement or court order the amount to which he or she 23
is entitled under the agreement or order. 24
`(3) However, if the entitled former spouse does not nominate a 25
fund for subsection (2) within 3 months after the day the 26
minimum benefit becomes payable, the Minister must pay the 27
amount to the State Public Sector Superannuation Fund on 28
behalf of the entitled former spouse. 29
`(4) The Minister must reduce the benefit that, other than for the 30
agreement or court order, would be payable under this Act in 31
9 The Family Law Act, section 90MZB (Trustee to provide information)
10 Section 2C (Minimum benefit payable)
s8 14 s8
Superannuation Legislation Amendment Bill 2004
relation to the person mentioned in subsection (1) by the 1
amount paid to the entitled former spouse. 2
`(5) This section does not apply to an agreement or court order if 3
section 13 applies to the agreement or order. 4
`(6) In this section-- 5
State Public Sector Superannuation Fund means the State 6
Public Sector Superannuation Fund under the Superannuation 7
(State Public Sector) Act 1990. 8
`12 Agreement or court order--pension 9
`(1) This section applies if-- 10
(a) the Minister receives an agreement or court order that 11
relates to a person who, at the operative time for the 12
agreement or order, is a judge or a retired judge; and 13
(b) the benefit that is being paid, or becomes payable, under 14
this Act to the person is a pension (a relevant benefit). 15
`(2) Subject to subsection (4), the Minister must pay the entitled 16
former spouse for the agreement or court order the proportion, 17
stated in the agreement or order, of the relevant benefit to 18
which he or she is entitled under the agreement or order (the 19
spousal amount). 20
`(3) The Minister must reduce the relevant benefit that, other than 21
for the agreement or court order, would be payable under this 22
Act to the person mentioned in subsection (1) by the spousal 23
amount. 24
`(4) The Minister must pay the entitled former spouse a pension 25
for his or her lifetime (a lifetime pension) if the entitled 26
former spouse elects, by written notice given to the Minister, 27
to be paid a lifetime pension. 28
`(5) The notice must be given to the Minister-- 29
(a) if the Minister receives the agreement or court order 30
before the relevant benefit becomes payable--within 31
3 months after it becomes payable; or 32
(b) otherwise--within 3 months after the day the Minister 33
receives the agreement or order. 34
s8 15 s8
Superannuation Legislation Amendment Bill 2004
`(6) If the entitled former spouse elects to be paid a lifetime 1
pension, the amount of the pension must be calculated in the 2
way decided by the Minister on the advice of an actuary. 3
`13 Agreement or court order--death of judge in office 4
`(1) This section applies if the Minister receives an agreement or 5
court order that relates to a person who-- 6
(a) is a judge at the operative time for the agreement or 7
order; and 8
(b) dies while holding office as a judge. 9
`(2) The Minister must pay the entitled former spouse for the 10
agreement or court order a pension for his or her lifetime (a 11
lifetime pension). 12
`(3) The amount of the lifetime pension must be-- 13
(a) calculated in the way decided by the Minister on the 14
advice of an actuary; and 15
(b) based on the proportion, stated in the agreement or court 16
order, of the pension that would have been payable to 17
the person mentioned in subsection (1) if the person had 18
been entitled to the pension under section 511 19
immediately before the person's death. 20
`14 Effect of agreement or court order on particular 21
pensions 22
`Despite section 7 or 8,12 an entitled former spouse is not 23
entitled to receive a pension under any of the provisions. 24
