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PARLIAMENT OF VICTORIA
Superannuation Legislation (Governance Reform)
Act 2005
Act No.
TABLE OF PROVISIONS
Clause Page
PART 1--PRELIMINARY 2
1. Purpose 2
2. Commencement 3
PART 2--EMERGENCY SERVICES SUPERANNUATION
ACT 1986 4
3. Amendment of section 1--Purpose 4
4. Amendment of section 3--Definitions 4
5. New section 3A inserted 7
3A. Declaration of eligible salary sacrifice contributors 7
6. New sections 4B to 4D inserted 7
4B. Effect of Act 7
4C. Guarantee of no detriment 8
4D. Review of decision 8
7. Amendment of section 6--Objectives and duties of the Board 9
8. New section 6A inserted 14
6A. Functions and powers of the Board 14
9. Section 7 substituted--Membership of the Board 16
7. Membership of the Board 16
10. Consequential amendment of sections 8, 12B and 12C 21
11. Section 12 substituted--Procedure of the Board 21
12. Procedure of the Board 21
12. Section 13 substituted and new section 13A inserted 23
13. Chief Executive Officer 23
13A. Staff 25
13. Amendment of section 14--Delegation 27
14. New section 17B inserted--Group accounts 27
17B. Group accounts 27
15. Amendment of section 18--Management Account of the Board 29
16. New Part heading inserted 30
17. Amendment of section 20--Scheme may be supplemented by
Consolidated Fund 30
18. Amendment of section 20A--Contributions 31
19. Amendment of section 20Q 32
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551375B.A1-18/11/2005 BILL LA AS SENT 18/11/2005
Clause Page
20. New Parts 4AA and 4AB inserted 33
PART 4AA--TRANSFER OF THE STATE
SUPERANNUATION FUND AND TRANSFER OF
ADMINISTRATION OF THE MTA SUPERANNUATION
FUND AND RELATED MATTERS 33
22DA. Definitions 33
22DB. Transfer of assets and liabilities of the State
Superannuation Fund 33
22DC. Board is successor in law 34
22DD. Exemption from stamp duty or other tax 36
22DE. Transitional provision--Registrar of Titles 36
PART 4AB--TRANSFER OF ADMINISTRATION OF
DECLARED PUBLIC SECTOR SUPERANNUATION
SCHEMES 36
22DF. Application of this Part 36
22DG. Declaration of administered schemes 37
22DH. Board is successor in law 37
22DI. Conflict between duties, functions and powers 38
22DJ. Matters which may be included in Order in Council 39
22DK. General provisions relating to Orders in Council 39
22DL. Exemption from stamp duty or other tax 41
22DM. Transitional provision--Registrar of Titles 41
PART 3--GOVERNMENT SUPERANNUATION ACT 1999 42
21. Amendment of section 1--Purpose 42
22. Amendment of section 3--Definitions 42
23. Repeal of Parts 2, 3 and 4 42
24. Repeal of section 47 42
PART 4--PARLIAMENTARY SALARIES AND
SUPERANNUATION ACT 1968 43
25. Amendment of section 11B--Objectives and duties of the
Parliamentary Trustee 43
26. Amendment of section 11C--Functions and powers of the
Parliamentary Trustee 44
PART 5--STATE EMPLOYEES RETIREMENT BENEFITS
ACT 1979 45
27. Amendment of section 2--Definitions 45
28. Repeal of Part 2 46
29. Amendment of section 29--Board may determine classification 46
30. Amendment of section 34A--Election by retrenched member 46
31. Amendment of section 38--Deferred retirement benefits 46
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551375B.A1-18/11/2005 BILL LA AS SENT 18/11/2005
Clause Page
32. Amendment of section 41A--Pensioner may apply for reduced
pension and lump sum payment 46
33. Amendment of section 51A--Entitlement to pension 46
34. Amendment of section 65--Minimum benefits 47
35. Repeal of Part VI 47
PART 6--STATE SUPERANNUATION ACT 1988 48
36. Amendment of section 3--Definitions 48
37. Amendment of section 3A--Declaration of eligible salary
sacrifice contributors 49
38. Amendment of Part 3 49
39. Repeal of Parts 3A and 9 49
40. Amendment of section 25--Service and prospective service
of part-time officer 49
41. Amendment of section 43--Payment on death of revised
scheme member before retirement 50
42. Amendment of section 49--Election in respect of leave of
absence without pay 50
43. Amendment of section 50--Contribution rates 50
44. Amendment of section 52--Benefit on retirement of new
scheme member 50
45. Amendment of section 53--Benefit on death of new scheme
member before retirement 50
46. Amendment of section 59--Intermittent service 51
47. Amendment of section 67A--Entitlement to pension 51
48. Amendment of section 71--Minimum benefit 51
49. Amendment of section 99--Transfer of members under
section 4(1BA) of ESSA 51
PART 7--SUPERANNUATION (PORTABILITY) ACT 1989 52
50. Repeal of spent provision 52
PART 8--TRANSPORT SUPERANNUATION ACT 1988 53
51. Amendment of section 3--Definitions 53
52. Repeal of Parts 2 and 5 53
53. Amendment of section 29--Benefit on retirement due to age 54
54. Amendment of section 35A--Minimum benefit 54
55. Amendment of section 37--Intermittent service 54
56. Repeal of Part 9 54
ENDNOTES 55
iii
551375B.A1-18/11/2005 BILL LA AS SENT 18/11/2005
PARLIAMENT OF VICTORIA
Initiated in Assembly 26 October 2005
As amended by Assembly 17 November 2005
A BILL
to amend the Emergency Services Superannuation Act 1986, the
Government Superannuation Act 1999, the Parliamentary
Salaries and Superannuation Act 1968, the State Employees
Retirement Benefits Act 1979, the State Superannuation Act 1988,
the Superannuation (Portability) Act 1989 and the Transport
Superannuation Act 1988 to reform the governance of public sector
superannuation schemes and for other purposes.
Superannuation Legislation
(Governance Reform) Act 2005
The Parliament of Victoria enacts as follows:
1
551375B.A1-18/11/2005 BILL LA AS SENT 18/11/2005
Superannuation Legislation (Governance Reform) Act 2005
Act No.
Part 1--Preliminary
s. 1
PART 1--PRELIMINARY
1. Purpose
The purpose of this Act is to--
(a) amend the Emergency Services
Superannuation Act 1986 to--
5
(i) integrate the State Superannuation Fund
into the Emergency Services
Superannuation Scheme by closing the
State Superannuation Fund and
transferring the assets and liabilities of
10
the State Superannuation Fund to the
Emergency Services Superannuation
Scheme;
(ii) restructure the Emergency Services
Superannuation Board and broaden the
15
objectives, functions and powers of the
Board to enable it to perform the new
role of administrator of public sector
superannuation schemes and
administered schemes;
20
(iii) provide for the Government
Superannuation Office to be abolished
and for the Emergency Services
Superannuation Board to be the
successor in law of the Government
25
Superannuation Office;
(iv) enable salary sacrifice by contributors
to the Emergency Services
Superannuation Scheme;
(v) improve the administration of public
30
sector superannuation schemes;
2
551375B.A1-18/11/2005 BILL LA AS SENT 18/11/2005
Superannuation Legislation (Governance Reform) Act 2005
Act No.
Part 1--Preliminary
s. 2
(b) make related amendments to the
Government Superannuation Act 1999,
the Parliamentary Salaries and
Superannuation Act 1968, the State
Employees Retirement Benefits Act 1979,
5
the State Superannuation Act 1988, the
Superannuation (Portability) Act 1989 and
the Transport Superannuation Act 1988.
2. Commencement
This Act comes into operation on 1 December
10
2005.
__________________
3
551375B.A1-18/11/2005 BILL LA AS SENT 18/11/2005
Superannuation Legislation (Governance Reform) Act 2005
Act No.
Part 2--Emergency Services Superannuation Act 1986
s. 3
See: PART 2--EMERGENCY SERVICES SUPERANNUATION
Act No.
ACT 1986
94/1986.
Reprint No. 5
as at
3. Amendment of section 1--Purpose
15 October
2003
At the end of section 1 of the Emergency
and
Services Superannuation Act 1986 insert--
5 amending
Act Nos
"(2) In addition to the purpose specified in sub-
40/2004 and
32/2005.
section (1), the purpose of this Act as
LawToday:
amended by the Superannuation
www.dms.
dpc.vic.
