Superannuation (Commonwealth Surcharge and Miscellaneous Amendments) Act 1999
An Act to amend various enactments relating to superannuation consequentially on Commonwealth Acts imposing surcharge liability and generally to revise the law relating to superannuation
[Royal Assent 14 May 1999]
Be it enacted by His Excellency the Governor of Tasmania, by and with the advice and consent of the Legislative Council and House of Assembly, in Parliament assembled, as follows:
PART 1 - Preliminary
This Act may be cited as the Superannuation (Commonwealth Surcharge and Miscellaneous Amendments) Act 1999 .
(1) Sections 60 and 75 commence on 1 July 1999.(2) Sections 70 , 73 , 92 and 93 commence on a day or days to be proclaimed.(3) The remaining provisions of this Act commence on the day on which this Act receives the Royal Assent.
PART 2 - Director of Public Prosecutions Act 1973 Amended
The amendments effected by this Part have been incorporated into the authorised version of the Director of Public Prosecutions Act 1973 .
The amendments effected by this Part have been incorporated into the authorised version of the Director of Public Prosecutions Act 1973 .
The amendments effected by this Part have been incorporated into the authorised version of the Director of Public Prosecutions Act 1973 .
PART 3 - Governor of Tasmania Act 1982 Amended
The amendments effected by this Part have been incorporated into the authorised version of the Governor of Tasmania Act 1982 .
The amendments effected by this Part have been incorporated into the authorised version of the Governor of Tasmania Act 1982 .
The amendments effected by this Part have been incorporated into the authorised version of the Governor of Tasmania Act 1982 .
The amendments effected by this Part have been incorporated into the authorised version of the Governor of Tasmania Act 1982 .
PART 4 - Judges' Contributory Pensions Act 1968 Amended
The amendments effected by this Part have been incorporated into the authorised version of the Judges' Contributory Pensions Act 1968 .
The amendments effected by this Part have been incorporated into the authorised version of the Judges' Contributory Pensions Act 1968 .
The amendments effected by this Part have been incorporated into the authorised version of the Judges' Contributory Pensions Act 1968 .
The amendments effected by this Part have been incorporated into the authorised version of the Judges' Contributory Pensions Act 1968 .
The amendments effected by this Part have been incorporated into the authorised version of the Judges' Contributory Pensions Act 1968 .
The amendments effected by this Part have been incorporated into the authorised version of the Judges' Contributory Pensions Act 1968 .
The amendments effected by this Part have been incorporated into the authorised version of the Judges' Contributory Pensions Act 1968 .
PART 5 - Parliamentary Retiring Benefits Act 1985 Amended
The amendments effected by this Part have been incorporated into the authorised version of the Parliamentary Retiring Benefits Act 1985 .
The amendments effected by this Part have been incorporated into the authorised version of the Parliamentary Retiring Benefits Act 1985 .
The amendments effected by this Part have been incorporated into the authorised version of the Parliamentary Retiring Benefits Act 1985 .
The amendments effected by this Part have been incorporated into the authorised version of the Parliamentary Retiring Benefits Act 1985 .
The amendments effected by this Part have been incorporated into the authorised version of the Parliamentary Retiring Benefits Act 1985 .
The amendments effected by this Part have been incorporated into the authorised version of the Parliamentary Retiring Benefits Act 1985 .
The amendments effected by this Part have been incorporated into the authorised version of the Parliamentary Retiring Benefits Act 1985 .
The amendments effected by this Part have been incorporated into the authorised version of the Parliamentary Retiring Benefits Act 1985 .
The amendments effected by this Part have been incorporated into the authorised version of the Parliamentary Retiring Benefits Act 1985 .
PART 6 - Parliamentary Superannuation Act 1973 Amended
The amendments effected by this Part have been incorporated into the authorised version of the Parliamentary Superannuation Act 1973 .
The amendments effected by this Part have been incorporated into the authorised version of the Parliamentary Superannuation Act 1973 .
The amendments effected by this Part have been incorporated into the authorised version of the Parliamentary Superannuation Act 1973 .
The amendments effected by this Part have been incorporated into the authorised version of the Parliamentary Superannuation Act 1973 .
