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This is a Bill, not an Act. For current law, see the Acts databases.
PARLIAMENT OF VICTORIA
Unclaimed Moneys and Superannuation Legislation
(Amendment) Act 2001
Act No.
TABLE OF PROVISIONS
Clause Page
PART 1--PRELIMINARY 1
1. Purposes 1
2. Commencement 2
PART 2--UNCLAIMED MONEYS ACT 1962 3
3. New Part 4 substituted 3
PART 4--UNCLAIMED SUPERANNUATION BENEFITS 3
17. Definitions 3
18. Application of Part 5
19. Statement of unclaimed superannuation benefits 6
20. Payment of unclaimed superannuation benefits 7
21. Power of Minister to pay or refund amounts 7
22. Register of unclaimed superannuation benefits 9
23. Discharge of liability 9
24. Trustee not in breach of trust 9
25. Conflict with governing instrument of public sector
scheme 9
26. Offence 10
27. Transitional provision 10
4. Separate RSA provisions repealed 10
PART 3--SUPERANNUATION ACTS AMENDMENTS 12
5. Ongoing commutation options under the State Superannuation
Act 1988 12
6. State Superannuation Act 1988 beneficiary choice program
definitions 13
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Clause Page
7. New Schedule 2 substituted in State Superannuation Act 1988 15
8. Amendments to State Employees Retirement Benefits Act
1979 15
ENDNOTES 17
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541222B.I1-28/9/2001 BILL LA CIRCULATION 28/9/2001
PARLIAMENT OF VICTORIA
Initiated in Assembly 26 September 2001
A BILL
to amend the Unclaimed Moneys Act 1962 as a result of amendments
to Commonwealth superannuation legislation, to amend the State
Superannuation Act 1988 and the State Employees Retirement
Benefits Act 1979 regarding the beneficiary choice program and
ongoing commutation entitlements and for other purposes.
Unclaimed Moneys and Superannuation
Legislation (Amendment) Act 2001
The Parliament of Victoria enacts as follows:
PART 1--PRELIMINARY
1. Purposes
The purposes of this Act are--
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Unclaimed Moneys and Superannuation Legislation
(Amendment) Act 2001
s. 2
Act No.
(a) to amend the Unclaimed Moneys Act 1962
as a result of amendments to Commonwealth
superannuation legislation;
(b) to amend the State Superannuation Act
5 1988 and the State Employees Retirement
Benefits Act 1979 regarding the beneficiary
choice program and ongoing commutation
entitlements.
2. Commencement
10 (1) This Part and Part 2 come into operation on the
day after the day on which this Act receives the
Royal Assent.
(2) Part 3 (except section 5) is deemed to have come
into operation on 6 December 2000.
15 (3) Section 5 is deemed to have come into operation
on 1 July 2001.
_______________
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Unclaimed Moneys and Superannuation Legislation
(Amendment) Act 2001
s. 3
Act No.
PART 2--UNCLAIMED MONEYS ACT 1962
3. New Part 4 substituted
See:
For Part 4 of the Unclaimed Moneys Act 1962 Act No.
substitute-- 6879
Reprint No. 6
as at
5 'PART 4--UNCLAIMED SUPERANNUATION 20 August
BENEFITS 1998
and
amending
17. Definitions Act Nos
37/1999,
In this Part-- 11/2001 and
44/2001.
"approved deposit fund" has the same LawToday:
www.dms.
10 meaning as in section 10 of the dpc.vic.
