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This is a Bill, not an Act. For current law, see the Acts databases.
Superannuation Administration
Authority Corporatisation Act 1999
No 5
Contents
Page
Part 1 Preliminary
1 Name of Act 2
2 Commencement 2
3 Definitions 2
4 Dissolution of SAA 3
Part 2 Establishment of Superannuation Administration
Corporation as statutory State owned corporation
5 Establishment of statutory SOC 4
6 Business of the Corporation 4
7 Functions of the Corporation 4
8 Transfer of general assets, rights and liabilities of
SAA 5
9 Transfer of specified assets, rights and liabilities to
Ministerial Holding Corporation or other person 5
[32]
Superannuation Administration Authority Corporatisation Act 1999 No 5
Contents
Page
10 Transfer of assets, rights and liabilities of the
Corporation 5
11 Special provisions concerning management of the
Corporation 6
Part 3 Miscellaneous
12 Confidentiality 7
13 FOI exemption 7
14 Service of documents on the Corporation 7
15 Regulations 7
16 Amendment of Superannuation Administration Act 1996
No 39 7
17 Consequential amendment of other Acts 8
18 Savings, transitional and other provisions 8
Schedules
1 Transfer of assets, rights and liabilities 9
2 Transfer of staff 12
3 Special provisions concerning management of the
Corporation 14
4 Amendment of Superannuation Administration Act
1996 17
5 Consequential amendments to other Acts 22
6 Savings, transitional and other provisions 25
Contents page 2
New South Wales
Superannuation Administration
Authority Corporatisation Act 1999
No 5
Act No 5, 1999
An Act to establish the Superannuation Administration Corporation as a
statutory State owned corporation to provide superannuation scheme
administration services and related services; to dissolve the statutory body
named the Superannuation Administration Authority; to make consequential
amendments to other Acts; and for other purposes. [Assented to 7 June 1999]
Section 1 Superannuation Administration Authority Corporatisation Act 1999 No 5
Part 1 Preliminary
The Legislature of New South Wales enacts:
Part 1 Preliminary
1 Name of Act
This Act is the Superannuation Administration Authority
Corporatisation Act 1999.
2 Commencement
This Act commences on a day or days to be appointed by
proclamation.
3 Definitions
(1) In this Act:
assets means any legal or equitable estate or interest (whether
present or future and whether vested or contingent) in real or
personal property of any description (including money), and
includes securities, choses in action and documents.
exercise a function includes perform a duty.
function includes a power, authority or duty.
liabilities means all liabilities, debts and obligations (whether
present or future and whether vested or contingent).
Ministerial Holding Corporation means the Ministerial Holding
Corporation constituted under section 37B of the State Owned
Corporations Act 1989.
rights means all rights, powers, privileges and immunities (whether
present or future and whether vested or contingent).
SAA means the Superannuation Administration Authority of New
South Wales established by the Superannuation Administration Act
1996.
superannuation scheme means a scheme, fund or arrangement
(whether or not established by an Act) under which any benefits are
provided.
the Corporation means the statutory State owned corporation
constituted by this Act.
Page 2
Superannuation Administration Authority Corporatisation Act 1999 No 5 Section 3
Preliminary Part 1
(2) Words and expressions used in this Act and also the State Owned
Corporations Act 1989 have the same meanings in this Act as they
have in that Act.
(3) Notes in the text of this Act do not form part of this Act.
4 Dissolution of SAA
(1) SAA is dissolved.
(2) The following Schedules have effect:
Schedule 1 (Transfer of assets, rights and liabilities)
Schedule 2 (Transfer of staff).
Page 3
Section 5 Superannuation Administration Authority Corporatisation Act 1999 No 5
Part 2 Establishment of Superannuation Administration Corporation as
statutory State owned corporation
Part 2 Establishment of Superannuation
Administration Corporation as statutory State
owned corporation
5 Establishment of statutory SOC
(1) There is constituted by this Act a corporation with the corporate
name of Superannuation Administration Corporation. The Governor
may by regulation change the corporate name of the Corporation.
(2) The State Owned Corporations Act 1989 is amended by inserting
in Schedule 5, in alphabetical order, the words "Superannuation
Administration Corporation".
