STATUTES AMENDMENT AND REPEAL (SUPERANNUATION) BILL

Introduction and First Reading

Received from the House of Assembly and read a first time.

Second Reading

The Hon. G.E. GAGO (Minister for Agriculture, Food and Fisheries, Minister for Forests, Minister for Regional Development, Minister for Tourism, Minister for the Status of Women) (18:15): I move:

That this bill be now read a second time.

I seek leave to have the second reading explanation inserted in Hansard without my reading it.

Leave granted.

This Bill seeks to amend the following Acts for the purposes of making amendments to the superannuation arrangements provided under those statutes: the Judges' Pensions Act 1971, the Parliamentary Superannuation Act 1974, the Police Superannuation Act 1990, the Southern State Superannuation Act 2009 and the Superannuation Act 1988. The Bill also seeks the repeal of the Unclaimed Superannuation Benefits Act 1997 and proposes consequential and technical amendments to the Subordinate Legislation Act 1978 and the Superannuation Funds Management Corporation of South Australia Act 1995 .

One of the main proposals dealt with in this Bill is the repeal of the Unclaimed Superannuation Benefits Act 1997. The reason for this is that the Commonwealth Government has introduced national legislation dealing with unclaimed superannuation benefits that is aimed at having all unclaimed superannuation money centrally collected by the Australian Taxation Office. Under the new national arrangement, not only is the money centrally collected and held by the Australian Taxation Office while that office tries to reunite workers with their lost superannuation money, but taxpayers who believe they have lost any unclaimed superannuation benefits can perform their own search of the national database using the ATO's SuperSeeker online search tool. The Commonwealth and all State Governments have agreed that the Commonwealth arrangement of having the Australian Taxation Office centrally collecting all unclaimed superannuation money provides the best opportunity for workers to be reunited with their lost superannuation money. In order for South Australia to become part of the new national collection arrangement, the State's Unclaimed Superannuation Benefits Act 1997 needs to be repealed and appropriate provisions inserted into those statutes dealing with the superannuation schemes for public sector employees that will provide for any future unclaimed superannuation benefits to be transferred to the Commissioner of Taxation.

The amount of unclaimed superannuation money held by the Treasurer is of the order of about $300,000, the vast majority of which has been collected from the State Superannuation Scheme and the Southern State Superannuation Scheme (Triple S). Only a small amount of money has been collected from non public sector employees because very few private sector superannuation schemes operating in the State were subject to the State legislation, and from 2007 all private sector schemes became subject to the Commonwealth legislation. As part of the government's plan for the superannuation schemes established for public sector workers to become part of the Commonwealth's unclaimed superannuation arrangement, the Bill includes amendments to the Police Superannuation Act 1990, the Southern State Superannuation Act 2009 and the Superannuation Act 1988 to provide for the Treasurer to pay to the Commissioner of Taxation any unclaimed superannuation money of a member. The legislation provides that following the payment of a member's unclaimed benefit to the Commissioner of Taxation, the relevant Superannuation Board will be required to then close the accounts held in the name of the member whose account balance has been paid to the Commissioner in accordance with the Commonwealth's Superannuation (Unclaimed Money and Lost Members) Act 1999. Schedule 1 of the Bill includes transitional provisions related to the repeal of the Unclaimed Superannuation Benefits Act 1997. The transitional provisions provide for the Treasurer to transfer to the Commissioner of Taxation an amount equal to the balance of money held and collected by the Treasurer under the provisions of the State's Unclaimed Superannuation Benefits Act 1997 , the statute that is to be repealed under this Bill.