`14A Minister to inform entitled former spouse 25
`If the Minister receives an agreement or court order from a 26
person other than the entitled former spouse for the agreement 27
or order, the Minister must as soon as practicable inform the 28
11 Section 5 (Pension of judge retiring on account of ill health)
12 Section 7 (Pension of spouse on death of judge) or 8 (Pension of spouse on death of
retired judge)
s9 16 s 11
Superannuation Legislation Amendment Bill 2004
entitled former spouse of the receipt of the agreement or 1
order.'. 2
Part 4 Amendment of Parliamentary 3
Contributory Superannuation 4
Act 1970 5
Clause 9 Act amended in pt 4 6
This part amends the Parliamentary Contributory 7
Superannuation Act 1970. 8
Clause 10 Amendment of s 4 (Application of Act) 9
(1) Section 4(b), after `Act'-- 10
insert-- 11
`and before the commencement of the Superannuation 12
Legislation Amendment Act 2004, part 4'. 13
(2) Section 4-- 14
insert-- 15
`(2) This Act does not apply to or in relation to a person who 16
becomes a member after the commencement of the 17
Superannuation Legislation Amendment Act 2004, part 4, 18
unless the person-- 19
(a) was a member immediately before the commencement 20
of the part; and 21
(b) has not, after the commencement of the part, ceased to 22
be a member at any time before again becoming a 23
member.'. 24
Clause 11 Amendment of s 16 (Contribution by Crown) 25
(1) Section 16(2)-- 26
renumber as section 16(3). 27
s 12 17 s 13
Superannuation Legislation Amendment Bill 2004
(2) Section 16-- 1
insert-- 2
`(2) Also, the Treasurer may, at any time, pay into the fund an 3
amount the Treasurer considers necessary or desirable for the 4
effective and efficient operation of the fund.'. 5
Clause 12 Amendment of s 18A (Preserved amount) 6
(1) Section 18A, heading, after `amount'-- 7
insert-- 8
`--lump sum entitlement'. 9
(2) Section 18A(4), definition preserved amount, `be retained in 10
the fund'-- 11
omit, insert-- 12
`not be paid to the former member'. 13
Clause 13 Amendment of s 21 (Payments to children) 14
(1) Section 21-- 15
insert-- 16
`(5A) A payment to a child may be made under this section at any 17
time-- 18
(a) after the death of the member or former member 19
through whom the child's benefit is derived; and 20
(b) while the child is-- 21
(i) under 16 years; or 22
(ii) if the trustees are satisfied the child is receiving 23
full-time education at a school, college or 24
university--under 25 years. 25
`(5B) If a benefit is payable under this section at a rate of pension 26
payable to a former member or someone else, sections 25C 27
s 14 18 s 15
Superannuation Legislation Amendment Bill 2004
and 25D13 do not apply to the pension for the purpose of 1
calculating or paying the benefit.'. 2
(2) Section 21(3A) to (6)-- 3
renumber as section 21(4) to (9). 4
Clause 14 Insertion of new s 24A 5
After section 24-- 6
insert-- 7
`24A When particular pension entitlement ends 8
`(1) This section applies to a member if-- 9
(a) the member is entitled to a pension, under section 17(1) 10
or 19, that is not payable or is reduced under 11
section 24(1)(d) or (e) (the first pension); and 12
(b) the member again becomes entitled to a pension under 13
section 17(1) or 19 on again ceasing to be a member. 14
`(2) The member's entitlement to the first pension ends when the 15
member again becomes entitled to a pension under 16
section 17(1) or 19. 17
`(3) Subsection (2) does not limit the member's entitlement to a 18
pension under this Act for the aggregate period for which he 19
or she was a member.'. 20
Clause 15 Amendment of s 25A (Indexation of pensions) 21
(1) Section 25A(1), `or 20B'-- 22
omit, insert-- 23
`, 20B or 25K'. 24
(2) Section 25A-- 25
insert-- 26
13 Sections 25C (Superannuation contributions surcharge) and 25D (Election to take