The amendments effected by this Part have been incorporated into the authorised version of the Parliamentary Superannuation Act 1973 .
The amendments effected by this Part have been incorporated into the authorised version of the Parliamentary Superannuation Act 1973 .
The amendments effected by this Part have been incorporated into the authorised version of the Parliamentary Superannuation Act 1973 .
The amendments effected by this Part have been incorporated into the authorised version of the Parliamentary Superannuation Act 1973 .
The amendments effected by this Part have been incorporated into the authorised version of the Parliamentary Superannuation Act 1973 .
The amendments effected by this Part have been incorporated into the authorised version of the Parliamentary Superannuation Act 1973 .
The amendments effected by this Part have been incorporated into the authorised version of the Parliamentary Superannuation Act 1973 .
The amendments effected by this Part have been incorporated into the authorised version of the Parliamentary Superannuation Act 1973 .
PART 7 - Retirement Benefits Act 1993 Amended
The amendments effected by this Part have been incorporated into the authorised version of the Retirement Benefits Act 1993 .
The amendments effected by this Part have been incorporated into the authorised version of the Retirement Benefits Act 1993 .
The amendments effected by this Part have been incorporated into the authorised version of the Retirement Benefits Act 1993 .
The amendments effected by this Part have been incorporated into the authorised version of the Retirement Benefits Act 1993 .
The amendments effected by this Part have been incorporated into the authorised version of the Retirement Benefits Act 1993 .
PART 8 - Solicitor-General Act 1983 Amended
The amendments effected by this Part have been incorporated into authorised versions of the following Acts:(a) Judges' Contributory Pensions Act 1968 ;(b) Solicitor-General Act 1983 .
The amendments effected by this Part have been incorporated into authorised versions of the following Acts:(a) Judges' Contributory Pensions Act 1968 ;(b) Solicitor-General Act 1983 .
The amendments effected by this Part have been incorporated into authorised versions of the following Acts:(a) Judges' Contributory Pensions Act 1968 ;(b) Solicitor-General Act 1983 .
PART 9 - Retirement Benefits Regulations 1994 Amended
In this Part, the Retirement Benefits Regulations 1994 are referred to as the Principal Regulations.
The amendment effected by this section has been incorporated into the authorised version of the Retirement Benefits Act 1993 .
The amendments effected by this section have been incorporated into the authorised version of the Retirement Benefits Regulations 1994 .
The amendments effected by this section have been incorporated into the authorised version of the Retirement Benefits Regulations 1994 .
The amendments effected by this section have been incorporated into the authorised version of the Retirement Benefits Regulations 1994 .
The amendment effected by this section has been incorporated into the authorised version of the Retirement Benefits Regulations 1994 .
The amendment effected by this section has been incorporated into the authorised version of the Retirement Benefits Regulations 1994 .
The amendments effected by this section have been incorporated into the authorised version of the Retirement Benefits Regulations 1994 .
The amendment effected by this section has been incorporated into the authorised version of the Retirement Benefits Regulations 1994 .
The amendment effected by this section has been incorporated into the authorised version of the Retirement Benefits Regulations 1994 .
The amendment effected by this section has been incorporated into the authorised version of the Retirement Benefits Regulations 1994 .
The amendments effected by this section have been incorporated into the authorised version of the Retirement Benefits Regulations 1994 .
The amendment effected by this section has been incorporated into the authorised version of the Retirement Benefits Regulations 1994 .
The amendments effected by this section have been incorporated into the authorised version of the Retirement Benefits Regulations 1994 .
The amendment effected by this section has been incorporated into the authorised version of the Retirement Benefits Regulations 1994 .
The amendment effected by this section has been incorporated into the authorised version of the Retirement Benefits Regulations 1994 .
The amendment effected by this section has been incorporated into the authorised version of the Retirement Benefits Regulations 1994 .
The amendments effected by this section have been incorporated into the authorised version of the Retirement Benefits Regulations 1994 .
The amendments effected by this section have been incorporated into the authorised version of the Retirement Benefits Regulations 1994 .
The amendments effected by this section have been incorporated into the authorised version of the Retirement Benefits Regulations 1994 .