Note. The State Owned Corporations Act 1989 contains many provisions that
apply to the Corporation as a statutory State owned corporation. In particular,
Part 3 contains provisions relating to its status, the application of the
Corporations Law, the issue of shares to the Treasurer and another Minister, the
board of directors, the chief executive officer, the employment of staff, the giving
of directions by the portfolio Minister (including directions for the performance
of non-commercial activities or the carrying out of public sector policies), the
memorandum and articles, dividends and tax-equivalent payments, government
guarantees, the sale or disposal of assets and legal capacity. Part 4 deals with
the accountability of State owned corporations (including statements of
corporate intent, annual reports and accounts). Part 5 deals with miscellaneous
matters (including the duties and liabilities of directors and the application of
public sector legislation).
6 Business of the Corporation
(1) The business of the Corporation is the provision of superannuation
scheme administration services and related services, in both the
public and private sectors.
(2) The business of the Corporation is to be conducted in accordance
with the principal objectives provided for in section 20E of the State
Owned Corporations Act 1989.
7 Functions of the Corporation
(1) The Corporation has the functions conferred or imposed on it by or
under this or any other Act or law.
(2) The principal functions of the Corporation are the development,
promotion and conduct of its business of providing superannuation
scheme administration services and related services.
Page 4
Superannuation Administration Authority Corporatisation Act 1999 No 5 Section 7
Establishment of Superannuation Administration Corporation as Part 2
statutory State owned corporation
(3) The Corporation may provide services that include (but are not
limited to) the following:
(a) collecting contributions to superannuation schemes,
(b) keeping and maintaining member records,
(c) providing information and advice to members,
(d) preparing financial statements on behalf of trustees,
(e) processing of claims and payment of benefits.
(4) This section does not limit the functions of the Corporation apart
from this section, but is subject to the provisions of this Act, the
State Owned Corporations Act 1989, the Superannuation
Administration Act 1996 and any other Act or law.
8 Transfer of general assets, rights and liabilities of SAA
(1) The general assets, rights and liabilities of SAA are transferred to the
Corporation.
(2) The general assets, rights and liabilities of SAA are the assets, rights
and liabilities of SAA immediately before its dissolution by this Act.
(3) Schedule 1 applies to the transfer effected by this section.
9 Transfer of specified assets, rights and liabilities to Ministerial
Holding Corporation or other person
(1) The Minister may, on or before the dissolution of SAA, by order in
writing, transfer such assets, rights and liabilities of SAA as are
specified or referred to in the order to the Ministerial Holding
Corporation or to any other person on behalf of the State.
(2) Schedule 1 applies to a transfer under this section.
10 Transfer of assets, rights and liabilities of the Corporation
(1) The Minister may, by order in writing, transfer such assets, rights
and liabilities of the Corporation as:
(a) were transferred to the Corporation from SAA by operation
of section 8, and
Page 5
Section 10 Superannuation Administration Authority Corporatisation Act 1999 No 5
Part 2 Establishment of Superannuation Administration Corporation as
statutory State owned corporation
(b) are specified or referred to in the order,
to the Ministerial Holding Corporation or to any other person on
behalf of the State, but only during the period of 12 months after the
dissolution of SAA.
(2) Schedule 1 applies to a transfer under this section.
11 Special provisions concerning management of the Corporation
(1) Schedule 3 has effect.
(2) The provisions of Schedule 3 are in addition to and (except to the
extent to which that Schedule provides) do not derogate from the
provisions of the State Owned Corporations Act 1989.
Page 6
Superannuation Administration Authority Corporatisation Act 1999 No 5 Section 12
Miscellaneous Part 3
Part 3 Miscellaneous
12 Confidentiality
The provisions of section 29 of the State Owned Corporations Act
1989 do not apply to require the board to supply to the voting
shareholders or the portfolio Minister information relating to an
individual member of a superannuation scheme, and the board must
not furnish any such information except with the member's consent.
13 FOI exemption
Without limiting section 9 of the Freedom of Information Act 1989,
a document held by the Corporation is exempt from the operation of
the Freedom of Information Act 1989 if it contains information
concerning the personal affairs of a member of a superannuation
scheme that is not a State public sector superannuation scheme.
Note. Under section 9 of the Freedom of Information Act 1989, the Corporation
is exempt from the operation of that Act in relation to functions exercised by the
Corporation in the provision of superannuation scheme administration services,
and related services, in respect of any superannuation scheme that is not a
State public sector superannuation scheme.