Legislation (Governance Reform) Act
gov.au
2005 is to--
10
(a) re-constitute the Board and empower
the Board to administer public sector
superannuation schemes; and
(b) improve the administration of public
sector superannuation schemes.".
15
4. Amendment of section 3--Definitions
(1) In section 3(1) of the Emergency Services
Superannuation Act 1986 insert the following
definitions--
' "administered scheme" means--
20
(a) the MTA Superannuation Fund; and
(b) a public sector superannuation scheme
which is declared to be an administered
scheme under section 22DG;
"appointed day", in respect of an administered
25
scheme within the meaning of paragraph (b)
of the definition of "administered scheme",
means the appointed day specified in the
Order in Council made under section 22DG
in respect of the transfer of the administered
30
scheme;
4
551375B.A1-18/11/2005 BILL LA AS SENT 18/11/2005
Superannuation Legislation (Governance Reform) Act 2005
Act No.
Part 2--Emergency Services Superannuation Act 1986
s. 4
"Chief Executive Officer" means the Chief
Executive Officer of the Board appointed to
be the Chief Executive Officer under section
13 or a person appointed to act as the Chief
Executive Officer under that section;
5
"eligible salary sacrifice contributor" means a
contributor in respect of whom a declaration
is in force under section 3A;
"governing body" means the person or body
administering a public sector superannuation
10
scheme but does not include the Board;
"governing instrument" means the Act,
regulations, by-law, trust deed or other
document whatsoever or any combination of
such documents by or under which a public
15
sector superannuation scheme is established
or maintained;
"public sector superannuation scheme" means
a scheme for the payment of superannuation,
retirement or death benefits which is
20
established or maintained--
(a) by or under an Act; or
(b) by a public authority, statutory body,
body corporate or other body
constituted by or under an Act;
25
"Superannuation Act" means--
(a) this Act;
(b) Part III of the Police Regulation Act
1958;
(c) the State Employees Retirement
30
Benefits Act 1979;
(d) the State Superannuation Act 1988;
5
551375B.A1-18/11/2005 BILL LA AS SENT 18/11/2005
Superannuation Legislation (Governance Reform) Act 2005
Act No.
Part 2--Emergency Services Superannuation Act 1986
s. 4
(e) the Superannuation Act 1958;
(f) the Transport Superannuation Act
1988;
"State Superannuation Fund" means the
Superannuation Fund established under the
5
Superannuation Act 1925 and continued
under the State Superannuation Act 1988
as the State Superannuation Fund and as in
existence immediately before the
commencement of the Superannuation
10
Legislation (Governance Reform) Act
2005;
"superannuation benefits" includes
superannuation payments, annuities,
pensions, allowances, lump sum payments or
15
other benefits;'.
(2) In section 3(1) of the Emergency Services
Superannuation Act 1986, in the definition of
"benefit" after "Scheme" insert "under this Act".
(3) In section 3(1) of the Emergency Services
20
Superannuation Act 1986, in the definition of
"contributor" for "Part 3" substitute "Part 3AA".
(4) In section 3(1) of the Emergency Services
Superannuation Act 1986, in paragraph (g) of
the definition of "employee" after "Board" insert
25
"before 1 December 2005 or in accordance with
section 13 or 13A or to which section 13A(3)(b)
applies".
(5) After section 3(2) of the Emergency Services
Superannuation Act 1986 insert--
30
"(3) A reference in this Act to the administration
of a public sector superannuation scheme
includes a reference to the management and
control of the policies of that scheme.
6
551375B.A1-18/11/2005 BILL LA AS SENT 18/11/2005
Superannuation Legislation (Governance Reform) Act 2005
Act No.
Part 2--Emergency Services Superannuation Act 1986
s. 5
(4) If there is any inconsistency between a
provision which by virtue of this Act is
deemed to form part of or is to be read and
construed as forming part of a governing
instrument and any other provision of the
5
governing instrument, the first-mentioned
provision prevails.".
5. New section 3A inserted
After section 3 of the Emergency Services
Superannuation Act 1986 insert--
10
"3A. Declaration of eligible salary sacrifice
contributors
The Minister may by notice published in the
Government Gazette declare--
(a) a contributor to be an eligible salary
15
sacrifice contributor from the date
specified in the notice; or
(b) a class of contributors to be eligible
salary sacrifice contributors from the
date specified in the notice.".
20
6. New sections 4B to 4D inserted
After section 4A of the Emergency Services
Superannuation Act 1986 insert--
"4B. Effect of Act
This Act does not confer any power on the
25
Government of Victoria, the Minister or the
Board to close the Scheme established under
section 15 to new members.
7
551375B.A1-18/11/2005 BILL LA AS SENT 18/11/2005
Superannuation Legislation (Governance Reform) Act 2005
Act No.
Part 2--Emergency Services Superannuation Act 1986
s. 6
4C. Guarantee of no detriment
(1) Subject to sub-section (2), no benefit or
entitlement to a benefit calculated or payable
under a Superannuation Act shall be less
than the benefit or entitlement to which a
5
person would have been entitled if this Act
had not been amended by the
Superannuation Legislation (Governance
Reform) Act 2005.
(2) This section applies to a benefit or
10
entitlement to a benefit calculated or payable
under Part 3A only to the extent that the
benefit is not impacted by investment
decisions, changes to the rate or amount of
member contributions made at the direction
15
of a member or matters at the discretion of
the Board.
4D. Review of decision
A person who is aggrieved as to a decision of
the Board that a benefit or entitlement to a
20
benefit calculated or payable under a
Superannuation Act to which section 4C
applies is not less than the benefit or
entitlement to which a person would have
been entitled if this Act had not been
25
amended by the Superannuation
Legislation (Governance Reform) Act
2005, is entitled to a review of that decision
in accordance with the Superannuation Act
under which the benefit or entitlement to the
30
benefit is calculated or payable.".
8
551375B.A1-18/11/2005 BILL LA AS SENT 18/11/2005
Superannuation Legislation (Governance Reform) Act 2005
Act No.
Part 2--Emergency Services Superannuation Act 1986
s. 7
7. Amendment of section 6--Objectives and duties of
the Board
(1) For sections 6(1), 6(2) and 6(2A) of the
Emergency Services Superannuation Act 1986
substitute--
5
"(1) The following are the objectives of the
Board--
(a) to collect contributions and other assets
due to the Scheme or an administered
scheme;
10
(b) to manage and determine investment
objectives for the assets of the Scheme
or an administered scheme so as to
achieve optimal risk and return
outcomes having regard to--
15
(i) the need to provide for payments
out of the Scheme or administered
scheme; and
(ii) the need to exercise reasonable
care and prudence so as to
20
maintain the integrity of the
Scheme or administered scheme;
(c) to administer the payment of benefits
under a Superannuation Act or the
governing instrument of an
25
administered scheme.
(2) It is the duty of the Board to--
(a) establish policies for the administration
of each Superannuation Act and
administered scheme and to adopt
30
strategies for the achievement of those
policies; and
9
551375B.A1-18/11/2005 BILL LA AS SENT 18/11/2005
Superannuation Legislation (Governance Reform) Act 2005
Act No.
Part 2--Emergency Services Superannuation Act 1986
s. 7
(b) determine, authorise or approve
programs for the administration of each
Superannuation Act and administered
scheme; and
(c) determine objectives for the investment
5
of money in the Scheme and standing
to the credit of each administered
scheme; and
(d) establish and implement strategies for
the investment of money in the Scheme
10
and standing to the credit of each
administered scheme; and
(e) ensure that the assets of each
administered scheme are administered
in accordance with this Act and with
15
those provisions of the governing
instrument under which the
administered scheme is constituted
which continue to apply to an
administered scheme by virtue of this
20
Act; and
(f) have regard to the interests of persons
entitled to benefits under the Scheme, a
Superannuation Act or an administered
scheme; and
25
(g) ensure that the Scheme and each
administered scheme is administered in
accordance with the Commonwealth
Superannuation Contributions Tax
(Assessment and Collection) Act 1997
30
and the Commonwealth
Superannuation Contributions Tax
Imposition Act 1997 and any
regulations under those Acts; and
10
551375B.A1-18/11/2005 BILL LA AS SENT 18/11/2005
Superannuation Legislation (Governance Reform) Act 2005
Act No.
