New South Wales Bills Explanatory Notes

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SUPERANNUATION LEGISLATION FURTHER AMENDMENT BILL 1998

Amendment Bill 1998

Explanatory note

This explanatory note relates to this Bill as introduced into Parliament.

Overview of Bill

( a ) to convert the First State Superannuation Scheme from a scheme
wholly established and regulated under the First State Superannuation
Act 1992 to a scheme established under that Act but partly regulated
under that Act and a trust deed.

( b ) to provide for a once only offer to members of the public sector
defined benefit schemes to convert to membership of the First State
Superannuation Fund and to confer related powers on the
Superannuation Administration Authority,
( c ) to provide a right for members of the Public Sector Executives
Superannuation Fund to transfer to membership of the First State
Superannuation Fund.

to apply preservation requirements to benefits in line with those
(d) applicable under Commonwealth superannuation legislation,
to make improvements to invalidity and retrenchment benefits, and
(e) benefits payable on the death of pensioners, under the State
Superannuation Fund,
to provide for the allocation to employer reserves of certain
(f) unallocated funds within the State Superannuation Fund,
to provide for transfers to and from the public sector local government
(g) and electricity industry superannuation schemes and for dispute
resolution under those schemes.

to make other consequential amendments and provisions of a savings
(h) and transitional nature.

Outline of provisions

Clause 2 provides for the Commencement of the proposed Act on a day or
days to be appointed by proclamation, with some exceptions.

Clause 3 is a formal provision giving effect to the amendments to the Acts
relating to conversion from defined benefit schemes set out in Schedule 1.

Clause 4 is a formal provision giving effect to the amendments to the Acts
set out in Schedule 2.

Clause 5 makes it clear that the explanatory notes contained in Schedules 1
and 2 do not form part of the proposed Act.

Schedule 1

Amendments relating to conversion from

defined benefit schemes

Schedule 1 amends the following Acts:

First State Superannuation Act 1992
Police Regulation (Superannuation)Act 1906
State Authorities Non-contribution Superannuation Act 1987
Superannuation Act I916
Superannuation Administration Act 1996
The amendments to each Act are explained in detail in the explanatory note
relating to the Act concerned set out in Schedule 1.

Explanatory note page 2

Schedule 2

Miscellaneous amendments

Schedule 2 amends the following Acts:

First State Superannuation Act 1992
Public Sector Executives Superannuation Act 1989
State Authorities Non-contributory Superannuation Act 1987
State Authorities Superannuation Act 1987
Superannuation Act 1916
Superannuation Administration Act
The amendments to each Act are explained in detail in the explanatory note
relating to the Act concerned set out in Schedule 2.

Explanatory note page 3

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