14 Service of documents on the Corporation
(1) A document may be served on the Corporation by leaving it at, or by
sending it by post to, the principal office of the Corporation.
(2) Nothing in this section affects the operation of any other Act or law,
or of any rules of court, that authorise a document to be served on
the Corporation in any other manner.
15 Regulations
The Governor may make regulations, not inconsistent with this Act,
for or with respect to any matter that by this Act is required or
permitted to be prescribed or that is necessary or convenient to be
prescribed for carrying out or giving effect to this Act.
16 Amendment of Superannuation Administration Act 1996 No 39
The Superannuation Administration Act 1996 is amended as set out
in Schedule 4.
Page 7
Section 17 Superannuation Administration Authority Corporatisation Act 1999 No 5
Part 3 Miscellaneous
17 Consequential amendment of other Acts
Each Act specified in Schedule 5 is amended as set out in that
Schedule.
18 Savings, transitional and other provisions
Schedule 6 has effect.
Page 8
Superannuation Administration Authority Corporatisation Act 1999 No 5
Transfer of assets, rights and liabilities Schedule 1
Schedule 1 Transfer of assets, rights and liabilities
(Sections 4, 8, 9 and 10)
1 Definition
In this Schedule:
instrument means an instrument (other than this Act) that creates,
modifies or extinguishes rights or liabilities (or would do so if
lodged, filed or registered in accordance with any law), and includes
any judgment, order or process of a court.
2 Application and interpretation
(1) This Schedule applies to the following:
(a) the transfer of the general assets, rights and liabilities from
SAA to the Corporation by the operation of section 8,
(b) the transfer of assets, rights and liabilities of SAA to the
Ministerial Holding Corporation or to any person on behalf of
the State by the operation of an order under section 9,
(c) the transfer of assets, rights and liabilities of the Corporation
to the Ministerial Holding Corporation or to any person on
behalf of the State by the operation of an order under section
10.
(2) In this Schedule, the body or person from whom assets, rights or
liabilities are so transferred is called the transferor and the body or
person to whom they are being so transferred is called the
transferee.
3 Vesting of undertaking in transferee
When assets, rights or liabilities are transferred under section 8, 9 or
10, the following provisions have effect:
(a) those assets of the transferor vest in the transferee by virtue of
this Schedule and without the need for any conveyance,
transfer, assignment or assurance,
(b) those rights or liabilities of the transferor become by virtue of
this Schedule the rights or liabilities of the transferee,
Page 9
Superannuation Administration Authority Corporatisation Act 1999 No 5
Schedule 1 Transfer of assets, rights and liabilities
(c) all proceedings relating to those assets, rights or liabilities
commenced before the transfer by or against the transferor or
a predecessor of the transferor and pending immediately
before the transfer are taken to be proceedings pending by or
against the transferee,
(d) any act, matter or thing done or omitted to be done in relation
to those assets, rights or liabilities before the transfer by, to or
in respect of the transferor is (to the extent that that act, matter
or thing has any force or effect) taken to have been done or
omitted by, to or in respect of the transferee,
(e) a reference in any Act, in any instrument made under any Act
or in any document of any kind to the transferor or a
predecessor of the transferor is (to the extent that it relates to
those assets, rights or liabilities but subject to the regulations
or other provisions under Schedule 6), to be read as, or as
including, a reference to the transferee.
4 Operation of Schedule
(1) The operation of this Schedule is not to be regarded:
(a) as a breach of contract or confidence or otherwise as a civil
wrong, or
(b) as a breach of any contractual provision prohibiting,
restricting or regulating the assignment or transfer of assets,
rights or liabilities, or
(c) as giving rise to any remedy by a party to an instrument, or as
causing or permitting the termination of any instrument,
because of a change in the beneficial or legal ownership of
any asset, right or liability.
(2) The operation of this Schedule is not to be regarded as an event of
default under any contract or other instrument.
(3) No attornment to the transferee by a lessee from the transferor is
required.
(4) A transfer under section 9 or 10 is subject to the terms and
conditions of the order by which it is effected.
(5) No compensation is payable to any person in connection with a
transfer to which this Schedule applies except, in the case of a
transfer under section 9 or 10, to the extent (if any) to which the
order giving rise to the transfer so provides.
