HANSARD
SITTING CALENDAR
SEARCH
LIVE BROADCAST
Hansard Dynamic Member Index
Legislative Council - Fifty-Fifth Parliament, First Session (55-1)
2025-11-12 Daily Xml
Contents
Xml

Bills

Statutes Amendment (Superannuation and Other Payments) Bill

Introduction and First Reading

The Hon. K.J. MAHER (Deputy Premier, Minister for Aboriginal Affairs, Attorney-General, Minister for Industrial Relations and Public Sector, Special Minister of State) (11:03): Obtained leave and introduced a bill for an act to amend the Electricity Corporations Act 1994, the Parliamentary Remuneration Act 1990, the Parliamentary Superannuation Act 1974, the Police Superannuation Act 1990, the Southern State Superannuation Act 2009, the Superannuation Act 1988 and the Superannuation Funds Management Corporation of South Australia Act 1995. Read a first time.

Second Reading

The Hon. K.J. MAHER (Deputy Premier, Minister for Aboriginal Affairs, Attorney-General, Minister for Industrial Relations and Public Sector, Special Minister of State) (11:04): I move:

That this bill be now read a second time.

This bill seeks to amend a range of acts relating to superannuation and remuneration amendments. It aims to modernise outdated provisions, ensure consistency between public sector superannuation schemes and address peculiar challenges affecting several superannuation schemes.

Part 2 of the bill introduces amendments to the Electricity Corporations Act 1994, which continues the electricity industry superannuation scheme under a standalone trust deed and rules. The electricity industry superannuation scheme board acts as a trustee of the scheme, which supports members and pensioners, primarily employees and former employees of the electricity supply industry.

These amendments will enable consideration of potential merger opportunities with other superannuation schemes, should such opportunities arise. Where a merger proceeds with a commonwealth-regulated superannuation fund, these amendments will facilitate the application of successor fund transfer rules, which are a well-established mechanism in the superannuation industry that allows the transfer of members and beneficiaries.

Under these rules, members are transferred to the new fund on the basis that they will receive rights and benefits that are, on a holistic basis, equivalent to the rights that they had in the original fund immediately prior to the transfer. In the case of a public sector superannuation scheme, alternative mechanisms may apply, supported by expanded regulation-making powers. The bill also seeks to simplify the process for participating employers to withdraw from the scheme.

The bill also makes amendments to the Parliamentary Remuneration Act 1990 and the Parliamentary Superannuation Act 1974. In general terms, the arrangements for members of parliament have not kept up with modernisations that are standard for public sector superannuation schemes. In this way, the bill aims to align the parliamentary superannuation scheme with those other public sector schemes. It also introduces amendments to better reflect the ways in which parliament work differs from standard public sector work.

Part 3 of the bill amends the Parliamentary Remuneration Act 1990 to remove rules that currently limit salary sacrifice to the PSS3 superannuation scheme to 50 per cent. This part also ensures that additional salary will continue to be paid in respect of members of parliament who temporarily vacate a specified office due to ill health or disability. Again, this reflects the unique nature of a political career, where extended periods of sick leave and other absences are generally not available for senior office holders in the way they might be in other workplaces.

Part 4 of the bill amends the Parliamentary Superannuation Act 1974, which continues the parliamentary superannuation scheme for current and former members of the South Australian parliament. These amendments will modernise and update features of the PSS3 superannuation scheme to align with those currently available to public sector employees in the government's Southern State Superannuation Scheme (Triple S).

This includes the introduction of a facility that will enable members to nominate their estate as the recipient of death benefits, the splitting of contributions with spouses, permit early access to superannuation on financial hardship and compassionate grounds in accordance with commonwealth's superannuation rules, the ability to release excess non-concessional contributions from PSS2 and PSS3 to avoid penalty tax where balances exceed the applicable cap (as well as a facility to assist the payment of penalty tax previously incurred as a result of there being no statutory power to release excess contributions), the ability to transfer a portion of accrued entitlements to a complying fund at any time (subject to conditions), the modernisation of regulation-making powers and the ability to withdraw a cash benefit from the age of 65.

