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This is a Bill, not an Act. For current law, see the Acts databases.
PARLIAMENT OF VICTORIA
Superannuation Legislation Amendment
(Contribution Splitting and Other Matters) Bill
2007
TABLE OF PROVISIONS
Clause Page
PART 1--PRELIMINARY 1
1 Purpose 1
2 Commencement 2
PART 2--EMERGENCY SERVICES SUPERANNUATION
ACT 1986 3
3 Amendment of section 3--Definitions 3
4 Amendment of section 8--Vacancies on Board 3
5 Section 9 substituted and section 9A inserted 4
9 Deputies--elected members 4
9A Deputies--nominated members 5
6 Amendment of section 20A--Contributions 5
7 Amendment of section 20M--Optional contributions during
leave of absence 5
8 Amendment of section 21--Definitions for the purposes of
contribution splitting 6
9 Amendment of section 21B--Membership of ESSPLAN 6
10 Amendment of section 21I--Members accounts for ESSPLAN 6
11 New section 21IA inserted--Contribution splitting 7
21IA Contribution splitting 7
12 Amendment of section 21JA--Spouse accounts 9
13 Amendment of section 21M--Transfer of preserved benefit 9
14 Amendment of section 21N--Transfer to or from new scheme 10
15 Amendment of section 21O--Transfer of benefits to other fund 10
16 Amendment of section 26--Assignment or charging of interest 11
PART 3--GOVERNMENT SUPERANNUATION ACT 1999 12
17 Amendment of section 42--MTA Superannuation Fund 12
561137B.I-22/5/2007 i BILL LA INTRODUCTION 22/5/2007
Clause Page
PART 4--STATE EMPLOYEES RETIREMENT BENEFITS
ACT 1979 13
18 Amendment of section 2--Definitions 13
19 Amendment of section 23--Member contribution rates 13
20 Amendment of section 24--Contributions deducted from salary 13
21 Amendment of section 34AB--Exempt officers 14
22 Amendment of section 37--Resignation benefits 14
23 Amendment of section 38--Deferred retirement benefits 14
24 Amendment of section 70A--Assignment or charging of
interest 14
25 Amendment of section 75--Conversion option to apply to
transferees who become exempt officers 15
PART 5--STATE SUPERANNUATION ACT 1988 16
26 Amendment of section 3--Definitions 16
27 Amendment of section 3--Definitions 16
28 Amendment of section 27--Original scheme members 16
29 Amendment of section 28--Revised scheme members 17
30 Amendment of section 47--Provisions applying to deferred
pensions 17
31 Amendment of section 49--Election in respect of leave of
absence without pay 17
32 Amendment of section 50--New scheme members 18
33 Amendment of section 53--Benefit on death of new scheme
member before retirement 18
34 Amendment of section 58--Benefit on resignation 18
35 Amendment of section 59--Intermittent service 19
36 Amendment of section 61--Transfer from revised scheme to
new scheme 19
37 Amendment of section 61A--Exempt officers 19
38 Amendment of section 66--Officers on secondment or leave
of absence 20
39 Amendment of section 69--Members of approved
superannuation schemes 20
40 Amendment of section 88--Assignment or charging of interest 20
41 Amendment of section 94--Transfer of members of MWCESF 21
42 Amendment of section 101--Provisions relating to transferred
beneficiaries 21
PART 6--SUPERANNUATION (PORTABILITY) ACT 1989 22
43 Amendment of section 3--Definitions 22
44 Amendment of section 5--Entitlement to deferred retirement
benefit 22
45 Amendment of section 7--Provisions relating to payment of
benefits 22
561137B.I-22/5/2007 ii BILL LA INTRODUCTION 22/5/2007
Clause Page
PART 7--TRANSPORT SUPERANNUATION ACT 1988 23
46 Amendment of section 3--Definitions 23
47 Amendment of section 28--Contributions by members 23
48 Amendment of section 30--Benefit on death before retirement 23
49 Amendment of section 31--Benefit on retirement through
disability 24
50 Amendment of section 34A--Exempt officers 24
51 Amendment of section 35--Benefit on resignation 24
52 Amendment of section 37--Intermittent service 25
53 Amendment of section 49--Assignment or charging of interest 25
PART 8--REPEAL OF AMENDING ACT 26
54 Repeal of Act 26
ENDNOTES 27
561137B.I-22/5/2007 iii BILL LA INTRODUCTION 22/5/2007
PARLIAMENT OF VICTORIA
Introduced in the Assembly
Superannuation Legislation
Amendment (Contribution Splitting and
Other Matters) Bill 2007
A Bill for an Act to amend the Emergency Services Superannuation
Act 1986, the Government Superannuation Act 1999, the State
Employees Retirement Benefits Act 1979, the State
Superannuation Act 1988, the Superannuation (Portability) Act
1989 and the Transport Superannuation Act 1988 and for other
purposes.
