Commonwealth Numbered Acts

SUPERANNUATION LEGISLATION AMENDMENT ACT 1991 No. 130, 1991 - SECT 74

74. After Part 8 of the Principal Act the following Part is inserted: "PART 8A
- TRANSFERS TO APPROVED AND AUTHORISED SUPERANNUATION SCHEMES
                      "Division 1 - Preliminary
Statutory office holder

"33A. For the purposes of this Part, the holder of a statutory office whose
remuneration is paid by an authority or body is taken to be employed by that
authority or body.

"Division 2 - Approved superannuation schemes Interpretation

"33B. In this Division, unless the contrary intention appears: `approved
superannuation scheme' means a superannuation scheme approved by the Minister
under section 33C; `assets' means property of any kind and, without limiting
the generality of the foregoing, includes:

   (a)  choses in action; and

   (b)  rights, interests and claims of every kind in or to property, whether
        arising under or because of an instrument or otherwise, and whether
        liquidated or unliquidated, certain or contingent, accrued or
        accruing; `investment assets of the Fund' means the assets of the Fund
        or of the Board arising out of, or otherwise connected with, the
        exercise or proposed exercise by the Board of its power to invest
        money of the Fund; `investment liabilities of the Fund' means
        liabilities of the Fund or of the Board arising out of, or otherwise
        connected with, the exercise or proposed exercise by the Board of its
        power to invest money of the Fund; `liabilities' means liabilities of
        every kind and, without limiting the generality of the foregoing,
        includes obligations of every kind, whether arising under or because
        of an instrument or otherwise, and whether liquidated or unliquidated,
        certain or contingent, accrued or accruing. Approval of superannuation
        schemes

"33C. (1) The Minister may approve, in writing, for the purposes of this
Division, a superannuation scheme that provides benefits for persons who are
employed by, or are members of the staff of, an authority or body.

"(2) Where the Minister gives an approval under subsection (1), the Minister
is to determine, in writing, the period within which, for the purposes of this
Division, a person who is a member of the Superannuation Scheme and employed
by, or a member of the staff of, the authority or body may become a member of
the superannuation scheme as so approved. Transfer of assets etc. to approved
superannuation schemes

"33D. The Board must, at such times as the Minister determines, transfer to
the person or body administering an approved superannuation scheme:

   (a)  such assets of the Fund (including investment assets of the Fund) as
        are determined by the Minister to be assets that fairly and equitably
        represent the accumulated funded contributions of those persons who:

   (i)  have become members of the approved superannuation scheme within such
        period as, in relation to each of those persons, has been determined
        under subsection 33C (2); and

   (ii) immediately before becoming such members, were members of the
        Superannuation Scheme; and

   (b)  such liabilities (if any) (including investment liabilities of the
        Fund) as are determined by the Minister to be liabilities relating to
        those assets. Payments from Consolidated Revenue Fund

"33E. (1) There must be paid to the person or body administering an approved
superannuation scheme, at such times as the Minister determines, such amounts
(if any) as are determined by the Minister having regard to:

   (a)  the amount of the payments (if any) made under section 19 by the
        authority or body that established the scheme in respect of the
        persons mentioned in paragraph 33D (a); and

   (b)  the amount of the accumulated member contributions (within the meaning
        of the Rules) of those persons; and

   (c)  the method of calculating transfer values under Division 2 of Part 8
        of the Rules; and

   (d)  any relevant actuarial advice obtained by the Minister; and

   (e)  any other matters that the Minister considers relevant.

"(2) Payments under subsection (1) are to be paid out of the Consolidated
Revenue Fund, which is appropriated accordingly. Exemption from tax etc.

"33F. No tax or charge is payable under any law of the Commonwealth (other
than the Income Tax Assessment Act 1936) or any law of a State or of a
Territory in respect of a transfer of assets or liabilities under section 33D.

"Division 3 - Authorised superannuation schemes Authorisation of
superannuation schemes for the purposes of Part 6 of the Rules

"33G. (1) The Minister may, in writing, declare a superannuation scheme that
provides benefits for persons who are employed by, or are members of the staff
of, an authority or body to be an authorised superannuation scheme for the
purposes of Part 6 of the Rules.

"(2) Where the Minister makes a declaration under subsection (1), the Minister
is to determine, in writing, the period within which, for the purposes of Part
6 of the Rules, a person who is a member of the Superannuation Scheme and
employed by, or a member of the staff of, the authority or body may become a
member of the superannuation scheme as so authorised.".