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This is a Bill, not an Act. For current law, see the Acts databases.
Western Australia
State Superannuation Bill 1999
CONTENTS
Part 1 -- Preliminary
1. Short title 2
2. Commencement 2
3. Interpretation 2
4. Act binds the Crown 3
Part 2 -- Government Employees
Superannuation Board
5. Government Employees Superannuation Board 4
6. Functions of the Board 4
7. Powers of the Board 5
8. Composition of the Board 6
9. Protection from liability 6
10 . Meetings, procedures and common seal 7
11 . Staff 7
12 . Delegation 7
13 . Review of Board decisions 8
page i
63--1
State Superannuation Bill 1999
Contents
Part 3 -- Government Employees
Superannuation Fund
14 . The Fund 9
15 . Contents of the Fund 9
16 . Accounting records 9
17 . Actuarial investigation 10
18 . Power to invest 10
19 . Investment strategy 11
20 . Limitation on in-house assets 11
21 . Loans to Members prohibited 12
22 . Earnings derived from investment 12
23 . Investment manager 12
24 . Borrowing 13
25 . Interest accrues on money owing to Fund 13
26 . Recovery of money owing to Fund 13
27 . Unclaimed Money Act 1990 does not apply to
unclaimed benefits 14
Part 4 -- Superannuation schemes
28 . Superannuation schemes 15
29 . Continuation of superannuation schemes 15
30 . Other public sector superannuation schemes 16
Part 5 -- Government guarantees and
appropriation of the Consolidated Fund
31 . Guarantee of benefits and Board's obligations 17
32 . Appropriation to meet contribution and funding
obligations 17
Part 6 -- Miscellaneous
33 . Treasurer's approvals and guidelines 18
page ii
State Superannuation Bill 1999
Contents
34 . Directions to Employers as to practice and
procedure 19
35 . Minister may give directions to the Board 20
36 . Minister to have access to information 20
37 . Minister to consult with Treasurer 22
38 . Regulations 22
39 . Repeals 24
Schedule 1 -- Government Employees
Superannuation Board
1. Chairman 25
2. Deputy chairman 25
3. Election of member directors 25
4. Term of office 26
5. Directors are part-time 26
6. Casual vacancies 26
7. Remuneration and allowances 27
Schedule 2 -- Meetings and procedures
1. Board to determine own procedure 28
2. Quorum 28
3. Presiding director 28
4. Voting 28
5. Minutes 28
6. Resolution without meeting 29
7. Telephone or video attendance at meetings 29
8. Committees 29
9. Material interest 29
10 . Disclosure of interests 30
11 . Voting by interested persons 31
12 . Interested person may be permitted to vote 31
Defined Terms
page iii
Western Australia
LEGISLATIVE ASSEMBLY
State Superannuation Bill 1999
A Bill for
An Act to provide superannuation schemes for persons working
for --
· the Crown;
· the Government of Western Australia;
· Ministers of the Crown; or
· certain authorities, bodies and persons,
and certain other persons, to repeal the Government Employees
Superannuation Act 1987 and the Superannuation and Family
Benefits Act 1938, and for related purposes.
The Parliament of Western Australia enacts as follows:
page 1
State Superannuation Bill 1999
Part 1 Preliminary
s. 1
Part 1 -- Preliminary
1. Short title
This Act may be cited as the State Superannuation Act 1999.
2. Commencement
This Act comes into operation on a day fixed by proclamation.
3. Interpretation
5 In this Act --
"actuary" means a fellow or accredited member of the Institute
of Actuaries of Australia, or any other person with actuarial
knowledge and experience who is approved by the
Minister;
10 "benefit" means a benefit paid or payable under a scheme,
whether paid or payable as a lump sum, pension, allowance
or annuity or in any other form;
"Board" means the Government Employees Superannuation
Board under section 5;
15 "Employer" means --
(a) the Crown;
(b) the Government of Western Australia;
(c) a Minister of the Crown; or
(d) an authority, body or person prescribed for the
20 purposes of this definition;
"Fund" means the Government Employees Superannuation
Fund under section 14;
"GES Act" means the Government Employees Superannuation
Act 1987 as in force immediately before this Act came into
25 operation;
page 2
State Superannuation Bill 1999
Preliminary Part 1
s. 4
"Member" means a member of a scheme;
"S&FB Act" means the Superannuation and Family Benefits
Act 1938 as in force immediately before this Act came into
operation;
5 "scheme", except in section 30, means a superannuation
scheme under this Act;
"Treasurer's guidelines" means guidelines issued by the
Treasurer under section 33(2).
