Public Sector Superannuation (Miscellaneous Amendments) Act 2009

PART 2 - Director of Public Prosecutions Act 1973 Amended

4.   Principal Act

In this Part, the Director of Public Prosecutions Act 1973 is referred to as the Principal Act.

PART 3 - Governor of Tasmania Act 1982 Amended

6.   Principal Act

In this Part, the Governor of Tasmania Act 1982 is referred to as the Principal Act.

PART 4 - Judges' Contributory Pensions Act 1968 Amended

8.   Principal Act

In this Part, the Judges' Contributory Pensions Act 1968 is referred to as the Principal Act.

PART 5 - Parliamentary Salaries, Superannuation and Allowances Act 1973 Amended

10.   Principal Act

In this Part, the Parliamentary Salaries, Superannuation and Allowances Act 1973 is referred to as the Principal Act.

PART 6 - Public Sector Superannuation Reform Act 1999 Amended

12.   Principal Act

In this Part, the Public Sector Superannuation Reform Act 1999 is referred to as the Principal Act.

PART 7 - Retirement Benefits (Parliamentary Superannuation) Regulations 2002 Amended

18.   Principal Regulations

In this Part, the Retirement Benefits (Parliamentary Superannuation) Regulations 2002 are referred to as the Principal Regulations.

PART 8 - Retirement Benefits (Parliamentary Superannuation) Regulations 2002 Further Amended

23.   Principal Regulations

In this Part, the Retirement Benefits (Parliamentary Superannuation) Regulations 2002 are referred to as the Principal Regulations.

PART 9 - Retirement Benefits Act 1993 Amended

26.   Principal Act

In this Part, the Retirement Benefits Act 1993 is referred to as the Principal Act.

PART 10 - Retirement Benefits Act 1993 Further Amended

36.   Principal Act

In this Part, the Retirement Benefits Act 1993 is referred to as the Principal Act.

PART 11 - Retirement Benefits Regulations 2005 Amended

40.   Principal Regulations

In this Part, the Retirement Benefits Regulations 2005 are referred to as the Principal Regulations.

PART 12 - Retirement Benefits Regulations 2005 Further Amended

60.   Principal Regulations

In this Part, the Retirement Benefits Regulations 2005 are referred to as the Principal Regulations.

PART 13 - Retirement Benefits Regulations 2005 Further Further Amended

[Uncommenced]

79.   Principal Regulations

In this Part, the Retirement Benefits Regulations 2005 are referred to as the Principal Regulations.

80.    Regulation 30 amended (Exemption from contributing)

Regulation 30(1) of the Principal Regulations is amended by inserting "or regulation 47A " after "regulation".

81.    Regulation 33 amended (Obligation of certain employees to contribute)

Regulation 33(1) of the Principal Regulations is amended by omitting " regulations 30 , 34 and 60 " and substituting " regulations 30 , 34 , 47A and 60 ".

82.    Regulation 34 amended (Commencement and cessation of contributions)

Regulation 34(3) of the Principal Regulations is amended as follows:

(a) by omitting from paragraph (e) "fund." and substituting "fund; or";

(b) by inserting the following paragraph after paragraph (e) :

(f) a contributor who elects to cease being a member of the contributory scheme under regulation 30 or 47A .

83.    Regulation 47A inserted

After regulation 47 of the Principal Regulations , the following regulation is inserted in Division 4:

47A.   Benefit on election to cease being contributor whilst employed

(1)  In this regulation –

election means an election made under subregulation (2) ;

election date means the date specified in an election as the date on which it is to take effect.

(2)  A contributor may elect to cease being a contributor if he or she has –

(a) attained his or her preservation age; and

(b) not ceased the employment in respect of which he or she has been contributing to the contributory scheme.

(3)  Subject to subregulation (4) , an election is to be in a form provided or approved by the Board.

(4)  An election must –

(a) specify an election date (which must be the date on which the election is made or a later date); and

(b) contain a form of release (being a statement releasing the Board from any further liability to the contributor under the contributory scheme with effect from the date on which the Board is able to implement the election); and

(c) be signed and dated by the contributor; and

(d) be lodged with the Board.

(5)  An election is invalid if it does not comply with subregulation (4)(a) , (b) and (c) .

