New South Wales Bills Explanatory Notes New South Wales Bills Explanatory Notes[Index] [Search] [Download] [Bill] [Help]
SUPERANNUATION LEGISLATION (SUPERANNUATION
GUARANTEE CHARGE) AMENDMENT BILL 1992*
NEW SOUTH WALES
EXPLANATORY NOTE
(This Explanatory Note relates to this Bill as introduced into Parliament)
This Bill is cognate with the First State Superannuation Bill 1992.
The objects of this Bill are as follows:
(a) to enable the State Authorities Superannuation Board to make calculations of
the minimum employer-financed benefits in accordance with contributions
required to be paid to avoid additional payments under the superannuation
guarantee legislation of the Commonwealth;
(b) to require such minimum benefits to be preserved in the State Superannuation
Fund, the Police Superannuation Fund, and the State Authorities
Superannuation Fund, if necessary to meet Commonwealth occupational
superannuation standards;
(c) to require benefits preserved in respect of persons after 1 July 1992 to be
adjusted in accordance with the minimum benefit provisions to be inserted;
(d) to amend the State Authorities Superannuation Act 1987, the Superannuation
Act 1916, the Police Regulation (Superannuation) Act 1906 and the Police
Association Employees (Superannuation) Act 1969 for the objects set out in
paragraphs (a), (b) and (c);
(e) to amend the Public Sector Executives Superannuation Act 1989 to require
employers of those public sector employees who are only members of the
Public Sector Executives Superannuation Scheme to make contributions to the
scheme for the purpose of avoiding additional payments under the
superannuation guarantee legislation of the Commonwealth,
*Amended in committee--see table at end of volume.
(f) to close the scheme under the State Authorities Non-contributory
Superannuation Act 1987 to new members so that it will only provide benefits
for employees who either contribute to one of the existing public sector
superannuation schemes or became employees before 1 July 1992;
(g) to limit benefits under the State Authorities Non-contributory Superannuation
Act 1987 for employees who do not contribute to an existing public sector
superannuation scheme so that the benefits will apply only to service up to 30
June 1992.
An explanation follows the amendments proposed for each of the Acts.
Clause 1 specifies the short title of the proposed Act.
Clause 2 provides for the commencement of the proposed Act.
Clause 3 gives effect to Schedules 16 of the proposed Act which contain the
amendments referred to above.
Clause 4 makes it clear that the explanatory notes contained in the Schedules do not
form part of the proposed Act.