Part 2--Emergency Services Superannuation Act 1986
s. 7
(h) ensure that the provisions of Part VIIIB
of the Commonwealth Family Law Act
1975 and regulations made under that
Act for the purposes of that Part are
complied with; and
5
(i) ensure that the decisions and operations
of the Board are directed towards
achieving its objectives; and
(j) ensure that the Board has, or has access
to, the skills, facilities and resources
10
required to achieve its objectives; and
(k) subject to sub-section (3), inform
contributors and members, about their
rights and the benefits under the
Scheme, a Superannuation Act or an
15
administered scheme and about the
management and investment of the
Scheme or the administered scheme
including making available to
contributors and members at least once
20
in each year a summary of information
about the management and investment
of the Scheme or administered scheme;
and
(l) subject to sub-section (3), liaise with
25
relevant industrial organisations about
the interests of contributors and
members and inform those
organisations about the management
and investment of the Scheme or
30
administered scheme; and
(m) ensure that the Board conducts its
operations in an efficient manner.
11
551375B.A1-18/11/2005 BILL LA AS SENT 18/11/2005
Superannuation Legislation (Governance Reform) Act 2005
Act No.
Part 2--Emergency Services Superannuation Act 1986
s. 7
(2A) In relation to the investment of all or part of
the money in the Scheme and standing to the
credit of each administered scheme, the
Board is to be taken to have discharged the
relevant duties specified in sub-section (2),
5
other than the duty to determine investment
objectives under sub-section (2)(c), if in
respect of that money--
(a) the Board has appointed the Victorian
Funds Management Corporation under
10
section 9A of the Victorian Funds
Management Corporation Act 1994
to perform investment related functions
on behalf of the Board; and
(b) the terms of the appointment with
15
respect to the investment of money are
in accordance with an approval given
by the Governor in Council under
section 20 of the Borrowing and
Investment Powers Act 1987.
20
(2B) If any provision of the Commonwealth
Superannuation Contributions Tax
(Assessment and Collection) Act 1997 or the
Commonwealth Superannuation
Contributions Tax Imposition Act 1997 or of
25
any regulations under those Acts is
inconsistent with a Superannuation Act or
any regulations under a Superannuation Act
or the governing instrument of an
administered scheme, the Board is to be
30
taken to have complied with the
Superannuation Act or the regulations or the
governing instrument of the administered
scheme if the Board has complied with the
provision of the Commonwealth
35
Superannuation Contributions Tax
(Assessment and Collection) Act 1997 or the
Commonwealth Superannuation
12
551375B.A1-18/11/2005 BILL LA AS SENT 18/11/2005
Superannuation Legislation (Governance Reform) Act 2005
Act No.
Part 2--Emergency Services Superannuation Act 1986
s. 7
Contributions Tax Imposition Act 1997 or of
the regulations under those Acts.
(2C) If any provision of Part VIIIB of the
Commonwealth Family Law Act 1975 or of
any regulations made under that Act for the
5
purposes of that Part is inconsistent with a
Superannuation Act or any regulations under
a Superannuation Act or the governing
instrument of an administered scheme, the
Board is to be taken to have complied with
10
the Superannuation Act or the regulations or
the governing instrument of the administered
scheme if the Board has complied with the
provision of Part VIIIB of the
Commonwealth Family Law Act 1975 or of
15
any regulations made under that Act for the
purposes of that Part.".
(2) In section 6(3) of the Emergency Services
Superannuation Act 1986 for "paragraphs (e)
and (f) of sub-section (2)" substitute
20
"sub-sections (2)(k) and (2)(l)".
(3) After section 6(5) of the Emergency Services
Superannuation Act 1986 insert--
"(6) The Minister may issue a direction in writing
to the Board in respect of the administration
25
of this Act as amended by the
Superannuation Legislation (Governance
Reform) Act 2005 relating to or consequent
on--
(a) the closure of the State Superannuation
30
Fund and the transfer of the assets and
liabilities of the State Superannuation
Fund to the Scheme;
13
551375B.A1-18/11/2005 BILL LA AS SENT 18/11/2005
Superannuation Legislation (Governance Reform) Act 2005
Act No.
Part 2--Emergency Services Superannuation Act 1986
s. 8
(b) the transfer of administration from the
Government Superannuation Office to
the Board;
(c) the re-constitution of the Board.
(7) The Board must give effect to a direction
5
issued under sub-section (6).
(8) If the Minister issues a direction under sub-
section (6), the Board must publish that
direction in its next annual report.".
8. New section 6A inserted
10
After section 6 of the Emergency Services
Superannuation Act 1986 insert--
"6A. Functions and powers of the Board
(1) Without derogating from section 6, the
Board has the functions and powers
15
conferred or imposed on the Board by--
(a) a Superannuation Act and any
regulations made under a
Superannuation Act;
(b) any other Act and any regulations made
20
under that other Act;
(c) the governing instrument of an
administered scheme.
(2) Subject to this Act, the Board has power to
do all things necessary or convenient to be
25
done for or in connection with the
performance of its functions and duties and
to enable it to achieve its objectives.
(3) Without limiting or derogating from the
generality of the powers of the Board under
30
this Act, the powers of the Board include--
14
551375B.A1-18/11/2005 BILL LA AS SENT 18/11/2005
Superannuation Legislation (Governance Reform) Act 2005
Act No.
Part 2--Emergency Services Superannuation Act 1986
s. 8
(a) power to enter into agreements or
arrangements with any other person or
body--
(i) to carry out on behalf of the Board
any one or more of the functions
5
or powers of the Board in relation
to the Scheme or an administered
scheme;
(ii) to arrange death and disability
cover insurance for individual
10
members or classes of members of
the Scheme or an administered
scheme;
(iii) to provide custodial or nominee
services;
15
(b) power to engage any person or body to
act as an agent on behalf of the Board.
(4) The Board may make arrangements with--
(a) the bodies administering the
superannuation funds referred to in
20
section 4(1) of the Transport
Superannuation Act 1988; or
(b) any Minister, employer, employing
authority, Government Department or
agency or any other statutory body--
25
relating to the members of a superannuation
fund or the provision of any services to the
members of a superannuation fund or other
pension or compensation fund.
(5) Any arrangements in effect under section 26
30
of the Transport Superannuation Act 1988
as in force immediately before the
commencement of the Superannuation
Legislation (Governance Reform) Act
15
551375B.A1-18/11/2005 BILL LA AS SENT 18/11/2005
Superannuation Legislation (Governance Reform) Act 2005
Act No.
Part 2--Emergency Services Superannuation Act 1986
s. 9
2005 are deemed to have been made under
sub-section (4).
(6) The Board may engage an actuary to advise
it about the administration of the Scheme or
an administered scheme.".
5
9. Section 7 substituted--Membership of the Board
For section 7 of the Emergency Services
Superannuation Act 1986 substitute--
'7. Membership of the Board
(1) The Board is to consist of 12 members
10
appointed by the Governor in Council of
whom--
(a) 1 is to be a contributor elected by
contributors who are employed under
the Police Regulation Act 1958 or by
15
the employee organisations
representing those contributors; and
(b) 1 is to be a contributor elected by
contributors who are officers or
employees of the Metropolitan Fire and
20
Emergency Services Board or persons
appointed by the Country Fire
Authority under section 17 of the
Country Fire Authority Act 1958 or
by the employees of the unions
25
representing those contributors; and
(c) 1 is to be a contributor elected by
contributors who are employees
appointed by Ambulance Services--
Victoria under the Ambulance
30
Services Act 1986 or by any other
ambulance service specified by the
Minister under this Act and by
contributors who are not employees
referred to in paragraph (a) or (b); and
35
16
551375B.A1-18/11/2005 BILL LA AS SENT 18/11/2005
Superannuation Legislation (Governance Reform) Act 2005
Act No.
Part 2--Emergency Services Superannuation Act 1986
s. 9
(d) 3 are to be members of the Scheme
elected by members of the Scheme; and
(e) 6 are to be persons nominated by the
Minister.
(2) The Governor in Council must appoint a
5
member nominated under sub-section (1)(e)
to be the President of the Board.
