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This is a Bill, not an Act. For current law, see the Acts databases.
Queensland
SUPERANNUATION
LEGISLATION
AMENDMENT BILL 1999
Queensland
SUPERANNUATION LEGISLATION
AMENDMENT BILL 1999
TABLE OF PROVISIONS
Section Page
PART 1--PRELIMINARY
1 Short title . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
2 Commencement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
PART 2--AMENDMENT OF GOVERNORS' PENSIONS ACT
1977
3 Act amended in pt 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
4 Amendment of s 3 (Rate of pension) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
5 Insertion of new s 5A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5
5A Election to take part of pension as a lump sum to meet
surcharge liability . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5
6 Amendment of s 6 (Appropriation) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
PART 3--AMENDMENT OF JUDGES (PENSIONS AND LONG
LEAVE) ACT 1957
7 Act amended in pt 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
8 Amendment of s 2 (Definitions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
9 Insertion of new s 8B . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
8B Election to take part of pension as a lump sum to meet
surcharge liability . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
PART 4--AMENDMENT OF PARLIAMENTARY
CONTRIBUTORY SUPERANNUATION ACT 1970
10 Act amended in pt 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
11 Insertion of new s 25C . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
25C Superannuation contributions surcharge . . . . . . . . . . . . . . . . . . . . . . . 8
PART 5--AMENDMENT OF SUPERANNUATION (STATE
PUBLIC SECTOR) ACT 1990
2
Superannuation Legislation Amendment
12 Act amended in pt 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
13 Amendment of s 2 (Interpretation) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
14 Insertion of new pt 3, div 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
Division 4--Superannuation contributions surcharge
15E References in div 4 to benefits payable to members . . . . . . . . . . . . 10
15F Amount to be deducted from benefits . . . . . . . . . . . . . . . . . . . . . . . . 10
15G Limit on deduction on refund of certain contributions . . . . . . . . . . . 10
15H Deduction from benefits paid as pension . . . . . . . . . . . . . . . . . . . . . . 10
1999
A BILL
FOR
An Act to amend various Acts about superannuation
s1 4 s4
Superannuation Legislation Amendment
The Parliament of Queensland enacts-- 1
ART 1--PRELIMINARY 2
P
title 3
Short
Clause 1. This Act may be cited as the Superannuation Legislation Amendment 4
Act 1999. 5
6
Commencement
Clause 2.(1) Parts 2 and 3 commence on a day to be fixed by proclamation. 7
(2) The Acts Interpretation Act 1954, section 15DA does not apply to 8
parts 2 and 3.1 9
PART 2--AMENDMENT OF GOVERNORS' 10
PENSIONS ACT 1977 11
amended in pt 2 12
Act
Clause 3. This part amends the Governors' Pensions Act 1977. 13
of s 3 (Rate of pension) 14
Amendment
Clause 4. Section 3(1), `sections 4 and 5'-- 15
omit, insert-- 16
`sections 4 to 5A'. 17
1 Acts Interpretation Act 1954, section 15DA (Automatic commencement of
postponed law)
s5 5 s5
Superannuation Legislation Amendment
of new s 5A 1
Insertion
Clause 5. After section 5-- 2
insert-- 3
to take part of pension as a lump sum to meet surcharge 4
`Election
liability 5
`5A.(1) A former Governor, or the surviving spouse of a former 6
Governor, to whom a pension is payable under this Act may elect to be paid 7
a lump sum instead of a part of the pension. 8
`(2) The maximum amount that may be paid as a lump sum under the 9
election is the amount of the former Governor's surcharge liability. 10
`(3) The election must be-- 11
(a) made in writing to the Minister; and 12
(b) accompanied by a copy of the surcharge liability notice stating the 13
amount of the former Governor's surcharge liability. 14
`(4) The Minister must act on the election by reducing the pension by the 15
amount of the lump sum. 16
`(5) The reduction must happen in the way decided by the Minister on the 17
advice of an actuary. 18
`(6) In this section-- 19
"former Governor" means a person who has ceased to hold the office of 20
Governor of the State. 21
"surcharge liability" means the amount a person is liable to pay to the 22
commissioner of taxation, under the Superannuation Contributions 23
Tax (Members of Constitutionally Protected Superannuation Funds) 24
Assessment and Collection Act 1997 (Cwlth), section 15. 25
"surcharge liability notice" means a notice given to a person by the 26
commissioner of taxation, under the Superannuation Contributions 27
Tax (Members of Constitutionally Protected Superannuation Funds) 28
Assessment and Collection Act 1997 (Cwlth), section 15.'. 29
s6 6 s9
Superannuation Legislation Amendment
of s 6 (Appropriation) 1
Amendment
Clause 6. Section 6-- 2
insert-- 3
`(2) The amount of a lump sum specified in an election under section 5A 4
must be paid from the consolidated fund, which is appropriated for the 5
purpose.'. 6
ART 3--AMENDMENT OF JUDGES (PENSIONS 7
P
AND LONG LEAVE) ACT 1957 8
amended in pt 3 9
Act
Clause 7. This part amends the Judges (Pensions and Long Leave) Act 1957. 10
of s 2 (Definitions) 11
Amendment
Clause 8. Section 2-- 12
insert-- 13
` "eligible child", of a judge, see section 8A(1). 14
"surcharge liability" means the amount a person is liable to pay to the 15
commissioner of taxation, under the Superannuation Contributions 16
Tax (Members of Constitutionally Protected Superannuation Funds) 17
Assessment and Collection Act 1997 (Cwlth), section 15. 18
"surcharge liability notice" means a notice given to a person by the 19
commissioner of taxation, under the Superannuation Contributions 20
Tax (Members of Constitutionally Protected Superannuation Funds) 21