part of pension as a lump sum to meet surcharge liability)
s 15 19 s 15
Superannuation Legislation Amendment Bill 2004
`(1A) To remove any doubt, it is declared that this section applies to 1
a pension that is not payable, or is reduced, under 2
section 24(1)(d) or (e).'. 3
(3) Section 25A(2), from `as follows'-- 4
omit, insert-- 5
`as follows-- 6
(a) for a pension payable to a relevant person-- 7
(i) if the basic salary at 1 July of the financial year is 8
higher than the basic salary at 1 July of the 9
previous financial year, the pension must be 10
increased by the percentage increase between the 11
2 basic salaries; or 12
(ii) otherwise, the pension remains the same; 13
(b) for another pension-- 14
(i) if the June index for the previous financial year is 15
higher than the last adjustment index for the 16
pension, the pension must be increased by the 17
percentage increase between the 2 indexes; or 18
(ii) otherwise, the pension remains the same.'. 19
(4) Section 25A(4), `2 indexes under subsection (2)(a)'-- 20
omit, insert-- 21
`2 basic salaries or 2 indexes under subsection (3)(a)(i) or 22
(b)(i)'. 23
(5) Section 25A(5)-- 24
insert-- 25
`entitled former spouse has the same meaning as in part 3A. 26
relevant person, for a pension, means-- 27
(a) if the pension is payable under section 17, 17A(3) or 28
19--a person who was a member immediately before 29
the commencement of the Superannuation Legislation 30
Amendment Act 2004, part 4; or 31
(b) if the pension is payable under section 20AA, 20A, 20B 32
or 25K--a person who derives the pension through, or is 33
s 16 20 s 17
Superannuation Legislation Amendment Bill 2004
the entitled former spouse for, a person mentioned in 1
paragraph (a).'. 2
(6) Section 25A(1A) to (5)-- 3
renumber as section 25A(2) to (6). 4
Clause 16 Amendment of s 25C (Superannuation contributions 5
surcharge) 6
(1) Section 25C(3)(c), `13.5%'-- 7
omit, insert-- 8
`12.5%'. 9
(2) Section 25C(3)(d), `12.5%'-- 10
omit, insert-- 11
`10%'. 12
Clause 17 Insertion of new pt 4, div 3 13
After section 30F-- 14
insert-- 15
`Division 3 Provision for Superannuation 16
Legislation Amendment Act 2004 17
`30G Dealing with amount retained in fund 18
`(1) This section applies to a former member if, on the 19
commencement, a lump sum benefit payable under 20
section 17(2), 18 or 19A is retained in the fund for the former 21
member. 22
`(2) Subject to subsection (4), the trustees must pay the lump sum 23
to an approved deposit fund, or a superannuation fund, 24
nominated by the former member. 25
`(3) The former member must nominate a fund for subsection (2) 26
within 3 months after the commencement. 27
`(4) If the former member does not nominate a fund under this 28
section, the trustees must pay the lump sum to the State Public 29
Sector Superannuation Fund on behalf of the former member 30
as soon as practicable after the commencement. 31
s 18 21 s 19
Superannuation Legislation Amendment Bill 2004
`(5) In this section-- 1
commencement means the day this section commences.'. 2
Clause 18 Insertion of new s 31A 3
After section 31-- 4
insert-- 5
`31A Trustees may accept late election 6
`(1) Despite the stated period for making an election under a 7
relevant provision, the trustees may accept an election made 8
under the provision after the stated period ends if satisfied it 9
would be reasonable in all the circumstances to accept the 10
election. 11
`(2) In this section-- 12
relevant provision means section 18(1) or (11), 19A(1), 13
20AA(7), 20A(1), 23A(1) or 27(3).14 14
stated period, for making an election under a relevant 15
provision, means-- 16
(a) for an election under section 18(1) or (11)--the period 17
stated in section 18(1), including section 18(1) as 18