Page 10
Superannuation Administration Authority Corporatisation Act 1999 No 5
Transfer of assets, rights and liabilities Schedule 1
(6) In this clause, a reference to the operation of this Schedule includes
a reference to the making of an order under section 9 or 10.
5 Date of vesting
(1) An order under section 9 takes effect on the date specified in the
order, being a date that is after the dissolution of SAA but earlier
than 12 months after that dissolution.
(2) An order under section 10 takes effect on the date specified in the
order, being a date that is after the dissolution of SAA but earlier
than 12 months after that dissolution.
6 Consideration for vesting
The Minister may, by order in writing, specify the consideration on
which a transfer to which this Schedule applies is made and the
value or values at which the assets, rights or liabilities are
transferred.
7 Duty
Duty is not chargeable in respect of:
(a) the transfer of assets, rights and liabilities to which this
Schedule applies, or
(b) anything certified by the Minister as having been done in
consequence of such a transfer (for example, the transfer or
registration of an interest in land).
8 Confirmation of vesting
(1) The Minister may, by notice in writing, confirm a transfer of
particular assets, rights or liabilities by operation of this Schedule.
(2) Such a notice is conclusive evidence of that transfer.
Page 11
Superannuation Administration Authority Corporatisation Act 1999 No 5
Schedule 2 Transfer of staff
Schedule 2 Transfer of staff
(Section 4)
1 Definition
In this Schedule, former SAA staff means the members of staff of
SAA immediately before the dissolution of SAA.
2 Chief executive officer of SAA
(1) The person who, immediately before the dissolution of SAA, held
office as the chief executive officer of SAA:
(a) ceases to hold that office, and
(b) is eligible (if otherwise qualified) to be appointed as the chief
executive officer of the Corporation.
(2) A person who so ceases to hold office is not entitled to any
remuneration or compensation because of the loss of that office,
except as provided by subclause (3).
(3) Part 2A of the Public Sector Management Act 1988 applies to a
person who so ceases to hold office as if the person had ceased to be
an executive officer as referred to in section 42Q (4) of that Act.
3 Transfer of former SAA staff to the Corporation
(1) The former SAA staff are transferred to the Corporation and are to
be regarded for all purposes as having become employees of the
Corporation on the day on which SAA is dissolved.
(2) SAA is taken to be an authority to which all of Schedule 4
(Provisions relating to certain staff) of the State Owned
Corporations Act 1989 applies except clause 5 of that Schedule.
4 General saving of conditions of employment
(1) A person who is transferred under this Schedule is (until other
provision is duly made under any Act or law) to be employed in
accordance with any relevant statutory provisions, awards,
agreements and determinations that would have applied to the
person if the person had not been transferred but had instead
remained on the staff of SAA (and SAA had continued in existence).
Page 12
Superannuation Administration Authority Corporatisation Act 1999 No 5
Transfer of staff Schedule 2
(2) However, nothing in this clause affects the application of section 36
(1) of the State Owned Corporations Act 1989 to the Corporation.
Accordingly, the Government and Related Employees Appeal
Tribunal Act 1980 does not apply to the Corporation or any
subsidiary of the Corporation.
5 Saving of leave
A member of the staff of the Corporation who is a member of the
former SAA staff retains any rights to annual leave, extended service
leave, sick leave, and other forms of leave, accrued or accruing in
his or her employment with SAA.
6 No payment out on transfer or dual benefits
(1) This clause applies to a person who becomes, because of this
Schedule, a member of the staff of the Corporation.
(2) A person to whom this clause applies is not entitled to receive any
payment or other benefit merely because the person ceases to be a
member of the staff of SAA.
(3) A person to whom this clause applies is not entitled to claim, both
under this Act and under any other Act, dual benefits of the same
kind for the same period of service.
Page 13
Superannuation Administration Authority Corporatisation Act 1999 No 5
Schedule 3 Special provisions concerning management of the Corporation
Schedule 3 Special provisions concerning
management of the Corporation
(Section 11)
1 Board of directors
(1) The Corporation is to have a board of directors consisting of:
(a) the chief executive officer of the Corporation, and
(b) one director, to be appointed by the voting shareholders on
the recommendation of a selection committee comprising:
(i) 2 persons nominated by the portfolio Minister, and
(ii) 2 persons nominated by the Labor Council of New
South Wales,
being a person selected by the committee from a panel of 3
persons nominated by the Labor Council, and
(c) at least 2 and not more than 5 other directors, to be appointed
by the voting shareholders at their discretion.