(3) For the purposes of sub-section (1)(a), (1)(b)
and (1)(c), each of the contributor members
of the Board in office immediately before the
10
commencement of the Superannuation
Legislation (Governance Reform) Act
2005 continue in office for the remainder of
the term for which the member was elected
unless the member ceases to be a member for
15
any of the reasons specified in section 8(1)
or is suspended or removed from office;
(4) Despite sub-section (1)(d), until 31
December 2006 the members appointed for
the purposes of that sub-section as from
20
1 December 2005 are to be members of the
Scheme being the persons elected under
section 10(1)(c) of the Government
Superannuation Act 1999 and in office as
members of the Board of Directors of the
25
Government Superannuation Office
immediately before the commencement of
the Superannuation Legislation
(Governance Reform) Act 2005 and who
are to be members until 31 December 2006,
30
unless the member ceases to be a member for
any of the reasons specified in section 8(1)
or is suspended or removed from office.
17
551375B.A1-18/11/2005 BILL LA AS SENT 18/11/2005
Superannuation Legislation (Governance Reform) Act 2005
Act No.
Part 2--Emergency Services Superannuation Act 1986
s. 9
(5) Despite sub-section (1)(e)--
(a) each of the members of the Board, not
being an elected member, in office
immediately before the commencement
of the Superannuation Legislation
5
(Governance Reform) Act 2005
continue in office for the remainder of
the term for which the member was
appointed; and
(b) 3 of the members appointed for the
10
purposes of that sub-section as from
1 December 2005 are to be the persons
appointed under section 10(1)(b) of the
Government Superannuation Act
1999 and in office as members of the
15
Board of Directors of the Government
Superannuation Office immediately
before the commencement and who are
to be members for the remainder of the
term for which the member was
20
appointed as a member of the Board of
Directors of the Government
Superannuation Office--
unless the member ceases to be a member for
any of the reasons specified in section 8(1)
25
or is suspended or removed from office.
(6) Despite sub-section (2), the person who
immediately before the commencement of
the Superannuation Legislation
(Governance Reform) Act 2005 was the
30
President continues, subject to this Act, in
office for the remainder of the term for
which the person was appointed to be the
President.
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(7) A member of the Board is to be appointed
for a term not exceeding 5 years as is
specified in the member's instrument of
appointment.
(8) Despite sub-section (7), the term of office of
5
an elected member of the Board may exceed
5 years but not 6 years if the member is
elected to fill a casual vacancy in respect of a
member who had an unexpired term of less
than 1 year.
10
(9) A member of the Board is eligible for re-
appointment.
(10) Elections of members to the Board must be
held in accordance with procedures
determined by the Board.
15
(11) If there is no candidate at an election or no
person is elected at an election, the Governor
in Council may appoint a person to be a
member who is approved by the Minister and
recommended by the relevant employee
20
organisation or union, although that person
has not been elected.
(12) The Board is deemed to be the same body on
and after as before the commencement of the
Superannuation Legislation (Governance
25
Reform) Act 2005.
(13) In this section and sections 8(1)(d) and 12--
"contributor" means--
(a) a person who is a contributor
within the meaning of
30
section 3(1); or
(b) a person who is a member within
the meaning of section 21;
19
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"contributor member of the Board"
means a member of the Board under
sub-section (1)(a), (1)(b) or (1)(c);
"member of the Scheme" means--
(a) a person who is eligible to make
5
contributions under the State
Superannuation Act 1988 and be
the subject of contributions to the
Scheme by an employing
authority under that Act; or
10
(b) a person who is eligible to make
contributions under the State
Employees Retirement Benefits
Act 1979 and be the subject of
contributions to the Scheme by an
15
employer under that Act; or
(c) a person who is eligible to make
contributions under the Transport
Superannuation Act 1988 and be
the subject of contributions to the
20
Scheme by a Transport Authority
under that Act; or
(d) a person who is eligible to make
contributions under the governing
instrument of an administered
25
scheme and be the subject of
contributions by an employer
under that governing instrument;
"Scheme member of the Board" means a
member of the Board under sub-
30
section (1)(d).'.
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s. 10
10. Consequential amendment of sections 8, 12B
and 12C
(1) For section 8(1)(d) of the Emergency Services
Superannuation Act 1986 substitute--
"(d) being a contributor member of the Board,
5
ceases to be a contributor; or
(da) being a Scheme member of the Board, ceases
to be a member of the Scheme; or
(db) becomes permanently incapable of
performing the duties of office; or".
10
(2) In section 12B of the Emergency Services
Superannuation Act 1986 after "Board" insert
", the Chief Executive Officer or a person
employed under section 13A or to which section
13A(3)(b) applies,".
15
(3) In section 12C(3) of the Emergency Services
Superannuation Act 1986 for "section 7(1)(a),
(b) and (c)" substitute "sections 7(1)(a), 7(1)(b),
7(1)(c) and 7(1)(d)".
11. Section 12 substituted--Procedure of the Board
20
For section 12 of the Emergency Services
Superannuation Act 1986 substitute--
"12. Procedure of the Board
(1) Except as otherwise provided, all duties,
functions and powers of the Board may be
25
performed or exercised at any meeting of the
Board at which at least two-thirds of the
members are present.
(2) Subject to sub-section (9), a decision of the
Board requires at least a two-thirds majority
30
of the total number of members of the Board.
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(3) During any vacancy in the Board, the
continuing members may subject to there
being a quorum act as if there were no
vacancy.
(4) The Board may hold its meetings at any time
5
and place it appoints and may adjourn a
meeting.
(5) The Board may transact any of its business at
a meeting at which the members or any of
the members participate by telephone,
10
closed-circuit television or in any other
similar way.
(6) The President of the Board must preside at
all meetings of the Board at which the
President is present.
15
(7) If the President of the Board is not present at
a meeting of the Board, the longest serving
member present at the meeting is to act as
the President at the meeting.
(8) The President or the member presiding at
20
any meeting of the Board has a deliberative
vote only.
(9) If a matter to be determined by the Board at
a meeting is a matter affecting a benefit
entitlement of a contributor or a member of
25
the Scheme, the matter can only be
determined by a resolution passed by a two-
thirds majority of the total number of
members of the Board that includes--
(a) if the matter relates to the benefit
30
entitlement of a contributor, at least two
members elected under section 7(1)(a),
7(1)(b) or 7(1)(c); or
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(b) if the matter relates to the benefit
entitlement of a member of the Scheme,
at least two members elected under
section 7(1)(d).
(10) The Board must keep minutes of each
5
meeting of the Board.
(11) Subject to this Act, the Board may regulate
its own procedure.
(12) An act or decision of the Board is not invalid
by reason only--
10
(a) of a vacancy in the office of a member;
or
(b) of any defect or irregularity in or in
connection with the appointment of a
member; or
15
(c) in the case of a person appointed to act
as President or as a member, that the
occasion for so acting has not arisen or
has ceased.".
12. Section 13 substituted and new section 13A inserted
20
For section 13 of the Emergency Services
Superannuation Act 1986 substitute--
"13. Chief Executive Officer
(1) The Chief Executive Officer is subject to the
direction and control of the Board.
25
(2) The Board must make a written
recommendation to the Minister
specifying--
(a) the name and details of the person that
the Board recommends is suitable for
30
appointment as the Chief Executive
Officer; and
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(b) the rate of remuneration and allowances
to be payable to the Chief Executive
Officer that the Board considers is
appropriate.
(3) After considering the recommendation under
5
sub-section (2), the Minister may--
(a) appoint the person recommended by the
Board to be the Chief Executive
Officer; or
(b) request the Board in writing to make
10
another recommendation under sub-
section (2).
(4) The Chief Executive Officer is entitled to be
paid the rate of remuneration and allowances
as is--
15
(a) determined by the Minister after having
regard to the recommendation of the
Board under sub-section (2); and
(b) specified in the contract of
employment.
20
(5) The Chief Executive Officer is to be
employed under Part 3 of the Public
Administration Act 2004.
(6) The Chief Executive Officer holds office for
the period, not exceeding 5 years, specified
25
in the instrument of his or her appointment.
(7) The Chief Executive Officer is eligible for
re-appointment at the end of the period of
office.
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(8) A person appointed to be the Chief
Executive Officer who was, immediately
before that appointment, an officer within the
meaning of the State Superannuation Act
1988 continues, subject to that Act, to be an
5
officer within the meaning of that Act while
holding the office of Chief Executive
Officer.
(9) The Board may appoint a person, including a
member of the Board, to act as the Chief
10
Executive Officer for a period not exceeding
60 days.
(10) The Chief Executive Officer may, by
instrument, delegate to any employee
referred to in section 13A, any responsibility,
15
power, authority, duty or function conferred
on the Chief Executive Officer under this
Act or the regulations, except this power of
delegation.