The ability to credit superannuation payments that are not currently contemplated under the act to the accounts of eligible members has also been included, to ensure eligible PSS3 members may receive new payments determined by the board that members of regulated funds may receive (such as the new superannuation payments on commonwealth parental leave, payable from 1 July 2025).

The bill also revises the invalidity and death insurance formula to remove the requirement to deduct the balance of the member's government-funded contribution account from the final benefit, thereby enhancing certainty for invalidity and estate planning purposes. Other measures have also been introduced for members who leave the parliament after the commencement day of the bill. This includes the continuation of death insurance up to age 70 and the introduction of an income protection style scheme up to age 65 of 75 per cent of salary, provided PSS3 membership is maintained.

Premiums will be payable by members of PSS3 in respect of the provision of such insurance, and eligibility would be contingent upon maintaining membership in PSS3 with an adequate balance to sustain the payment of the premiums. Members would also be permitted to opt out of these insurance offerings at any time.

Finally, the conduct of meetings of the Parliamentary Superannuation Board will also be more flexible, with the ability to allow meetings of the board to be held electronically and decision-making by circular resolution, as well as an express power of delegation akin to that of the South Australian Superannuation Board.

Part 5 of the bill amends the Police Superannuation Act 1990, which governs the closed defined benefit Police Pension Scheme for officers and pensioners who commenced employment with SAPOL on or before 31 May 1990. To support the long-term sustainability of the scheme, the bill introduces a legislative mechanism that will enable future changes to its administration, should such changes be considered appropriate in the future.

These amendments are enabling in nature and do not in themselves effect any immediate change. Transitional arrangements required to support such a change would generally be addressed through regulation, following appropriate consultation with relevant stakeholders, as well as the modernisation of regulation-making powers.

Part 6 of the bill amends the Southern State Superannuation Act2009 to address a funding inequity affecting the Super SA Flexible Rollover Product (FRP), a post-retirement investment product administered under the act. While members can transfer insurance from Triple S to the FRP, the act does not currently permit the transfer of associated premiums to the Retirement Investment Fund (RIF), which holds FRP premiums. This results in the RIF covering the full cost of insurance claims from the FRP without receiving the corresponding premiums. The bill therefore seeks to amend section 10 of the act to allow the Super SA Board to transfer amounts determined by an actuary from Triple S to the RIF, to ensure Triple S contributes equitably to the cost of transferred insurance.

A further amendment is intended to support flexible and efficient arrangements if members from other superannuation schemes established under state acts or otherwise for the benefit of Crown employees are ever determined to be transitioned to Triple S in the future. To facilitate this, the clause builds on the existing regulation-making powers under section 19 of the Southern State Superannuation Act 2009, which provides a foundation for supporting such potential transitions.

A similar amendment is proposed in part 7 of the bill, which amends the Superannuation Act 1988 in relation to membership of the state scheme. These amendments are intended to provide greater flexibility and efficiency in the legislative framework applying to members of defined benefit public sector superannuation schemes, established under state acts or for the benefit of Crown employees, who are seeking to be administered by, or merged with, Super SA.

For consistency with section 19 of the Southern State Superannuation Act 2009, the amendment expands the existing regulation-making powers under schedule 1A of the Superannuation Act 1988to ensure there is sufficient legislative capacity should a change to scheme membership arrangements be required in the future. Importantly, the amendment does not of itself effect any change to existing membership arrangements.

As part of this, the amendments also expand section 7 of the Superannuation Act 1988 to empower the board to administer other public sector superannuation schemes if approved by the minister. A technical amendment to section 10 also clarifies that departmental staff made available to the board may also be used to administer both board-managed and other public sector super schemes (with the reference to those other schemes amended to ensure it covers all schemes administered by Super SA).

