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RESERVE>S3.HTML#CONTRIBUTORS RESERVE SUPERANNUATION ACT 1916 - As at 27 January 2023 - Act 28 of 1916

- As at 27 January 2023 - Act 28 of 1916

Table of Provisions

Long Title

PART 1 - PRELIMINARY

1 Name of Act and commencement

1A Closure of Scheme to persons employed on or after 1.7.1985

3 Definitions

3AA Salary of executive officers

3A Salary

3B Certain persons to be regarded as employers for the purposes of this Act

3C References to employers etc

PART 2 - THE STATE SUPERANNUATION FUND

4 Reconstitution of the Fund

5 STC required to establish certain reserves within the Fund

6 Contributors' reserve

7 Employer reserves

8 Adjustment of reserves and accounts for interest etc

8A Source of administration costs payments

8B Adjustment of reserves resulting from actuarial investigation

8C Adjustment of employer reserves to take into account death and disability payments

9 Funds, accounts and reserves generally

9A Unallocated amounts

10 Actuary or actuaries to conduct periodic investigations into the Fund

PART 2A - (Repealed)

None

PART 3 - CONTRIBUTIONS

Division 1 - Preliminary

10J Definitions

10K Determination of entry review day and entry payment day

10L Determination of annual review day and annual adjustment day

10M General provisions as to determinations under this Division

Division 2 - Liability of employees to contribute

10N Requirement to contribute

10O Existing contributors and employees

10P Commencement of contributions

10Q Increase of contributions: annual review days

10QA Abandoned units to be taken up if contributions fall below 6 per cent of salary

10QB Limitation on increase in contributions by certain contributors

10R Increase of contributions: exit days

10S No contributions for more than appropriate number of units

10SA Cessation of contributions

10T Exemptions from contributing

10U Salary sacrifice contributions

10V Consequences of exemption

Division 3 - Decreases in salary or unit entitlement

10W Decrease in salary

10WA Fluctuations in salary

10WB Decrease in unit entitlement on taking leave of absence

10WC Commencement of or change to part-time employment

Division 4 - Abandoned units

10X No contributions or rights in respect of abandoned units

10Y Elections to take up abandoned units at annual review day

10Z Elections to take up abandoned units at exit day

10AA Restrictions as to abandoned units

Division 5 - Contributions by employees for units of pension at table rates

10AB Contributions according to scale graduated by age etc

10AC Units taken up after prescribed age

10AD Tables of contributions

10AE Cessation of contributions

10AF Units taken up at exit day

Division 6 - Contributions by employees for units of pension otherwise than at table rates

10AG Cost of units of pension

10AH Employees who have reached the prescribed age

10AI Units taken up at exit day

Division 7 - Contributions by employers

10AJ Contributions to be made by an employer listed in Schedule 3

10AK Calculation of contributions and time for payment

10AL Employer may be required to make further payments in certain cases

10AM Power of STC to adjust employer reserves

10AN Transfer of credits between employers of transferred contributors

10AO Variation of employer contributions

Division 8 - Ancillary provisions

11-11D. (Repealed)

12 Contributions to be related to units of pension

12A Alteration of unit entitlement in certain cases

12B Deduction factors in relation to certain periods of leave

12BA Deduction factors for periods determined by STC

12C Deduction factors in relation to part-time employment

12CA Continuation of certain contributions

12D Other contributions by contributors

15A Reserve units

17D Orders fixing different tables etc

19 Employees on leave of absence

19A Deferment of payment of contributions

20 Manner of payment--deduction from wages or salaries

20A Contributor transferred to Commonwealth Public Service

20AB Contributor who is executive officer

PART 3A - COMMONWEALTH OR OTHER STATE PUBLIC SERVICE SUPERANNUATION FUND PARTICIPANTS BECOMING EMPLOYEES

20B Definitions

20C Public Service Superannuation Fund participants becoming employees

20D Sec 10B applicable

PART 3B - CONVERSION OF EXISTING ENTITLEMENTS

20E Eligible contributors

20F Conversion notice

20G Conversion election

20H Making, amendment and revocation of conversion election

20I Circumstances in which a conversion election revoked or may not be made

20J Matters to be determined by Treasurer

20K Conversion benefit

20L Minimum benefit

20M Payment of conversion benefit

20N Reserves from which conversion benefit to be paid

20O Information and assistance to be provided by STC

20P Liability for actions taken under Part

PART 4 - PENSIONS AND BENEFITS

Division 1 - Retirement on pension

21 Age of retirement

21C Commuting of pension

21D Limitations on elections under section 21C

21E Interest to be paid on commuted amounts

22 Breakdown retirement

23 Retrenchment and discharge

23B Date of retirement, contributions payable etc

23BA Retrospective salary increases

24 Dismissal

25 Resignation

Division 2 - Grant of pensions and benefits

26. (Repealed)

