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New South Wales
Superannuation Legislation Further Amendment Bill 1999
Explanatory note
This explanatory note relates to this Bill as introduced into Parliament.
Overview of Bill
The object of this Bill is to amend various Acts regulating public sector superannuation schemes, and to repeal the Public Sector Executives Superannuation Act 1989, for the following purposes:
(a) to repeal the Public Sector Executives Superannuation Act 1989 and to transfer the members and assets of the Public Sector Executives Superannuation Scheme established under that Act to the First State Superannuation Fund and make provision with respect to the rights of the transferred members and other matters,
(b) to provide for the way in which the salary or wages of an executive officer who is a member of the First State Superannuation Scheme is to be determined for the purposes of the Scheme,
(c) to enable employer contributions under that Scheme to be limited if pension reasonable benefit limits under Commonwealth legislation may be exceeded,
(d) to clarify provisions relating to the payment of interest,
(e) to reduce the periods within which triennial actuarial investigations of public sector superannuation funds must be reported on and forwarded to the Minister,
(f) to change the manner of payment of administrative costs under the State Superannuation Scheme,
(g) to enable contributors to the State Superannuation Scheme who are appointed to a full-time position but who take part-time leave without pay to continue to contribute as full-time employees unless they elect to be treated as part-time employees,
(h) to enable invalid pensions under the State Superannuation Scheme to be paid immediately rather than after all sick and other leave has been exhausted,
(i) to change the way certain withdrawal benefits under the State Superannuation Scheme are calculated,
(j) to make savings and transitional provisions and to enable savings and transitional regulations to be made.
Outline of provisions
Clause 1 sets out the name (also called the short title) of the proposed Act.
Clause 2 provides for the commencement of the proposed Act.
Clause 3 is a formal provision giving effect to the amendments to the Acts relating to the closure of the Public Sector Executives Superannuation Scheme set out in Schedule 1.
Clause 4 is a formal provision giving effect to the amendments to the Acts set out in Schedule 2.
Clause 5 repeals the Public Sector Executives Superannuation Act 1989.
Clause 6 makes it clear that the explanatory notes contained in Schedules 1 and 2 do not form part of the proposed Act.
Schedule 1 Amendments relating to closure of Public Sector Executives Superannuation Scheme
Schedule 1 amends the following Acts:
First State Superannuation Act 1992 No 100
Local Government and Other Authorities (Superannuation) Act 1927 No 35
Police Regulation (Superannuation) Act 1906 No 28
Public Sector Executives Superannuation Act 1989 No 106
Public Sector Management Act 1988 No 33
State Authorities Non-contributory Superannuation Act 1987 No 212
State Authorities Superannuation Act 1987 No 211
Superannuation Act 1916 No 28
Superannuation Administration Act 1996 No 39
The amendments to each Act are explained in detail in the explanatory note relating to the Act concerned set out in Schedule 1.
Schedule 2 Miscellaneous amendments
Schedule 2 amends the following Acts:
First State Superannuation Act 1992 No 100
Police Association Employees (Superannuation) Act 1969 No 33
Police Regulation (Superannuation) Act 1906 No 28
State Authorities Non-contributory Superannuation Act 1987 No 212
State Authorities Superannuation Act 1987 No 211
Superannuation Act 1916 No 28
The amendments to each Act are explained in detail in the explanatory notes relating to the Act concerned set out in Schedule 2.
Note: If this Bill is not modified, these Explanatory Notes would reflect the Bill as passed in the House. If the Bill has been amended by Committee, these Explanatory Notes may not necessarily reflect the Bill as passed.