4. Act binds the Crown
10 This Act binds the Crown.
page 3
State Superannuation Bill 1999
Part 2 Government Employees Superannuation Board
s. 5
Part 2 -- Government Employees
Superannuation Board
5. Government Employees Superannuation Board
(1) There is a board called the Government Employees
5 Superannuation Board.
(2) The Board is --
(a) a body corporate with perpetual succession; and
(b) a Crown agency.
(3) The Board is a continuation of, and the same legal entity as, the
10 Government Employees Superannuation Board established
under the GES Act.
(4) Proceedings may be taken by or against the Board in its
corporate name.
6. Functions of the Board
15 (1) The functions of the Board are to --
(a) administer this Act;
(b) manage the Fund;
(c) administer the schemes;
(d) provide information, advice and assistance to the
20 Minister and the Treasurer on matters relating to
superannuation;
(e) provide other products and services in accordance with
the regulations; and
(f) perform any other functions conferred under any other
25 written law.
page 4
State Superannuation Bill 1999
Government Employees Superannuation Board Part 2
s. 7
(2) In carrying out its functions the Board is to, as far as
practicable --
(a) act in the best interests of Members;
(b) ensure that Members and Employers are fully informed
5 of their rights and obligations under the Act; and
(c) ensure equity --
(i) between the Members of each scheme; and
(ii) between the Members of a scheme and the
Members of each other scheme.
10 (3) In carrying out its functions the Board may use and operate
under one or more prescribed trading names.
7. Powers of the Board
(1) The Board has power to do all things necessary or convenient to
be done for, or in connection with, the performance of its
15 functions.
(2) Without limiting subsection (1), the Board may --
(a) acquire, hold, deal with and dispose of property of any
sort;
(b) enter into a contract or arrangement with any person
20 under which that person is to --
(i) provide professional, technical or other
assistance to the Board; or
(ii) do for the Board anything that the Board could
do,
25 and pay out of the Fund fees charged by the person in
accordance with the contract or arrangement;
(c) enter into a contract or arrangement with any person
under which the Board is to provide products and
page 5
State Superannuation Bill 1999
Part 2 Government Employees Superannuation Board
s. 8
services to that person and charge fees for providing
those products and services;
(d) promote and market the Board, its activities, products
and services;
5 (e) conduct research;
(f) produce and publish information; and
(g) do anything else that a body corporate may do.
(3) Without limiting subsection (1) if the Board has power to do
something, it may do that thing on its own or in conjunction
10 with any person.
8. Composition of the Board
(1) The Board comprises 7 directors of whom --
(a) one is to be appointed by the Governor as chairman on
the nomination of the Minister;
15 (b) 3 are to be appointed by the Governor as Employer
directors; and
(c) 3 are to be elected in accordance with the regulations as
Member directors.
(2) Schedule 1 has effect.
20 9. Protection from liability
(1) Subject to the Statutory Corporations (Liability of Directors)
Act 1996, an action does not lie against a person, other than the
Board, for anything done by the person in good faith in the
performance, or purported performance, of a function under this
25 Act.
(2) The protection given by this section applies even if the person
would have been capable of doing the act if this Act had not
been enacted.
page 6
State Superannuation Bill 1999
Government Employees Superannuation Board Part 2
s. 10
(3) Subsection (1) does not relieve the Board or the Crown of any
liability that they might have for anything done by a person
against whom that subsection provides that an action does not
lie.
5 (4) In an action against the Crown or the Board for loss or damage
suffered by a person as a result of the making of an investment
by the Board, it is a defence for the defendant to prove that the
investment was made in accordance with the investment
strategy formulated under section 19(1).
10 10. Meetings, procedures and common seal
(1) Schedule 2 has effect.
(2) The common seal of the Board is to be --
(a) in a form determined by the Board;
(b) kept in safe custody as the Board directs; and
15 (c) used only as authorized by the Board.
11. Staff
(1) Public service officers may be appointed or employed under the
Public Sector Management Act 1994 to enable the Board to
perform its functions.
20 (2) The Board may appoint or employ other persons on terms and
conditions determined by the Board.
12. Delegation
(1) Subject to section 23 the Board may, in writing, delegate the
performance of any of its functions, except this power of
25 delegation, to --
(a) any person; or
(b) a committee appointed under clause 8 of Schedule 2.
page 7
State Superannuation Bill 1999
Part 2 Government Employees Superannuation Board
s. 13
(2) A function performed by a delegate is taken to have been
performed by the Board.