The Parliament of Victoria enacts:
PART 1--PRELIMINARY
1 Purpose
The purpose of this Act is to--
(a) amend the Emergency Services
5 Superannuation Act 1986 to facilitate the
splitting of superannuation contributions;
561137B.I-22/5/2007 1 BILL LA INTRODUCTION 22/5/2007
Superannuation Legislation Amendment (Contribution Splitting and Other
Matters) Bill 2007
Part 1--Preliminary
s. 2
(b) make miscellaneous amendments to the
Emergency Services Superannuation Act
1986, the Government Superannuation
Act 1999, the State Employees Retirement
5 Benefits Act 1979, the State
Superannuation Act 1988, the
Superannuation (Portability) Act 1989 and
the Transport Superannuation Act 1988.
2 Commencement
10 This Act comes into operation on the day after the
day on which it receives the Royal Assent.
__________________
561137B.I-22/5/2007 2 BILL LA INTRODUCTION 22/5/2007
Superannuation Legislation Amendment (Contribution Splitting and Other
Matters) Bill 2007
Part 2--Emergency Services Superannuation Act 1986
s. 3
PART 2--EMERGENCY SERVICES SUPERANNUATION
ACT 1986
3 Amendment of section 3--Definitions
In section 3(1) of the Emergency Services See:
Act No.
5 Superannuation Act 1986, after the definition of 94/1986.
superannuation benefits insert-- Reprint No. 6
as at
1 December
"superannuation system has the same meaning as 2005
it has in regulation 5.01(1) of the and
amending
Superannuation Industry (Supervision) Act Nos
10 Regulations 1994 of the Commonwealth;". 97/2005 and
41/2006.
LawToday:
www.
legislation.
vic.gov.au
4 Amendment of section 8--Vacancies on Board
For section 8(2) of the Emergency Services
Superannuation Act 1986 substitute--
"(2) If an elected member dies or otherwise
15 ceases to be a member--
(a) the deputy of the elected member under
section 9 is to be appointed by the
Governor in Council to fill the vacancy;
or
20 (b) if there is no deputy of the elected
member, the Governor in Council may
appoint a person elected in the same
manner as that member was elected to
fill the vacancy.
25 (3) If a nominated member dies or otherwise
ceases to be a member--
(a) the Governor in Council is to appoint a
person nominated by the Minister to fill
the vacancy; or
561137B.I-22/5/2007 3 BILL LA INTRODUCTION 22/5/2007
Superannuation Legislation Amendment (Contribution Splitting and Other
Matters) Bill 2007
Part 2--Emergency Services Superannuation Act 1986
s. 5
(b) if the Minister does not nominate a
person to fill the vacancy within 28
days, the Governor in Council may
appoint a person who is a member of
5 the pool of deputies under section 9A to
fill the vacancy.
(3A) In subsection (2) and section 9, elected
member means a member of the Board
elected under section 7(1)(a), 7(1)(b), 7(1)(c)
10 or 7(1)(d) or appointed under section 7(11).
(3B) In subsection (3) and section 9A, nominated
member means a member of the Board
nominated under section 7(1)(e).".
5 Section 9 substituted and section 9A inserted
15 For section 9 of the Emergency Services
Superannuation Act 1986 substitute--
"9 Deputies--elected members
(1) Each elected member is to have a deputy
elected in the same manner as the member
20 and appointed by the Governor in Council.
(2) The deputy of an elected member is to act in
the case of illness, suspension or absence of
that member.
(3) A deputy of an elected member has while
25 acting as a member the powers and authority
of the member.
(4) A person may act as the deputy of more than
one elected member except for the purposes
of forming a quorum or voting on a
30 resolution, provided that the member is
elected in the same manner as all of those
members.
561137B.I-22/5/2007 4 BILL LA INTRODUCTION 22/5/2007
Superannuation Legislation Amendment (Contribution Splitting and Other
Matters) Bill 2007
Part 2--Emergency Services Superannuation Act 1986
s. 6
9A Deputies--nominated members
(1) The Minister must appoint 3 persons to
constitute a pool of deputies in respect of
nominated members to act in the case of
5 illness, suspension or absence of a nominated
member.
(2) The President of the Board must develop the
procedure for determining the manner in
which a deputy is to be appointed from the
10 pool of deputies of a member to act in the
case of illness, suspension or absence of a
particular nominated member.