The second main proposal contained in this Bill is the repeal of some legislation dealing with the method to determine the value of an accrued superannuation interest for the purposes of splitting a superannuation interest under the Commonwealth's Family Law Act 1975. The Bill proposes the repeal of the method to determine the value of an accrued interest in the Judges' Pensions Act 1971 and the Parliamentary Superannuation Act 1974 because, subsequent to the enactment of the relevant provisions in those statutes, the Federal Attorney General issued legislative instruments pursuant to regulations 38 and 43A of the Family Law (Superannuation) Regulations 2001, providing the Commonwealth's method of determining the value of a superannuation interest in the Judges' Pensions Scheme and the Parliamentary Superannuation Scheme. As the Commonwealth rules for determining the value of an accrued benefit or superannuation interest at a particular date are inconsistent with the provisions under section 17D of the Judges' Pensions Act 1971 and section 23C of the Parliamentary Superannuation Act 1974, the provisions under the Commonwealth law prevail. It is therefore proposed that the methods for determining an accrued benefit or interest under the Judges' Pensions Act 1971 and the Parliamentary Superannuation Act 1974 be repealed.

The third group of proposals contained in the Bill seeks to make several amendments to the Southern State Superannuation Act 2009, which continues the Government's Triple S superannuation scheme for public sector workers. One of the proposed amendments is to the definition of 'salary' to ensure that superannuation benefits under the Triple S scheme are based on 'ordinary time earnings'. The Australian Taxation Commissioner has issued an interpretative ruling in relation to the allowances, over award payments and payments made in lieu of leave that are considered to be 'ordinary time earnings'. On the basis that the Taxation Commissioner has ruled an amount paid in lieu of long service leave whilst the employee is still in employment is 'ordinary time earnings', the Bill seeks an amendment to the definition of 'salary' in order to comply with this ruling. Furthermore, in order to bring the definition of remuneration on which employer superannuation contributions are payable into conformity with the requirements of the Commonwealth's Superannuation Guarantee (Administration) Act 1992 , the Bill also seeks to vary the definition of 'salary' to make it clear that payments in respect of parental leave are not a component of 'salary' that would attract an employer superannuation contribution. The Bill also includes an amendment to the regulation making powers in section 30 of the Southern State Superannuation Act 2009 to remove the provisions that exclude the operation of section 10AA of the Subordinate Legislation Act 1978 but nevertheless enable the Minister to certify that it is necessary or appropriate that a proposed regulation come into operation on a date that is earlier than the standard commencement date of four months after the day on which a regulation is made. This amendment has been recommended on the grounds that the exclusion of section 10AA is unnecessary and could be confusing. The effect of the amendment is that regulations under the Act will, like all other regulations that are required to be laid before Parliament, be subject to section 10AA and will no longer be subject to the alternative commencement provisions currently set out in section 30.

The fourth group of amendments contained in the Bill is a series of amendments to the Superannuation Act 1988. It is proposed to amend the provision in the Act that deals with the situation where a contributor has suffered a reduction in salary which is not a reduction in salary resulting from disciplinary action taken against the contributor nor a reduction in the contributor's hours of work. Whilst in terms of the current provision in the Act dealing with such a situation, a contributor's salary for contribution and benefit purposes is based on the salary of the previous position held, where the previous position held no longer exists, the contributor's salary for the purposes of the Act is the highest rate of salary paid in the previous position held, indexed by movement in the Consumer Price Index. The current arrangement that applies where the previous higher salaried position held by the contributor no longer exists has the effect of disadvantaging a contributor, over the longer term. It is for this reason that the Government seeks to amend the current provisions in section 4(4) of the Act to adjust by the rate of general salary movement, the notional salary used for the purposes of dealing with the situation where a contributor has suffered a reduction in salary.

One of the other proposed amendments in the package of amendments to the Superannuation Act is a proposal to expand eligibility to vote in elections for a member representative on the South Australian Superannuation Board (Super SA Board) and the Superannuation Funds Management Corporation of South Australia (Funds SA Board of Directors). Under the existing provisions, spouse members of the Triple S scheme and persons who have invested in what are commonly referred to as post retirement products are not eligible to take part in the elections for member representatives on the boards. This Bill seeks to change the current arrangement and provide a right to vote for spouse members and for persons who have invested in a Super SA Flexible Rollover or Super SA Income Stream Product. A minor amendment is also being made to provide clarification that a decision of the Board may include a decision based on a circular resolution by letter, telegram, telex, fax, email or some other written communication.