13A. Staff
20
(1) The Chief Executive Officer may on behalf
of the Board employ any persons necessary
for the purposes of this Act under Part 3 of
the Public Administration Act 2004.
(2) Persons employed in accordance with
25
section 22 of the Government
Superannuation Act 1999 under Part 3 of
the Public Administration Act 2004 are to
be taken to have been employed in
accordance with sub-section (1) for the
30
purposes of this Act.
25
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(3) A person employed by the Board in
accordance with section 13 as in force before
the commencement of the Superannuation
Legislation (Governance Reform) Act
2005 must, within 90 days of that
5
commencement, elect in writing to the Chief
Executive Officer to--
(a) be employed in accordance with sub-
section (1) under Part 3 of the Public
Administration Act 2004; or
10
(b) continue to be employed by the Board
in accordance with section 13 as in
force before the commencement of the
Superannuation Legislation
(Governance Reform) Act 2005.
15
(4) A person to whom sub-section (2) or (3)
applies is entitled to a salary and terms and
conditions of employment no less favourable
than those which he or she received or was
entitled to receive immediately before the
20
commencement of the Superannuation
Legislation (Governance Reform) Act
2005 and to all his or her accrued benefits
arising from his or her prior employment.
(5) A person to whom sub-section (2) or (3)
25
applies who, immediately before the
commencement of the Superannuation
Legislation (Governance Reform) Act
2005, was--
(a) an officer within the meaning of the
30
State Superannuation Act 1988; or
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(b) an employee within the meaning of the
State Employees Retirement Benefits
Act 1979; or
(c) an employee within the meaning of the
Transport Superannuation Act
5
1988--
continues, subject to the relevant Act, to be
an officer or an employee (as the case may
be) within the meaning of that Act while
employed for the purposes of this Act.
10
(6) The transfer of an employee by sub-
section (2) does not constitute a resignation
or termination of employment of that
employee and the post-transfer service of
that employee is to be regarded as
15
continuous with the pre-transfer service of
that employee.".
13. Amendment of section 14--Delegation
In section 14 of the Emergency Services
Superannuation Act 1986--
20
(a) for "or a member of the staff of the Board"
substitute ", the Chief Executive Officer or a
person employed under section 13A or to
which section 13A(3)(b) applies";
(b) in paragraph (a) for "this Act" substitute
25
"a Superannuation Act".
14. New section 17B inserted--Group accounts
After section 17A of the Emergency Services
Superannuation Act 1986 insert--
"17B. Group accounts
30
(1) The Board may establish and maintain
separate group accounts within the Scheme.
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(2) A group account must show the asset and
liability position of the account.
(3) Group accounts may be established for a part
or all of the Scheme and any administered
scheme.
5
(4) A group account must be credited with--
(a) all contributions and amounts received
by the Board by or on behalf of the
contributors, beneficiaries, members or
pensioners to which the group account
10
relates;
(b) that part of the investment earnings of
the Scheme that the Board determines
is attributable to the group account on a
fair and equitable basis.
15
(5) A group account must be debited with--
(a) all benefits paid to or in respect of the
contributors, beneficiaries, members or
pensioners to which the group account
relates;
20
(b) that part of the amount appropriated by
the Board to the Management Account
under section 18 that the Board
determines is attributable to the group
account on a fair and equitable basis;
25
(c) any other expenses, taxes or charges
which the Board determines are
attributable to the group account on a
fair and equitable basis.".
28
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s. 15
15. Amendment of section 18--Management Account of
the Board
For sections 18(2) and 18(3) of the Emergency
Services Superannuation Act 1986 substitute--
"(2) The Board must credit to the Management
5
Account--
(a) any money appropriated from time to
time by the Board from the Scheme;
(b) any amount received under sub-
section (3);
10
(c) any money standing to the credit of the
Management Account established
under section 17(1) of the State
Superannuation Act 1988
immediately before the commencement
15
of the Superannuation Legislation
(Governance Reform) Act 2005.
(3) If the Board administers any other
superannuation fund or scheme or provides
services to any Minister, employer or
20
employing authority, the Board may require
reimbursement for the costs of that
administration or the provision of those
services.
(4) The Board must debit to the Management
25
Account--
(a) the remuneration paid to members of
the Board;
(b) the salaries or other remuneration paid
to persons employed for the purposes of
30
this Act;
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(c) the expenses incurred in administering
the Scheme and carrying out its
functions under a Superannuation Act
or the regulations under a
Superannuation Act or under any other
5
Act or the regulations under that other
Act;
(d) the expenses of the Board in
administering an administered scheme
or any other superannuation scheme.".
10
16. New Part heading inserted
After section 19 of the Emergency Services
Superannuation Act 1986 insert the following
Part heading--
"PART 3AA--CONTRIBUTIONS AND
15
BENEFITS".
17. Amendment of section 20--Scheme may be
supplemented by Consolidated Fund
After section 20(1)(a) of the Emergency Services
Superannuation Act 1986 insert--
20
"(ab) officers or employees appointed by the
Metropolitan Fire and Emergency Services
Board under the Metropolitan Fire
Brigades Act 1958; or
(ac) officers or employees appointed by the
25
Country Fire Authority under the Country
Fire Authority Act 1958 or members of the
Country Fire Authority under that Act; or
(ad) employees appointed by Ambulance
Service--Victoria under the Ambulance
30
Services Act 1986 or employees appointed
by any other ambulance service specified by
the Minister; or".
30
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s. 18
18. Amendment of section 20A--Contributions
After section 20A(2) of the Emergency Services
Superannuation Act 1986 insert--
'(2A) An eligible salary sacrifice contributor may
by notice in writing to his or her employer
5
elect to make his or her member
contributions by way of salary sacrifice at
the rate calculated to the nearest highest
01% in accordance with the following
formula--
10
M
1-R
where--
"M" is the applicable member contribution
rate in accordance with sub-section (2)
without salary sacrifice;
15
"R" is the tax rate for the financial year on
taxable contributions to the Scheme
under the Income Tax Assessment Act
1936 of the Commonwealth.
(2B) An election under sub-section (2A)--
20
(a) can only be made if there is in force an
agreement between the employer and
the contributor under which the
employer can make the member
contributions required by this Act by
25
way of salary sacrifice;
(b) is subject to the terms and conditions
specified in the agreement referred to in
paragraph (a);
(c) can only be made in respect of the
30
whole of the member contributions;
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(d) can not be made in respect of any
contributions made by a contributor in
addition to the member contributions
required under sub-section (2).
(2C) Member contributions made in accordance
5
with the rate determined under sub-section
(2A) are for the purposes of this Act (other
than sections 25B to 25C) to be taken to
be--
(a) the member contributions required to
10
be paid under this Act; and
(b) the member contributions that would
have been payable if an election had
not been made under sub-section (2A).
(2D) An election under sub-section (2A) does not
15
affect the amount that would otherwise
constitute the salary of the contributor for the
purposes of this Act.'.
19. Amendment of section 20Q
For sections 20Q(3) and 20Q(4) of the
20
Emergency Services Superannuation Act 1986
substitute--
"(3) The Board must establish and maintain a
separate group account under section 17B for
each employer or for each group of
25
employers for which a collective
determination is made under sub-section (2).
(4) The Board must establish and maintain a
separate group account under section 17B for
each employer for which a collective
30
determination has not been made under sub-
section (2).".
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s. 20
20. New Parts 4AA and 4AB inserted
After Part 4 of the Emergency Services
Superannuation Act 1986 insert--
'PART 4AA--TRANSFER OF THE STATE
SUPERANNUATION FUND AND TRANSFER
5
OF ADMINISTRATION OF THE MTA
SUPERANNUATION FUND AND RELATED
MATTERS
22DA. Definitions
In this Part--
10
"commencement day" means the day on
which the Superannuation Legislation
(Governance Reform) Act 2005
comes into operation;
"Office" means the Government
15
Superannuation Office established
under the Government
Superannuation Act 1999.
22DB. Transfer of assets and liabilities of the
State Superannuation Fund
20
(1) On the commencement day, the assets and
liabilities of the State Superannuation Fund
are by virtue of this section transferred to the
Scheme and form part of the Scheme.