(3) A deputy has while acting as a nominated
member the powers and authority of the
15 nominated member.
(4) A deputy may act as the deputy of more than
one nominated member except for the
purposes of forming a quorum or voting on a
resolution.".
20 6 Amendment of section 20A--Contributions
At the foot of section 20A(2C)(b) of the
Emergency Services Superannuation Act 1986
insert--
"Note
25 The effect of paragraph (b) is that, for the purpose of
calculating benefit entitlements, the member contributions
are taken to be the member contributions that would have
been payable if no election had been made.".
7 Amendment of section 20M--Optional
30 contributions during leave of absence
In section 20M(a) of the Emergency Services
Superannuation Act 1986 omit "for a period not
exceeding 7 years if the contributor is on parental
leave or not exceeding 2 years if the member is on
35 leave for any other reason except ill health".
561137B.I-22/5/2007 5 BILL LA INTRODUCTION 22/5/2007
Superannuation Legislation Amendment (Contribution Splitting and Other
Matters) Bill 2007
Part 2--Emergency Services Superannuation Act 1986
s. 8
8 Amendment of section 21--Definitions for the
purposes of contribution splitting
In section 21 of the Emergency Services
Superannuation Act 1986 insert the following
5 definitions--
"maximum splittable amount has the meaning
given by regulation 6.40 of the
Superannuation Industry (Supervision)
Regulations 1994 of the Commonwealth;
10 payment flag has the meaning given by section
90MD of the Family Law Act 1975 of the
Commonwealth;
payment split has the meaning given by section
90MD of the Family Law Act 1975 of the
15 Commonwealth;
splittable contribution has the meaning given by
regulation 6.42 of the Superannuation
Industry (Supervision) Regulations 1994 of
the Commonwealth;".
20 9 Amendment of section 21B--Membership of
ESSPLAN
For section 21B(10)(c) of the Emergency
Services Superannuation Act 1986 substitute--
"(c) the rollover or transfer of that person's
25 member's account balance within the
superannuation system--".
10 Amendment of section 21I--Members accounts for
ESSPLAN
(1) In section 21I(2)(d) of the Emergency Services
30 Superannuation Act 1986 for "transferred from a
complying superannuation fund" substitute
"rolled over, transferred or allotted from within
the superannuation system".
561137B.I-22/5/2007 6 BILL LA INTRODUCTION 22/5/2007
Superannuation Legislation Amendment (Contribution Splitting and Other
Matters) Bill 2007
Part 2--Emergency Services Superannuation Act 1986
s. 11
(2) For section 21I(3)(f) of the Emergency Services
Superannuation Act 1986 substitute--
"(f) any amounts rolled over, transferred or
allotted within the superannuation system;
5 and".
11 New section 21IA inserted--Contribution splitting
After section 21I of the Emergency Services
Superannuation Act 1986 insert--
"21IA Contribution splitting
10 (1) Subject to subsection (2), this section applies
in respect of contributions made in respect of
a member on or after 1 July 2006 if the
Board--
(a) determines to offer the option of
15 contribution splitting to members or a
class of members; and
(b) publishes a copy of the determination in
the Government Gazette.
(2) This section does not apply to an interest--
20 (a) in respect of which a payment flag is
operating; or
(b) that is subject to a payment split.
(3) If this section applies, a member may make
an application in a financial year to the
25 Board to roll over, transfer or allot from the
member's account for the benefit of the
member's spouse to the trustee of an account
within the superannuation system an amount
specified in the application not exceeding the
30 maximum splittable amount of the splittable
contributions made by, for, or on behalf of,
the member in--
561137B.I-22/5/2007 7 BILL LA INTRODUCTION 22/5/2007
Superannuation Legislation Amendment (Contribution Splitting and Other
Matters) Bill 2007
Part 2--Emergency Services Superannuation Act 1986
s. 11
(a) the last financial year that ended before
the application; or
(b) the financial year in which the
application is made if--
5 (i) the member's account has not been
rolled over, transferred or allotted
within the superannuation system;
and
(ii) the Board approves the making of
10 the application.
(4) An application under subsection (3)--
(a) must comply with regulation 6.44 of
the Superannuation Industry
(Supervision) Regulations 1994 of the
15 Commonwealth as if that regulation
applied to the ESSPLAN Scheme; and
(b) must be dealt with in accordance with
regulation 6.45 of the Superannuation
Industry (Supervision) Regulations
20 1994 of the Commonwealth as if that
regulation applied to the ESSPLAN
Scheme.