(3) A person purporting to act under this section as a delegate is
taken to have acted in accordance with the terms of the
5 delegation unless the contrary is shown.
13. Review of Board decisions
(1) A person aggrieved by a decision of the Board may apply to the
Board to have the decision reviewed and the Board is to review
the decision.
10 (2) A person cannot apply to the Board under subsection (1) more
than once in relation to the same decision.
(3) A person aggrieved by a decision of the Board on a review
under subsection (1) may, if the regulations permit --
(a) appeal to a Judge; or
15 (b) refer the matter to a prescribed person or body for
review.
(4) An appeal or referral is to be made and dealt with in accordance
with the regulations, and in the case of an appeal, the rules of
the Supreme Court.
20 (5) The decision on an appeal or review is to be given effect
according to its tenor.
page 8
State Superannuation Bill 1999
Government Employees Superannuation Fund Part 3
s. 14
Part 3 -- Government Employees
Superannuation Fund
14. The Fund
(1) There is a fund called the Government Employees
5 Superannuation Fund.
(2) The Fund is a continuation of, and the same fund as, the
Government Employees Superannuation Fund established by
section 9 of the GES Act.
15. Contents of the Fund
10 (1) The Board is to credit to the Fund --
(a) contributions made under this Act;
(b) amounts transferred to the Fund from other
superannuation funds in respect of Members;
(c) earnings derived from the investment of the Fund;
15 (d) money borrowed by the Board; and
(e) other amounts lawfully received by the Board or
credited to the Fund.
(2) The Board is to charge to the Fund --
(a) benefits paid under the schemes;
20 (b) costs incurred by the Board in carrying out its functions;
and
(c) other amounts lawfully paid by the Board or charged to
the Fund.
16. Accounting records
25 (1) The Board is to keep the accounting and other records that the
Board considers appropriate in order to perform its functions.
page 9
State Superannuation Bill 1999
Part 3 Government Employees Superannuation Fund
s. 17
(2) The Board may keep its records in or on any medium, or
combination of mediums, capable of recording information and
may vary the manner or form in which they are kept.
17. Actuarial investigation
5 (1) The Board is to cause an actuary to carry out an investigation of
the state and sufficiency of the Fund at least once every 3 years
and at any other times the Treasurer directs.
(2) The actuary is to report the results of the investigation to the
Board within 12 months of the date as at which the investigation
10 is carried out or within any longer period the Treasurer
approves.
(3) The Board and actuary must ensure that the actuarial
investigation and report are carried out in accordance with the
Treasurer's guidelines.
15 18. Power to invest
(1) The Board may invest the assets of the Fund in any form of
investment that is, or is of a kind that is, approved by the
Treasurer.
(2) The Board may only enter into an investment in accordance
20 with the Treasurer's guidelines.
(3) The Board may --
(a) deal with its investments; and
(b) deal with or exercise, or choose not to exercise, any
rights or obligations that are attendant on ownership of
25 an investment,
as it considers appropriate.
page 10
State Superannuation Bill 1999
Government Employees Superannuation Fund Part 3
s. 19
19. Investment strategy
(1) The Board is to formulate and give effect to a broad investment
strategy for the investment of the Fund.
(2) In formulating its investment strategy and in making investment
5 decisions the Board is to endeavour to optimize returns having
regard to all of the circumstances of the Fund including --
(a) the need to exercise care and prudence to maintain the
integrity of the Fund;
(b) the --
10 (i) nature of;
(ii) potential for capital appreciation and income
return from;
(iii) costs associated with making; and
(iv) risks associated with,
15 different investments and different kinds of investments;
(c) the desirability of diversifying its investments;
(d) the liquidity of the Fund;
(e) its expected cash flow requirements; and
(f) the level of existing and prospective liabilities.
20 (3) The Board is to review --
(a) its broad investment strategy; and
(b) the management and performance of its investments,
from time to time in accordance with the Treasurer's guidelines.
20. Limitation on in-house assets
25 (1) The Board may only invest in debt paper or securities of an
Employer if doing so will not result in a breach of
subsection (3).
page 11
State Superannuation Bill 1999
Part 3 Government Employees Superannuation Fund
s. 21
(2) If at any time it appears to the Board that subsection (3) is being
breached, the Board must remedy the breach.