Commonwealth Superannuation Act; gov.au
"Commonwealth RSA Act" means the
Retirement Savings Accounts Act 1997
of the Commonwealth;
15 "Commonwealth Superannuation Act"
means the Superannuation Industry
(Supervision) Act 1993 of the
Commonwealth;
"Commonwealth Unclaimed Money Act"
20 means the Superannuation (Unclaimed
Money and Lost Members) Act 1999 of
the Commonwealth;
"exempt public sector superannuation
scheme" means a public sector
25 superannuation scheme that is specified
in regulations made under the
Commonwealth Superannuation Act for
the purposes of the definition of
'exempt public sector superannuation
30 scheme' in that Act;
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"fund" means--
(a) a superannuation fund; or
(b) a retirement savings account;
"half-year" means a period of 6 months
5 ending on 30 June or 31 December;
"holder of an RSA" has the same meaning
as in the Commonwealth RSA Act;
"member" means--
(a) a member of, or depositor with, a
10 superannuation fund; or
(b) a holder of an RSA;
"Registrar" means the Registrar of
Unclaimed Moneys within the meaning
of section 10;
15 "regulated superannuation fund" has the
same meaning as in section 19 of the
Commonwealth Superannuation Act;
"retirement savings account" and "RSA"
have the same meanings as in section 8
20 of the Commonwealth RSA Act;
"RSA provider" has the same meaning as
in section 12 of the Commonwealth
RSA Act;
"superannuation fund" means--
25 (a) a regulated superannuation fund;
or
(b) an exempt public sector
superannuation scheme; or
(c) an approved deposit fund;
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"superannuation provider" means--
(a) a trustee of a superannuation fund;
or
(b) an RSA provider;
5 "tax file number" has the same meaning as
in section 202A of the Income Tax
Assessment Act 1936 of the
Commonwealth;
"trustee", in relation to a superannuation
10 fund, has the same meaning as in
section 10 of the Commonwealth
Superannuation Act;
"unclaimed superannuation benefit"
means an amount that is taken to be
15 unclaimed money under the
Commonwealth Unclaimed Money Act.
18. Application of Part
(1) This Part applies to a superannuation fund
and the trustee of a superannuation fund if--
20 (a) the trustee is a corporation within the
meaning of the Corporations Act and its
registered office within the meaning of
that Act is in Victoria; or
(b) in the case of a trustee of a
25 superannuation fund who is a natural
person, the principal place where he or
she carries on business as that trustee is
in Victoria; or
(c) in the case of an exempt public sector
30 superannuation scheme, the principal
place where the fund is administered is
in Victoria; or
(d) where there are 2 or more trustees of
the fund and paragraph (a) or (b)
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applies to one or more but not to all the
trustees, the principal place where the
fund is administered is in Victoria.
(2) This Part applies to a retirement savings
5 account and an RSA provider if the provider
has its registered office in Victoria.
19. Statement of unclaimed superannuation
benefits
(1) A superannuation provider must give to the
10 Registrar a statement in a form and manner
approved by the Registrar of all unclaimed
superannuation benefits in the fund that is
managed or provided by the superannuation
provider as at the end of each half-year.
15 (2) The superannuation provider must give the
statement--
(a) in relation to a half-year ending on
30 June in a calendar year, before
1 November in that calendar year;
20 (b) in relation to a half-year ending on
31 December in a calendar year, before
1 May in the following calendar year--
or on such later date as the Registrar
approves by written notice given to the
25 superannuation provider whether before, on
or after 1 November or 1 May, as the case
requires.
(3) If a superannuation provider pays any
unclaimed superannuation benefit to a
30 person entitled to it between the end of the
half-year and the day on which the statement
is given to the Registrar, the statement must
contain particulars relating to the amounts
paid as required by the form.
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(4) An approval by the Registrar of a form of
statement for the purposes of this section
may--
(a) require the statement to contain the tax
5 file number of--
(i) the fund; and
(ii) a member of the fund if the
statement relates to the member
and the member has quoted his or
10 her tax file number to the
superannuation provider; and
(b) may require or permit the statement to
be given on a specified kind of data
processing device in accordance with
15 specified software requirements.
20. Payment of unclaimed superannuation
benefits
On giving a statement to the Registrar under
section 19, a superannuation provider must
20 pay to the Registrar, for payment into the
Consolidated Fund, an amount equal to the
sum of the unclaimed superannuation
benefits specified in the statement less the
sum of amounts paid as specified in the
25 statement in accordance with section 19(3).
21. Power of Minister to pay or refund amounts
(1) If--
(a) an unclaimed superannuation benefit
was paid to the Registrar under this Part
30 by a superannuation provider; and
(b) on application by a person in the form
approved by the Registrar, the Minister
is satisfied that, had this Part and the
Commonwealth Unclaimed Money Act
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(Amendment) Act 2001
s. 3
Act No.
not been enacted, the superannuation
provider would have paid the benefit to
the person--
the Minister must pay an amount equal to the
5 unclaimed superannuation benefit to the
person.
(2) The approved form of application may
include a request that the applicant provide
his or her tax file number to the Minister.