(2) The procedures for constituting a selection committee for the
purposes of subclause (1) (b), for making nominations and for
determining other matters relating to the selection process are to be
determined by the regulations or (subject to the regulations) by the
voting shareholders.
(3) One of the directors referred to in subclause (1) (c) is (in and by the
director's instrument of appointment or in and by another instrument
executed by the voting shareholders) to be appointed as chairperson
of the board.
(4) The board is accountable to the voting shareholders in the manner
set out in Part 4 of the State Owned Corporations Act 1989 and in
the constitution of the Corporation.
(5) The voting shareholders may remove a director, or the chairperson,
from office at any time for any or no reason and without notice (but
only at a duly convened meeting of the voting shareholders) and, in
that event, the office of the director or chairperson is taken to have
become vacant for the purposes of Schedule 8 to the State Owned
Corporations Act 1989.
Page 14
Superannuation Administration Authority Corporatisation Act 1999 No 5
Special provisions concerning management of the Corporation Schedule 3
(6) A person is not eligible to be a director if the person is a member of
the Board of FSS Trustee Corporation or SAS Trustee Corporation.
The office of a director becomes vacant if the director becomes a
member of either of those Boards.
2 Application of SOC Act Schedule 8
(1) Subject to this clause, Schedule 8 to the State Owned Corporations
Act 1989 has effect with respect to the constitution and procedure of
the board.
(2) The provisions of section 20J of the State Owned Corporations Act
1989, and of clauses 2 (1) and (2), 4 and 7 (1) (d) and (2) of
Schedule 8 to that Act, do not apply to the Corporation or to the
chairperson.
(3) The provisions of clause 6 of Schedule 8 to the State Owned
Corporations Act 1989 do not apply to the chief executive officer,
and the chief executive officer is not entitled to remuneration under
that clause, in his or her capacity as a director.
3 Chief executive officer
(1) The chief executive officer of the Corporation is to be appointed by
the board after consultation with the voting shareholders.
(2) The board may remove a person from office as chief executive
officer, at any time, for any or no reason and without notice, but only
after consultation with the voting shareholders.
(3) The chief executive officer is entitled to be paid such remuneration
(including travelling and subsistence allowances) as the board may
determine.
(4) The board may, after consultation with the voting shareholders, fix
the conditions of employment of the chief executive officer in so far
as they are not fixed by or under any other Act or law.
(5) The Public Sector Management Act 1988 (Part 8 included) does not
apply to the chief executive officer.
(6) Subject to subclause (7), Schedule 9 to the State Owned
Corporations Act 1989 has effect with respect to the chief executive
officer.
Page 15
Superannuation Administration Authority Corporatisation Act 1999 No 5
Schedule 3 Special provisions concerning management of the Corporation
(7) The provisions of section 20K of the State Owned Corporations Act
1989, and of clauses 2, 3 and 6 of Schedule 9 to that Act, do not
apply to the chief executive officer.
4 Acting chief executive officer
(1) The board may, from time to time, appoint a person to act in the
office of chief executive officer during the illness or absence of the
chief executive officer.
(2) The board may remove a person from office as acting chief
executive officer, at any time, for any or no reason and without
notice.
(3) A person, while acting in the office of chief executive officer:
(a) has all the functions of the chief executive officer and is taken
to be the chief executive officer, and
(b) is entitled to be paid such remuneration (including travelling
and subsistence allowances) as the board may determine.
(4) For the purposes of this clause, a vacancy in the office of chief
executive officer is regarded as an absence from office.
(5) Clause 5 of Schedule 9 to the State Owned Corporations Act 1989
does not apply to an acting chief executive officer.
Page 16
Superannuation Administration Authority Corporatisation Act 1999 No 5
Amendment of Superannuation Administration Act 1996 Schedule 4
Schedule 4 Amendment of Superannuation
Administration Act 1996
(Section 16)
[1] Section 3 Objects of Act
Omit section 3 (d).
[2] Section 4 Definitions
Omit the definition of SAA.
Insert instead:
SAA means the Superannuation Administration Authority
formerly established by this Act, and dissolved by the
Superannuation Administration Authority Corporatisation Act
1999.
SAC means the Corporation constituted under the
Superannuation Administration Authority Corporatisation Act
1999.