(3) This subsection is breached if the cost of the Board's
investments in debt paper or securities of an Employer (other
5 than debt paper of the Western Australian Treasury
Corporation) exceeds the prescribed percentage of the cost of all
of the Board's investments.
21. Loans to Members prohibited
The Board must not use the assets of the Fund to make a loan or
10 give financial assistance to a Member.
22. Earnings derived from investment
The Board is to allocate earnings derived from the investment of
the Fund between the schemes in accordance with the
Treasurer's guidelines and otherwise as it considers appropriate.
15 23. Investment manager
(1) The Board may appoint --
(a) an employee of the Board; or
(b) a person approved by the Treasurer,
as an investment manager on terms determined by the Board.
20 (2) Subject to the Treasurer's guidelines the Board may delegate to
an investment manager all or any of its functions under
section 18 with respect to all or part of the Fund.
(3) A person is not appointed as an investment manager within the
meaning of this section unless the person is appointed for the
25 purpose of enabling the Board to delegate a function to that
person under subsection (2).
page 12
State Superannuation Bill 1999
Government Employees Superannuation Fund Part 3
s. 24
24. Borrowing
(1) The Board cannot borrow money unless --
(a) the borrowing is --
(i) for the purpose of overcoming a cash flow
5 problem in the payment of benefits; or
(ii) for a purpose approved by the Treasurer;
(b) the terms of the borrowing have been approved by the
Treasurer; and
(c) the borrowing complies with the Treasurer's guidelines.
10 (2) When borrowing money the Board may give any security it
considers appropriate.
(3) In this section --
"borrow money" means borrow or raise money, obtain credit
or arrange for other financial accommodation, and includes
15 to re-borrow or obtain advances.
25. Interest accrues on money owing to Fund
(1) If money is owing to the Fund interest accrues on it at a rate, in
the manner and for the period, determined by the Board.
(2) Interest accruing under subsection (1) may be recovered by the
20 Board in the same way as other money owing to the Fund.
26. Recovery of money owing to Fund
(1) The Board may recover any money owing to the Fund --
(a) as a debt in a court of competent jurisdiction;
(b) by deducting the amount owing from any amount that is,
25 or becomes, payable from the Fund to the debtor;
page 13
State Superannuation Bill 1999
Part 3 Government Employees Superannuation Fund
s. 27
(c) if the money is owed by an Employer, by entering into
an arrangement for the satisfaction of the debt in such
manner as the Board considers appropriate; or
(d) if the money is owed by a Member, by deduction of the
5 amount owing from the Member's pay under
subsection (2).
(2) If a Member owes money to the Fund the Board may direct the
Employer of the Member to --
(a) deduct the amount owing from the Member's pay in the
10 instalments and at the times set out in the direction; and
(b) pay the amount deducted to the Fund,
and the Employer must comply with the direction.
27. Unclaimed Money Act 1990 does not apply to unclaimed
benefits
15 The Unclaimed Money Act 1990 does not apply in relation to
unclaimed benefits in the Fund.
page 14
State Superannuation Bill 1999
Superannuation schemes Part 4
s. 28
Part 4 -- Superannuation schemes
28. Superannuation schemes
(1) The Governor may, by regulations under section 38, establish
superannuation schemes for persons who are working for
5 Employers.
(2) A scheme, other than a scheme continued by section 29(b), (c)
or (d), may provide for the spouses or ex-spouses of persons
who are working, or have worked, for Employers to participate
in the scheme.
10 29. Continuation of superannuation schemes
On the day on which this Act comes into operation the
following superannuation schemes become superannuation
schemes under this Act --
(a) the superannuation scheme that was provided for in
15 Part VIIA of the GES Act immediately before its repeal
by section 39 (referred to in that Act as the 1993
scheme);
(b) the superannuation scheme that was provided for in
Parts IV, V, VI and VII of the GES Act immediately
20 before its repeal by section 39 (referred to in that Act as
the 1987 scheme);
(c) the superannuation scheme that was provided for in
Parts IV, V and VB of the S&FB Act immediately
before its repeal by section 39; and
25 (d) the superannuation scheme that was provided for in
Parts VA and VB of the S&FB Act immediately before
its repeal by section 39.
page 15
State Superannuation Bill 1999
Part 4 Superannuation schemes
s. 30
30. Other public sector superannuation schemes
(1) An Employer may establish a superannuation scheme or fund
for the benefit of its employees, if and only if the Minister and
the Treasurer have approved the establishment of that scheme or
5 fund.