Assessment and Collection Act 1997 (Cwlth), section 15.'. 22
of new s 8B 23
Insertion
Clause 9. After section 8A-- 24
insert-- 25
s 10 7 s 10
Superannuation Legislation Amendment
to take part of pension as a lump sum to meet surcharge 1
`Election
liability 2
`8B.(1) This section applies to the following persons-- 3
(a) a judge to whom a pension is payable under sections 3 to 5; 4
(b) a judge's spouse to whom a pension is payable under section 7; 5
(c) an eligible child of a judge to whom a pension is payable under 6
section 8A, if the rate of pension is decided under 7
section 8A(3)(b). 8
`(2) The person may elect to be paid a lump sum instead of a part of the 9
pension. 10
`(3) The maximum amount that may be paid as a lump sum under the 11
election is the amount of the judge's surcharge liability. 12
`(4) The election must be-- 13
(a) made in writing to the Minister; and 14
(b) accompanied by a copy of the surcharge liability notice stating the 15
amount of the judge's surcharge liability. 16
`(5) The Minister must act on the election by reducing the pension by the 17
amount of the lump sum. 18
`(6) The reduction must happen in the way decided by the Minister on the 19
advice of an actuary.'. 20
ART 4--AMENDMENT OF PARLIAMENTARY 21
P
CONTRIBUTORY SUPERANNUATION ACT 1970 22
amended in pt 4 23
Act
Clause 10. This part amends the Parliamentary Contributory Superannuation 24
Act 1970. 25
s 11 8 s 11
Superannuation Legislation Amendment
of new s 25C 1
Insertion
Clause 11. Part 3, after section 25B-- 2
insert-- 3
contributions surcharge 4
`Superannuation
`25C.(1) This section applies if a benefit is payable to a former member 5
or to someone else who has derived an entitlement to the benefit through a 6
former member. 7
`(2) Subject to subsection (3), the trustees must deduct, from the 8
State-financed component of the benefit, an amount equal to the balance of 9
the former member's surcharge debt account. 10
`(3) The maximum amount that the trustees may deduct is 15% of the 11
State-financed component of that part of the benefit that accrued after 12
20 August 1996. 13
`(4) If the benefit is payable in the form of a pension, the trustees must 14
reduce the pension, by the amount required to be deducted under 15
subsections (2) and (3), in the way decided by the Minister on the advice of 16
an actuary. 17
`(5) This section does not apply to a benefit payable under section 21.2 18
`(6) In this section-- 19
"surcharge debt account", for a former member, means the surcharge 20
debt account kept for the former member under the Superannuation 21
Contributions Tax (Assessment and Collection) Act 1997 (Cwlth), 22
section 16.'. 23
2 Section 21 (Payments to children)
s 12 9 s 14
Superannuation Legislation Amendment
PART 5--AMENDMENT OF SUPERANNUATION 1
(STATE PUBLIC SECTOR) ACT 1990 2
amended in pt 5 3
Act
Clause 12. This part amends the Superannuation (State Public Sector) Act 1990. 4
of s 2 (Interpretation) 5
Amendment
Clause 13. Section 2(1)-- 6
insert-- 7
` "police 74 member" means a member of the scheme-- 8
(a) who, immediately before the repeal of Police Superannuation Act 9
1974, was a member of a scheme for the provision of 10
superannuation benefits operated under that Act; and 11
(b) whose membership category is the same as it was immediately 12
after the repeal of that Act. 13
"State 72 member" means a member of the scheme-- 14
(a) who, immediately before the repeal of the State Service 15
Superannuation Act 1972, was a member of a scheme for the 16
provision of superannuation benefits operated under that Act; and 17
(b) whose membership category is the same as it was immediately 18
after the repeal of that Act. 19
"surcharge debt account", for a member of the scheme, means the 20
surcharge debt account kept for the member under the Superannuation 21
Contributions Tax (Assessment and Collection) Act 1997 (Cwlth), 22
section 16.'. 23
of new pt 3, div 4 24
Insertion
Clause 14. Part 3, after section 15D-- 25
insert-- 26
s 14 10 s 14
Superannuation Legislation Amendment
4--Superannuation contributions surcharge 1
`Division
in div 4 to benefits payable to members 2
`References
`15E. In this division, a reference to a benefit payable under the deed to a 3
member of the scheme includes a reference to a benefit payable under the 4
deed to someone else who has derived an entitlement to the benefit through 5
the member. 6
to be deducted from benefits 7
`Amount
`15F.(1) If a benefit is payable under the deed to a member of the 8
scheme, the board must deduct from the employer-financed component of 9
the benefit an amount equal to the balance of the member's surcharge debt 10
account. 11
`(2) This section applies subject to sections 15G and 15H. 12
on deduction on refund of certain contributions 13
`Limit
`15G.(1) This section applies if a benefit is payable, to a 14
police 74 member or State 72 member, as a refund of contributions. 15
`(2) The amount deducted under section 15F must not be more than 15% 16
of the employer-financed component of that part of the benefit that accrued 17
after 20 August 1996. 18
from benefits paid as pension 19
`Deduction
`15H.(1) This section applies if-- 20
(a) a benefit is payable to a member of the scheme on ceasing to be a 21
member or employee of, or engaged by, a unit of the State public 22
sector; and 23
(b) the benefit is payable in the form of a pension. 24
`(2) However, this section does not apply to the payment of a pension to 25
a child who has derived an entitlement to the pension through a member. 26
s 14 11 s 14
Superannuation Legislation Amendment
`(3) The board must comply with section 15F by reducing the pension, 1
by an amount equal to the balance of the member's surcharge debt account, 2
in the way decided by the Minister on the advice of an actuary.'. 3
4
© State of Queensland 1999
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