The bill also proposes to amend the process for filling casual vacancies arising from the resignation of elected members of the South Australian Superannuation Board, such that a further election would no longer be required, irrespective of the remaining duration of the resigning member's term. Nominations to fill the vacancy will continue to be made by the relevant unions prescribed in the act, extending beyond the current provision that applies only where less than 12 months remain in the term. The opportunity was also taken to modernise general regulation-making powers to align with the Triple S act.

Part 8 of the bill amends the Superannuation Funds Management Corporation of South Australia Act 1995 to align the process for filling casual vacancies arising from the resignation of elected board members with the simplified approach proposed under the Superannuation Act 1988, as outlined above. It also removes the requirement that regulations prescribing public authorities seeking to nominate funds for investment by Funds SA must not take effect until the disallowance period has expired. This requirement has been identified as an unnecessary procedural barrier that can cause significant delays in the commencement of investment partnerships with Funds SA. I commend the bill to the council and seek leave to have the explanation of the clauses inserted in Hansard without my reading it.

Leave granted.

Explanation of Clauses

Part 1—Preliminary

1—Short title

This clause is formal.

2—Commencement

The Act will come into operation on assent. However, the operation of some provisions will be delayed until a day to be fixed by proclamation.

Part 2—Amendment of Electricity Corporations Act 1994

3—Amendment of Schedule 1—Superannuation

This clause makes amendments to the Electricity Industry Superannuation Scheme Trust Deed to facilitate the transfer of members of the Electricity Industry Superannuation Scheme to other superannuation schemes.

A new regulation making power is inserted authorising the making of regulations necessary or expedient to give effect to an arrangement to transfer the interests of a member or beneficiary to a public sector superannuation scheme under clause 20 of the Deed. Clause 20 deals with the transfer of members and former members to public sector superannuation schemes.

Provision is also made for the repeal of the Schedule by proclamation.

Part 3—Amendment of Parliamentary Remuneration Act 1990

4—Amendment of section 4AC—Additional salary

This clause amends section 4AC to provide that where a member of Parliament ceases to hold a specified office and the relevant presiding officer for the member certifies that they are satisfied that the cessation is due to the ill health, or a disability, of the member, the member continues to be entitled to additional salary as if they had not ceased to hold the office. The certification must be made on the basis of medical evidence provided by the member. The member will continue to be entitled to additional salary under the section until whichever of the following occurs first:

the member is again appointed to an office specified in the Schedule;

the member ceases to be a member of Parliament;

the relevant presiding officer for the member is no longer satisfied that the member is unable to hold an office specified in the Schedule due to the ill health, or a disability, of the member;

the House of Assembly is next dissolved by the Governor.

5—Amendment of section 4B—Salary sacrifice for superannuation purposes

Subsection (5) of section 4B of the Parliamentary Remuneration Act 1990 imposes a limit of 50% on the amount of salary that may be sacrificed by a member for superannuation purposes. This clause repeals subsection (5) so that there is no limit on the amount of salary that may be sacrificed by a member. Consequential amendments are also made.

6—Amendment of section 5—Cessation of entitlement to remuneration

The amendment made by this clause is consequential.

Part 4—Amendment of Parliamentary Superannuation Act 1974

7—Amendment of section 5—Interpretation

This clause inserts a definition of legal personal representative, which applies in relation to deceased PSS 3 members. A person is the legal personal representative of a deceased PSS 3 member if the person has been nominated by notice in writing as the deceased's legal personal representative in accordance with the requirements of the South Australian Parliamentary Superannuation Board. The notice must have effect for the purposes of the Commonwealth Superannuation Industry (Supervision) Act 1993.

Additional amendments to section 5 relate to the introduction of spouse membership of PSS 3.

8—Amendment of section 10—Procedure at meetings of Board

This clause amends section 10 so that meetings of the Parliamentary Superannuation Board can take place by way of telephone or other electronic means.