An amendment is also being proposed to the regulation making powers contained in the Superannuation Act. The regulation making powers are proposed to be expanded to enable the making of regulations that would allow the Electoral Commissioner to withhold sending ballot papers for board elections where the Super SA Board considered a member was a 'lost member'. Generally a 'lost member' is considered to be a member who has terminated his or her employment with the public sector and reasonable attempts at communicating with the member by general post have been unsuccessful on more than one occasion. This regulation making power is being sought because at each of the last ballots held to elect members of the Super SA Board and the Funds SA Board, there was a significant and increasing number of ballot papers returned because the person was no longer living at the address on Super SA's database. At the last election held in 2009, there were about 20,000 ballot papers that were undeliverable. Enabling the Electoral Commissioner to withhold sending ballot papers to 'lost members' will prevent wastage of money on postage, which means that members' money is not wasted.

The last component of the amendments being sought to the Superannuation Act involves proposed amendments dealing with the Electricity Industry Superannuation Scheme, known as the EISS scheme. The EISS scheme is an exempt public sector scheme that operates principally under a Trust Deed. As the scheme is the former restructured ETSA Superannuation Scheme, there remain provisions under Schedule 1B of the Superannuation Act that complement or provide options for members of the scheme in certain circumstances. One of the options available to members of the scheme is found in clause 3 of Schedule 1B of the Superannuation Act and provides that on the basis of a request from the EISS Trustees, and following an agreement between the EISS Trustees and the Treasurer, members of EISS who are in receipt of, or about to receive, a pension benefit as a consequence of their retirement can be transferred to the State Scheme. Whilst several hundred EISS members have transferred to the State Scheme under the existing provision, most of these transfers occurred before the scheme became a fund operating in the taxed environment. The EISS Trustees have approached the Government about the possibility of transferring under clause 3 of Schedule 1B more persons in receipt of a pension. However, there is now a technical problem that prevents an EISS pensioner from being transferred to the State Scheme in terms of the provisions of clause 3 and for this reason the Bill includes provisions that seek to insert a new Part into Schedule 1B. The proposed Part will provide for persons in receipt of a pension from a taxed source the option of having that pension paid from a taxed fund that would be administered by the Super SA Board. The proposed legislation would overcome the problem inherent with the current clause 3, in that clause 3 is based on untaxed assets being transferred to the Treasurer so that a life pension can be paid from an untaxed source. In terms of the proposed new Part 2A to be inserted into Schedule 1 B of the Superannuation Act, members of the EISS scheme would have the same pension paid from the taxed EISS fund, paid from a fund established by the Super SA Board and holding taxed assets. The legislation provides that an EISS pensioner would not be transferred under this proposal unless that member has agreed to be transferred.

The fifth group of amendments contained in the Bill proposes amendments to the Superannuation Funds Management Corporation of South Australia Act 1995, which is the statute that establishes and maintains Funds SA. Apart from the clause that proposes an amendment to the definition of 'contributor' in section 3 of the Act, for the purpose of expanding the eligibility to vote in elections for a member representative on the Funds SA Board of Directors, the other proposed amendments to the Act are of a technical or consequential nature. The proposed amendment to the definition of 'contributor' in the Act will enable spouse members of the Triple S scheme and persons who have invested money in post retirement products offered by Super SA to take part in board elections to select a member representative for the Funds SA Board of Directors.

Explanation of Clauses

Part 1—Preliminary

1—Short title

2—Commencement

3—Amendment provisions

These clauses are formal.

