Queensland Bills Explanatory Notes Queensland Bills Explanatory Notes[Index] [Search] [Download] [Bill] [Help]
1
Superannuation Legislation Amendment
SUPERANNUATION LEGISLATION
AMENDMENT BILL 1995
EXPLANATORY NOTES
GENERAL OUTLINE
Objectives of the Legislation
The objectives of the Bill are to amend the legislation governing the
major public sector superannuation schemes primarily in accordance with
developments in Commonwealth prudential superannuation; to ensure the
Judges' and Governor's pension schemes pay minimum benefits in all
circumstances and to appoint the Queensland Investment Corporation as the
internal funds manager of the major superannuation schemes.
The legislation affected is--
· the Public Service Superannuation Act 1958;
· the State Service Superannuation Act 1972;
· the Police Superannuation Act 1968;
· the Police Superannuation Act 1974;
· the Parliamentary Contributory Superannuation Act 1970;
· the Superannuation (Government and Other Employees) Act
1988;
· the Superannuation (State Public Sector) Act 1990;
· the Superannuation (Public Employees Portability and Acts
Amendment) Act 1985;
· the Governor's Pensions Act 1977; and
· the Judges (Pensions and Long Leave) Act 1957.
2
Superannuation Legislation Amendment
Reasons for Bill
The purpose of this Bill is to introduce amendments to the legislation
governing the superannuation schemes of Queensland Crown employees
and Members of Parliament.
The amendments are required predominately to ensure that the schemes
take account of new Commonwealth superannuation legislation and to
implement the decision that the Queensland Investment Corporation be the
investment manager of the major Queensland Government superannuation
schemes.
The Commonwealth Government, in an effort to more effectively
supervise superannuation, has introduced a range of prudential measures
which detail the obligations on trustees, administrators and investment
managers of superannuation funds.
Whilst the Queensland Government is seeking a formal exemption from
the legislation for the major centrally administered schemes on
constitutional grounds, these schemes will conform with the principles and
aims of the Commonwealth's legislation through an inter-governmental
agreement. This Bill removes the current references in the legislation
establishing the State Service, Police and Parliamentary Schemes to
mandatory compliance with the, to be superseded Commonwealth
legislation. The Acts will be specifically amended where necessary to
comply with the detail of the Commonwealth legislation. With the
likelihood of continuing change to Commonwealth legislation, the provision
allows limited amendment of scheme provisions by regulation.
The Commonwealth Government has also moved to institute a specialist
complaints body for the conciliation and arbitration of disputes concerning
superannuation to cater for its technical nature and the overlay of trust law
obligations. The Queensland Government believes it is desirable that
beneficiaries of its schemes be given access to this inexpensive review body
in the same manner as all private sector employees. Hence, this Bill
provides for existing appeal provisions to be removed on proclamation.
This would occur at the time the Commonwealth/State agreement is
finalised and the Commonwealth regulates to allow the State schemes
access to this Tribunal. A determination of the Tribunal may be appealed
to the Federal Court on a question of law. Judicial Review Act provisions
such as procedural fairness will still also apply.
The Bill also addresses the investment manager of the superannuation
3
Superannuation Legislation Amendment
funds. As part of the corporatisation of the Queensland Investment
Corporation, the Government has determined that the Corporation will be
the investment manager of the superannuation funds. This decision will
enable the Corporation to plan its investment decisions with some certainty,
and will pay dividends to members and taxpayers in the form of low-cost
and tax-effective funds management. In line with industry and sound
business practice, the Corporation will be required to work within
investment policies and objectives as set by the fund trustees and be
assessed against performance thereon.
The Bill introduces a retrospective "top-up" provision into the Judges'
and Governor's pension legislation to ensure that the employer-provided
benefits from these schemes are sufficient in all instances to meet the level
of employer support required by the Commonwealth Government's
Superannuation Guarantee Charge legislation. These schemes pay life
pensions providing a Judge or Governor meets minimum conditions such
as length of service. Where a person did not meet the minimum conditions
to qualify for a pension, the State is obliged to provide a small amount of
superannuation as specified by Commonwealth legislation.