[3] Section 9 Principal functions of FTC
Insert at the end of section 9 (1) (e):
, and
(f) to exercise such other functions with respect to the FTC
schemes and FTC funds as the Minister may from time to
time approve by order in writing.
[4] Section 9 (1A)
Insert after section 9 (1):
(1A) The Minister may in an order for the purposes of subsection (1)
(f), direct that a function specified in the approval may be
exercised by FTC directly or only by entering into a contract or
arrangement under section 12 with SAC or (if the direction so
provides) with a person of FTC's choosing, under which SAC or
that person undertakes to carry out the function on behalf of
FTC.
Page 17
Superannuation Administration Authority Corporatisation Act 1999 No 5
Schedule 4 Amendment of Superannuation Administration Act 1996
[5] Section 19
Omit the section. Insert instead:
19 Administrator to be appointed
(1) FTC may exercise its function of administering an FTC scheme
only by entering into a contract or an arrangement under section
12 with a person (a scheme administrator) who undertakes to
provide superannuation scheme administration services for the
scheme on behalf of FTC.
(2) FTC must ensure that the scheme administrator operates within
the powers of FTC and complies with the policies determined by
FTC.
(3) The first scheme administrator for the superannuation scheme
established by the First State Superannuation Act 1992, after the
dissolution of SAA, is to be SAC.
(4) For this purpose, FTC must enter into or have entered into a
contract or arrangement under section 12 (1) (b) with SAC for
the provision by SAC (or its successors) of all superannuation
scheme administration services on behalf of FTC for the
superannuation scheme established by the First State
Superannuation Act 1992. It does not matter that the contract or
arrangement was entered into before the dissolution of SAA or
was, at the time it was entered into, a contract or arrangement
with SAA.
(5) Any such contract or arrangement must be entered into for a
fixed period, determined by the Minister for the purposes of this
section, from a specified date determined by the Minister. A
determination of the Minister made for the purposes of and in
contemplation of this subsection before the commencement of
this subsection is taken to have been validly made under and for
the purposes of this subsection.
(6) Any such contract or arrangement may provide for the
circumstances in which it may be ended before that period
expires. Any such termination of the contract has no effect
unless it is approved in writing by the Minister.
Page 18
Superannuation Administration Authority Corporatisation Act 1999 No 5
Amendment of Superannuation Administration Act 1996 Schedule 4
(7) On or after the end of the contract or arrangement referred to in
this section, FTC is not required to enter into a contract or an
arrangement under section 12 with SAC but may enter into a
contract or an arrangement with SAC (or its successors) or any
other person for the provision of one or more superannuation
scheme administration services for a superannuation fund or
part of a fund under one or more of the FTC schemes.
[6] Section 50 Principal functions of STC
Insert at the end of section 50 (1) (e):
, and
(f) to exercise such other functions with respect to the STC
schemes and STC funds as the Minister may from time to
time approve by order in writing.
[7] Section 50 (1A)
Insert after section 50 (1):
(1A) The Minister may in an order for the purposes of subsection (1)
(f), direct that a function specified in the approval may be
exercised by STC directly or only by entering into a contract or
arrangement under section 53 with SAC or (if the direction so
provides) with a person of STC's choosing, under which SAC or
that person undertakes to carry out the function on behalf of
STC.
[8] Section 64
Omit the section. Insert instead:
64 Administrator to be appointed
(1) STC may exercise its function of administering an STC scheme
only by entering into a contract or an arrangement under section
53 with a person (a scheme administrator) who undertakes to
provide superannuation scheme administration services for the
scheme on behalf of STC.
(2) STC must ensure that the scheme administrator operates within
the powers of STC and complies with the policies determined by
STC.
Page 19
Superannuation Administration Authority Corporatisation Act 1999 No 5
Schedule 4 Amendment of Superannuation Administration Act 1996
(3) The first scheme administrator after the dissolution of SAA is to
be SAC.
(4) For this purpose, STC must enter into or have entered into a
contract or an arrangement under section 53 (1) (b) with SAC
for the provision by SAC (or its successors) of all
superannuation scheme administration services for all the STC
schemes on behalf of STC. It does not matter that the contract
or arrangement was entered into before the dissolution of SAA
or was, at the time it was entered into, a contract or arrangement
with SAA.