(5) If this section applies, the Board may accept
a roll over, transfer or allotment of a
25 splittable contribution for payment into a
member's account, a beneficiary account or a
spouse account.
(6) Despite section 3, for the purposes of this
section, spouse has the meaning given by
30 section 10 of the Superannuation Industry
(Supervision) Act 1993 of the
Commonwealth.".
561137B.I-22/5/2007 8 BILL LA INTRODUCTION 22/5/2007
Superannuation Legislation Amendment (Contribution Splitting and Other
Matters) Bill 2007
Part 2--Emergency Services Superannuation Act 1986
s. 12
12 Amendment of section 21JA--Spouse accounts
(1) In section 21JA(3)(d) of the Emergency Services
Superannuation Act 1986 for "transferred from a
complying superannuation fund" substitute
5 "rolled over, transferred or allotted from within
the superannuation system".
(2) For section 21JA(4)(c) of the Emergency
Services Superannuation Act 1986 substitute--
"(c) any amounts rolled over, transferred or
10 allotted within the superannuation system;
and".
(3) For section 21JA(8)(b) of the Emergency
Services Superannuation Act 1986 substitute--
"(b) roll over, transfer or allot the account
15 balance within the superannuation system;
or".
13 Amendment of section 21M--Transfer of preserved
benefit
(1) Insert the following heading to section 21M of
20 the Emergency Services Superannuation Act
1986--
"Roll over or transfer of preserved benefit".
(2) In section 21M(1) of the Emergency Services
Superannuation Act 1986 for "transferred to
25 another complying superannuation fund and may
apply to the Board to make the transfer"
substitute "rolled over or transferred within the
superannuation system and may apply to the
Board to do so".
30 (3) For section 21M(2) of the Emergency Services
Superannuation Act 1986 substitute--
"(2) Subject to section 27, the Board must roll
over or transfer that amount within the
superannuation system.".
561137B.I-22/5/2007 9 BILL LA INTRODUCTION 22/5/2007
Superannuation Legislation Amendment (Contribution Splitting and Other
Matters) Bill 2007
Part 2--Emergency Services Superannuation Act 1986
s. 14
14 Amendment of section 21N--Transfer to or from
new scheme
(1) In section 21N(1) of the Emergency Services
Superannuation Act 1986 for "to another
5 complying superannuation fund" substitute
"within the superannuation system".
(2) In section 21N(2) of the Emergency Services
Superannuation Act 1986 for "transferred"
substitute "rolled over or transferred".
10 (3) In section 21N(3) of the Emergency Services
Superannuation Act 1986 for "of another
complying superannuation fund" substitute "from
within the superannuation system".
15 Amendment of section 21O--Transfer of benefits to
15 other fund
(1) Insert the following heading to section 21O of the
Emergency Services Superannuation Act
1986--
"Roll over or transfer of benefits to other
20 fund".
(2) In section 21O(1)(b) of the Emergency Services
Superannuation Act 1986 for "of another
complying superannuation fund" substitute
"within the superannuation system".
25 (3) In section 21O(1) of the Emergency Services
Superannuation Act 1986 for "transferred to that
complying superannuation fund and may apply to
the Board to make the transfer" substitute "rolled
over or transferred within the superannuation
30 system and may apply to the Board to do so".
(4) For section 21O(2) of the Emergency Services
Superannuation Act 1986 substitute--
"(2) Subject to section 27, the Board must roll
over or transfer that amount within the
35 superannuation system.".
561137B.I-22/5/2007 10 BILL LA INTRODUCTION 22/5/2007
Superannuation Legislation Amendment (Contribution Splitting and Other
Matters) Bill 2007
Part 2--Emergency Services Superannuation Act 1986
s. 16
16 Amendment of section 26--Assignment or charging
of interest
(1) In section 26(1) of the Emergency Services
Superannuation Act 1986 after "(2)" insert
5 "and subsection (3)".
(2) After section 26(2) of the Emergency Services
Superannuation Act 1986 insert--
"(3) If on the death of a member or contributor
the Board is satisfied that there is no
10 personal representative, the Board may pay
any money payable to the member or
contributor or to his or her estate to a person
the Board considers appropriate in the
circumstances.
15 (4) For the purposes of subsection (3), personal
representative has the same meaning as it
has in section 5(1) of the Administration
and Probate Act 1958.".
__________________
561137B.I-22/5/2007 11 BILL LA INTRODUCTION 22/5/2007
Superannuation Legislation Amendment (Contribution Splitting and Other
Matters) Bill 2007
Part 3--Government Superannuation Act 1999
s. 17
PART 3--GOVERNMENT SUPERANNUATION ACT 1999
17 Amendment of section 42--MTA Superannuation
Fund
See: At the foot of section 42(13)(b) of the
Act No.