A number of minor administrative amendments are included in the Bill.
These will:--
· automatically transfer any State Service or Police Scheme SGC
"top-up" amounts into the member's Gosuper account so as to
consolidate entitlements, to be preserved in accordance with the
Gosuper rules;
· give the State Service and Q Super trustees power to exercise a
discretion in relation to the application of such conditions as they
may think just in respect of the deferred repayment of overpaid
benefits;
· clarify that members of all units of the State Public Sector are
eligible to be members of Q Super;
· clarify that the Government Superannuation Provision Fund
forms part of the assets of and is an account of the State Public
Sector Superannuation Fund;
· change the manner of the inclusion of eligible employers in the Q
Super and Gosuper schemes to give the provisions greater
flexibility by allowing Ministerial approval of a notice that will be
4
Superannuation Legislation Amendment
subordinate legislation;
· clarify that members of the Police Superannuation Scheme who
terminate employment because of incapacity (but where the
Superannuation Board is not satisfied as to the extent of the
incapacity for the payment of an incapacity benefit) are to be
entitled to a benefit equivalent to the resignation benefit. This will
ensure consistency between the Police Super and State Super
Schemes in this regard;
· appoint, on an individual basis, members of the superannuation
board as constituted under the Superannuation (Government and
Other Employees) Act;
· correct a technical problem in the formula to calculate ill health
retirement benefit in the Parliamentary Scheme so that the
minimum pension is 50% of salary, as planned, rather than the
30% of salary benefit which the current formula technically
provides;
· remove provisions in the Police Superannuation Acts giving the
position of Deputy Commissioner and Commissioner different
contribution and benefit entitlements than other scheme members
(note that this will not affect any person, at this time, as current
holders of these positions are not members of the Police
Superannuation Scheme); and
· standardise the provisions relating to unclaimed monies across
the State Service, Police, Parliamentary, Q Super and Gosuper
schemes so that when moneys become unclaimed they are
transferred to an Unclaimed Moneys Account within the
respective funds.
Estimated Cost for Government Implementation
Minimal costs may be imposed in order to ensure that Judges, Industrial
Commissioners, Members of the Land Court and Governors receive the
minimum level of employer support prescribed by the Commonwealth's
Superannuation Guarantee (Administration) Act 1992. This is because
under current legislation, such persons may not be entitled to the minimum
level of superannuation pension/lump sum where they leave before meeting
age or length of service criteria.
5
Superannuation Legislation Amendment
Consultation
Consultation has occurred with the Police Commissioner, the Director-
General and Co-ordinator General, Department of the Premier, Economic
and Trade Development, the Director-General, Department of Justice and
Attorney-General, the Boards of Trustees of the Schemes, the Government
Owned Enterprises Unit, the Queensland Investment Corporation, the
Parliamentary Commissioner for Administrative Investigations and the
Office of the Parliamentary Counsel.
NOTES ON PROVISIONS
PART 1--PRELIMINARY
Clause 1 specifies the short title of the Act.
Clause 2 provides for the retrospective commencement of sections 3, 4,
part 3 and sections 59, 60(2) and 61, with the balance commencing on
proclamation.
PART 2--AMENDMENT OF GOVERNORS'
PENSIONS ACT 1977
Clause 3 provides for the amendment of the Governors' Pensions Act
1977.
Clause 4 inserts section 4A to provide for a minimum benefit to be paid
to a person who ceases to hold office under the Act. The benefit is
calculated by an actuary and is to be at a level sufficient to meet the state's
obligations under the Commonwealth's Superannuation Guarantee Charge
(SGC) legislation. This provision will be retrospective in order to ensure
compliance with the Commonwealth legislation which commenced in
1992.
Clause 5 amends section 5 in accordance with current drafting practice.
6
Superannuation Legislation Amendment
Clause 6 updates the reference to the Consolidated Revenue Fund in line
with the reconstitution of that Fund in 1991.
PART 3--AMENDMENT OF JUDGES PENSIONS AND
LONG LEAVE) ACT 1957
Clause 7 provides for the amendment of the Judges (Pensions and Long
Leave) Act 1957.