(5) Any such contract or arrangement must be entered into for a
fixed period, determined by the Minister for the purposes of this
section, from a specified date determined by the Minister. A
determination of the Minister made for the purposes of and in
contemplation of this subsection before the commencement of
this subsection is taken to have been validly made under and for
the purposes of this subsection.
(6) Any such contract or arrangement may provide for the
circumstances in which it may be ended before that period
expires. Any such termination of the contract has no effect
unless it is approved in writing by the Minister.
(7) On or after the end of the contract or arrangement referred to in
this section, STC is not required to enter into a contract or an
arrangement under section 53 with SAC but may enter into a
contract or an arrangement with SAC (or its successors) or any
other person for the provision of one or more superannuation
scheme administration services for a superannuation fund or
part of a fund under one or more of the STC schemes.
[9] Part 4 Superannuation Administration Authority (SAA)
Omit the Part.
[10] Section 119 Duties and liabilities of persons involved in management
Insert after section 119 (6):
(7) SAA ceases to be a superannuation authority for the purposes of
this section on the dissolution of SAA by the Superannuation
Administration Authority Corporatisation Act 1999.
Page 20
Superannuation Administration Authority Corporatisation Act 1999 No 5
Amendment of Superannuation Administration Act 1996 Schedule 4
[11] Section 128 Provisions consequent on establishment of additional
superannuation schemes
Omit "SAA" from section 128 (1) (h).
Insert instead "SAC".
[12] Section 129 Regulations
Omit section 129 (2) (b). Insert instead:
(b) the procedure of the FTC board or the STC board.
[13] Long title
Omit "to constitute the Superannuation Administration Authority of New
South Wales and confer on it power to provide administration services for
such schemes and other schemes;".
Page 21
Superannuation Administration Authority Corporatisation Act 1999 No 5
Schedule 5 Consequential amendments to other Acts
Schedule 5 Consequential amendments to other
Acts
(Section 17)
5.1 First State Superannuation Act 1992 No 100
Schedule 1 Employers
Omit "Superannuation Administration Authority of New South Wales"
from Part 1.
Insert instead "The Corporation constituted under the Superannuation
Administration Authority Corporatisation Act 1999".
5.2 Freedom of Information Act 1989 No 5
Schedule 2 Exempt bodies and offices
Insert at the end of the Schedule:
The Corporation constituted under the Superannuation
Administration Authority Corporatisation Act 1999--functions
exercised in the provision of superannuation scheme
administration services, and related services, in respect of any
superannuation scheme that is not a State public sector
superannuation scheme.
5.3 Government and Related Employees Appeal Tribunal Act
1980 No 39
Schedule 4 Employing authorities
Omit "Superannuation Administration Authority of New South Wales.".
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Superannuation Administration Authority Corporatisation Act 1999 No 5
Consequential amendments to other Acts Schedule 5
5.4 Public Authorities (Financial Arrangements) Act 1987 No 33
Schedule 1 Authorities
Omit "Superannuation Administration Authority of New South Wales".
Insert in alphabetical order "The Corporation constituted under the
Superannuation Administration Authority Corporatisation Act 1999".
5.5 Public Finance and Audit Act 1983 No 152
Schedule 2 Statutory bodies
Omit "Superannuation Administration Authority of New South Wales.".
5.6 Public Sector Executives Superannuation Act 1989 No 106
Schedule 1 Additional employers
Insert in alphabetical order "The Corporation constituted under the
Superannuation Administration Authority Corporatisation Act 1999".
5.7 Public Sector Management Act 1988 No 33
[1] Schedule 3 Declared authorities
Omit "Superannuation Administration Authority of New South Wales".
[2] Schedule 3A Chief executive positions
Omit "Chief Executive of the Superannuation Administration Authority of
New South Wales" from Part 3.
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Superannuation Administration Authority Corporatisation Act 1999 No 5
Schedule 5 Consequential amendments to other Acts
5.8 State Authorities Non-contributory Superannuation Act 1987
No 212
Schedule 1 Employers
Omit "Superannuation Administration Authority of New South Wales"
from Part 1.
Insert instead "The Corporation constituted under the Superannuation
Administration Authority Corporatisation Act 1999".
5.9 State Authorities Superannuation Act 1987 No 211
Schedule 1 Employers
Omit "Superannuation Administration Authority of New South Wales"
from Part 1.
