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PUBLIC SECTOR SUPERANNUATION (MISCELLANEOUS AMENDMENTS) BILL 83 OF 2009

                                  FACT SHEET


                      PUBLIC SECTOR SUPERANNUATION
                  (MISCELLANEOUS AMENDMENTS) BILL 2009




The Bill:

Amends the Public Sector Superannuation Reform Act 1999 to:
   ·   align the process for consulting with the TTLC in relation to amendments to
       the Tasmanian Accumulation Scheme Trust Deed with the consultation
       process in place for amending Trust Deeds in other Public Sector
       superannuation legislation; and

   ·   ensure that the definition of wages and salary in the Act is consistent with that
       contained in the Tasmanian Accumulation Scheme Trust Deed.

Amends the Retirement Benefits Act 1993 to:

   ·   provide that the appointment of a replacement board member is not limited to
       the balance of the retiring member's term, except in the case of an elected
       board member;

   ·   clarify that the Crown is the owner of any surplus funds arising from the
       superannuation liability provision made for former TGIO employees and
       provides direction to the RBF Board regarding dealing with that surplus;
   ·   introduce a "fit and proper" person test for RBF Board members consistent
       with that contained in the Superannuation Industry (Supervision) Act 1993
       (Cwth) in relation to Australian Government regulated superannuation funds;

   ·   align the regulation making process for regulations made under the Act with
       the regulation making process prescribed in the Acts Interpretation Act 1931;
       and

   ·   remove the redundant reference to section 5 of the Trustee Act 1898.
 
 
                                           2

Amends the Retirement Benefits Regulations 2005 to:
   ·   bring the administration of all investment accounts under the Tasmanian
       Accumulation Scheme Trust Deed;

   ·   ensure consistency with the Australian Government's Superannuation Industry
       (Supervision) Regulations 1994 to allow members more than one release of
       preserved benefits per year on compassionate grounds, other than for reasons
       of mortgage foreclosure;

   ·   clarify that the exercise of the Board's powers to recover overdue contributions
       and payments is discretionary;

   ·   provide that periodic medical reviews are only required for those invalidity
       pensioners who are under the relevant preservation age;

   ·   remove the reference to the Government Statistician and clarify the process
       used by the Board for obtaining Consumer Price Index and Average Weekly
       Ordinary Time Earnings data;

   ·   amend the wording of regulations 48 and 49 to clarify that the Board can pay
       redundancy benefits to members who are over their preservation age;

   ·   amend Clause 9(1)(b) of Schedule 3 to clarify that the intent of the clause is
       that it should only apply to female members appointed prior to 1 July 1982 as
       a permanent full-time employee;

   ·   make the necessary legislative amendments to provide amalgamated
       contributors who continue to work over the age of 65 with the option to receive
       their benefits up to age 70;

   ·   enable the RBF Board to make its annual Member Report available on the
       RBF website as the default method of delivering annual fund information in
       accordance with the Australian Securities and Investment Commission
       announcement of 20 June 2008;

   ·   rescinds or revokes legislation that is no longer required; and

   ·   makes the necessary legislative amendments to provide a Transition to
       Retirement option for RBF Contributory Scheme members.

Amends both the Retirement Benefits Regulations 2005 and the Retirement Benefits
(Parliamentary Superannuation) Regulations 2002 to ensure that the regulations
clearly reflect that interest credited to a member's account may be positive or
negative.
 
 

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