Part 2—Amendment of Judges' Pensions Act 1971

4—Amendment of section 5—Certain pensions not payable

Under section 5 of the Judges' Pensions Act 1971, a pension is not payable to or in respect of a Judge who is first appointed as such within 5 years of the day on which he or she would attain the age of retirement. The Superannuation Act 1988 currently applies to a Judge who falls within this category and was, immediately before being appointed as a Judge, a contributor under that Act as if the Judge's judicial service were service as an employee as defined in the Superannuation Act 1988. As amended, the section makes it clear that a Judge to whom the Superannuation Act 1988 applies by virtue of this provision will be taken to have contributed under that Act during the period of his or her judicial service at the standard contribution rate (which is defined in the Act).

5—Repeal of section 16

This clause repeals section 16, which is redundant.

6—Amendment of section 17C—Interpretation

This clause amends the definition of Southern State Superannuation Fund so that it refers to the Southern State Superannuation Act 2009 rather than the similarly named Act of 1994.

7—Repeal of section 17D

This clause repeals section 17D, which is redundant as a result of the prescription of a method in the Family Law (Superannuation) Regulations 2001 of the Commonwealth for determining the value of the interest of a Judge under the Judges' Pensions Act 1971.

8—Amendment of section 17G—Entitlement where pension is in growth phase

This amendment is consequential on the repeal of section 17D.

Part 3—Amendment of Parliamentary Superannuation Act 1974

9—Amendment of section 5—Interpretation

This clause inserts a definition of approved form into the Parliamentary Superannuation Act 1974. An approved form is a form approved by the South Australian Parliamentary Superannuation Board.

10—Repeal of section 23C

This clause repeals section 23C, which is redundant as a result of the prescription of a method in the Family Law (Superannuation) Regulations 2001 of the Commonwealth for determining the value of the interest of a Member of Parliament under the Parliamentary Superannuation Act 1974.

11—Amendment of section 23F—Non-member spouse's entitlement where pension is in growth phase

This amendment is consequential on the repeal of section 23C.

Part 4—Amendment of Police Superannuation Act 1990

12—Insertion of section 45B

This clause amends the Police Superannuation Act 1990 by inserting a new section that sets out the way in which the Treasurer is to deal with unclaimed superannuation benefits.

45B—Unclaimed superannuation benefits

Under proposed section 45B, if an amount of the Police Superannuation Fund is attributable to an unclaimed superannuation benefit of a contributor, the Treasurer may pay an amount equal to the unpaid benefit, or any amount required to be paid under the Superannuation (Unclaimed Money and Lost Members) Act 1999 of the Commonwealth on account of the unclaimed superannuation benefit, from the Consolidated Account to the Commissioner of Taxation.

The proposed section also provides for reimbursement of the Consolidated Account by charging the Police Superannuation Fund and the closure of accounts maintained by the Board in the name of the contributor.

Unclaimed superannuation benefit is defined by reference to the Superannuation (Unclaimed Money and Lost Members) Act 1999 of the Commonwealth.

Part 5—Amendment of Southern State Superannuation Act 2009

13—Amendment of section 3—Interpretation

This clause amends the definition of salary in the Southern State Superannuation Act 2009. Currently, the definition excludes, among other payments, an amount paid in lieu of recreation leave, long service leave or any other kind of leave. The amendment clarifies that it is only such amounts paid on the termination of employment that are not included in the definition of 'salary'. The definition as amended also excludes amounts paid in respect of parental leave. Remuneration of a prescribed kind may also be excluded from the definition under the proposed amendments.

14—Insertion of section 23A

This clause inserts a new section that sets out the way in which the Treasurer is to deal with unclaimed superannuation benefits.

23A—Unclaimed superannuation benefits

Under proposed section 23A, if an amount of the Southern State Superannuation Fund is attributable to an unclaimed superannuation benefit of a member, the Treasurer may pay an amount equal to the unpaid benefit, or any amount required to be paid under the Superannuation (Unclaimed Money and Lost Members) Act 1999 of the Commonwealth on account of the unclaimed superannuation benefit, from the Consolidated Account to the Commissioner of Taxation.