(2) On and after the commencement day--
25
(a) the contributions of employing
authorities and the payments and
repayments by employing authorities
and any other money received or
recovered by the Board under the State
30
Superannuation Act 1988 are to be
paid into the Scheme;
(b) the contributions of employees and the
payments and repayments by employers
33
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and any other money received or
recovered by the Board under the State
Employees Retirement Benefits Act
1979 are to be paid into the Scheme;
(c) the contributions of members and the
5
payments and repayments by a
transport authority and any other
money received or recovered by the
Board under the Transport
Superannuation Act 1988 are to be
10
paid into the Scheme;
(d) the benefits provided for in the State
Superannuation Act 1988 and all the
costs of administering that Act are to be
paid out of the Scheme;
15
(e) the benefits provided for in the State
Employees Retirement Benefits Act
1979 and all the costs of administering
that Act are to be paid out of the
Scheme;
20
(f) the benefits provided for in the
Transport Superannuation Act 1988
and all the costs of administering that
Act are to be paid out of the Scheme.
(3) The transfer effected by this section does not
25
affect the benefits and entitlements conferred
or the duties and obligations imposed under
the State Superannuation Act 1988, the
State Employees Retirement Benefits Act
1979 or the Transport Superannuation Act
30
1988.
22DC. Board is successor in law
(1) On the commencement day--
(a) the administration of the MTA
Superannuation Fund is transferred to
35
the Board;
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(b) all property, rights and assets of the
MTA Superannuation Fund are by
virtue of this Act held by the Board;
(c) all liabilities of the MTA
Superannuation Fund are by virtue of
5
this Act held by the Board;
(d) all property, rights and assets of the
Office are by virtue of this Act held by
the Board;
(e) all liabilities of the Office are by virtue
10
of this Act held by the Board;
(f) the Board is the successor in law of the
Office;
(g) the Office ceases to exist and the
Directors of the Board of the Office go
15
out of office.
(2) If, immediately before the commencement
day, proceedings in respect of the State
Superannuation Fund or the MTA
Superannuation Fund to which the Office
20
was a party were pending or existing in any
court or tribunal, then, on and after that
commencement, the Board is substituted for
the Office as a party to the proceedings and
has the same rights and obligations in the
25
proceedings as the Office.
(3) If, immediately before the commencement
day, proceedings in respect of which the
Office was a party were pending or existing
in any court or tribunal, then, on and after
30
that commencement, the Board is substituted
for the Office as a party to the proceedings
and has the same rights and obligations in
the proceedings as the Office.
35
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s. 20
(4) On and after the commencement day, any
reference in any Act (other than this Act),
regulation, subordinate instrument or other
document whatsoever to the Victorian
Superannuation Board or the Office is to be
5
construed as a reference to the Board, unless
the contrary intention appears.
22DD. Exemption from stamp duty or other tax
No stamp duty or other tax is payable under
any Act in respect of anything done under
10
this Part.
22DE. Transitional provision--Registrar of
Titles
The Registrar of Titles, on being requested to
do so and on delivery of any relevant
15
certificate of title or instrument, must make
any amendments in the Register that are
necessary because of the operation of this
Part.
_______________
PART 4AB--TRANSFER OF
20
ADMINISTRATION OF DECLARED PUBLIC
SECTOR SUPERANNUATION SCHEMES
22DF. Application of this Part
This Part applies to a public sector
superannuation scheme which the Minister
25
by instrument in writing specifies to be a
public sector superannuation scheme to
which this Part applies.
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22DG. Declaration of administered schemes
The Governor in Council may by Order in
Council declare that--
(a) a public sector superannuation scheme
specified under section 22DF is an
5
administered scheme; and
(b) the administration of that public sector
superannuation scheme is as from the
appointed day specified in the Order in
Council transferred to the Board.
10
22DH. Board is successor in law
(1) On the appointed day--
(a) the administration of the administered
scheme is transferred to the Board;
(b) all property, rights and assets of the
15
administered scheme are by virtue of
this Act held by the Board;
(c) all liabilities of the administered
scheme are by virtue of this Act held by
the Board;
20
(d) the Board is the successor in law of the
governing body in respect of the
administered scheme.
(2) Without derogating from sub-section (1), the
Board shall in respect of the administered
25
scheme have, exercise and discharge the
responsibilities, liabilities, rights, powers,
authorities, duties and functions conferred or
imposed upon the governing body by or
under the governing instrument.
30
37
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(3) If immediately before the appointed day
proceedings in respect of the administered
scheme to which the governing body of the
administered scheme was a party were
pending or existing in any court or tribunal,
5
then, on and after the appointed day, the
Board is substituted for the governing body
as a party to the proceedings and has the
same rights and obligations in the
proceedings as the governing body.
10
(4) On and after the appointed day, any
reference in the governing instrument or in
any Act, regulation, subordinate instrument
or other document whatsoever to the
governing body in respect of the
15
administered scheme is to be construed as a
reference to the Board, unless the contrary
intention appears.
(5) On the appointed day the governing body of
the administered scheme ceases to exist by
20
virtue of this Act.
22DI. Conflict between duties, functions and
powers
If there is a conflict between a duty, function
or power conferred on the Board by this Act
25
and a duty, function or power conferred on
the Board in respect of an administered
scheme by the governing instrument of that
administered scheme, the Board must
perform or exercise the duty, function or
30
power conferred by this Act and in doing so
is deemed to have complied with the
governing instrument.
38
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Superannuation Legislation (Governance Reform) Act 2005
Act No.
Part 2--Emergency Services Superannuation Act 1986
s. 20
22DJ. Matters which may be included in Order
in Council
(1) The Governor in Council may by Order in
Council provide for any matter necessary or
convenient to give effect to this Part or to
5
any other Order in Council under this Part
and to enable the effective implementation of
the transfer of administration of an
administered scheme to the Board and the
administration of the administered scheme
10
by the Board.
(2) Without limiting the generality of sub-
section (1), the Order in Council may
provide for--
(a) any property, income, assets, rights,
15
liabilities, expenses or other matters to
be apportioned, settled, transferred,
adjusted or determined;
(b) the resolution of any dispute relating to
any apportionment, settlement, transfer,
20
adjustment or determination;
(c) any party to a dispute to bear the costs
of resolving the dispute;
(d) transitional provisions in relation to any
act, matter or thing done or required to
25
be done by or in relation to any
administered scheme.
22DK. General provisions relating to Orders in
Council
(1) An Order in Council made under this Part--
30
(a) must specify a day or days upon which
the Order in Council comes into
operation;
39
551375B.A1-18/11/2005 BILL LA AS SENT 18/11/2005
Superannuation Legislation (Governance Reform) Act 2005
Act No.
Part 2--Emergency Services Superannuation Act 1986
s. 20
(b) upon being published in the
Government Gazette has the like force
and effect as if it were expressly
enacted in this Act;
(c) may be amended or revoked by another
5
Order in Council;
(d) has full force and effect despite any
non-compliance with any of the matters
required by this Act as preliminary to
the making of the Order in Council.
10
(2) An Order in Council made under this Part
may--
(a) apply generally or be limited in its
application by reference to specified
matters or things;
15
(b) apply differently according to different
factors or subject to specified
exceptions;
(c) leave any matter or thing to be from
time to time determined, applied,
20
dispensed with or regulated by a person
or body specified in the Order in
Council;
(d) confer powers or impose duties in
connection with the Order in Council
25
on a person or body specified in the
Order in Council;
(e) apply, adopt or incorporate, with or
without modification, the provisions of
any Act or of any regulations made
30
under any Act;
40
551375B.A1-18/11/2005 BILL LA AS SENT 18/11/2005
Superannuation Legislation (Governance Reform) Act 2005
Act No.
Part 2--Emergency Services Superannuation Act 1986
s. 20
(f) contain provisions of a savings and
transitional nature consequent on the
making of the Order in Council,
including providing for the construction
of references in any instrument or in
5
any other document of any kind.
22DL. Exemption from stamp duty or other tax
No stamp duty or other tax is payable under
any Act in respect of anything done under
this Part.
10
22DM. Transitional provision--Registrar of
Titles
The Registrar of Titles, on being requested to
do so and on delivery of any relevant
certificate of title or instrument, must make
15
any amendments in the Register that are
necessary because of the operation of this
Part.
_______________'.
__________________
41
551375B.A1-18/11/2005 BILL LA AS SENT 18/11/2005
Superannuation Legislation (Governance Reform) Act 2005
Act No.