10 (3) A person is not obliged to comply with the
request to provide his or her tax file number,
and non-compliance with the request does
not prevent the person from being paid an
unclaimed superannuation benefit.
15 (4) If a superannuation provider satisfies the
Minister that an amount paid by the
superannuation provider to the Registrar
under this Part--
(a) exceeds the amount that would have
20 been paid to the person concerned; or
(b) is not an unclaimed superannuation
benefit that is required to be paid to the
Registrar under this Part--
the Minister must refund to the
25 superannuation provider the amount of the
excess.
(5) Nothing in this section prevents the Minister
from deducting from a payment of an
amount equal to an unclaimed
30 superannuation benefit to any person an
amount equal to any tax payable to the
Commonwealth on the unclaimed
superannuation benefit that the Minister is
required to deduct from the payment under a
35 law of the Commonwealth.
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(Amendment) Act 2001
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Act No.
(6) The Consolidated Fund is appropriated to the
extent necessary for payments and refunds to
be made by the Minister under this section.
22. Register of unclaimed superannuation
5 benefits
(1) The Registrar must keep a register that
contains particulars of--
(a) each unclaimed superannuation benefit
paid by a superannuation provider to
10 the Registrar under this Part; and
(b) each member in respect of whom the
unclaimed superannuation benefit was
payable.
(2) The register is to be in the form, and kept in
15 the manner, determined by the Registrar.
(3) The Registrar may give information
contained in the register to the
Commissioner of Taxation holding office
under a law of the Commonwealth.
20 23. Discharge of liability
On payment to the Registrar of an amount as
required by this Part, a superannuation
provider is discharged from further liability
in respect of that amount.
25 24. Trustee not in breach of trust
Nothing done by a trustee of a
superannuation fund in accordance with this
Part is to be regarded for any purpose as
constituting a breach of trust by the trustee.
30 25. Conflict with governing instrument of
public sector scheme
If there is a conflict between a duty imposed
on the trustee of an exempt public sector
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(Amendment) Act 2001
s. 3
4
Act No.
superannuation scheme by this Part and a
duty imposed on that trustee by the
governing instrument of the scheme, the
trustee must comply with this Part and in
5 doing so is deemed to have complied with
the governing instrument.
26. Offence
A superannuation provider must not
intentionally or recklessly contravene this
10 Part.
Penalty: 100 penalty units in the case of a
natural person;
500 penalty units in any other
case.
15 27. Transitional provision
(1) The amendments made to this Act by the
Unclaimed Moneys and Superannuation
Legislation (Amendment) Act 2001 do not
affect any liability that arises before the
20 commencement of those amendments.
(2) In particular, any obligation--
(a) to pay unclaimed superannuation
benefits or RSA money to the
Registrar; or
25 (b) to give a statement to the Registrar--
that arose before the commencement of those
amendments continues as if those
amendments had not been made.'.
4. Separate RSA provisions repealed
30 Part 5 of the Unclaimed Moneys Act 1962 is
repealed.
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Act No.
_______________
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(Amendment) Act 2001
s. 5
Act No.
PART 3--SUPERANNUATION ACTS AMENDMENTS
5. Ongoing commutation options under the State
Superannuation Act 1988
See: (1) In section 39 of the State Superannuation Act
Act No.
5 1988--
50/1988
Reprint No. 4
(a) in sub-section (3), after "section 33" insert
as at
1 July 1999
", or a person who is or will be entitled to an
and
age retirement pension under the
amending
Act Nos
Superannuation Act 1958";
29/2000,
95/2000 and
10 (b) in sub-section (4), for "a revised scheme
27/2001.
member or pensioner" substitute "a person".
LawToday:
www.dms.
dpc.vic. (2) In section 40(1) of the State Superannuation Act
gov.au
1988--
(a) after "member" (where secondly occurring)
15 insert ", or is entitled to a pension under the
Superannuation Act 1958 as a result of the
death of a contributor or pensioner within the
meaning of that Act (other than as a child of
the contributor or pensioner)";
20 (b) for paragraph (b) substitute--
"(b) within the period of 12 months
immediately after the death of the
member, former member, contributor or
pensioner--".
25 (3) In section 41(1) of the State Superannuation Act
1988--
(a) in paragraph (a), after "member" (where
secondly occurring) insert ", or entitled to a
pension under the Superannuation Act
30 1958 as a result of the death of a contributor
or pensioner within the meaning of that Act
(other than as a child of the contributor or
pensioner)";
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(b) in paragraph (b), for "revised scheme
member or former revised scheme member"
substitute "member, former member,
contributor or pensioner".