5 8/1999. Government Superannuation Act 1999 insert--
Reprint No. 2
as at "Note
1 December
2005. The effect of paragraph (b) is that, for the purpose of
LawToday: calculating benefit entitlements, the member contributions
www. are taken to be the member contributions that would have
legislation.
10 vic.gov.au
been payable if no election had been made.".
__________________
561137B.I-22/5/2007 12 BILL LA INTRODUCTION 22/5/2007
Superannuation Legislation Amendment (Contribution Splitting and Other
Matters) Bill 2007
Part 4--State Employees Retirement Benefits Act 1979
s. 18
PART 4--STATE EMPLOYEES RETIREMENT BENEFITS
ACT 1979
18 Amendment of section 2--Definitions
In section 2(1) of the State Employees See:
Act No.
5 Retirement Benefits Act 1979, after the 9363.
definition of State Superannuation Fund Reprint No. 6
as at
insert-- 1 December
2005
"superannuation system has the same meaning as and
amending
it has in regulation 5.01(1) of the Act Nos
10 Superannuation Industry (Supervision) 97/2005 and
24/2006.
Regulations 1994 of the Commonwealth;". LawToday:
www.
legislation.
vic.gov.au
19 Amendment of section 23--Member contribution
rates
At the foot of section 23(2C)(b) of the State
15 Employees Retirement Benefits Act 1979
insert--
"Note
The effect of paragraph (b) is that, for the purpose of
calculating benefit entitlements, the member contributions
20 are taken to be the member contributions that would have
been payable if no election had been made.".
20 Amendment of section 24--Contributions deducted
from salary
In section 24(6) of the State Employees
25 Retirement Benefits Act 1979 omit "not
exceeding 7 years if the member is on parental
leave or not exceeding 2 years if the member is on
leave for any other reason except ill-health".
561137B.I-22/5/2007 13 BILL LA INTRODUCTION 22/5/2007
Superannuation Legislation Amendment (Contribution Splitting and Other
Matters) Bill 2007
Part 4--State Employees Retirement Benefits Act 1979
s. 21
21 Amendment of section 34AB--Exempt officers
For section 34AB(3)(b) of the State Employees
Retirement Benefits Act 1979 substitute--
"(b) have the lump sum rolled over or transferred
5 within the superannuation system as
nominated by the member.".
22 Amendment of section 37--Resignation benefits
For section 37(1B)(b) of the State Employees
Retirement Benefits Act 1979 substitute--
10 "(b) have the lump sum rolled over or transferred
within the superannuation system as
nominated by the member.".
23 Amendment of section 38--Deferred retirement
benefits
15 For section 38(2A)(b) of the State Employees
Retirement Benefits Act 1979 substitute--
"(b) have the lump sum rolled over or transferred
within the superannuation system as
nominated by the member.".
20 24 Amendment of section 70A--Assignment or
charging of interest
(1) In section 70A(1) of the State Employees
Retirement Benefits Act 1979 after "(2)" insert
"and subsection (3)".
25 (2) After section 70A(2) of the State Employees
Retirement Benefits Act 1979 insert--
"(3) If on the death of a member the Board is
satisfied that there is no personal
representative, the Board may pay any
30 money payable to the member or to his or
her estate to a person the Board considers
appropriate in the circumstances.
561137B.I-22/5/2007 14 BILL LA INTRODUCTION 22/5/2007
Superannuation Legislation Amendment (Contribution Splitting and Other
Matters) Bill 2007
Part 4--State Employees Retirement Benefits Act 1979
s. 25
(4) For the purposes of subsection (3), personal
representative has the same meaning as it
has in section 5(1) of the Administration
and Probate Act 1958.".
5 25 Amendment of section 75--Conversion option to
apply to transferees who become exempt officers
(1) After section 75(3) of the State Employees
Retirement Benefits Act 1979 insert--
"(3A) An employee who--
10 (a) elected to transfer to the State
Superannuation Fund or the Transport
Superannuation Fund; and
(b) becomes an exempt officer on or after
attaining the age of 65 years--
15 is entitled to convert not more than 50 per
cent of his or her lump sum retirement
benefit under the State Superannuation Act
1988 or the Transport Superannuation Act
1988 to a pension in accordance with the
20 factors specified in the Schedule.".
(2) In section 75(4) of the State Employees
Retirement Benefits Act 1979 after "(3)" insert
"or subsection (3A)".
