SUPERANNUATION (FORMER HLIC EMPLOYEES) REGULATIONS (AMENDMENT) 1993 NO. 350

SUPERANNUATION (FORMER HLIC EMPLOYEES) REGULATIONS (AMENDMENT) 1993 NO. 350

STATUTORY RULES 1993 No. 350

Issued by the authority of the Minister for Finance

Superannuation Act 1976

Superannuation (Former HLIC Employees) Regulations (Amendment)

The Superannuation Act 1976 (the 1976 Act) makes provision for and in relation to an occupational superannuation scheme for Commonwealth employees and for certain other persons. Persons who are contributors to that scheme are referred to in the 1976 Act as eligible employees.

Section 168 of the 1976 Act provides that the Governor-General may make regulations for the purposes of the Act.

Section 155B of the 1976 Act enables the Act to be modified by regulations in relation to a person:

(a)       who ceases to be an eligible employee because his or her position ceases to exist because of the sale or transfer of his or her employer's organisation or function; and

(b)       who has been offered equivalent employment by the purchaser or transferee.

The only regulations made so far for the purposes of section 155B are contained in the Superannuation (Former HLIC Employees) Regulations (the Principal Regulations). Those Regulations modify the 1976 Act in relation to employees of the Housing Loans Insurance Corporation who cease to be eligible employees on the sale of the Corporation. One of those modifications is the insertion, at the end of section 58, of a new subsection 58(5).

The Superannuation Legislation Amendment Act 1992 (the Amending Act) amended the 1976 Act to provide for additional benefits in certain limited circumstances that are required as a result of the Superannuation Guarantee (Administration) Act 1992 and to provide for certain other changes to Commonwealth superannuation schemes. The Amending Act amended the 1976 Act by adding a new subsection 58(5) to that Act.

The amending Regulations amend the Principal Regulations, as a consequence of the amendments contained in the Amending Act, by renumbering the provision referred to in the Principal Regulations as subsection 58(5). That provision is now referred to as subsection 58(6).

The amendment commences on gazettal.