9—Insertion of section 11A

This clause inserts a new section providing the Board with a power to delegate.

11A—Delegation by Board

Section 11A authorises the Board to delegate any of the Board's powers or functions under the Act (except the power of delegation) to any person or body.

10—Amendment of section 13—The Fund

The amendments made by this clause are consequential on the introduction of spouse members to the PSS 3 scheme.

An additional amendment has the effect of requiring the Treasurer to pay into the Parliamentary Superannuation Fund from the Consolidated Account (or from a special deposit account) a percentage, to be determined by the Board, of any amount that is required to be paid to satisfy the payment of a disability pension.

In addition, proposed subsection (4a) will provide that the amount required to be paid by the Treasurer under subsection (4)(e) to satisfy the payment of a death insurance benefit in respect of a PSS 3 member who has ceased to be a member of Parliament is to be determined on the advice of an actuary, having regard to the amount of premiums paid by the member in respect of the insurance.

11—Amendment of section 13D—Co-contribution accounts

This amendment makes provision for the payment of the balance of a deceased PSS 3 member's co-contribution account to their legal personal representative. If the member has not nominated a legal personal representative, the payment will be made to their spouse or, if there is no spouse, to their estate.

12—Insertion of section 13E

This clause inserts a new section.

13E—Other contributions

Proposed section 13E provides that where a payment is made to the Board on behalf of a PSS 3 member, the Board may credit the payment to any account maintained by the Board on behalf of the member. This does not apply to co-contributions.

13—Amendment of section 14D—Government contribution accounts

Section 14D as amended by this clause will provide that a PSS 3 member's Government contribution account is to be debited with a disability pension premium of an amount fixed by the Board. This requirement will not apply in relation to a PSS 3 member whose insurance has been cancelled. A member's Government contribution account is also to be debited with any other payment that is to be charged against the account under the Act.

14—Amendment of section 21AC—Interpretation

This clause inserts a new definition of co-contribution component. The term is used in proposed section 21ACA.

15—Insertion of section 21ACA

This clause inserts a new section.

21ACA—Early access to superannuation benefits in case of severe financial hardship or on compassionate grounds

Proposed section 21ACA provides PSS 3 members with access to their superannuation benefits in certain circumstances. Benefits may be payable on application by a PSS 3 member under the section if, in the Board's opinion, the member would be taken for the purposes of the Superannuation Industry (Supervision) Regulations 1994 of the Commonwealth—

to be in severe financial hardship; or

to satisfy a condition of release on a compassionate ground.

16—Amendment of section 21AD—Retirement at or above age 55

The amendment made by this clause is consequential.

17—Amendment of section 21AF—Preservation of components

The amendments made by this clause make provision for the payment of preserved components of a deceased PSS 3 member to their personal representative. If the member has not nominated a legal personal representative, the payment will be made to the member's spouse or, if there is no spouse, to the member's estate.

18—Amendment of section 21AH—Death of PSS 3 member

The amendments made by this clause have the effect of extending the payment to be made on the death of a PSS 3 member to PSS 3 members who have ceased to be members of Parliament. This does not apply in relation to a PSS 3 member—

who ceased to be a member of the Parliament of this State before the commencement of new subsection (2a); or

who is over the age of 70 years at the time of their death; or

who has ceased to be a member of Parliament and whose insurance has been cancelled.

19—Amendment of section 21AH—Death of PSS 3 member

The amendments made by this clause make provision for a payment to be made on the death of a PSS 3 member to the member's legal personal representative. If the member has not nominated a legal personal representative, the payment will be made to their spouse or, if there is no spouse, to his or her estate.

20—Insertion of section 21AHA

Proposed section 21AHA provides for the payment of premiums (of an amount determined by the Board) in respect of death insurance cover by PSS 3 members who have ceased to be a members of Parliament.