applied by section 18(12), for the election; or 19
(b) for an election under section 19A(1), 20AA(7), 23A(1), 20
or 27(3)--the period stated in the subsection for the 21
election; or 22
(c) for an election under section 20A(1)--the period stated 23
in section 20A(3)(b) for the election.'. 24
Clause 19 Replacement of s 33A (Preservation of lump sum) 25
Section 33A-- 26
14 Section 18 (Right to convert entitlement to lump sum entitlement), 19A (Right to
convert s 19 entitlement to lump sum entitlement), 20AA (Benefits payable to a
widow of a new member who died on or after the new member's 70th birthday), 20A
(Widow's right to substitute pension for entitlement), 23A (Entitlement in respect of
beneficiary who becomes a member) or 27 (Annuity to widow's and female
dependents payable or to become payable under repealed provisions)
s 20 22 s 20
Superannuation Legislation Amendment Bill 2004
omit, insert-- 1
`33A Payment of lump sum 2
`(1) This section applies to a former member who-- 3
(a) is under 70 years; and 4
(b) is entitled under this Act to payment of a lump sum. 5
`(2) Subject to subsection (4), the trustees must pay the lump sum 6
to an approved deposit fund, or a superannuation fund, 7
nominated by the former member. 8
`(3) The former member must nominate a fund for subsection (2) 9
within 3 months after he or she ceases to be a member. 10
`(4) If the former member does not nominate a fund under this 11
section, the trustees must pay the lump sum to the State Public 12
Sector Superannuation Fund on behalf of the former member 13
as soon as practicable after the period stated in subsection (3) 14
for nominating a fund ends.'. 15
Clause 20 Amendment of s 33B (Transfers in) 16
(1) Section 33B, heading-- 17
omit, insert-- 18
`33B Transferring or withdrawing amounts'. 19
(2) Section 33B-- 20
insert-- 21
`(3) The member may transfer from the fund to an approved 22
deposit fund, or a superannuation fund, all or a part of an 23
amount received under subsection (1), other than an amount 24
received under the Superannuation (Public Employees 25
Portability) Act 1985. 26
`(4) If the member may withdraw from the fund an amount 27
received under subsection (1), the trustees may impose 28
reasonable conditions about the minimum amount of a 29
withdrawal, or the frequency of withdrawals, having regard to 30
the appropriate administration of the fund.'. 31
s 21 23 s 22
Superannuation Legislation Amendment Bill 2004
Part 5 Amendment of Superannuation 1
Legislation Amendment Act 2
2003 3
Clause 21 Act amended in pt 5 4
This part amends the Superannuation Legislation Amendment 5
Act 2003. 6
Clause 22 Amendment of s 4 (Amendment of s 5 (Definitions)) 7
Section 4, insertion of new definitions approved deposit fund, 8
State Public Sector Superannuation Fund and superannuation 9
fund-- 10
omit, insert-- 11
`approved deposit fund see the Superannuation Industry 12
(Supervision) Act 1993 (Cwlth), section 10.15 13
State Public Sector Superannuation Fund means the State 14
Public Sector Superannuation Fund under the Superannuation 15
(State Public Sector) Act 1990. 16
superannuation fund see the Superannuation Industry 17
(Supervision) Act 1993 (Cwlth), section 10.16'. 18
15 Superannuation Industry (Supervision) Act 1993 (Cwlth), section 10--
approved deposit fund means a fund that--
(a) is an indefinitely continuing fund; and
(b) is maintained by--
(i) an approved trustee; or
(ii) an RSE licensee that is a constitutional corporation; and
(c) is maintained solely for approved purposes.
16 Superannuation Industry (Supervision) Act 1993 (Cwlth), section 10--
superannuation fund means--
(a) a fund that--
(i) is an indefinitely continuing fund; and
(ii) is a provident, benefit, superannuation or retirement fund; or
(b) a public sector superannuation fund.