The proposed section also provides for reimbursement of the Consolidated Account by charging the Southern State Superannuation Fund and the closure of accounts maintained by the Board in the name of the member.

Unclaimed superannuation benefit is defined by reference to the Superannuation (Unclaimed Money and Lost Members) Act 1999 of the Commonwealth.

15—Amendment of section 30—Regulations

Under section 30 of the Southern State Superannuation Act 2009, regulations under that Act are currently excluded from the operation of section 10AA of the Subordinate Legislation Act 1978. Subsection (7) provides that a regulation under the Act comes into operation 4 months after the day on which it is made or a later date unless certain circumstances (specified in subsection (8)) apply. This clause proposes the deletion of subsections (7), (8) and (12) so that section 10AA of the Subordinate Legislation Act 1978 will apply to regulations made under the Act.

16—Amendment of Schedule 1—Related amendments, repeal and transitional provisions

This clause inserts a new transitional provision relating to the amended definition of salary.

16A—Definition of salary

The amended definition of salary excludes amounts paid in respect of parental leave from the definition. The transitional provision provides that if a member of the Triple S scheme is on parental leave when the amendments to the definition come into operation, an amount received by that member in respect of that period of leave pursuant to an enterprise agreement will, despite that paragraph, be taken to be salary for the purposes of the Act.

Part 6—Amendment of Subordinate Legislation Act 1978

17—Amendment of section 16A—Regulations to which this Part applies

This clause amends section 16A of the Subordinate Legislation Act 1978 so that regulations made under Schedule 1A clause 1(1) of the Superannuation Act 1988 do not expire. Regulations under that clause can declare a group of employees who are members of a public sector superannuation scheme to be contributors for the purposes of the Act, make provision for the transfer of assets and liabilities of a fund established for the purposes of the superannuation scheme and modify the provisions of the Act in their application to employees who have been declared to be contributors for the purposes of the Act.

Part 7—Amendment of Superannuation Act 1988

18—Amendment of section 4—Interpretation

This clause inserts a definition of the Administered Electricity Industry Superannuation Scheme into the Superannuation Act 1988 and makes a number of other amendments to definitions consequential on the introduction of that scheme.

Under section 4(4) of the Superannuation Act 1988, if there is a reduction in a contributor's rate of salary (otherwise than because of disciplinary action) and the contributor makes an election to contribute as if the reduction had not occurred, his or her contributions will be based on the salary of the position or office he or she held immediately before the reduction occurred. If the position or office no longer exists, or if the classification is changed, the contributions will be based on the salary of that position or office immediately before it ceased to exist or its classification was changed, with adjustments to reflect changes in the Consumer Price Index from time to time.

This clause amends section 4(4) so that the method prescribed under that subsection for determining contributions only applies if the reduction in the contributor's rate of salary, and the contributor's election to contribute as if the reduction had not occurred, both happened before the commencement of new subsection (4a). Under new subsection (4a), if there has been a reduction in a contributor's rate of salary (otherwise than because of disciplinary action or a reduction in the contributor's hours of employment), the contributor's contributions will be based on his or her notional contribution salary (see below). This principle applies only if—

the contributor—

elected, before the commencement of subsection (4a), to contribute as if the reduction had not occurred; and

has not made an election under subsection (4)(b); or

the contributor elects, in a manner approved by the Board, to contribute as if the reduction had not occurred.

A contributor's notional contribution salary is—

the salary of the position or office held by the contributor immediately before the reduction occurred; or

if that position or office ceases to exist or the classification of the position or office is changed—the salary of that position or office immediately before it ceased to exist or its classification was changed (adjusted if any increase occurs in the rate of salary payable in respect of the contributor's position or office by a percentage equal to the percentage that the increase bears to that salary).