__________________
561137B.I-22/5/2007 15 BILL LA INTRODUCTION 22/5/2007
Superannuation Legislation Amendment (Contribution Splitting and Other
Matters) Bill 2007
Part 5--State Superannuation Act 1988
s. 26
PART 5--STATE SUPERANNUATION ACT 1988
26 Amendment of section 3--Definitions
See: In section 3(1) of the State Superannuation Act
Act No.
50/1988. 1988, in the definition of salary, paragraph (c) is
5 Reprint No. 6 repealed.
as at
1 December
2005
and
amending
Act Nos
97/2005 and
24/2006.
LawToday:
www.
legislation.
vic.gov.au
27 Amendment of section 3--Definitions
In section 3(1) of the State Superannuation Act
1988, after the definition of Superannuation Act
1958 insert--
10 "superannuation system has the same meaning as
it has in regulation 5.01(1) of the
Superannuation Industry (Supervision)
Regulations 1994 of the Commonwealth;".
28 Amendment of section 27--Original scheme
15 members
At the foot of section 27(5)(b) of the State
Superannuation Act 1988 insert--
"Note
The effect of paragraph (b) is that, for the purpose of
20 calculating benefit entitlements, the member contributions
are taken to be the member contributions that would have
been payable if no election had been made.".
561137B.I-22/5/2007 16 BILL LA INTRODUCTION 22/5/2007
Superannuation Legislation Amendment (Contribution Splitting and Other
Matters) Bill 2007
Part 5--State Superannuation Act 1988
s. 29
29 Amendment of section 28--Revised scheme
members
At the foot of section 28(1C)(b) of the State
Superannuation Act 1988 insert--
5 "Note
The effect of paragraph (b) is that, for the purpose of
calculating benefit entitlements, the member contributions
are taken to be the member contributions that would have
been payable if no election had been made.".
10 30 Amendment of section 47--Provisions applying to
deferred pensions
(1) For section 47(10)(b) of the State
Superannuation Act 1988 substitute--
"(b) have the lump sum rolled over or transferred
15 within the superannuation system as
nominated by the revised scheme member.".
(2) For section 47(10A)(b) of the State
Superannuation Act 1988 substitute--
"(b) have the lump sum rolled over or transferred
20 within the superannuation system as
nominated by the person.".
31 Amendment of section 49--Election in respect of
leave of absence without pay
In section 49(1) of the State Superannuation Act
25 1988 omit "for a period not exceeding 7 years if
the member is on parental leave or not exceeding
2 years if the member is on leave for any other
reason except ill-health".
561137B.I-22/5/2007 17 BILL LA INTRODUCTION 22/5/2007
Superannuation Legislation Amendment (Contribution Splitting and Other
Matters) Bill 2007
Part 5--State Superannuation Act 1988
s. 32
32 Amendment of section 50--New scheme members
At the foot of section 50(4C)(b) of the State
Superannuation Act 1988 insert--
"Note
5 The effect of paragraph (b) is that, for the purpose of
calculating benefit entitlements, the member contributions
are taken to be the member contributions that would have
been payable if no election had been made.".
33 Amendment of section 53--Benefit on death of new
10 scheme member before retirement
(1) After section 53(5) of the State Superannuation
Act 1988 insert--
"(5A) If subsection (3), (4), (4A) or (5) applies and
there are any dependants, the Board may in
15 its discretion pay the whole or part of the
benefit to the personal representative of the
new scheme member.".
(2) After section 53(8) of the State Superannuation
Act 1988 insert--
20 "(9) For the purposes of this section, personal
representative has the same meaning as it
has in section 5(1) of the Administration
and Probate Act 1958.".
34 Amendment of section 58--Benefit on resignation
25 For section 58(4)(b) of the State Superannuation
Act 1988 substitute--
"(b) have the lump sum rolled over or transferred
within the superannuation system as
nominated by the new scheme member.".
561137B.I-22/5/2007 18 BILL LA INTRODUCTION 22/5/2007
Superannuation Legislation Amendment (Contribution Splitting and Other
Matters) Bill 2007
Part 5--State Superannuation Act 1988
s. 35
35 Amendment of section 59--Intermittent service
In section 59(1) of the State Superannuation Act
1988 for "for a period not exceeding--
(a) 7 years, if the member is on parental leave;
5 or
(b) 2 years, if the member is on leave for any
other reason except ill-health."--
substitute "for the period of the leave.".
36 Amendment of section 61--Transfer from revised
10 scheme to new scheme
For section 61(8)(b) of the State Superannuation
Act 1988 substitute--
"(b) have the lump sum rolled over or transferred
within the superannuation system as
15 nominated by the former revised scheme
member.".