The amendment effected by this section has been incorporated into the authorised version of the Retirement Benefits Regulations 1994 .
The amendment effected by this section has been incorporated into the authorised version of the Retirement Benefits Regulations 1994 .
The amendment effected by this section has been incorporated into the authorised version of the Retirement Benefits Regulations 1994 .
The amendment effected by this section has been incorporated into the authorised version of the Retirement Benefits Regulations 1994 .
[Commences: 2 October 1999
After regulation 60AA of the Principal Regulations, as inserted by section 69, the following regulation is inserted:(1) The Board may from time to time provide investment choices for persons who have accounts established under regulation 60 or 65 and may –as are necessary for the efficient and effective administration of those investment choices.(a) establish such accounts; and(b) determine an administrative policy and such terms and conditions –(2) Subject to subregulation (1) , a person may direct the Board as to the investment choice that he or she wishes to exercise in respect of –(a) the whole or a part of the balance standing to the credit of an account referred to in subregulation (1) ; and(b) any future amounts credited to that account.(3) The direction is to be in a form approved by the Board and the Board must give effect to that direction within 14 working days after receiving it.(4) The Board must charge a management fee to cover any taxation liability, brokerage fee, investment fee and the administrative costs of giving effect to the direction.(5) In the absence of a direction by a person under this regulation, the Board may invest any money standing to the credit of an account referred to in subregulation (1) as the Board may determine.
]
The amendment effected by this section has been incorporated into the authorised version of the Retirement Benefits Regulations 1994 .
The amendments effected by this section have been incorporated into the authorised version of the Retirement Benefits Regulations 1994 .
[Commences: 2 October 1999
73. Regulation 65 substituted
Regulation 65 of the Principal Regulations is rescinded and the following regulation is substituted:65. Allocated pension accounts
(1) A person who –may elect to transfer the whole or a part of his or her benefits to an allocated pension account.(a) has a benefit entitlement under the contributory scheme, the non-contributory scheme or this Part and who has ceased employment after attaining the preservation age; or(b) is the widow or widower of a person having such an entitlement –(2) If a person makes an election under subregulation (1) , the Board is to credit to the allocated pension account –(a) any investment earnings determined by the Board under regulation 94A ; and(b) if the person so requests –(i) any benefit transferred under subregulation (1) ; and(ii) any benefit paid into the Fund under regulation 62 ; and(iii) any other amount allowable under the law of the Commonwealth for the purpose of providing an allocated pension.(3) The Board is to debit to the allocated pension account –(a) any allocated pension payment made under this regulation; and(b) any capital withdrawal made from the allocated pension account which may be allowed under the law of the Commonwealth; and(c) any tax or surcharge liability or other amounts required by law; and(d) any administration fee and investment management fee sufficient to cover the cost of administering the allocated pension account as determined by the Board.(4) On the establishment of an allocated pension account for any person and at any other time as the Board may determine, that person must notify the Board in writing of –(a) the amount of allocated pension to be paid to him or her during a financial year which is to be subject to the allocated pension valuation factors permitted by the law of the Commonwealth; and(b) the frequency of allocated pension instalments, whether fortnightly, monthly, quarterly or annually, to be paid during that financial year.(5) Failing an election under subregulation (4) , the Board is to determine the amount and frequency of the allocated pension instalments to be paid to the person having regard to the allocated pension valuation factors permitted by the law of the Commonwealth.