Existing subsection (4) and new subsection (4a) differ primarily in that new subsection (4a) links adjustments to rates of salary where a position or office has ceased to exist to increases in the rate of salary payable in respect of the contributor's new position or office whereas the existing subsections links adjustments to changes in the Consumer Price Index from time to time.

19—Amendment of section 8—Board's membership

Section 8 of the Superannuation Act 1988 deals with membership of the South Australian Superannuation Board. Currently, the section provides for the election of 2 members of the Board by contributors under the Act and members of the Southern State Superannuation Scheme (also known as the Triple S scheme). Under the section as amended, the 2 elected members will also be elected by spouse members of the Triple S scheme and persons provided with investment services or other products or services under the Southern State Superannuation Act 2009.

20—Amendment of section 9—Board proceedings

Proposed subsection (4b) of section 9 provides that a proposed resolution of the Board becomes a valid decision even if it has not been voted on at a meeting if notice of the proposed resolution is given to all members in accordance with procedures determined by the Board and a majority of the members express concurrence in the proposed resolution by letter, telegram, telex, fax, email or other written communication.

21—Amendment of section 20B—Payment of benefits

22—Amendment of section 43AB—Purpose of Part

These amendments are consequential on the establishment under clause 28 of the Administered Electricity Industry Superannuation Scheme.

23—Amendment of section 43AC—Interpretation

This clause removes the definition of the SIS Act from section 43AC because a definition of the term is to be inserted into the general interpretation provision of the Act.

24—Insertion of section 50A

This clause proposes the insertion of a new section.

50A—Unclaimed superannuation benefits

Under proposed section 50A, if an amount of the South Australian Superannuation Fund is attributable to an unclaimed superannuation benefit of a contributor, the Treasurer may pay an amount equal to the unpaid benefit, or any amount required to be paid under the Superannuation (Unclaimed Money and Lost Members) Act 1999 of the Commonwealth on account of the unclaimed superannuation benefit, from the Consolidated Account to the Commissioner of Taxation.

The proposed section also provides for reimbursement of the Consolidated Account by charging the South Australian Superannuation Fund and the closure of accounts maintained by the Board in the name of the contributor.

Unclaimed superannuation benefit is defined by reference to the Superannuation (Unclaimed Money and Lost Members) Act 1999 of the Commonwealth.

25—Amendment of section 55—Confidentiality

These amendments are consequential on the establishment under clause 28 of the Administered Electricity Industry Superannuation Scheme.

26—Amendment of section 59—Regulations

Under section 59 as amended by this clause, regulations under the Act may set out procedures for the election of a member of the Board.

27—Amendment of heading to Schedule 1B

This clause amends the heading to Schedule 1B to reflect the fact that the Schedule will provide for the transfer of members of the Electricity Industry Superannuation Scheme to the new Administered Electricity Industry Superannuation Scheme in addition to the State Scheme.

28—Amendment of Schedule 1B—Transfer of certain members of the Electricity Industry Superannuation Scheme

This clause makes a number of amendments to the existing clauses of Schedule 1B as well as adding a new Part providing for the transfer of members of the Electricity Industry Superannuation Scheme to the new Administered Electricity Industry Superannuation Scheme.

Amendments to clause 3 of Schedule 1B clarify that the members of the Electricity Industry Superannuation Scheme who may be transferred to the State scheme under the clause are those in receipt of, or entitled to, a pension of which the taxable component consists wholly of an untaxed element of the fund from which the pension is payable.

An amendment to clause 5 of Schedule 1B makes it clear that the aggregate value of the employer components of benefits payable to, or in respect of, a person transferred under clause 5 is to be determined on the basis that no tax is payable on the income of the Scheme assets.

This clause also proposes the insertion of new Part 2A into Schedule 1B. The new Part provides for the transfer of certain members of the Electricity Industry Superannuation Scheme to the Administered Electricity Industry Superannuation Scheme, which is to be established by a trust deed prepared by the South Australian Superannuation Board. The Board is to be the trustee of the scheme. The new scheme is to provide persons transferred from the Electricity Industry Superannuation Scheme with rights and benefits equivalent to the rights and benefits to which they were entitled in respect of a taxed pension under that Scheme.