Insert instead "The Corporation constituted under the Superannuation
Administration Authority Corporatisation Act 1999".
5.10 Superannuation Act 1916 No 28
[1] Schedule 3 List of employers
Omit "Superannuation Administration Authority of New South Wales"
from Part 1.
Insert instead "The Corporation constituted under the Superannuation
Administration Authority Corporatisation Act 1999".
[2] Schedule 26 Part 1 Public Authorities
Omit "Superannuation Administration Authority of New South Wales".
Insert instead "The Corporation constituted under the Superannuation
Administration Authority Corporatisation Act 1999".
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Superannuation Administration Authority Corporatisation Act 1999 No 5
Savings, transitional and other provisions Schedule 6
Schedule 6 Savings, transitional and other
provisions
(Section 18)
Part 1 Regulations
1 Regulations
(1) The regulations may contain provisions of a savings or transitional
nature consequent on the enactment of this Act.
(2) Such a provision may deal, among other things, with the interpretation
of references to SAA or to any employee of SAA.
(3) Such a provision may, if the regulations so provide, take effect on the
date of assent to this Act or a later date.
(4) To the extent to which such a provision takes effect on a date that is
earlier than the date of its publication in the Gazette, the provision
does not operate so as:
(a) to affect, in a manner prejudicial to any person (other than the
State, SAA, the Corporation or any authority of the State), the
rights of that person existing before the date of its publication,
or
(b) to impose liabilities on any person (other than the State, SAA,
the Corporation or any authority of the State) in respect of
anything done or omitted to be done before the date of its
publication.
Part 2 Provisions consequent on enactment of this Act
2 References in other Acts or instruments
In any Act (other than this Act), in any instrument made under any Act
or in any document, a reference to Superannuation Administration
Authority is taken to be a reference to the Corporation.
3 Interim CEO
(1) The person holding office as chief executive officer of SAA
immediately before the dissolution of SAA is taken to have been
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Superannuation Administration Authority Corporatisation Act 1999 No 5
Schedule 6 Savings, transitional and other provisions
appointed as acting chief executive officer of the Corporation by the
board under clause 4 of Schedule 3.
(2) For the purposes of section 42S of the Public Sector Management Act
1988, service as acting chief executive officer of the Corporation
pursuant to this clause is not employment in the service of the
Corporation.
4 Timetable for first statement of corporate intent
A period within which any matter is required to be done under section
21 of the State Owned Corporations Act 1989 in connection with the
first statement of corporate intent of the Corporation may be extended
by the voting shareholders of the Corporation.
5 Final annual report of SAA
(1) An annual report relating to SAA is to be prepared, submitted,
presented, and made publicly available, in accordance with the Annual
Reports (Statutory Bodies) Act 1984 in the same way as those things
would have been required to be done if:
(a) the financial year had started normally but ended on the day on
which SAA was dissolved, and
(b) SAA had not ceased to be a statutory body within the meaning
of that Act.
(2) It does not matter that the financial year for the purposes of the report
is therefore less than 12 months long.
(3) The annual report may be so prepared, submitted and made available
by the individuals who were responsible for the affairs of SAA or
instead by the Corporation.
(4) If arrangements are made by the Auditor-General under section 43A
(4) of the Public Finance and Audit Act 1983 to treat the affairs of
SAA and the Corporation in a composite way or otherwise, the annual
report required by this clause may be so treated as to be compatible
with those requirements.
(5) Despite the Annual Reports (Statutory Bodies) Act 1984, the final
annual report for SAA need not contain any information (for example,
a budget) that would have related to the next financial year of SAA if
it had not been dissolved.
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Superannuation Administration Authority Corporatisation Act 1999 No 5
Savings, transitional and other provisions Schedule 6
6 SAA financial accounts before dissolution
For the purpose of the application of section 43A (General audit of
former statutory bodies) of the Public Finance and Audit Act 1983 to
SAA, the Corporation is taken to be the successor to SAA.
7 Corporation same entity as SAA
(1) On the dissolution of SAA, the Corporation is taken for all purposes,
including the rules of private international law, to be a continuation
of and the same legal entity as SAA.
(2) This clause does not affect any transfer of assets, rights and liabilities
under Part 2 of this Act.
[Minister's second reading speech made in--
Legislative Council on 13 May 1999
Legislative Assembly on 1 June 1999]
BY AUTHORITY
Page 27
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