Clause 8 inserts section 2C to provide for a minimum benefit to be paid
to a Judge person who ceases to hold office. The benefit is calculated by an
actuary and is at a level sufficient to meet the state's obligations under the
Commonwealth's Superannuation Guarantee Charge (SGC) legislation.
Persons who are Members of the Industrial Commission or Land Court
could also be recipients of this minimum benefit as their governing
legislation provides for pension benefits to be as under the Judges
(Pensions and Long Leave) Act. This provision will be retrospective in
order to ensure compliance with the Commonwealth legislation which
commenced in 1992.
PART 4--AMENDMENT OF PARLIAMENTARY
CONTRIBUTORY SUPERANNUATION ACT 1970
Clause 9 provides for the amendment of the Parliamentary Contributory
Superannuation Act 1970.
Clause 10 omits section 2 in recognition of a new Commonwealth
superannuation supervision regime. The requirement in the Act to comply
with the superseded Commonwealth legislation will be replaced with the
State agreeing under an inter-governmental agreement to meet
Commonwealth retirement incomes policies.
Clause 11 amends section 6 by removing reference to the Trustee's
management of the Parliamentary Contributory Superannuation Fund. This
is consequential to the amendment to section 12 by clause 12.
7
Superannuation Legislation Amendment
Clause 12 replaces section 12 to provide for the appointment of
Queensland Investment Corporation (QIC) as the investment manager. The
QIC is to invest the Fund in accordance with the investment policies and
objectives of the Trustees and to report to the Trustees' on the QIC's
performance. Where the Government determines that it is no longer
appropriate that the QIC should continue to invest part or all of the Fund, its
appointment can be terminated by the Governor in Council, in which case
the Trustees, with the approval of the Governor in Council, can appoint a
new investment manager.
Clause 13 amends section 19 to correct a drafting error to ensure that a
minimum pension of 50% of a backbencher's salary is payable where a
member retires on grounds of ill-health.
Clause 14 omits section 25B(2) which was applicable under superseded
Commonwealth legislation explained under clause 10 above.
Clause 15 replaces section 34 to introduce consistent procedures across
the major superannuation schemes for dealing with unclaimed benefits.
The Trustees will manage unclaimed benefits taking into account the rights
of beneficiaries to certain minimum amounts such as interest.
The section being omitted provided for access to the Supreme Court in
the case of disputes against the Trustees. In light of a unique
Superannuation Complaints Tribunal (SCT) established by the
Commonwealth Government, it is intended that beneficiaries under this
scheme be allowed access to that Tribunal to provide them with an
inexpensive review process consistent across the superannuation industry.
As the Commonwealth Government will have to regulate to allow the
SCT jurisdiction over this superannuation scheme, the removal of the
Supreme Court appeal right will only occur (by proclamation) after Fund
beneficiaries have been given access to the SCT.
Clause 16 omits section 35B which referred to a defunct Commonwealth
Government provision that certain pension amounts had to be commuted to
a lump sum. The Clause also amends section 36 to re-write the regulation-
making power and also provide that regulations may, for a limited time,
amend scheme provisions to ensure the scheme is to continue to be treated
as a complying superannuation scheme in terms of the Commonwealth
Government's Superannuation Industry (Supervision) legislation. Whilst it
is intended that this superannuation scheme be exempted from formal
compliance with the Commonwealth Government legislation, at operational
8
Superannuation Legislation Amendment
level the scheme will still comply through an inter-governmental agreement,
and hence, provisions in the Parliamentary Contributory Superannuation
Act may have to be made consistent with the Commonwealth legislation
from time to time. This need for consistency may require retrospective
application in some cases.
PART 5--AMENDMENT OF POLICE
SUPERANNUATION ACT 1968
Clause 17 provides for the amendment of the Police Superannuation Act
1968.
Clause 18 amends section 4 to provide a single retirement age.
Currently, different provisions apply in respect of a member who is a Police
Commissioner or Deputy. In the interests of equity with members of the
Police Service who are members of Q Super, it is considered desirable to
remove the distinction. The Police Scheme is a closed scheme and no
member is currently in this category.