Part 2A further provides for the establishment by the Board of a fund and the making of a set of rules for the purposes of the scheme. The assets of the scheme are to be invested, managed and held for the benefit of the scheme and will not belong to the Crown. The Fund will be subject to the management of the Superannuation Funds Management Corporation of South Australia.

29—Amendment of Schedule 3—Administered schemes

Under Schedule 3 Part 2 clause 2(c) of the Superannuation Act 1988, the Minister may declare that the fund of a superannuation scheme will be invested and managed by the Superannuation Funds Management Corporation of South Australia. A superannuation scheme is a private or public sector scheme established for the purposes of providing superannuation or retirement benefits.

This clause substitutes a new clause 5. The new clause applies if a declaration is made under clause 2(1)(c) that the Corporation is to invest and manage a superannuation fund and provides that the Corporation may assume the management of an existing fund or establish a fund for the purposes of an administered scheme.

Part 8—Amendment of Superannuation Funds Management Corporation of South Australia Act 1995

30—Amendment of section 3—Interpretation

This clause amends the definition of contributor in the Superannuation Funds Management Corporation of South Australia Act 1995 so that the definition includes spouse members and persons provided with investment services or other products or services pursuant to regulations under section 30(2)(g) of the Southern State Superannuation Act 2009. This amendment is significant in relation to the operation of section 9, which provides that a member of the board of directors of the Superannuation Funds Management Corporation is to be elected by the contributors.

An amendment is also made to the definition of the funds so that the definition includes the fund established by the South Australian Superannuation Board for the purposes of Schedule 1B Part 2A of the Superannuation Act 1988.

31—Amendment of section 10—Conditions of membership

This clause updates a reference to the South Australian Institute of Teachers by substituting 'Australian Education Union (SA Branch)'.

32—Amendment of section 20B—Other performance plans

This clause makes provision for the preparation by the Corporation of a plan in respect of the investment and management of the fund managed by the Corporation for the purposes of Schedule 1B Part 2A of the Superannuation Act 1988.

33—Amendment of section 39—Regulations

Under section 39 as amended by this section, regulations setting out the procedures for the election by the contributors of a member of the board of directors may include procedures that determine eligibility to vote in the election.

Part 9—Repeal of Unclaimed Superannuation Benefits Act 1997

34—Repeal of Act

This clause repeals the Unclaimed Superannuation Benefits Act 1997.

Schedule 1—Transitional provisions

1—Superannuation Act and Superannuation Funds Management Corporation of South Australia Act

Regulations made under the Superannuation Act 1988 or the Superannuation Funds Management Corporation of South Australia Act 1995 are to be read as if the amendments to the regulation making powers under those Acts effected by the Statutes Amendment and Repeal (Superannuation) Act 2012 had been in force when the regulations were made.

Other transitional provisions make it clear that amendments made to the Superannuation Act 1988 and the Superannuation Funds Management Corporation of South Australia Act 1995 relating to the eligibility of scheme members to elect a persons to the South Australian Superannuation Board or the board of directors of the Corporation do not affect the term of office of the persons occupying those positions at the time the amendments come into force.

2—Unclaimed Superannuation Benefits Act

This clause deals with unclaimed superannuation benefits paid to the Treasurer pursuant to the Unclaimed Superannuation Benefits Act 1997 but not paid by the Treasurer to any person before the repeal of that Act. The Treasurer is required to pay the unclaimed superannuation benefits to the Commissioner of Taxation within 1 month of the commencement of the clause.

Schedule 2—Statute law revision amendment of Superannuation Act 1988

Schedule 2 consists of statute law revision amendments of the Superannuation Act 1988.

Debate adjourned on motion of Hon. J.M.A. Lensink.