(2) An Employer may make superannuation contributions for its
employees to a superannuation fund or scheme other than --
(a) a scheme under this Act;
(b) a superannuation scheme or fund established in
10 accordance with subsection (1); or
(c) a superannuation scheme or fund established before
28 December 1989,
if and only if the Minister and the Treasurer have approved the
making of those contributions.
15 (3) An approval given by the Minister and the Treasurer under this
section must be in writing and may relate to --
(a) a particular Employer or class of Employers;
(b) a particular employee or class of employees; or
(c) a particular scheme or fund or class of schemes or funds.
20 (4) This section applies despite any other written law.
page 16
State Superannuation Bill 1999
Government guarantees and appropriation of the Consolidated Part 5
Fund
s. 31
Part 5 -- Government guarantees and appropriation
of the Consolidated Fund
31. Guarantee of benefits and Board's obligations
(1) The Crown --
5 (a) guarantees payment of every benefit payable under a
scheme; and
(b) may guarantee the performance by the Board of any of
its obligations under this Act on terms determined by the
Treasurer.
10 (2) The payment of money under a guarantee under subsection (1)
is to be charged to the Consolidated Fund, and the Consolidated
Fund is appropriated accordingly.
(3) Any amount received or recovered in respect of any payment
made under a guarantee is to be credited to the Consolidated
15 Fund.
32. Appropriation to meet contribution and funding obligations
The Consolidated Fund is appropriated to the extent necessary
to meet the payment of contributions and other amounts
required by regulations under this Act to be paid by the Crown
20 to the Fund on or after the commencement of this Act.
page 17
State Superannuation Bill 1999
Part 6 Miscellaneous
s. 33
Part 6 -- Miscellaneous
33. Treasurer's approvals and guidelines
(1) An approval given by the Treasurer --
(a) must be in writing but may otherwise be given when and
5 how the Treasurer determines; and
(b) may be given in relation to a particular matter or matters
of a particular kind.
(2) The Treasurer may issue written guidelines to be followed by
the Board in relation to --
10 (a) the information, advice and assistance to be provided by
the Board under section 6(1)(d);
(b) the provision by the Board of other products and
services under section 6(1)(e);
(c) the carrying out of actuarial investigations under
15 section 17;
(d) the making of investments under section 18;
(e) the submission of matters to the Treasurer for approval
under sections 18, 23, 24 and 38(4);
(f) the review by the Board of its investment strategy and
20 the management and performance of its investments
under section 19(3);
(g) the allocation of investment earnings under section 22;
(h) the appointment of investment managers under
section 23(1);
25 (i) the delegation of functions to investment managers
under section 23(2); and
(j) borrowing under section 24.
page 18
State Superannuation Bill 1999
Miscellaneous Part 6
s. 34
(3) Guidelines issued under subsection (2) are not subsidiary
legislation for the purposes of the Interpretation Act 1984.
(4) If there is any inconsistency between guidelines issued under
subsection (2) and a direction given under section 35, the
5 guidelines prevail.
34. Directions to Employers as to practice and procedure
(1) The Board or the Minister may give written directions to
Employers about the practices and procedures to be observed by
Employers for the efficient operation of this Act and may
10 amend those directions.
(2) An Employer must comply with directions given under
subsection (1).
(3) The Board may recover from an Employer any costs or
expenses incurred by the Board as a result of the Employer's
15 failure to comply with a direction given under subsection (1).
(4) Directions given under subsection (1) may --
(a) apply at all times, at a particular time, or for a particular
period;
(b) apply to all Employers, to a particular Employer, or to
20 Employers in a particular class;
(c) direct something to be done in a particular manner;
(d) require something to be approved by, or done to the
satisfaction of, a particular person or body, or a member
of a class of persons or bodies; or
25 (e) confer a discretion on a person or body, or a class of
persons or bodies.
page 19
State Superannuation Bill 1999
Part 6 Miscellaneous
s. 35
35. Minister may give directions to the Board
(1) Subject to the Statutory Corporations (Liability of Directors)
Act 1996 the Minister may give written directions to the Board
with respect to its functions and powers, either generally or with
5 respect to a particular matter.
(2) The Board is to give effect to directions given by the Minister.
(3) The text of any direction received by the Board is to be included
in the annual report submitted by the accountable authority of
the Board under section 66 of the Financial Administration and
10 Audit Act 1985.
36. Minister to have access to information
(1) For parliamentary purposes or for the proper conduct of the
Minister's public business, the Minister is entitled --
(a) to have information in the possession of the Board; and
15 (b) where the information is in or on a document, to have,
and make and retain copies of, that document.