5 (4) In section 47 of the State Superannuation Act
1988, after sub-section (10) insert--
"(10A) A person who is entitled to a deferred
pension or a deferred benefit under the
Superannuation Act 1958 may elect in
10 writing to the Board to--
(a) convert the entitlement to a present
lump sum; and
(b) have that lump sum transferred to a
complying superannuation fund
15 nominated by the person.".
(5) In section 47(11) of the State Superannuation
Act 1988, after "sub-section (10)" insert "or
(10A)".
6. State Superannuation Act 1988 beneficiary choice
20 program definitions
(1) In section 102(1) of the State Superannuation
Act 1988--
(a) in the definition of "Commonwealth funded
pensioner", in paragraph (a), after
25 "Schedule 2" insert "or with any entity
merged, associated or affiliated with,
amalgamated into, succeeding or succeeded
by, such an employer";
(b) in the definition of "eligible beneficiary", at
30 the end of paragraph (d) insert--
"; or
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Act No.
(e) is entitled, or becomes entitled, to a
deferred pension or a deferred benefit
under the Superannuation Act 1958;";
(c) in the definition of "eligible pensioner", in
5 paragraph (e), for "section 80--" substitute
"section 80; or";
(d) in the definition of "eligible pensioner", after
paragraph (e) insert--
"(f) an age retirement pension under the
10 Superannuation Act 1958; or
(g) a spouse pension under the
Superannuation Act 1958; or
(h) an ill health pension under the
Superannuation Act 1958 and has
15 attained 55 years of age; or
(i) an ill health pension under the
Superannuation Act 1958 and has not
attained the age of 55 years, at the
discretion of the Board--".
20 (2) In section 102 of the State Superannuation Act
1988, after sub-section (1) insert--
'(1A) For the purposes of the definition of
"election period" in sub-section (1), the
notices published by the Minister in the
25 Government Gazette on 18 January 2001 and
9 August 2001 specifying or extending
certain election periods have effect as if--
(a) a reference in those notices to an
eligible beneficiary were a reference to
30 an eligible beneficiary within the
meaning of sub-section (1) as amended
by section 6(1)(b) of the Unclaimed
Moneys and Superannuation
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(Amendment) Act 2001
s. 7
Act No.
Legislation (Amendment) Act 2001;
and
(b) a reference in those notices to an
eligible pensioner were a reference to
5 an eligible pensioner within the
meaning of sub-section (1) as amended
by section 6(1)(c) and (d) of the
Unclaimed Moneys and
Superannuation Legislation
10 (Amendment) Act 2001.'.
7. New Schedule 2 substituted in State Superannuation
Act 1988
For Schedule 2 to the State Superannuation Act
1988 substitute--
15 "SCHEDULE 2
Australian Catholic University Limited
Deakin University
La Trobe University
Monash University
20 Royal Melbourne Institute of Technology
Swinburne University of Technology
The University of Melbourne
University of Ballarat
Victoria University of Technology".
25 8. Amendments to State Employees Retirement Benefits
Act 1979
15
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(Amendment) Act 2001
s. 8
Act No.
(1) In section 79 of the State Employees Retirement
See:
Act No. Benefits Act 1979, in the definition of
9363
"Commonwealth funded pensioner", in
Reprint No. 4
paragraph (a), after "Schedule 2" insert "or with
as at
28 October
5 any entity merged, associated or affiliated with,
1999
amalgamated into, succeeding or succeeded by,
and
amending
such an employer".
Act Nos
29/2000,
(2) For Schedule 2 to the State Employees
74/2000,
95/2000 and Retirement Benefits Act 1979 substitute--
27/2001.
LawToday:
10 "SCHEDULE 2
www.dms.
dpc.vic.
gov.au
Australian Catholic University Limited
Deakin University
La Trobe University
Monash University
15 Royal Melbourne Institute of Technology
Swinburne University of Technology
The University of Melbourne
University of Ballarat
Victoria University of Technology".
20
16
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Unclaimed Moneys and Superannuation Legislation
(Amendment) Act 2001
Endnotes
Act No.
ENDNOTES
By Authority. Government Printer for the State of Victoria.
17
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