Statutes Amendment (Fund Selection and Other Superannuation Matters) Bill

Final Stages

The Legislative Council agreed to the bill with the amendments and suggested amendments indicated by the following schedule, to which amendments and suggested amendments the Legislative Council desires the concurrence of the House of Assembly:

No. 1. Clause 7, page 5, line 23 [clause 7, inserted subsection (2)(b)(ii)]—Delete 'the person's selected fund' and substitute 'a complying superannuation fund (within the meaning of Part 3A)'

No. 2. Clause 8, page 5, lines 34 and 35 [clause 8(2), inserted paragraph (b)(ii)]—Delete '—to the selected fund' and substitute:

in their capacity as a police member—to the fund selected for the purposes of that fund selection

No. 3. Clause 8, page 6, line 9 [clause 8(3), inserted subsection (1b)(a)]—After 'subsection (1)(a) or (b)' insert:

as a deduction from the salary received by the member from the employer to which the fund selection relates

No. 4. Clause 8, page 6, lines 15 and 16 [clause 8(4)]—Delete subclause (4) and substitute:

(4) Section 20(2)(b)—delete paragraph (b) and substitute:

(b) require specified members, or members of a specified class, to make contributions as a deduction from salary at a prescribed rate—

(i) to the Treasurer; or

(ii) if the member has made 1 or more fund selections—

(A) to a fund selected by the member for the purposes of a fund selection; or

(B) if the regulations so require, to a fund specified in the regulations,

(and a regulation under this paragraph may prescribe different rates or specify different funds in respect of different members or different classes of member); or

No. 5. Clause 11, page 14, line 27 [clause 11(1), inserted text]—Delete 'to the Treasurer'

SCHEDULE OF THE SUGGESTED AMENDMENTS MADE BY THE LEGISLATIVE COUNCIL

No. 1. Clause 10, page 8, lines 26 and 27 [clause 10, inserted section 21A, definition of existing member]—Delete the definition

No. 2. Clause 10, page 8, lines 29 and 30 [clause 10, inserted section 21A, definition of new member]—Delete the definition

No. 3. Clause 10, page 8, lines 33 to 35 [clause 8, inserted section 21A, definition of selected fund]—Delete 'the fund specified by the person in the fund selection notice given to the person's employer' and substitute:

a fund specified by the person in a fund selection notice given to an employer of the person

No. 4. Clause 10, page 10, line 5 [clause 10, inserted section 21C(1)(a)]—Delete 'the person's employer' and substitute 'an employer of the person'

No. 5. Clause 10, page 10, line 16 [clause 10, inserted section 21C(3)]—Delete 'the person's employer' and substitute 'an employer of the person'

No. 6. Clause 10, page 10, after line 27 [clause 10, inserted section 21C]—After subsection (5) insert:

(5a) If a notice given by a person to their employer for the purposes of making a fund selection does not comply with all requirements under this section, the employer may nevertheless accept the notice if satisfied (whether on receipt of the notice or after consultation with the person) that it complies substantially with those requirements, and, in that case—

(a) the notice will be taken to be a fund selection notice; and

(b) the person will be taken to have given a valid direction under subsection (3).

No. 7. Clause 10, page 10, line 28 [clause 10, inserted section 21C(6)]—After 'fund selection' insert:

in respect of a particular employer

No. 8. Clause 10, page 10, line 29 [clause 10, inserted section 21C(6)]—Delete 'their' and substitute:

that

No. 9. Clause 10, page 10, line 31 [clause 10, inserted section 21C(7)]—Delete 'in relation to a person' insert:

for a person in respect of a particular employer of the person

No. 10. Clause 10, page 11, lines 16 and 17 [clause 10, inserted section 21D(2)]—Delete 'the member's selected fund' and substitute:

a complying fund (which, in the case of a designated member, must be the eligible fund selected by the member in their capacity as a designated member)

No. 11. Clause 10, page 11, after line 21 [clause 10, inserted section 21D(2)]—After paragraph (b) insert:

or

(c) another employer of the member is required to make contributions to the Treasurer on behalf of the member under section 21.

No. 12. Clause 10, page 11, line 28 [clause 10, inserted section 21D(4)]—Delete 'subsection (2)' and substitute:

section 19(2)(b)

No. 13. Clause 10, page 11, lines 30 to 42 and page 12, lines 1 to 15 [clause 10, inserted section 21D(5) to (8)]—Delete subsections (5) to (8) and substitute:

(5) If a member makes a fund selection, the member's employer must commence making contributions required under section 21 to the member's selected fund within 2 months, or such other period as may be prescribed by regulation, following the day on which the fund selection notice is received by the employer.

(6) The regulations may prescribe variations or additions to the procedure set out in subsection (5) (and any such regulation has effect according to its terms).

No. 14. Clause 10, page 12, line 31 [clause 10, inserted section 21E(1)(b)]—Delete 'is a new member' and substitute:

becomes a member of the Triple S scheme after the commencement of this Part

No. 15. Clause 10, page 12, line 34 [clause 10, inserted section 21E(1)(c)]—Delete 'not' and substitute:

no longer

No. 16. Clause 10, page 12, lines 35 and 36 [clause 10, inserted section 21E(1)(c)]—Delete '(whether the person is a new member or an existing member)'

No. 17. Clause 10, page 12, line 37 [clause 10, inserted section 21E(1)(c)]—Delete 'not' and substitute:

no longer

No. 18. Clause 10, page 13, lines 13 to 29 [clause 10, inserted section 21G]—Delete the section

No. 19. Clause 10, page 14, line 5 [clause 10, inserted section 21H(3)(a)]—Delete 'section 21D' and substitute:

section 19(2)(b)

At 18:56 the house adjourned until Thursday 6 May 2021 at 11:00.