(6) Subject to subregulation (4) , the Board must pay to the person in respect of whom the account is established an allocated pension instalment calculated in accordance with the following formula:where –AP is the allocated pension instalment to be paid to a person in respect of a financial year;APB is the balance standing to the credit of the allocated pension account –(a) on 1 July in the financial year in which the allocated pension payments are to be made; or(b) if the account was established on a later date, on that date; or(c) if there are deposits or withdrawals made in accordance with subregulation (2)(b) or (3)(b) , on a date determined by the Board having regard to the law of the Commonwealth;PVF is the pension valuation factor applicable to the person entitled to the allocated pension, if the factor is, having regard to that person's age, within the range of allocated pension valuation factors permitted by the law of the Commonwealth;T is 365 or, if the allocated pension account was established after 1 July in the current financial year, the number of days remaining in that financial year;N is the number of instalments of pension remaining in the current financial year payable to the person entitled to the allocated pension in accordance with his or her election under subregulation (4) or the Board's determination under subregulation (5) .(7) An allocated pension ceases to be payable on –(a) the date of death of the person entitled to that pension; or(b) the date on which the amount held in the allocated pension account is extinguished.(8) The Board must suspend an allocated pension for the remainder of a financial year if the total amount of instalments of the pension paid during that financial year equals the maximum allocated pension for that financial year allowed by the law of the Commonwealth.(9) If a person entitled to an allocated pension dies, the Board must –(a) pay to that person's widow or widower, as he or she may elect –(i) an amount equal to the balance of the allocated pension account at the date of death; or(ii) an allocated pension recalculated as a separate entitlement under this regulation having regard to the age of the widow or widower and an election under subregulation (4) ; or(b) where there is no widow or widower or the person entitled has requested in writing that the balance of the allocated pension account is to be payable to his or her estate, pay to the estate an amount equal to the balance of the allocated pension account at the date of death.(10) A person aggrieved by a refusal of the Board to make a payment of a benefit entitlement under this regulation may make a complaint against the Board under the Justices Act 1959 .(11) On hearing the complaint, the magistrate, if satisfied that the complainant is entitled to the whole or a part of the benefit entitlement under this regulation, may order that the whole or a part of that benefit entitlement is to be paid to the complainant.
]
The amendment effected by this section has been incorporated into the authorised version of the Retirement Benefits Regulations 1994 .
The amendment effected by this section has been incorporated into the authorised version of the Retirement Benefits Regulations 1994 .
The amendment effected by this section has been incorporated into the authorised version of the Retirement Benefits Regulations 1994 .
The amendment effected by this section has been incorporated into the authorised version of the Retirement Benefits Regulations 1994 .
The amendments effected by this section have been incorporated into the authorised version of the Retirement Benefits Regulations 1994 .
The amendment effected by this section has been incorporated into the authorised version of the Retirement Benefits Regulations 1994 .
The amendments effected by this section have been incorporated into the authorised version of the Retirement Benefits Regulations 1994 .
The amendment effected by this section has been incorporated into the authorised version of the Retirement Benefits Regulations 1994 .
The amendment effected by this section has been incorporated into the authorised version of the Retirement Benefits Regulations 1994 .
The amendment effected by this section has been incorporated into the authorised version of the Retirement Benefits Regulations 1994 .
The amendment effected by this section has been incorporated into the authorised version of the Retirement Benefits Regulations 1994 .
The amendment effected by this section has been incorporated into the authorised version of the Retirement Benefits Regulations 1994 .
The amendments effected by this section have been incorporated into the authorised version of the Retirement Benefits Regulations 1994 .
The amendment effected by this section has been incorporated into the authorised version of the Retirement Benefits Regulations 1994 .
The amendment effected by this section has been incorporated into the authorised version of the Retirement Benefits Regulations 1994 .
The amendment effected by this section has been incorporated into the authorised version of the Retirement Benefits Regulations 1994 .
The amendments effected by this section have been incorporated into the authorised version of the Retirement Benefits Regulations 1994 .
The amendment effected by this section has been incorporated into the authorised version of the Retirement Benefits Regulations 1994 .
[Commences: 2 October 1999
92. Regulation 94 amended (Fixing of interest rates)
Regulation 94(1) of the Principal Regulations is amended by omitting paragraph (b) .