(6)  An election may be revoked by giving the Board notice in writing to that effect before the election date, but it cannot be revoked on or after that date.

(7)  Where an election is made, the Board is to give the relevant Agency notice and particulars of the election as soon as practicable.

(8)  Where an election is made, the Board is to calculate the contributor's lump sum benefit as follows:

(a) where the contributor is not an amalgamated contributor and is aged less than 65 years (or attains the age of 65 years) on the election date, the benefit is to be calculated in accordance with the following formula:

where –

"LS" is the lump sum benefit payable;

"FAS(3)" is –

(a) the average annual salary paid or payable to the contributor in respect of the period of 3 years immediately preceding the election date; or

(b) in the case of a contributor whose length of service as at the election date is less than 3 years, the average annual salary paid or payable in respect of the actual period of service;

"ABMF" is the contributor's adjusted benefit multiple factor, calculated by taking the rate or rates of contribution made by the contributor and multiplying the benefit multiple factor prescribed for that rate or those rates of contribution under regulation 44 by the contributor's length of service in years at that rate or for each of those rates of contribution and accumulating each result obtained from those multiplications;

(b) where the contributor is an amalgamated contributor and is aged less than 70 years (or attains the age of 70 years) on the election date, the benefit is to be calculated in accordance with the following formula:

where –

"LS" is the lump sum benefit payable;

"SB" is the pension value of the amalgamated contributor's superannuation units as at 30 June 1982;

"DS" is the differential salary of the amalgamated contributor, which is the FAS(1) of the contributor less the annual salary paid or payable in respect of the contributor as at 30 June 1982;

"FAS(1)", in the definition of "DS", is the salary paid or payable to the amalgamated contributor in respect of the 12 months immediately preceding the election date;

(c) where the contributor is not an amalgamated contributor and is aged more than 65 years on the election date, the benefit is to be calculated in accordance with the following formula:

where –

"LS" is the lump sum benefit payable;

"FAS(3)" is –

(a) the average annual salary paid or payable to the contributor in respect of the period of 3 years immediately preceding the election date; or

(b) if the contributor's length of service as at the election date is less than 3 years, the average annual salary paid or payable in respect of the actual period of service;

"ABMF" is the contributor's adjusted benefit multiple factor, calculated by taking the rate or rates of contribution made by the contributor and multiplying the benefit multiple factor prescribed for that rate or those rates of contribution under regulation 44 by the contributor's length of service in years at that rate or for each of those rates of contribution and accumulating each result obtained from those multiplications;

"SBMF" is the State's benefit multiple factor which is –

(a) if the contributor was contributing at the rate of 2.5% of salary, a factor of 0.075; or

(b) in any other case, a factor of 0.15;

"PRS" is the contributor's length of service after attaining the age of 65 years expressed in years commencing on the day on which he or she ceased making contributions under regulation 34(3)(e) or regulation 34(5) and ending on the election date.

(9)  A person who makes an election is not entitled to a benefit calculated in accordance with regulation 124 or Schedule 3 .

(10)  The Board is to transfer the benefit calculated under subregulation (8) to an account in the accumulation scheme in the name of the person who made the relevant election.

(11)  Once a benefit calculated under subregulation (8) has been transferred to the accumulation scheme pursuant to subregulation (10)  –

(a) the benefit is not capable of being converted to a pension otherwise than as provided for in the Trust Deed; and

(b) the person who made the relevant election is not eligible to again become a contributor under any circumstances.

84.    Regulation 55 amended (Minimum benefit for 2.5% contributors and amalgamated contributors)

Regulation 55(1) of the Principal Regulations is amended by inserting " 47A ," after " regulation 47 ,".

85.    Regulation 107 amended (Payments to Fund by Minister and prescribed authorities)

Regulation 107(2)(a) of the Principal Regulations is amended by inserting " 47A ," after " regulation 47 ,".

PART 15 - Supreme Court Act 1887 Amended

88.   Principal Act

In this Part, the Supreme Court Act 1887 is referred to as the Principal Act.

PART 16 - Supreme Court Act 1959 Amended

90.   Principal Act

In this Part, the Supreme Court Act 1959 is referred to as the Principal Act.