21—Amendment of section 21AI—Determination of invalidity/death insurance

This clause amends the formula in section 21AI for determining a PSS 3 member's level of invalidity/death insurance by removing the subtraction of GCA. GCA is the amount standing to the credit of the member's Government contribution account at the relevant time, less any amount credited to that account due to superannuation salary sacrifice payments under section 14C(2) of the Act.

22—Insertion of section 21AJ

This clause inserts a new section.

21AJ—Special benefit for PSS 3 members aged 65 or over

Under proposed section 21AJ, a PSS 3 member who has reached the age of 65 years can apply to the Board for the payment of a specified proportion of the balance of the member's eligible contribution accounts.

23—Insertion of Part 4 Division 2B

This clause inserts a new Division that sets out an income protection scheme for PSS 3 members who cease to be members of Parliament after the commencement of the Division and are not also members of PSS 2.

A PSS 3 member to whom the new Division applies who is incapacitated for work on account of a disability will be entitled to a disability pension. A member will be taken to be incapacitated for work on account of a disability if the Board is satisfied, on the basis of medical evidence provided by the member, that the member is incapable, because of ill health or a disability, of performing work for which the member is suitably qualified by training, education or experience.

The amount of the disability pension payable to a PSS 3 member will be 75% of the basic salary payable to a member of Parliament under the Parliamentary Remuneration Act 1990 at the time payment of the pension commences plus, if the member was at any time entitled to additional salary in respect of an office specified in the Schedule of the Parliamentary Remuneration Act 1990, the average of the additional salary paid to the member during the designated 4 year period. The designated 4 year period, in relation to a member who received additional salary under the Schedule of the Parliamentary Remuneration Act 1990, means the period of 4 years during which the member received the highest amount of such additional salary.

The new Division includes further provisions in relation to the eligibility for, and duration of, a disability pension. There is also a capacity for a PSS 3 member to apply to the Board to cancel the income protection to which the member is entitled under the Division.

24—Amendment of section 23AAC—Commutation to pay deferred superannuation contributions surcharge following death of member

The amendments made by this clause are consequential on other amendments enabling the possibility of a payment being made on the death of a PSS 3 member to the member's legal personal representative.

25—Amendment of section 23AAE—Payment of Division 293 tax

This clause corrects an outdated reference to Commonwealth legislation.

26—Insertion of sections 23AAF

This clause inserts a new section.

23AAF—Excess non-concessional contributions

Proposed section 23AAF facilitates the making of payments required under the Taxation Administration Act 1953 of the Commonwealth in relation to the excess non-concessional contributions of PSS 2 and PSS 3 members. The section authorises the Board to pay to a member any amount the Board is required to pay pursuant to a release authority issued to the Board under the Commonwealth legislation.

27—Insertion of section 23AAG

This clause inserts a new section.

23AAG—Portability for PSS 3 members

Under proposed section 23AAG, amounts standing to the credit of one or more accounts maintained by the Board on behalf of a PSS 3 member may, at the option of the member, be transferred to another complying fund.

A complying fund is—

(a) a complying superannuation fund; or

(b) an RSA,

(both of which are defined by reference to Commonwealth legislation).

The combined balance of accounts maintained by the Board on behalf of a member for whom amounts are transferred under the section must, immediately after the amounts are transferred, be equal to, or greater than, the applicable minimum amount for the member. The applicable minimum amount is determined by the Board.

28—Insertion of Part 4AA

This clause inserts a new Part providing for spouse membership of PSS 3.

Part 4AA—Spouse members of PSS 3

23AAH—Interpretation

The proposed section defines a prescribed payment as payment of an amount that is a contributions-splitting superannuation benefit within the meaning of Division 6.7 of the Superannuation Industry (Supervision) Regulations 1994 of the Commonwealth.

23AAI—Spouse contributions splitting

Under this proposed section, a PSS 3 member may apply to the Board to make a prescribed payment from the member's contribution account into a contribution account established for the member's spouse.