Part 3--Government Superannuation Act 1999
s. 21
See: PART 3--GOVERNMENT SUPERANNUATION ACT 1999
Act No.
8/1999.
21. Amendment of section 1--Purpose
Reprint No. 1
as at
Section 1(a) of the Government Superannuation
10 May 2001
and
Act 1999 is repealed.
amending
Act Nos
22. Amendment of section 3--Definitions
5 70/2003,
40/2004,
In section 3(1) of the Government
78/2004 and
108/2004.
Superannuation Act 1999--
LawToday:
www.dms.
(a) for the definition of "Board" substitute--
dpc.vic.
gov.au
' "Board" means the Emergency Services
Superannuation Board established
10
under section 5 of the Emergency
Services Superannuation Act 1986;';
(b) the definitions of "Director" and "Office" are
repealed;
(c) in the definition of "governing body" for
15
"Office" substitute "Board";
(d) in the definition of "State Superannuation
Fund" after "1988" insert "as in force
immediately before the commencement of
the Superannuation Legislation
20
(Governance Reform) Act 2005".
23. Repeal of Parts 2, 3 and 4
Parts 2, 3 and 4 of the Government
Superannuation Act 1999 are repealed.
24. Repeal of section 47
25
Section 47 of the Government Superannuation
Act 1999 is repealed.
__________________
42
551375B.A1-18/11/2005 BILL LA AS SENT 18/11/2005
Superannuation Legislation (Governance Reform) Act 2005
Act No.
Part 4--Parliamentary Salaries and Superannuation Act 1968
s. 25
See:
PART 4--PARLIAMENTARY SALARIES AND
Act No.
SUPERANNUATION ACT 1968 7723.
Reprint No. 8
as at
25. Amendment of section 11B--Objectives and duties 15 October
of the Parliamentary Trustee 2003
and
(1) For sections 11B(2)(a) and 11B(2)(b) of the
5 amending
Act Nos
Parliamentary Salaries and Superannuation 110/2003,
Act 1968 substitute-- 55/2004 and
78/2004.
"(a) establish policies for the administration of LawToday:
www.dms.
the Fund and to adopt strategies for the dpc.vic.
achievement of those policies; and gov.au
10
(aa) determine, authorise or approve programs for
the administration of the Fund; and
(ab) determine objectives for the investment of
money in the Fund; and
(b) establish and implement strategies for the
15
investment of money in the Fund; and".
(2) After section 11B(2) of the Parliamentary
Salaries and Superannuation Act 1968 insert--
"(2A) In relation to the investment of all or part of
the money standing to the credit of the Fund,
20
the Parliamentary Trustee is to be taken to
have discharged the duties specified in sub-
section (2), other than the duty to determine
investment objectives under sub-section
(2)(ab), if in respect of that money--
25
(a) the Parliamentary Trustee has
appointed the Victorian Funds
Management Corporation under
section 9A of the Victorian Funds
Management Corporation Act 1994
30
to perform investment related functions
on behalf of the Parliamentary Trustee;
and
43
551375B.A1-18/11/2005 BILL LA AS SENT 18/11/2005
Superannuation Legislation (Governance Reform) Act 2005
Act No.
Part 4--Parliamentary Salaries and Superannuation Act 1968
s. 26
(b) the terms of the appointment with
respect to the investment of money are
in accordance with an approval given
by the Governor in Council under
section 20 of the Borrowing and
5
Investment Powers Act 1987.".
26. Amendment of section 11C--Functions and powers
of the Parliamentary Trustee
In section 11C(1)(b) of the Parliamentary
Salaries and Superannuation Act 1968 for
10
"invest the assets of the Fund so as to maximise
the return earned on the Fund" substitute
"determine investment objectives for the assets of
the Fund so as to achieve optimal risk and return
outcomes".
15
__________________
44
551375B.A1-18/11/2005 BILL LA AS SENT 18/11/2005
Superannuation Legislation (Governance Reform) Act 2005
Act No.
Part 5--State Employees Retirement Benefits Act 1979
s. 27
See:
PART 5--STATE EMPLOYEES RETIREMENT BENEFITS
Act No.
ACT 1979 9363.
Reprint No. 5
as at
27. Amendment of section 2--Definitions 15 October
2003
(1) In section 2(1) of the State Employees and
Retirement Benefits Act 1979--
5 amending
Act Nos
(a) after the definition of "adjusted final salary" 40/2204,
78/2004,
insert-- 108/2004 and
40/2005.
' "Board" means the Emergency Services LawToday:
www.dms.
Superannuation Board established dpc.vic.
under section 5 of the Emergency
10 gov.au
Services Superannuation Act 1986;';
(b) for the definition of "contributor"
substitute--
' "contributor" means a member who is
liable to make contributions under
15
section 23;';
(c) for the definition of "Fund" substitute--
' "Fund" means the Scheme established
under section 15 of the Emergency
Services Superannuation Act 1986;';
20
(d) after the definition of "spouse" insert--
' "State Superannuation Fund" means the
Superannuation Fund established under
the Superannuation Act 1925 and
continued under the State
25
Superannuation Act 1988 as the State
Superannuation Fund and as in
existence immediately before the
commencement of the Superannuation
Legislation (Governance Reform)
30
Act 2005;'.
(2) Section 2(5) of the State Employees Retirement
Benefits Act 1979 is repealed.
45
551375B.A1-18/11/2005 BILL LA AS SENT 18/11/2005
Superannuation Legislation (Governance Reform) Act 2005
Act No.
Part 5--State Employees Retirement Benefits Act 1979
s. 28
28. Repeal of Part 2
Part 2 of the State Employees Retirement
Benefits Act 1979 is repealed.
29. Amendment of section 29--Board may determine
classification
5
In section 29(1) of the State Employees
Retirement Benefits Act 1979 for "prescribed
form" (where twice occurring) substitute
"form approved by the Board".
30. Amendment of section 34A--Election by retrenched
10
member
In section 34A of the State Employees
Retirement Benefits Act 1979 before "the Fund"
insert "the State Superannuation Fund and".
31. Amendment of section 38--Deferred retirement
15
benefits
In section 38(2)(a) of the State Employees
Retirement Benefits Act 1979 omit "ceasing to
be employed in the service of the Crown (within
the meaning of section 51) and".
20
32. Amendment of section 41A--Pensioner may apply
for reduced pension and lump sum payment
In section 41A(1) of the State Employees
Retirement Benefits Act 1979 for "a prescribed
form" substitute "the form approved by the
25
Board".
33. Amendment of section 51A--Entitlement to pension
(1) In section 51A(1) of the State Employees
Retirement Benefits Act 1979 before "the Fund"
(where first occurring) insert "the State
30
Superannuation Fund and".
(2) In section 51A(4) of the State Employees
Retirement Benefits Act 1979 before "the Fund"
insert "the State Superannuation Fund and".
46
551375B.A1-18/11/2005 BILL LA AS SENT 18/11/2005
Superannuation Legislation (Governance Reform) Act 2005
Act No.
Part 5--State Employees Retirement Benefits Act 1979
s. 34
34. Amendment of section 65--Minimum benefits
In section 65(2) of the State Employees
Retirement Benefits Act 1979 before "the Fund"
(where first and fourthly occurring) insert
"the State Superannuation Fund and".
5
35. Repeal of Part VI
Part VI of the State Employees Retirement
Benefits Act 1979 is repealed.
__________________
47
551375B.A1-18/11/2005 BILL LA AS SENT 18/11/2005
Superannuation Legislation (Governance Reform) Act 2005
Act No.
Part 6--State Superannuation Act 1988
s. 36
See: PART 6--STATE SUPERANNUATION ACT 1988
Act No.
50/1988.
36. Amendment of section 3--Definitions
Reprint No. 5
as at
(1) In section 3(1) of the State Superannuation
15 October
2003
Act 1988--
and
amending
(a) after the definition of "actuary" insert--
5 Act Nos
40/2204,
' "Board" means the Emergency Services
78/2004,
108/2004,
Superannuation Board established
20/2005 and
under section 5 of the Emergency
40/2005.
LawToday:
Services Superannuation Act 1986;';
www.dms.
dpc.vic.