37 Amendment of section 61A--Exempt officers
(1) For section 61A(4)(b) of the State
Superannuation Act 1988 substitute--
20 "(b) have the lump sum rolled over or transferred
within the superannuation system as
nominated by the revised scheme member.".
(2) For section 61A(5)(b) of the State
Superannuation Act 1988 substitute--
25 "(b) have the lump sum rolled over or transferred
within the superannuation system as
nominated by the new scheme member.".
561137B.I-22/5/2007 19 BILL LA INTRODUCTION 22/5/2007
Superannuation Legislation Amendment (Contribution Splitting and Other
Matters) Bill 2007
Part 5--State Superannuation Act 1988
s. 38
38 Amendment of section 66--Officers on secondment
or leave of absence
In section 66 of the State Superannuation Act
1988 for "for a period not exceeding--
5 (a) 7 years, if the member is on parental leave;
or
(b) 2 years, if the member is on leave for any
other reason except ill-health."--
substitute "for the period of the leave.".
10 39 Amendment of section 69--Members of approved
superannuation schemes
For section 69(4A)(b) of the State
Superannuation Act 1988 substitute--
"(b) have the lump sum rolled over or transferred
15 within the superannuation system as
nominated by the contributor.".
40 Amendment of section 88--Assignment or charging
of interest
(1) In section 88(1) of the State Superannuation Act
20 1988 after "(2)" insert "and subsection (3)".
(2) After section 88(2) of the State Superannuation
Act 1988 insert--
"(3) If on the death of a member the Board is
satisfied that there is no personal
25 representative, the Board may pay any
money payable to the member or to his or
her estate to a person the Board considers
appropriate in the circumstances.
(4) For the purposes of subsection (3), personal
30 representative has the same meaning as it
has in section 5(1) of the Administration
and Probate Act 1958.".
561137B.I-22/5/2007 20 BILL LA INTRODUCTION 22/5/2007
Superannuation Legislation Amendment (Contribution Splitting and Other
Matters) Bill 2007
Part 5--State Superannuation Act 1988
s. 41
41 Amendment of section 94--Transfer of members of
MWCESF
(1) For section 94(1E)(b) of the State
Superannuation Act 1988 substitute--
5 "(b) have the lump sum rolled over or transferred
within the superannuation system as
nominated by the member.".
(2) At the foot of section 94(8)(b) of the State
Superannuation Act 1988 insert--
10 "Note
The effect of paragraph (b) is that, for the purpose of
calculating benefit entitlements, the member contributions
are taken to be the member contributions that would have
been payable if no election had been made.".
15 42 Amendment of section 101--Provisions relating to
transferred beneficiaries
For section 101(5)(b) of the State
Superannuation Act 1988 substitute--
"(b) have the lump sum rolled over or transferred
20 within the superannuation system as
nominated by the beneficiary.".
__________________
561137B.I-22/5/2007 21 BILL LA INTRODUCTION 22/5/2007
Superannuation Legislation Amendment (Contribution Splitting and Other
Matters) Bill 2007
Part 6--Superannuation (Portability) Act 1989
s. 43
PART 6--SUPERANNUATION (PORTABILITY) ACT 1989
43 Amendment of section 3--Definitions
See: In section 3(1) of the Superannuation
Act No.
14/1989. (Portability) Act 1989, after the definition of
5 Reprint No. 5 superannuation scheme insert--
as at
1 December
2005.
"superannuation system has the same meaning as
LawToday: it has in regulation 5.01(1) of the
www.
legislation.
Superannuation Industry (Supervision)
vic.gov.au Regulations 1994 of the Commonwealth;".
10 44 Amendment of section 5--Entitlement to deferred
retirement benefit
For section 5(2A)(b) of the Superannuation
(Portability) Act 1989 substitute--
"(b) have the lump sum rolled over or transferred
15 within the superannuation system as
nominated by the member.".
45 Amendment of section 7--Provisions relating to
payment of benefits
For section 7(7A)(b) of the Superannuation
20 (Portability) Act 1989 substitute--
"(b) have the lump sum rolled over or transferred
within the superannuation system as
nominated by the person.".
__________________
561137B.I-22/5/2007 22 BILL LA INTRODUCTION 22/5/2007
Superannuation Legislation Amendment (Contribution Splitting and Other
Matters) Bill 2007
Part 7--Transport Superannuation Act 1988
s. 46
PART 7--TRANSPORT SUPERANNUATION ACT 1988
46 Amendment of section 3--Definitions
In section 3(1) of the Transport Superannuation See:
Act No.