Clause 19 omits section 76-- the right to access the Supreme Court for
the settlement of disputes against the Trustees. In light of a unique
Superannuation Complaints Tribunal (SCT) established by the
Commonwealth Government, it is intended that beneficiaries under this
scheme be allowed access to that Tribunal to provide them with an
inexpensive review process consistent across the superannuation industry.
As the Commonwealth Government will have to regulate to allow the SCT
jurisdiction over this Scheme, the removal of the Supreme Court appeal will
only occur (by proclamation) after Fund beneficiaries have been given
access to the SCT.
Clause 20 omits section 80B which referred to a defunct Commonwealth
Government provision that certain pension amounts had to be commuted to
a lump sum.
The Clause also rewrites the regulation making power and inserts a
provision that regulations may, for a limited time, amend scheme
provisions to ensure the scheme is still treated as a complying
superannuation scheme in terms of the Commonwealth Government's
9
Superannuation Legislation Amendment
Superannuation Industry (Supervision) legislation.
Whilst it is intended that this scheme be exempted from formal
compliance with the Commonwealth legislation, at operational level the
scheme will still comply through an inter-governmental agreement, and
hence, provisions in the Act being amended may have to be made
consistent with Commonwealth legislation from time to time. This need
for consistency may require retrospective application in some cases.
A provision to allow the Board to approve forms is proposed.
PART 6--AMENDMENT OF POLICE
SUPERANNUATION ACT 1974
Clause 21 provides for the amendment of the Police Superannuation Act
1974.
Clause 22 omits section 2 in recognition of a new Commonwealth
superannuation supervision regime. The requirement in the Act to comply
with the superseded Commonwealth legislation will be replaced with the
State agreeing under an inter-governmental agreement to meet
Commonwealth retirement incomes policies.
Clause 23 amends section 4 to provide a single retirement age.
Currently, different provisions apply in respect of a member who is a Police
Commissioner or Deputy. In the interests of equity with members of the
Police Service who are members of Q Super, it is considered desirable to
remove the distinction. The Police Scheme is a closed scheme and no
member is currently in this category.
Clause 24 omits section 18 (4) and (5) which gave the Board power to
manage and invest the Fund in consequence of the insertion of section 18A
by clause 25.
Clause 25 inserts section 18A to provide for the appointment of the
Queensland Investment Corporation as the investment manager of the
Police Superannuation Fund. The QIC is to invest the Fund in accordance
with the investment policies and objectives of the Trustees and to report to
the Trustees' on the QIC's performance. Where the Government
10
Superannuation Legislation Amendment
determines that it is no longer appropriate that the QIC should continue to
invest part or all of the Fund, its appointment can be terminated by the
Governor in Council, in which case the Trustees, with the approval of the
Governor in Council, can appoint a new investment manager.
Clause 26 amends section 28B to discontinue the requirement to comply
with superseded Commonwealth legislation and provides for the minimum
benefit to be transferred to the Government Officers' Superannuation Fund
(Gosuper) for preservation. As all Police Scheme members are also
members of Gosuper, this will consolidate their holdings and reduce the
likelihood that benefits will become lost.
Clause 27 amends section 33 to provide that a member may receive a
resignation benefit on termination where the member does not satisfy the
Board of incapacity within the Act definition. There is currently no
provision to pay a benefit to a person who has terminated in this manner.
Clause 28 omits sections 54 and replaces section 55.
Section 54 currently deals with the right to access the Supreme Court for
the settlement of disputes against the Trustees. In light of a unique
Superannuation Complaints Tribunal (SCT) established by the
Commonwealth Government, it is intended that beneficiaries under this
scheme be allowed access to that Tribunal to provide them with an
inexpensive review process consistent across the superannuation industry.
As the Commonwealth Government will have to regulate to allow the SCT
jurisdiction over this Scheme, the removal of the Supreme Court appeal will
only occur (by proclamation) after Fund beneficiaries have been given
access to the SCT.