26A Benefit payable not to include fraction of a cent

27 Amount of pension payable on retirement

28 Pension of woman retiring before 60

28A Pension on retirement before reaching 60 years of age

28AA Pension on retirement before age 60--component pension

28B Increase of pension in case of certain retirements after reaching 62 years of age

29 Breakdown pensions

30 Pensions to spouse or de facto partner on death of contributor

31 Pension to spouse or de facto partner on death of pensioner

31A Minimum benefit payable in respect of pensioner who dies

32A Death of employee before retirement

32AA Extension of sec 32A to certain cases where spouses or de facto partners die contemporaneously

32C Refund or minimum benefit in certain cases where spouse or de facto partner dies

32D Children's pensions at sec 61M rates

33 Children's pensions at sec 61N rates

33AA STC may determine to pay children's pensions in other cases

33A Variation of pension in certain circumstances

33B STC to apportion benefits and other payments between the contributors' reserve and the appropriate employer reserve

37 Retrenchment benefits payable to an employee who is retrenched after completing 10 years' service

37A Retrenchment benefits payable to contributors having not less than 3 years' contributory service

37B Deferral of payment of benefits on retrenchment

38 Refund of contributions

38A Withdrawal benefit

38B Contributor who is retrenched, resigns or is dismissed or discharged to be entitled to the greatest available benefit

38C Break in service may be cured on certain conditions

39 Desertion of spouse or de facto partner or child

40 Male pensioner sentenced to imprisonment

41 Woman pensioner sentenced to imprisonment

42 Incapacity or absence of pensioner

43 Payments in respect of children

43A Pensions in respect of students

44 Pensions payable for a life

45 Pensions payable fortnightly

46 Reduction of spouses' or de facto partners' pensions

46A Miscellaneous provisions as to spouses' or de facto partners' pensions

46B Competing claims for spouses' or de facto partners' pensions

47 Pensions for certain spouses or de facto partners and their children

47B Employer subsidy not to be of greater benefit if service not continuous

Division 2A - Reduced value units

47C Allocation of reduced value units

47D Benefits payable in respect of reduced value units

47E No employee contributions payable

Division 3 - Breakdown pensioners--special provisions re

48 Breakdown pensioner held to be on leave

49 Continuity of service

50 Employee retired through infirmity may be called up for medical examination

51 Employee restored to health may be recalled to service

51A Division not applicable to lifetime pensions

52 Governor may prescribe different provisions

Division 3A - Voluntarily deferred benefits

52A Calculation of preserved pension components

52B Adjustment of pension components

52C Pensions at retiring age

52D Pensions at early retirement age

52E Disability pension

52EA Interim pension

52F Pensions for spouses or de facto partners

52FA Children's pensions at sec 61M rates

52G Children's pensions

52H Students' pensions

52I Cash termination benefit

52IA Effect of contributor becoming a contributor to another scheme while employed by the same employer

Division 3B - Deferral of benefit for contributors aged 55 years and over in certain circumstances

52L Eligible contributors

52M Exit day

52N Election to defer or preserve a benefit

52O Date of deferral or preservation of benefit

52P Calculation of value of deferred benefit

52Q Election to commute deferred benefit

52R Adjustment of deferred benefit

52S When deferred benefit is payable

52T Payment of deferred benefit

52U STC to apportion benefit

52V Break in service

Division 3C - Age termination benefits

52W Benefit on attaining 65 or 70

52X Compulsory payment of preserved or other benefit

Division 3D - Compulsory preservation of benefits

52Y Compulsory preservation of benefits after changeover day

52Z Payment of compulsorily preserved benefit

52AA Preserved benefits

Division 4 - (Repealed)