s 23 24 s 26
Superannuation Legislation Amendment Bill 2004
Clause 23 Amendment of s 6 (Insertion of new pt 3A) 1
Section 6, insertion of new section 25E, definitions approved 2
deposit fund, State Public Sector Superannuation Fund and 3
superannuation fund-- 4
omit. 5
Clause 24 Omission of pt 3 (Amendment of Superannuation (State 6
Public Sector) Act 1990) 7
Part 3-- 8
omit. 9
Part 6 Amendment of Superannuation 10
(State Public Sector) Act 1990 11
Clause 25 Act amended in pt 6 12
This part amends the Superannuation (State Public Sector) 13
Act 1990. 14
Clause 26 Amendment of s 2 (Interpretation) 15
(1) Section 2(1), definition unit of the State public sector-- 16
insert-- 17
`(la) the Legislative Assembly; or'. 18
(2) Section 2(1), definition unit of the State public sector, 19
paragraph (p)-- 20
omit. 21
(3) Section 2(1), definition unit of the State public sector, 22
paragraphs (la) to (o)-- 23
renumber as paragraphs (m) to (p). 24
(4) Section 2(3), `paragraph (n)'-- 25
omit, insert-- 26
s 27 25 s 28
Superannuation Legislation Amendment Bill 2004
`paragraph (o)'. 1
(5) Section 2(3)-- 2
renumber as section 2(2). 3
Clause 27 Amendment of s 13 (Membership of scheme) 4
Section 13(6)-- 5
insert-- 6
`(c) a person for whom an amount is paid to the fund 7
under-- 8
(i) the Governors (Salary and Pensions) Act 2003, 9
section 16C;17 or 10
(ii) the Judges (Pensions and Long Leave) Act 1957, 11
section 11;18 or 12
(iii) the Parliamentary Contributory Superannuation 13
Act 1970, section 25G or 25H.19'. 14
Clause 28 Amendment of s 15G (Limit on deduction on refund of 15
certain contributions) 16
Section 15G(2)-- 17
omit, insert-- 18
`(2) The amount deducted under section 15F must not be more 19
than the total of the following amounts-- 20
(a) 15% of the employer-financed component of the part of 21
the benefit that accrued after 20 August 1996 and before 22
1 July 2003; 23
17 Governors (Salary and Pensions) Act 2003, section 16C (Agreement or court
order--minimum benefit)
18 Judges (Pensions and Long Leave) Act 1957, section 11 (Agreement or court
order--minimum benefit)
19 Parliamentary Contributory Superannuation Act 1970, section 25G (Agreement or
court order for member with less than 8 years service at the operative time) or 25H
(Agreement or court order for member with at least 8 years service at the operative
time)
s 29 26 s 30
Superannuation Legislation Amendment Bill 2004
(b) 14.5% of the employer-financed component of the part 1
of the benefit that accrued after 30 June 2003 and before 2
1 July 2004; 3
(c) 12.5% of the employer-financed component of the part 4
of the benefit that accrued after 30 June 2004 and before 5
1 July 2005; 6
(d) 10% of the employer-financed component of the part of 7
the benefit that accrued after 30 June 2005.'. 8
Clause 29 Insertion of new s 20A 9
After section 20-- 10
insert-- 11
`20A Auditing 12
`(1) The board must-- 13
(a) keep appropriate financial statements about the 14
administration of the scheme; and 15
(b) have the financial statements for each financial year 16
audited by the auditor-general. 17
`(2) As soon as practicable after the auditor-general certifies the 18
financial statements and prepares a report about the certified 19
statements under the audit, the auditor-general must-- 20
(a) give the certified statements and report to the board; and 21
(b) give a copy of the certified statements and report to the 22
Minister.'. 23
Clause 30 Amendment of s 28 (Contributions by units) 24
(1) Section 28(3), `for this section'-- 25
omit. 26
(2) Section 28(4)-- 27
renumber as section 28(6). 28
(3) Section 28-- 29
insert-- 30
`(4) Subsection (5) applies if-- 31
s 31 27 s 32
Superannuation Legislation Amendment Bill 2004
(a) the amount is paid within the time required under 1
subsection (2); and 2
(b) the board can not pay the amount or a part of the amount 3
into the member's appropriate account because 4
information received for the member, from the unit of 5