23AAJ—Other contributions for spouse members

This proposed section authorises a PSS 3 member to make monetary contributions to the Treasurer for crediting to a contribution account for the member's spouse.

23AAK—Spouse members and spouse accounts

Under this proposed section, the Board is required to establish a contribution account for the spouse of a PSS 3 member if the member makes a prescribed payment, or a monetary contribution for the benefit of the spouse. The spouse becomes a spouse member of the Triple S scheme by virtue of the section.

23AAL—Accretions to spouse members' accounts

Each spouse member's contribution account that has a credit balance is to be adjusted at the end of each financial year to reflect a rate of return determined by the Board in relation to spouse members' accounts for the relevant financial year.

23AAM—Portability

Under this proposed section, the whole or, subject to conditions determined by the Board, a part of the amount standing to the credit of a spouse member's spouse account may, at the option of the spouse member, be transferred to another complying fund. (Complying fund is defined by reference to the definition in section 23AAG).

23AAN—Benefits for spouse members

This proposed section sets out the rules for payment of spouse members' benefits.

23AAO—Early access to superannuation benefits in case of severe financial hardship or on compassionate grounds

This proposed section, which is in similar terms to proposed section 21ACA, provides that a spouse member may apply to the Board for the early release of an amount of the spouse member's benefit. This can occur if the spouse member is in severe financial hardship or on a compassionate ground.

29—Amendment of section 36A—Division of benefit where deceased member or spouse member is survived by lawful and putative spouses

The amendments made by this clause are consequential.

30—Amendment of section 40—Regulations

Section 40, as amended by this clause, will provide that regulations under the Act may—

be of general application or limited application; or

make different provision according to the matters or circumstances to which they are expressed to apply.

This amendment has the effect of modernising the regulation making power.

This clause further amends the regulation making power so that regulations of a savings or transitional nature may be made consequent on the amendment of the Act by another Act. A provision of such a regulation may take effect from the commencement of the amendment or from a later day. If a provision takes effect from a day earlier than the day of the regulation's publication in the Gazette, the provision cannot operate to the disadvantage of a person by decreasing the person's rights or imposing liabilities.

Part 5—Amendment of Police Superannuation Act 1990

31—Amendment of section 4—Interpretation

This clause amends the main interpretation provision of the Act to substitute a new definition of Board. A reference in the Act to the Board will, following the commencement of the amendment, be a reference to the South Australian Superannuation Board continued in existence by the Superannuation Act 1988.

32—Substitution of Part 2 Division 1

Part 2 Division 1 of the Act currently sets out provisions relating to the establishment, functions and membership of the Police Superannuation Board. This clause proposes the deletion of that Division and the insertion of a new Division dealing with the functions of the South Australian Superannuation Board.

Division 1—The Board

5—Functions of Board

Under proposed section 5, the Board—

is responsible to the Minister for all aspects of the administration of the Act (other than management and investment of the Fund); and

is to provide advice to the Minister about any matter referred to it by the Minister or any matter it sees fit to advise the Minister about in connection with its responsibilities under the Act.

33—Amendment of section 39—Review of Board's decisions

This clause amends section 39 of the Act so that a decision made by the Police Superannuation Board will, for the purposes of review proceedings, be taken to be a decision of the South Australian Superannuation Board.

34—Amendment of section 49—Confidentiality

The amendments made by this section are consequential on the dissolution of the Police Superannuation Board and the South Australian Superannuation Board becoming responsible for the administration of the Act.

35—Amendment of section 52—Regulations

Section 52, as amended by this clause, will provide that regulations under the Act may—

be of general application or limited application; or

make different provision according to the matters or circumstances to which they are expressed to apply.

This amendment has the effect of modernising the regulation making power.

This clause also amends the regulation making power so that regulations of a savings or transitional nature may be made consequent on the amendment of the Act by another Act. A provision of such a regulation may take effect from the commencement of the amendment or from a later day. If a provision takes effect from a day earlier than the day of the regulation's publication in the Gazette, the provision cannot operate to the disadvantage of a person by decreasing the person's rights or imposing liabilities.