None

Division 5 - Existing insurance policies

60 Insurance policies may be continued or discontinued at option of contributor

61 Surrender of policies

61A Surrender of policies generally

Division 6 - Automatic adjustment of pensions

61B Definitions

61C Calculation of adjustment percentage

61D Adjustment of pensions: general cases

61E Adjustment of pensions: partial adjustment

61F Application of secs 61D and 61E to breakdown pensions and suspended pensions

61G Certain increases under Superannuation (Amendment) Act 1970

61H Minimum amount to which pensions may be reduced

61K Calculation of percentages

Division 7 - Automatic adjustment of children's pensions

61L Definitions

61M Children's pensions

61N Orphans' pensions

61O Minimum amounts to which pensions may be reduced

61R Operation of Division

Division 7A - Circumstances in which benefits may be reduced

61RA Power of STC to reduce pensions and other benefits to offset certain tax liabilities

61RAA Restoration of death benefit previously reduced to offset contribution tax liabilities

61RB Power of STC to adjust benefits to comply with certain Commonwealth standards relating to superannuation

61RC Power of STC to reduce benefits for no-TFN tax

61RD Reduction of benefit

61RE Commutation of pensions for adjustment of benefits

Division 7B - Other benefits

61RF Release of benefits on grounds of severe financial hardship

61RG Release of benefit on compassionate grounds

61RH Effect on other benefits

Division 8 - Miscellaneous provisions

61S Increases in certain pensions

61T Transitional and other provisions arising from the Superannuation (Amendment) Act 1978

61U Compliance with superannuation guarantee legislation

61V Application of section 61U to period from 1.7.1992

61VA Nominating commencement date of pension

PART 4A - PROVISIONS RELATING TO FAMILY LAW SUPERANNUATION LEGISLATION

61W Definitions

61WA Payment of benefits where superannuation interests affected by flagging order or payment split

61WB Payment splits

61WC Reduction of benefits of contributor spouses

61WD Regulations

PART 5 - PROVISIONS RELATING TO PRIVATISATION OF EMPLOYERS AND OTHER GOVERNMENT INITIATIVES

62 Removal of employers from Act on privatisation

62A Application of Part

63 Preservation of benefit for contributors

64 Adjustment of employer liability on Government initiative taking effect

65 Employer liabilities after Government initiative takes effect

PART 6 - (Repealed)

None

PART 7 - GENERAL PROVISIONS

84A. (Repealed)

85 Information that must be disclosed to contributors

85A Disputes

86 Regulations

86A STC empowered to fix interest rates for the purposes of this Act

87 Returns

88 Assignment etc of benefit

88A Payment without grant of probate etc

89 Restriction on manner of payment of benefit

89A Evidence as to age, marriage or death

91 Time for making elections, applications and choices

91A Recovery of money payable to STC

91B Payments to cover superannuation contributions surcharge

91C Repayment of excess payments

92 Power to amend Schedule 3 (List of employers)

94A Transitional and other provisions arising from the Superannuation (Amendment) Act 1985

94B Transitional and other provisions arising from the Superannuation (Amendment) Act 1988

94C Savings and transitional

PART 8 - PROVISIONS APPLICABLE IN RESPECT OF THE PERIOD FROM 13 JANUARY 1976 TO 12 JANUARY 1977

95 Definition

96 This Part to prevail over other provisions

97 Number of units not to be increased

98 Reserve units

99 Pensions emerging during suspension period

100 Abandoned units

101 Reduction of salary

102 Elections

PART 9 - PROVISIONS APPLICABLE IN RESPECT OF FOREIGN CONTRIBUTORS

104 Definitions

105 Certain calculations to be made by means of a conversion ratio

106 Certain amounts to be expressed in foreign currency

107 Employer to pay to or receive from the Fund any difference between actual amount paid under this Part and amount otherwise payable

108 Payments to be made as if conversion ratio always applied

SCHEDULE 3

SCHEDULE 7

SCHEDULE 9

SCHEDULE 16

SCHEDULE 17

SCHEDULE 18

SCHEDULE 19

SCHEDULE 20

SCHEDULE 21

SCHEDULE 22

SCHEDULE 23

SCHEDULE 24

SCHEDULE 25

SCHEDULE 26

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