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This is a Bill, not an Act. For current law, see the Acts databases.
New South Wales
Superannuation Legislation Amendment
Bill 2020
Contents
Page
1 Name of Act 2
2 Commencement 2
Schedule 1 Amendments 3
I certify that this public bill, which originated in the Legislative Assembly, has finally passed
the Legislative Council and the Legislative Assembly of New South Wales.
Clerk of the Legislative Assembly.
Legislative Assembly,
Sydney, , 2020
New South Wales
Superannuation Legislation Amendment
Bill 2020
Act No , 2020
An Act to amend certain superannuation legislation to prevent superannuation pensions and
allowances being reduced because of a fall in consumer prices.
I have examined this bill and find it to correspond in all respects with the bill as finally
passed by both Houses.
Assistant Speaker of the Legislative Assembly.
Superannuation Legislation Amendment Bill 2020 [NSW]
The Legislature of New South Wales enacts--
1 Name of Act
This Act is the Superannuation Legislation Amendment Act 2020.
2 Commencement
This Act commences on the date of assent to this Act.
Page 2
Superannuation Legislation Amendment Bill 2020 [NSW]
Schedule 1 Amendments
Schedule 1 Amendments
1.1 Local Government and Other Authorities (Superannuation) Act 1927
No 35
Section 15CM Calculation of adjustment percentage
Insert after section 15CM(6)--
(6A) There is taken to be no adjustment percentage for a year if--
(a) the percentage calculated for the year in accordance with subsection
(3)(d), (4)(b) or (5)(b) is less than 1.1% or any other percentage
prescribed by the regulations, or
(b) the Index number for the June quarter in that year is the same as the
Index number for the immediately preceding June quarter.
(6B) If there is taken to be no adjustment percentage for a year (the first year), then,
for the purposes of calculating the percentage for the next year--
(a) the Index number for the June quarter in the first year is taken not to
have been published, and
(b) the Index number for that quarter is taken to be the same as the Index
number for the June quarter in the last year for which there was an
adjustment percentage.
1.2 New South Wales Retirement Benefits Act 1972 No 70
Section 31B Calculation of adjustment percentage
Omit "1.0 per centum" from section 31B(2)(a).
Insert instead "1.1% or any other percentage prescribed by the regulations".
1.3 Police Regulation (Superannuation) Act 1906 No 28
Section 14B Calculation of adjustment percentage
Omit "1.0 per centum" from section 14B(2)(a).
Insert instead "1.1% or any other percentage prescribed by the regulations".
1.4 Public Authorities Superannuation Act 1985 No 41
Schedule 6 Transitional provisions--Local Government Pension Fund
Insert after clause 14(4)--
(4A) There is taken to be no adjustment percentage for a year if--
(a) the percentage calculated for the year in accordance with subclause
(3)(b) or (4)(b) is less than 1.1% or any other percentage prescribed by
the regulations, or
(b) the Index number for the June quarter in that year is the same as the
Index number for the immediately preceding June quarter.
(4B) If there is taken to be no adjustment percentage for a year (the first year), then,
for the purposes of calculating the percentage for the next year--
(a) the Index number for the June quarter in the first year is taken not to
have been published, and
Page 3
Superannuation Legislation Amendment Bill 2020 [NSW]
Schedule 1 Amendments
(b) the Index number for that quarter is taken to be the same as the Index
number for the June quarter in the last year for which there was an
adjustment percentage.
1.5 State Authorities Superannuation Act 1987 No 211
Schedule 3 Savings and transitional provisions
Insert after clause 4(2)--
(2A) Without limiting subclause (1), a provision referred to in that subclause may
amend each of the following provisions to increase or decrease the percentage
referred to in the provision--
(a) clause 13(2)(a) of the State Authorities Superannuation (Ex-Snowy
Mountains Hydro-Electric Authority Superannuation Fund Transfer)
Regulation 2003,
(b) clause 22(2)(a) of the State Authorities Superannuation (Government
Railways Superannuation Scheme Transfer) (Savings and Transitional)
Regulation 1990,
(c) clause 49(2)(a) of the State Authorities Superannuation (Transitional
Provisions) Regulation 1988.
1.6 State Authorities Superannuation (Ex-Snowy Mountains
Hydro-Electric Authority Superannuation Fund Transfer) Regulation
2003
Clause 13 Calculation of adjustment percentage
Omit "1 per cent" from clause 13(2)(a). Insert instead "1.1%".
1.7 State Authorities Superannuation (Government Railways
Superannuation Scheme Transfer) (Savings and Transitional)
Regulation 1990
Clause 22 Calculation of adjustment percentage
Omit "1.0 per cent" from clause 22(2)(a). Insert instead "1.1%".
1.8 State Authorities Superannuation (Transitional Provisions) Regulation
1988
Clause 49 Calculation of adjustment percentage
Omit "1.0 per cent" from clause 49(2)(a). Insert instead "1.1%".
1.9 Superannuation Act 1916 No 28
Section 61C Calculation of adjustment percentage
Omit "1.0 per centum" from section 61C(2)(a).
Insert instead "1.1% or any other percentage prescribed by the regulations".
1.10 Transport Employees Retirement Benefits Act 1967 No 96
Section 31B Calculation of adjustment percentage
Omit "1.0 per centum" from section 31B(2)(a).
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Superannuation Legislation Amendment Bill 2020 [NSW]
Schedule 1 Amendments
Insert instead "1.1% or any other percentage prescribed by the regulations".
Page 5
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