(2) For the purposes of subsection (1) the Minister may, in writing,
request the Board to --
(a) give the Minister information or access to information;
20 and
(b) make its staff and facilities available to enable the
Minister to access information,
and the Board is to comply with that request.
(3) This section does not entitle the Minister to information in the
25 possession of the Board in a form that --
(a) discloses confidential information about a beneficiary;
or
page 20
State Superannuation Bill 1999
Miscellaneous Part 6
s. 36
(b) might enable confidential information about a
beneficiary to be ascertained,
unless disclosure of the information is authorized by the
beneficiary.
5 (4) In this section --
"beneficiary" means --
(a) a Member;
(b) a former Member; or
(c) any other person to whom --
10 (i) a benefit has been or is being paid, or is or
may become payable; or
(ii) a product or service has been provided by the
Board;
"document" includes any tape, disc or other device or medium
15 on which data is recorded or stored mechanically,
photographically, electronically or otherwise;
"information" means information specified, or of a description
specified, by the Minister that relates to the functions or
powers of the Board;
20 "parliamentary purposes" means the purpose of --
(a) answering a question asked in a House of Parliament;
or
(b) complying with a written law, or an order or
resolution of a House of Parliament, that requires
25 information to be furnished to a House of Parliament.
page 21
State Superannuation Bill 1999
Part 6 Miscellaneous
s. 37
37. Minister to consult with Treasurer
The Minister is to consult with the Treasurer before performing
a function under this Act if the performance of the function will
or may affect the financial rights or obligations of the Crown
5 under this Act and the value of that effect will or may exceed
the prescribed amount.
38. Regulations
(1) Subject to subsections (3) to (6), the Governor may make
regulations prescribing all matters that are required or permitted
10 by this Act to be prescribed, or are necessary or convenient to
be prescribed, for giving effect to this Act.
(2) Without limiting the generality of subsection (1) regulations
may be made under subsection (1) in relation to --
(a) establishing schemes;
15 (b) membership and Employer participation in the schemes;
(c) contributions to be made to the Fund and other funding
of the Fund;
(d) benefits and how they are paid or dealt with;
(e) insurance to be provided through the schemes;
20 (f) management of the Fund;
(g) administration of the schemes;
(h) accounts and records to be kept by the Board;
(i) information and documents to be given to and by the
Board;
25 (j) provision by the Board of other products and services;
(k) appointment and election of directors; and
(l) appeals against, and reviews of, decisions of the Board.
page 22
State Superannuation Bill 1999
Miscellaneous Part 6
s. 38
(3) Regulations cannot be made under subsection (1) if they reduce
the amount of a benefit that --
(a) accrued or became payable before the regulations came
into operation; or
5 (b) is, or may become, payable in relation to a period before
the regulations came into operation.
(4) Regulations that --
(a) will or may affect the financial rights or obligations of
the Crown under this Act and the value of that effect
10 will or may exceed the prescribed amount; or
(b) relate to other products and services that may be
provided by the Board,
cannot be made under subsection (1) unless they have been
approved by the Treasurer.
15 (5) Regulations that prescribe an authority, body or person for the
purposes of the definition of "Employer" may specify as the
day on which they come into operation a day that is earlier than
the day on which they are published in the Gazette.
(6) Regulations of the kind referred to in subsection (5) cannot be
20 made if they will or may affect a person, except the Crown or an
Employer, by --
(a) prejudicing rights that existed before the regulation was
published; or
(b) imposing liabilities in respect of anything that occurred
25 before the regulation was published.
(7) Regulations prescribing an amount for the purposes of
section 37 or subsection (4)(a) may prescribe an amount or a
method of determining an amount.
page 23
State Superannuation Bill 1999
Part 6 Miscellaneous
s. 39
39. Repeals
The Government Employees Superannuation Act 1987 and the
Superannuation and Family Benefits Act 1938 are repealed.
page 24
State Superannuation Bill 1999
Government Employees Superannuation Board Schedule 1
Schedule 1 -- Government Employees
Superannuation Board
[s. 8(2)]
1. Chairman
5 (1) Before making a nomination under section 8(1)(a) the Minister is to
consult with unions or associations of unions that appear to the
Minister to be broadly representative of employees of the Employers.
