SCHEDULE 6 - Statutory Rules rescinded

Regulation 139

Displayed and numbered in accordance with the Rules Publication Act 1953 .

Notified in the Gazette on 1 July 2005

These regulations are administered in the Department of Treasury and Finance.

EXPLANATORY NOTE

(This note is not part of the regulation)

These regulations provide for retirement benefits for persons employed by the State or by State authorities and in certain cases for the surviving partner and beneficiaries of those persons. The retirement benefits scheme will be administered in accordance with principles agreed with the Commonwealth. The regulations provide for the constitution, membership and meetings of the Retirement Benefits Board, for the Board's functions and powers and for the conditions of appointment of a chief executive officer of the Board. The retirement benefits are to be payable as pensions or lump sum benefits and provision is also made for pensions to be payable by reason of total and permanent incapacity, partial and permanent incapacity or interim invalidity. The retirement benefits will be subject to taxation under the law of the Commonwealth relating to surcharge liability and also to the law of the Commonwealth relating to the splitting of superannuation interests as may be ordered by the Family Court of Australia. The regulations also provide for –

(a) periodical investigations of the state and sufficiency of the Retirement Benefits Fund by an Actuary and for the Actuary's report to be submitted to the Minister and to the Board; and

(b) the right of a contributor to appeal to the Supreme Court if aggrieved by any decision or determination made by the Board; and

(c) the compulsory preservation of benefits until the preservation age as required by the law of the Commonwealth; and

(d) the early payment of benefits for urgent medical reasons or in cases of severe financial hardship; and

(e) arrangements to be made by contributors and their employing Agencies so that the contributors may make salary sacrifice contributions with a view to enhancing their retirement benefits.