Section 55 is being replaced to introduce consistent procedures across the
major superannuation schemes for dealing with unclaimed benefits. The
Trustees will manage unclaimed benefits taking into account the rights of
beneficiaries to certain minimum amounts such as interest.
Clause 29 amends section 66 as it is inconsistent with section 28B.
Under Commonwealth legislation, a minimum superannuation benefit must
be payable in all circumstances.
Clause 30 omits section 66B to 68.
Section 66B referred to a defunct Commonwealth Government provision
that certain pension amounts had to be commuted to a lump sum.
11
Superannuation Legislation Amendment
The Clause also rewrites the regulation making power section 67 and
inserts a provision that regulations may, for a limited time, amend scheme
provisions to ensure the scheme is still treated as a complying
superannuation scheme in terms of the Commonwealth Government's
Superannuation Industry (Supervision) legislation. Whilst it is intended that
this scheme be exempted from formal compliance with the Commonwealth
legislation, at operational level the scheme will still comply through an inter-
governmental agreement, and hence, provisions in the Act being amended
may have to be made consistent with Commonwealth legislation from time
to time. This need for consistency may require retrospective application in
some cases.
Section 68 also being removed related to offences being dealt with
summarily and is provided for in the Acts Interpretation Act.
A provision to allow the Board to approve forms is to be inserted.
PART 7--AMENDMENT OF PUBLIC SERVICE
SUPERANNUATION ACT 1958
Clause 31 provides for the amendment of Public Service
Superannuation Act 1958.
Clauses 32, 33 and 34 provides for non-policy administrative
amendments to sections 4, 5 and 75 arising from a rationalisation of the use
of subordinate legislation and the removal of redundant provisions.
Clause 35 omits section 80 which currently deals with the right to access
the Supreme Court for the settlement of disputes against the Trustees. In
light of a unique Superannuation Complaints Tribunal (SCT) established by
the Commonwealth Government, it is intended that beneficiaries under this
scheme be allowed access to that Tribunal to provide them with an
inexpensive review process consistent across the superannuation industry.
As the Commonwealth Government will have to regulate to allow the SCT
jurisdiction over this Scheme, the removal of the Supreme Court appeal will
only occur (by proclamation) after Fund beneficiaries have been given
access to the SCT.
12
Superannuation Legislation Amendment
Clause 36 omits section 85B which referred to a defunct Commonwealth
Government provision that certain pension amounts had to be commuted to
a lump sum.
The Clause also rewrites the regulation making power--section 86 and
provides that regulations may, for a limited time, amend scheme provisions
to ensure the scheme is till treated as a complying superannuation scheme in
terms of the Commonwealth Government's Superannuation Industry
(Supervision) legislation. Whilst it is intended that this scheme be exempted
from formal compliance with the Commonwealth legislation, at operational
level the scheme will still comply through an inter-governmental agreement,
and hence, provisions in the Act being amended may have to be made
consistent with the Commonwealth legislation from time to time. This
need for consistency may require retrospective application in some cases.
A provision to allow the Board to approve forms is to be inserted in
section 87, replacing redundant provisions.
PART 8--AMENDMENT OF STATE SERVICE
SUPERANNUATION ACT 1972
Clause 37 provides for the amendment of the State Service
Superannuation Act 1972.
Clause 38 omits section 2 in recognition of a new Commonwealth
superannuation supervision regime. The requirement in the Act to comply
with the superseded Commonwealth legislation will be replaced with the
State agreeing under an inter-governmental agreement to meet
Commonwealth retirement incomes policies.
Clauses 39 and 40 provides for non-policy administrative amendments
to sections 5 and 12 arising from current drafting practices.
Clause 41 replaces section 15 in line with current drafting practice.
Clause 42 inserts section 18A to provide for the appointment of the
Queensland Investment Corporation as the investment manager of the State
Service Superannuation Fund. The QIC is to invest the Fund in accordance
with the investment policies and objectives of the Trustees and to report to
13
Superannuation Legislation Amendment
the Trustees' on the QIC's performance. Where the Government
determines that it is no longer appropriate that the QIC should continue to
invest part or all of the Fund, its appointment can be terminated by the
Governor in Council, in which case, the Trustees, with the approval of the
Governor in Council, can appoint a new investment manager.