Act 1988, after the definition of State 33/1988.
5 Superannuation Fund insert-- Reprint No. 5
as at
1 December
"superannuation system has the same meaning as 2005
it has in regulation 5.01(1) of the and
amending
Superannuation Industry (Supervision) Act No
Regulations 1994 of the Commonwealth;". 97/2005.
LawToday:
www.
legislation.
vic.gov.au
10 47 Amendment of section 28--Contributions by
members
At the foot of section 28(3C)(b) of the Transport
Superannuation Act 1988 insert--
"Note
15 The effect of paragraph (b) is that, for the purpose of
calculating benefit entitlements, the member contributions
are taken to be the member contributions that would have
been payable if no election had been made.".
48 Amendment of section 30--Benefit on death before
20 retirement
After section 30(2) of the Transport
Superannuation Act 1988 insert--
"(2A) If subsection (1) or (2) applies and there are
any dependants, the Board may in its
25 discretion pay the whole or part of the
benefit to the personal representative of the
member.
(2B) For the purposes of subsection (2A),
personal representative has the same
30 meaning as it has in section 5(1) of the
Administration and Probate Act 1958.".
561137B.I-22/5/2007 23 BILL LA INTRODUCTION 22/5/2007
Superannuation Legislation Amendment (Contribution Splitting and Other
Matters) Bill 2007
Part 7--Transport Superannuation Act 1988
s. 49
49 Amendment of section 31--Benefit on retirement
through disability
After section 31(4) of the Transport
Superannuation Act 1988 insert--
5 "(4A) If subsection (4) applies and there are any
dependants, the Board may in its discretion
pay the whole or part of the benefit to the
personal representative of the former
member.
10 (4B) For the purposes of subsection (4A),
personal representative has the same
meaning as it has in section 5(1) of the
Administration and Probate Act 1958.".
50 Amendment of section 34A--Exempt officers
15 For section 34A(3)(b) of the Transport
Superannuation Act 1988 substitute--
"(b) have the lump sum rolled over or transferred
within the superannuation system as
nominated by the member.".
20 51 Amendment of section 35--Benefit on resignation
(1) For section 35(4A)(b) of the Transport
Superannuation Act 1988 substitute--
"(b) have the lump sum rolled over or transferred
within the superannuation system as
25 nominated by the member.".
(2) After section 35(5) of the Transport
Superannuation Act 1988 insert--
"(6) If subsection (5)(a) applies and there are any
dependants, the Board may in its discretion
30 pay the whole or part of the benefit to the
personal representative of the member.
561137B.I-22/5/2007 24 BILL LA INTRODUCTION 22/5/2007
Superannuation Legislation Amendment (Contribution Splitting and Other
Matters) Bill 2007
Part 7--Transport Superannuation Act 1988
s. 52
(7) For the purposes of subsection (6), personal
representative has the same meaning as it
has in section 5(1) of the Administration
and Probate Act 1958.".
5 52 Amendment of section 37--Intermittent service
In section 37(1) of the Transport
Superannuation Act 1988 for "for a period not
exceeding--
(a) 7 years, if the member is on parental leave;
10 or
(b) 2 years, if the member is on leave for any
other reasons except ill-health."--
substitute "for the period of the leave.".
53 Amendment of section 49--Assignment or charging
15 of interest
(1) In section 49(1) of the Transport
Superannuation Act 1988 after "(2)" insert
"and subsection (3)".
(2) After section 49(2) of the Transport
20 Superannuation Act 1988 insert--
"(3) If on the death of a member or former
member the Board is satisfied that there is no
personal representative, the Board may pay
any money payable to the member or former
25 member or to his or her estate to a person the
Board considers appropriate in the
circumstances.
(4) For the purposes of subsection (3), personal
representative has the same meaning as it
30 has in section 5(1) of the Administration
and Probate Act 1958.".
__________________
561137B.I-22/5/2007 25 BILL LA INTRODUCTION 22/5/2007
Superannuation Legislation Amendment (Contribution Splitting and Other
Matters) Bill 2007
Part 8--Repeal of Amending Act
s. 54
PART 8--REPEAL OF AMENDING ACT
54 Repeal of Act
This Act is repealed on the first anniversary of its
commencement.
561137B.I-22/5/2007 26 BILL LA INTRODUCTION 22/5/2007
Superannuation Legislation Amendment (Contribution Splitting and Other
Matters) Bill 2007
Endnotes
ENDNOTES
By Authority. Government Printer for the State of Victoria.
561137B.I-22/5/2007 27 BILL LA INTRODUCTION 22/5/2007
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