36—Transitional provisions

This clause provides that a member of the Police Superannuation Board ceases to hold office on the commencement of the section.

Part 6—Amendment of Southern State Superannuation Act 2009

37—Amendment of section 10—The Fund

This clause amends section 10 of the Act in order to allow for payments from the Fund to be made to another fund or account established by the Board under the regulations.

38—Amendment of section 19—Membership of scheme

This clause amends section 19 of the Act, which deals with membership of the Triple S scheme, by inserting a new regulation making power that authorises the making of regulations that can—

declare a group of members or former members of a public sector superannuation scheme to be members; and

transfer all or part of the assets and liabilities of a fund established for the purposes of a public sector superannuation scheme to the Fund; and

modify the provisions of the Act in their application to a declared group of members or former members; and

provide for transitional matters on the making of a declaration.

Part 7—Amendment of Superannuation Act 1988

39—Amendment of section 4—Interpretation

This clause amends the interpretation section of the Act to insert a definition of public sector superannuation scheme.

40—Amendment of section 7—Functions of the Board

Section 7 is amended by this clause so that the Board may administer other public sector superannuation schemes. This is to be done with the approval of the Minister and in accordance with any directions of the Minister.

41—Amendment of section 8—Board's membership

Section 8 currently provides that if the office of an elected member of the South Australian Superannuation Board becomes vacant and the balance of the term of the office is 12 months or less, the Governor may appoint a person nominated by the Public Service Association of South Australia Incorporated and the Australian Education Union to the vacant office. This clause amends the section to remove the reference to the balance of the former member's term of office.

42—Amendment of section 10—Staff of Board

This clause amends section 10 to make it clear that staff of an administrative unit made use of by the Board may assist in the administration of other superannuation schemes established or administered by the Board and may also assist in the administration of other public sector superannuation schemes.

43—Amendment of section 20ABA—Co-contribution accounts

The amendment made by this clause corrects an error.

44—Amendment of section 59—Regulations

Section 59, as amended by this clause, will provide that regulations under the Act may—

be of general application or limited application; or

make different provision according to the matters or circumstances to which they are expressed to apply.

This amendment has the effect of modernising the regulation making power.

45—Amendment of Schedule 1A—Provisions relating to other public sector superannuation schemes

This clause amends Schedule 1A to insert a new clause that authorises the making of regulations providing that particular persons, or particular classes of persons, who are members or former members of a public sector superannuation scheme, are, or are not, contributors for the purposes of the Act. The regulations may also—

provide that a specified provision of the Act does not apply, or applies subject to prescribed modifications, to a person who is a contributor by virtue of regulations made under the new clause; or

provide for the transfer all or part of the assets and liabilities of a fund established for the purposes of a public sector superannuation scheme to the South Australian Superannuation Fund; or

provide for transitional matters on the making of a regulation.

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

46—Amendment of section 3—Interpretation

Currently, a regulation declaring a public authority to be a prescribed public authority for the purposes of the definition of that term cannot commence until the time for disallowance of the regulation has passed. This clause amends section 3 to remove that provision regarding commencement.

47—Amendment of section 10—Conditions of membership

Section 10 currently provides that if the office of a member of the board of the Superannuation Funds Management Corporation of South Australia elected by contributors becomes vacant and the balance of the term of the office is 12 months or less, the Governor may appoint a person nominated by the Public Service Association of South Australia Incorporated, the Australian Education Union and the Police Association of South Australia to the vacant office. This clause amends the section to remove the reference to the balance of the former member's term of office.

Debate adjourned on motion of Hon. D.G.E. Hood.

PARLIAMENTARY BUSINESS
MEMBERS
GET INVOLVED
ABOUT PARLIAMENT
VISIT
LEGISLATIVE COUNCIL
HOUSE OF ASSEMBLY
CONTACT