Clause 43 amends section 30E to discontinue the requirement to comply
with superseded Commonwealth legislation and provides for the minimum
benefit to be transferred to the Government Officers' Superannuation Fund
(Gosuper) for preservation. As all State Service Scheme members are also
members of Gosuper, this will consolidate their holdings and reduce the
likelihood that benefits will become lost.
Clause 44 amends section 46A to provide for the Board to be able to
charge interest on amounts overpaid where the overpayment has arisen
through the person giving false or misleading information, or in other
circumstances to be prescribed by regulation. The Board has to give the
person the opportunity to repay the amount before levying interest.
Clause 45 omits Section 47A which referred to a defunct
Commonwealth Government provision that certain pension amounts had to
be commuted to a lump sum.
Clause 46 omits section 58 which currently deals with the right to access
the Supreme Court for the settlement of disputes against the Trustees. In
light of a unique Superannuation Complaints Tribunal (SCT) established by
the Commonwealth Government, it is intended that beneficiaries under this
scheme be allowed access to that Tribunal to provide them with an
inexpensive review process consistent across the superannuation industry.
As the Commonwealth Government will have to regulate to allow the SCT
jurisdiction over this Scheme, the removal of the Supreme Court appeal will
only occur (by proclamation) after Fund beneficiaries have been given
access to the SCT.
This Clause also replaces section 59 to introduce consistent procedures
across the major superannuation schemes for dealing with unclaimed
benefits. The Trustees will manage unclaimed benefits taking into account
the rights of beneficiaries to certain minimum amounts such as interest.
Clause 47 amends section 64B to provide for the Board to be able to
charge interest on amounts overpaid where the overpayment has arisen
through the person giving false or misleading information.
14
Superannuation Legislation Amendment
Clause 48 amends section 70 (3) as it is inconsistent with section 30E.
Under Commonwealth legislation, a minimum superannuation benefit must
be payable in all circumstances.
Clause 49 replaces section 71 and 72
Section 71, the regulation making power is rewritten and includes a
provision that regulations may, for a limited time, amend scheme
provisions to ensure the scheme is still treated as a complying
superannuation scheme in terms of the Commonwealth Government's
Superannuation Industry (Supervision) legislation. Whilst it is intended that
this scheme be exempted from formal compliance with the Commonwealth
legislation, at operational level the scheme will still comply through an inter-
governmental agreement, and hence, provisions in the Act being amended
may have to be made consistent with Commonwealth legislation from time
to time. This need for consistency may require retrospective application in
some cases.
Section 72 currently relates to offences being dealt with summarily and is
provided for in the Acts Interpretation Act. A provision to allow the Board
to approve forms is to be inserted.
PART 9--AMENDMENT OF SUPERANNUATION
(GOVERNMENT AND OTHER EMPLOYEES) ACT
1988
Clause 50 provides for amendment to the Superannuation (Government
and Other Employees) Act 1988.
Clause 51 replaces section 8 to provide that a person other than the
chairman is appointed to the Board of Trustees for a maximum of 3 years.
The chairman is an ex officio appointment. The amendment will allow
Board members to be appointed on an individual basis rather than
reconstituting the entire Board. This will avoid substantial changes in the
membership at any one time and provide the continuity of some
experienced members. The persons appointed for the purposes of this
Board also serve as members of the Board of State Super and Q Super.
Clauses 52 and 53 replace section 18 and omit sections 19, 20 and 22 to
15
Superannuation Legislation Amendment
provide for the appointment of the Queensland Investment Corporation as
the investment manager of the Government Officers Superannuation Fund
(Gosuper). The QIC is to invest the Fund in accordance with the
investment policies and objectives of the Trustees and to report to the
Trustees' on the QIC's performance. Where the Government determines
that it is no longer appropriate that the QIC should continue to invest part or
all of the Fund, its appointment can be terminated by the Governor in
Council, in which case, the Trustees, with the approval of the Governor in
Council, can appoint a new investment manager.