(b) in the definition of "contributor" for "Fund"
10 gov.au
substitute "State Superannuation Fund";
(c) for the definition of "Fund" substitute--
' "Fund" means the Scheme established
under section 15 of the Emergency
Services Superannuation Act 1986;';
15
(d) in the definition of "new scheme member",
in paragraph (ba) for "Fund" substitute
"State Superannuation Fund";
(e) in the definition of "original scheme
member" for "Fund" substitute "State
20
Superannuation Fund";
(f) in the definition of "recognised service"
before "the Fund" (where first occurring)
insert "the State Superannuation Fund and";
48
551375B.A1-18/11/2005 BILL LA AS SENT 18/11/2005
Superannuation Legislation (Governance Reform) Act 2005
Act No.
Part 6--State Superannuation Act 1988
s. 37
(g) after the definition of "spouse" insert--
' "State Superannuation Fund" means the
Superannuation Fund established under
the Superannuation Act 1925 and
continued under this Act as the State
5
Superannuation Fund and as in
existence immediately before the
commencement of the Superannuation
Legislation (Governance Reform)
Act 2005;'.
10
(2) Section 3(7) of the State Superannuation Act
1988 is repealed.
37. Amendment of section 3A--Declaration of eligible
salary sacrifice contributors
In section 3A of the State Superannuation Act
15
1988 for "Fund" (wherever occurring) substitute
"State Superannuation Fund".
38. Amendment of Part 3
(1) In the heading to Part 3 of the State
Superannuation Act 1988 for
20
"SUPERANNUATION FUND" substitute
"NON-CONTRIBUTORY SCHEMES
ACCOUNT".
(2) Sections 16, 16AA, 17 and 23 of the State
Superannuation Act 1988 are repealed.
25
39. Repeal of Parts 3A and 9
Parts 3A and 9 of the State Superannuation Act
1988 are repealed.
40. Amendment of section 25--Service and prospective
service of part-time officer
30
In section 25(2) of the State Superannuation Act
1988 before "the Fund" insert "the State
Superannuation Fund and".
49
551375B.A1-18/11/2005 BILL LA AS SENT 18/11/2005
Superannuation Legislation (Governance Reform) Act 2005
Act No.
Part 6--State Superannuation Act 1988
s. 41
41. Amendment of section 43--Payment on death of
revised scheme member before retirement
In section 43(1) of the State Superannuation Act
1988 before "the Fund" insert "the State
Superannuation Fund and".
5
42. Amendment of section 49--Election in respect of
leave of absence without pay
(1) In section 49(1)(b) of the State Superannuation
Act 1988 after "actuary's report" insert "and after
the commencement of the Superannuation
10
Legislation (Governance Reform) Act 2005,
during an actuarial investigation under section 19
of the Emergency Services Superannuation Act
1986 and which is specified in the actuary's
report".
15
(2) In section 49(8) of the State Superannuation Act
1988 before "the Fund" insert "the State
Superannuation Fund and".
43. Amendment of section 50--Contribution rates
In section 50(2)(c)(ii) of the State
20
Superannuation Act 1988 for "the Fund"
substitute "the State Superannuation Fund".
44. Amendment of section 52--Benefit on retirement of
new scheme member
In section 52(2) of the State Superannuation Act
25
1988 before "the Fund" (wherever occurring)
insert "the State Superannuation Fund and".
45. Amendment of section 53--Benefit on death of new
scheme member before retirement
In section 53(7) of the State Superannuation Act
30
1988 before "the Fund" insert "the State
Superannuation Fund and".
50
551375B.A1-18/11/2005 BILL LA AS SENT 18/11/2005
Superannuation Legislation (Governance Reform) Act 2005
Act No.
Part 6--State Superannuation Act 1988
s. 46
46. Amendment of section 59--Intermittent service
(1) In section 59(1) of the State Superannuation Act
1988 after "actuary's report" insert "and after the
commencement of the Superannuation
Legislation (Governance Reform) Act 2005,
5
during an actuarial investigation under section 19
of the Emergency Services Superannuation Act
1986 and which is specified in the actuary's
report".
(2) In section 59(5) of the State Superannuation Act
10
1988 before "the Fund" insert "the State
Superannuation Fund and".
47. Amendment of section 67A--Entitlement to pension
(1) In section 67A(1) of the State Superannuation
Act 1988 before "the Fund" (where first
15
occurring) insert "the State Superannuation Fund
and".
(2) In section 67A(4) of the State Superannuation
Act 1988 before "the Fund" insert "the State
Superannuation Fund and".
20
48. Amendment of section 71--Minimum benefit
(1) In section 71(1) of the State Superannuation Act
1988 before "the Fund" (where first and thirdly
occurring) insert "the State Superannuation Fund
and".
25
(2) In section 71(2) of the State Superannuation Act
1988 before "the Fund" (where first occurring)
insert "the State Superannuation Fund and".
49. Amendment of section 99--Transfer of members
under section 4(1BA) of ESSA
30
Sections 99(4), 99(5), 99(6), 99(7) and 99(8) of
the State Superannuation Act 1988 are
repealed.
__________________
51
551375B.A1-18/11/2005 BILL LA AS SENT 18/11/2005
Superannuation Legislation (Governance Reform) Act 2005
Act No.
Part 7--Superannuation (Portability) Act 1989
s. 50
See: PART 7--SUPERANNUATION (PORTABILITY) ACT 1989
Act No.
14/1989.
50. Repeal of spent provision
Reprint No. 4
as at
Section 5A of the Superannuation (Portability)
15 October
2003
Act 1989 is repealed.
and
amending
Act Nos
40/2004 and
108/2004.
LawToday:
www.dms.
dpc.vic.
gov.au
__________________
52
551375B.A1-18/11/2005 BILL LA AS SENT 18/11/2005
Superannuation Legislation (Governance Reform) Act 2005
Act No.
Part 8--Transport Superannuation Act 1988
s. 51
See:
PART 8--TRANSPORT SUPERANNUATION ACT 1988
Act No.
33/1988.
51. Amendment of section 3--Definitions Reprint No. 4
as at
(1) In section 3(1) of the Transport Superannuation 15 October
2003
Act 1988-- and
amending
(a) after the definition of "actuary" insert--
5 Act Nos
40/2004,
' "Board" means the Emergency Services 78/2004 and
108/2004.
Superannuation Board established LawToday:
under section 5 of the Emergency www.dms.
dpc.vic.
Services Superannuation Act 1986;'; gov.au
(b) for the definition of "Fund" substitute--
10
' "Fund" means the Scheme established
under section 15 of the Emergency
Services Superannuation Act 1986;';
(c) after the definition of "spouse" insert--
' "State Superannuation Fund" means the
15
Superannuation Fund established under
the Superannuation Act 1925 and
continued under the State
Superannuation Act 1988 as the State
Superannuation Fund and as in
20
existence immediately before the
commencement of the Superannuation
Legislation (Governance Reform)
Act 2005;'.
(2) Section 3(4) of the Transport Superannuation
25
Act 1988 is repealed.
52. Repeal of Parts 2 and 5
Parts 2 and 5 of the Transport Superannuation
Act 1988 are repealed.
53
551375B.A1-18/11/2005 BILL LA AS SENT 18/11/2005
Superannuation Legislation (Governance Reform) Act 2005
Act No.
Part 8--Transport Superannuation Act 1988
s. 53
53. Amendment of section 29--Benefit on retirement
due to age
In section 29(1) of the Transport
Superannuation Act 1988 before "the Fund"
(wherever occurring) insert "the State
5
Superannuation Fund and".
54. Amendment of section 35A--Minimum benefit
(1) In section 35A(1) of the Transport
Superannuation Act 1988 before "the Fund"
insert "the State Superannuation Fund and".
10
(2) In section 35A(2) of the Transport
Superannuation Act 1988 before "the Fund"
(where first and fourthly occurring) insert
"the State Superannuation Fund and".
55. Amendment of section 37--Intermittent service
15
In section 37(1) of the Transport
Superannuation Act 1988 after "actuary's report"
insert "and after the commencement of the
Superannuation Legislation (Governance
Reform) Act 2005, during an actuarial
20
investigation under section 19 of the Emergency
Services Superannuation Act 1986 and which is
specified in the actuary's report".
56. Repeal of Part 9
Part 9 of the Transport Superannuation Act
25
1988 is repealed.
54
551375B.A1-18/11/2005 BILL LA AS SENT 18/11/2005
Superannuation Legislation (Governance Reform) Act 2005
Act No.
Endnotes
ENDNOTES
By Authority. Government Printer for the State of Victoria.
55
551375B.A1-18/11/2005 BILL LA AS SENT 18/11/2005
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