(2) The Minister must not nominate as chairman a person who is a
member of the staff of the Board.
10 2. Deputy chairman
(1) The Governor may from time to time appoint a director, nominated by
the Minister, to be deputy chairman.
(2) The Minister must not nominate as deputy chairman a person who is a
member of the staff of the Board.
15 (3) In the absence of the chairman, the deputy chairman --
(a) is to act in the place of the chairman; and
(b) while so acting, has all the functions of, and is taken to be,
the chairman.
(4) No act or omission of a deputy chairman is to be questioned on the
20 ground that the occasion for the acting had not arisen or had ceased.
3. Election of member directors
Elections for the purposes of section 8(1)(c) are to be held --
(a) during the 6 months preceding the expiry of the term of office
of the current directors elected under section 8(1)(c); or
25 (b) in the case of an election to fill a casual vacancy, not later
than 60 days after the vacancy occurs.
page 25
State Superannuation Bill 1999
Schedule 1 Government Employees Superannuation Board
4. Term of office
(1) The term for which a person is appointed to be the chairman or is
appointed under section 8(1)(b) to be a director is to be fixed in the
instrument of appointment and is not to be longer than 5 years.
5 (2) The term for which a director is elected under section 8(1)(c) is
3 years.
(3) A person's eligibility for appointment or election as a director is not
affected by the person having been a director before.
5. Directors are part-time
10 All directors hold their offices on a part-time basis.
6. Casual vacancies
(1) A casual vacancy in the office of a director occurs if the director --
(a) dies;
(b) resigns by notice to the appointor;
15 (c) is an insolvent under administration as defined in the
Corporations Law; or
(d) is removed from office by the appointor under subclause (2).
(2) The appointor may remove a director from office if the appointor is
satisfied that the director --
20 (a) has neglected his or her duty;
(b) has misbehaved;
(c) is incompetent;
(d) has contravened clause 10 or 11 of Schedule 2;
(e) is suffering from mental or physical incapacity impairing the
25 performance of his or her functions under this Act;
(f) is absent from 4 consecutive meetings of the Board of which
he or she has been given reasonable notice, unless he or she is
absent on leave granted by the Board; or
(g) has been convicted of an offence involving dishonest
30 conduct.
page 26
State Superannuation Bill 1999
Government Employees Superannuation Board Schedule 1
(3) If a casual vacancy occurs in the office of a director elected under
section 8(1)(c), the Minister may appoint a Member to fill the vacancy
until a new director is elected.
(4) Before appointing a person under subclause (3) the Minister is to
5 consult with unions or associations of unions that appear to the
Minister to be broadly representative of employees of the Employers.
(5) In this clause --
"appointor" means --
(a) in the case of the chairman or a director appointed under
10 section 8(1)(b), the Governor; and
(b) in the case of a director elected under section 8(1)(c), the
Minister.
7. Remuneration and allowances
A director is entitled to the remuneration and allowances determined
15 by the Minister on the recommendation of the Minister for Public
Sector Management.
page 27
State Superannuation Bill 1999
Schedule 2 Meetings and procedures
Schedule 2 -- Meetings and procedures
[s. 10(1)]
1. Board to determine own procedure
The Board may determine its own procedure for calling and
5 conducting Board meetings except to the extent that it is prescribed
under this Act.
2. Quorum
The quorum at a Board meeting is 5 directors.
3. Presiding director
10 A Board meeting is to be presided over by --
(a) the chairman;
(b) in the absence of the chairman, the deputy chairman (if one
has been appointed); or
(c) in the absence of the chairman and deputy chairman, a
15 director chosen by the directors present at the meeting.
4. Voting
At a Board meeting --
(a) each director has one vote;
(b) the person presiding does not have a casting vote; and
20 (c) a resolution is passed if 5 or more directors vote in favour of
it.
5. Minutes
The Board is to cause accurate minutes to be kept and preserved of
the proceedings at each Board meeting and of each resolution passed
25 by the Board.
page 28
State Superannuation Bill 1999
Meetings and procedures Schedule 2
6. Resolution without meeting
A written resolution signed by each director who would have been
entitled to vote on the resolution at a meeting is as effectual as if it
had been passed at a Board meeting.
5 7. Telephone or video attendance at meetings
A director may attend a Board meeting by telephone, audio-visual
link-up or any other form of instantaneous communication if all
directors attending the meeting are simultaneously in contact with
each other.
10 8. Committees
(1) The Board may appoint committees to assist it in the performance of
its functions, and may discharge or alter any committee so appointed.