Clause 54 inserts section 26A to introduce consistent procedures across
the major superannuation schemes for dealing with unclaimed benefits.
The Trustees will manage unclaimed benefits taking into account the rights
of beneficiaries to certain minimum amounts such as interest.
Clauses 55 inserts section 34A to provide for membership of the
Gosuper scheme. Currently, membership of Gosuper is dealt with under
the Articles of the Scheme. As the membership provisions are of the nature
of subordinate legislation, they should be provided for in the principal
legislation.
The Minister will be able to approve persons who are and who are not to
be members of Gosuper, providing that before the Minister excludes any
person, the Minister will consult with the Board. As the notice is specified
to be subordinate legislation, it will require tabling and be subject to
disallowance by the Legislative Assembly.
Clause 56 omits section 36 which currently relates to offences being
dealt with summarily and is provided for in the Acts Interpretation Act.
Section 37 is now redundant and is also omitted by this clause.
PART 10--AMENDMENT OF
SUPERANNUATION(PUBLIC EMPLOYEES
PORTABILITY AND ACTS AMENDMENT) ACT 1985
Clause 57 provides for the amendment of the Superannuation (Public
Employees Portability and Acts Amendment) Act 1985.
16
Superannuation Legislation Amendment
Clause 58 amends the title of the Act in accordance with current drafting
practices.
PART 11--AMENDMENT OF SUPERANNUATION
(STATE PUBLIC SECTOR) ACT 1990
Clause 59 provides for the amendment of the Superannuation (State
Public Sector) Act 1990.
Clause 60 amends section 1.3 by omitting the definition of Queensland
Treasury Corporation in consequence of amendments to section 3.2 by
clause 62.
This clause also inserts the definition of "Government Superannuation
Provision Fund" to clarify the existence of the Fund as provided in Clause
61.
Clause 61 declares that the Government Superannuation Provision Fund
is part of the State Public Sector Superannuation Fund (Q Super). This
provision is retrospective to 1 July 1991 and has arisen because this Fund
was created to receive the amounts held in the Gosuper Fund in respect of
those members who elected to transfer from State Super or Police Super at
that time.
Clause 62 replaces section 3.2 to provide for the appointment of the
Queensland Investment Corporation (QIC) as the investment manager of
the Q Super Fund. The QIC is to invest the Fund in accordance with the
investment policies and objectives of the Trustees and to report to the
Trustees' on the QIC's performance. Where the Government determines
that is no longer appropriate that the QIC should continue to invest part or
all of the Fund, its appointment can be terminated by the Governor in
Council, in which case, the Trustees, with the approval of the Governor in
Council, can appoint a new investment manager.
Clause 63 replaces section 3.4 to provide for membership of the Q
Super scheme.
Currently, membership of Q Super is approved by regulation. This
amendment will allow the Minister to approve persons who are and who
17
Superannuation Legislation Amendment
are not to be members of Q Super, providing that before the Minister
excludes any person, the Minister will consult with the Board. As the
notice is specified to be subordinate legislation, it will require tabling and be
subject to disallowance by the Legislative Assembly.
Clause 64 amends section 4.3 to provide for the Board to be able to
charge interest on amounts overpaid where the overpayment has arisen
through the person giving false or misleading information, or in other
circumstances to be prescribed by regulation. The Board has to give the
person the opportunity to repay the amount before levying interest.
Clause 65 omits section 4.7 which currently relates to offences being
dealt with summarily and is provided for in the Acts Interpretation Act.
Clause 66 replaces section 4.9 to introduce consistent procedures across
the major superannuation schemes for dealing with unclaimed benefits.
The Trustees will manage unclaimed benefits taking into account the rights
of beneficiaries to certain minimum amounts such as interest.
Clause 67 omits section 4.17 to remove a redundant provision.
Schedules 1 and 2 make minor consequential amendments to the Police
Superannuation Acts of 1968 and 1974 of the following nature--
· to remove provisions relating to ages for retirement of other than
60 years;
· to remove redundant provisions;
· to conform with current drafting practices.
© The State of Queensland 1995