]
[Commences: 2 October 1999
93. Regulation 94A inserted
After regulation 94 of the Principal Regulations , the following regulation is inserted in Part 8:94A. Allocated pension and investment choice income distributions
(1) This regulation applies to subfunds established for the purpose of investment accounts and allocated pension accounts.(2) Interest in respect of a subfund to which this regulation applies is calculated and determined by the Board at least annually by reference to the earning rates of the subfund.(3) The earning rates for each financial year or part of a financial year in respect of each subfund to which this regulation applies –(a) are to be determined by the Board, having regard to the advice of the Board's investment and actuarial consultants; and(b) are to take account of the Board's investment policy; and(c) are to take into account any allowances for unrealised capital gains and losses; and(d) may take account of any cost of administration, investment management, taxation and other expenses the Board has paid or is likely to pay.(4) The Board must, at least annually, advise a person having an interest in a subfund to which this regulation applies of its income distribution policy and any changes to that policy.(5) The Board may determine interim interest rates to be applied to a subfund to which this regulation applies.(6) The Board must formulate and give effect to an income distribution policy for a subfund to which this regulation applies.(7) In formulating that policy, the Board must –(a) having regard to the advice of actuarial and investment consultants, treat any unrealised capital gains and losses as income for the purposes of regulation 18(4) ; and(b) take into account the administration, taxation and other expenses incurred by the Board in the administration and management of a subfund to which this regulation applies; and(c) have regard to the reserves accumulated in a subfund to which this regulation applies, as advised by the Actuary.
]
The amendment effected by this section has been incorporated into the authorised version of the Retirement Benefits Regulations 1994 .
The amendment effected by this section has been incorporated into the authorised version of the Retirement Benefits Regulations 1994 .
The amendment effected by this section has been incorporated into the authorised version of the Retirement Benefits Regulations 1994 .
The amendments effected by this section have been incorporated into the authorised version of the Retirement Benefits Regulations 1994 .
The amendment effected by this section has been incorporated into the authorised version of the Retirement Benefits Regulations 1994 .
The amendment effected by this section has been incorporated into the authorised version of the Retirement Benefits Regulations 1994 .
The amendment effected by this section has been incorporated into the authorised version of the Retirement Benefits Regulations 1994 .
The amendment effected by this section has been incorporated into the authorised version of the Retirement Benefits Regulations 1994 .
The amendment effected by this section has been incorporated into the authorised version of the Retirement Benefits Regulations 1994 .
See Schedule 4 .
PART 10 - Retirement Benefits (Transitional) Regulations 1994 amended
The amendments effected by this Part have been incorporated into authorised versions of the following Acts and Statutory Rules:(a) Retirement Benefits (Transitional) Regulations 1994 ;(b) Retirement Benefits Act 1993 ;(c) Retirement Benefits (Transitional) Regulations 1994 .
The amendments effected by this Part have been incorporated into authorised versions of the following Acts and Statutory Rules:(a) Retirement Benefits (Transitional) Regulations 1994 ;(b) Retirement Benefits Act 1993 ;(c) Retirement Benefits (Transitional) Regulations 1994 .
The amendments effected by this Part have been incorporated into authorised versions of the following Acts and Statutory Rules:(a) Retirement Benefits (Transitional) Regulations 1994 ;(b) Retirement Benefits Act 1993 ;(c) Retirement Benefits (Transitional) Regulations 1994 .
The amendments effected by this Part have been incorporated into authorised versions of the following Acts and Statutory Rules:(a) Retirement Benefits (Transitional) Regulations 1994 ;(b) Retirement Benefits Act 1993 ;(c) Retirement Benefits (Transitional) Regulations 1994 .
PART 11 - Miscellaneous repeals
The Acts specified in Schedule 6 are repealed.
SCHEDULE 1 - Amendments of Judges' Contributory Pensions Act 1968 relating to TreasurerThe amendments effected by Section 16 and this Schedule have been incorporated into the authorised version of the Judges' Contributory Pensions Act 1968 .
SCHEDULE 2 - Amendments of Parliamentary Retiring Benefits Act 1985 relating to TreasurerThe amendments effected by Section 25 and this Schedule have been incorporated into the authorised version of the Parliamentary Retiring Benefits Act 1985 .
SCHEDULE 3 - Amendments of Parliamentary Superannuation Act 1973 relating to TreasurerThe amendments effected by Section 37 and this Schedule have been incorporated into the authorised version of the Parliamentary Superannuation Act 1973 .
SCHEDULE 4 - Amendments of Retirement Benefits Regulations 1994 relating to State Authorities
SCHEDULE 5 - Amendments of Retirement Benefits (Transitional) Regulations 1994 relating to State Authorities
SCHEDULE 6 - Acts repealed