the State public sector in a return mentioned in 6
section 17(1), is not accurate or complete. 7
`(5) Interest accrues on the amount that can not be paid into the 8
member's appropriate account-- 9
(a) at the rate prescribed under a regulation; and 10
(b) for the period in which the amount can not be paid into 11
the account.'. 12
(4) Section 28(6), as renumbered, `The amount'-- 13
omit, insert-- 14
`The amount mentioned in subsection (1), and interest that 15
accrues under subsection (3) or (5),'. 16
(5) Section 28-- 17
insert-- 18
`(7) In this section-- 19
`member's appropriate account, in relation to an amount 20
received for a member of the scheme, means the member's 21
account under the scheme into which the amount must be paid 22
under this Act.'. 23
Clause 31 Amendment of s 30 (Assignment of benefit) 24
Section 30, `No'-- 25
omit, insert-- 26
`Subject to part 3A, no'. 27
Clause 32 Insertion of new pt 4A 28
After section 31-- 29
insert-- 30
s 33 28 s 33
Superannuation Legislation Amendment Bill 2004
`Part 4A Validation provision for 1
appointment of executive 2
officer of board 3
`31A Validation provision for appointment of executive 4
officer of board 5
`(1) For this Act, the person appointed as the executive officer of 6
the board by the Governor in Council on 24 July 2003 is taken 7
to have been validly appointed as the executive officer of the 8
board on 2 July 1997 for the relevant period. 9
`(2) Anything done or omitted to be done during the relevant 10
period that would have been valid and lawful under this Act 11
had the person been validly appointed as the executive officer 12
on 2 July 1997 is taken to be, and always to have been, as 13
valid and lawful as if the person had been validly appointed as 14
the executive officer on that day. 15
`(3) In this section-- 16
relevant period means the period starting on 2 July 1997 and 17
ending at the end of 23 July 2003.'. 18
Part 7 Other amendments 19
Clause 33 Other amendments 20
The schedule amends the Acts it mentions. 21
29
Superannuation Legislation Amendment Bill 2004
Schedule Other amendments 1
section 33 2
Governors (Salary and Pensions) Act 2003 3
1 Part 3, division 3, before section 11-- 4
insert-- 5
`Subdivision 1 General provisions'. 6
2 Section 13(3), definitions approved deposit fund and 7
superannuation fund-- 8
relocate to schedule. 9
Judges (Pensions and Long Leave) Act 1957 10
1 Before section 1-- 11
insert-- 12
`Part 1 Preliminary'. 13
2 Before section 2C-- 14
insert-- 15
`Part 2 Pensions and other 16
entitlements 17
`Division 1 General provisions'. 18
30
Superannuation Legislation Amendment Bill 2004
Schedule (continued)
3 Section 2C(2), `a superannuation or approved deposit 1
fund'-- 2
omit, insert-- 3
`an approved deposit fund, or a superannuation fund,'. 4
4 Before section 15-- 5
insert-- 6
`Part 3 Other matters'. 7
5 Before section 21-- 8
insert-- 9
`Part 4 Transitional provision for the 10
Statute Law Revision Act 11
(No. 2) 1995'. 12
6 After section 21-- 13
insert-- 14
`Schedule Dictionary 15
section 2'. 16
Parliamentary Contributory Superannuation Act 1970 17
1 Section 24(3), `as prescribed by'-- 18
omit, insert-- 19
`under former'. 20
31
Superannuation Legislation Amendment Bill 2004
Schedule (continued)
2 Section 24-- 1
insert-- 2
`(4) In this section-- 3
former section 22(1) means section 22(1) as in force before 4
14 June 1990.'. 5
3 Part 4, heading, after `TRANSITIONAL'-- 6
insert-- 7
`Provisions'. 8
Superannuation (State Public Sector) Act 1990 9
1 Section 2(1), definition police 74 member, paragraph (a), 10
before `Police'-- 11
insert-- 12
`the'. 13
2 Parts 4A (as inserted by this Act), 5 and 6-- 14
renumber as parts 5, 6 and 7. 15
3 Sections 31A (as inserted by this Act), 32 and 33-- 16
renumber as sections 32, 33 and 34. 17
4 Sections 33(2) and 34(2), as renumbered, 18
`paragraph (n)'-- 19
omit, insert-- 20
`paragraph (o)'. 21
© State of Queensland 2004
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