(2) The Board may appoint a person to a committee whether or not the
person is a director.
15 (3) The Board may act on the advice of a committee.
(4) Subject to any directions given by the Board, a committee may
determine its own procedure.
9. Material interest
(1) For the purposes of this Schedule a person has a material interest in a
20 matter if the person --
(a) subject to subclauses (2) and (3) has a direct or indirect
pecuniary interest in the matter;
(b) has given advice for remuneration in relation to the matter to
the Board or to the former Superannuation Board constituted
25 under the S&FB Act; or
(c) subject to subclauses (2) and (3) has a non-pecuniary interest
in the matter.
(2) An interest in a matter is not a material interest if it arises by reason
only that the person is --
30 (a) a Member;
page 29
State Superannuation Bill 1999
Schedule 2 Meetings and procedures
(b) an employee of an Employer;
(c) an Employer or a member of the board or other body
responsible for the control or direction of an Employer;
(d) an employee of a union or association of unions; or
5 (e) a member of a corporation listed on an Australian stock
exchange, unless that interest is material in relation to that
corporation.
(3) The interest of a person in an existing or proposed contract of
insurance is not a material interest if it arises by reason only that the
10 contract insures, or is proposed to insure, the person against a liability
incurred by the person in his or her capacity as a director or
committee member.
(4) Subclause (3) does not apply if the Board is the insurer.
10. Disclosure of interests
15 (1) A director or committee member who has a material interest in a
matter involving the Board or the Fund must, as soon as possible after
the relevant facts have come to the person's knowledge, disclose the
nature of the interest at a meeting of the Board or committee.
(2) A disclosure under subclause (1) is to be recorded in the minutes of
20 the meeting.
(3) A disclosure under subclause (1) by a person that he or she --
(a) is a member or employee of a particular company or body;
(b) is a partner or employee of a particular person; or
(c) has some other specified interest relating to a particular
25 company, body or person,
is a sufficient disclosure of the person's interest in relation to any
matter or thing involving that company, body or person which arises
after the disclosure is made.
(4) A contravention of this clause by a person does not invalidate a
30 decision of the Board or committee.
page 30
State Superannuation Bill 1999
Meetings and procedures Schedule 2
11. Voting by interested persons
(1) A director or committee member who has a material interest in a
matter being considered by the Board or committee --
(a) must not be present while the matter is being considered at a
5 meeting of the Board or committee; and
(b) must not vote on the matter, whether at a meeting or
otherwise.
(2) If as a result of one or more directors being disqualified under
subclause (1) the Board is unable to form a quorum in relation to a
10 matter, the Minister may deal with the matter.
12. Interested person may be permitted to vote
(1) Clause 11 does not apply if the Board has at any time passed a
resolution that --
(a) specifies the director or committee member, the interest and
15 the matter; and
(b) states that the directors voting for the resolution are satisfied
that the interest should not disqualify the director or
committee member from considering or voting on the matter.
(2) A director who has a material interest in a matter --
20 (a) must not be present at a meeting of the Board while a
proposed resolution under subclause (1) in relation to that
matter is being considered; and
(b) must not vote, whether at a meeting or otherwise, on a
proposed resolution under subclause (1) in relation to the
25 matter, whether in relation to that or a different director.
(3) The Minister may by notice to the Board declare that clause 11 does
not apply in relation to a specified matter either generally or in voting
on particular resolutions.
(4) The text of any declaration received by the Board is to be included in
30 the annual report submitted by the accountable authority of the Board
under section 66 of the Financial Administration and Audit Act 1985.
page 31
State Superannuation Bill 1999
Defined Terms
Defined Terms
[This is a list of terms defined and the provisions where they are defined.
The list is not part of the law.]
Defined Term Provision(s)
actuary ............................................................................................................. 3
appointor...........................................................................................Sch 1, cl. 6
beneficiary .................................................................................................36(4)
benefit.............................................................................................................. 3
Board............................................................................................................... 3
borrow money ............................................................................................24(3)
document ...................................................................................................36(4)
Employer ......................................................................................................... 3
Fund ................................................................................................................ 3
GES Act........................................................................................................... 3
information ................................................................................................36(4)
Member ........................................................................................................... 3
parliamentary purposes...............................................................................36(4)
S&FB Act ........................................................................................................ 3
scheme............................................................................................................. 3
Treasurer's guidelines ...................................................................................... 3
page 32
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