Document ID: chunk:federal_register_of_legislation:C2004A04769:body:0:p2
Version: federal_register_of_legislation:C2004A04769
Segment Type: other
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Character Range: 3119–6190

ACT 1983

 42. Object
 43. Principal Act
 44. Commencement
 45. Repeal of section 10

SCHEDULE

AMENDMENT OF THE PARLIAMENTARY CONTRIBUTORY SUPERANNUATION ACT 1948 CONSEQUENT UPON A.C.T. SELF-GOVERNMENT

Superannuation Laws Amendment
Act 1994

No. 96 of 1994

An Act to amend the law relating to superannuation

[Assented to 29 June 1994]

  The Parliament of Australia enacts:

PART 1—PRELIMINARY

Short title

1. This Act may be cited as the Superannuation Laws Amendment Act 1994.

Commencement

  2.(1) Subject to subsection (2), this Act commences on 1 July 1994.

  (2) Division 8 of Part 2 is taken to have commenced on 1 July 1990.

PART 2—AMENDMENT OF THE PARLIAMENTARY CONTRIBUTORY SUPERANNUATION ACT 1948

Division 1—Principal Act

Principal Act

3. In this Part, "Principal Act" means the Parliamentary Contributory Superannuation Act 19481.

Division 2—Amendments to bring the parliamentary contributory superannuation scheme into line with the superannuation industry supervision legislation

Object

4. The object of this Division is to bring the parliamentary contributory superannuation scheme into line with the vesting, preservation and disclosure requirements of the superannuation industry supervision legislation.

Interpretation

5. Section 4 of the Principal Act is amended by inserting in subsection (1) the following definition:

" 'superannuation guarantee safety-net amount' has the meaning given by section 16A;".

Insertion of new section

  6. After section 16 of the Principal Act the following section is inserted:

Superannuation guarantee safety-net amount

Superannuation guarantee safety-net amount

"16A.(1) For the purposes of this Act, the superannuation guarantee safety-net amount in relation to a person is the sum of the following amounts:

    (a) the contributions made by the person during so much of the person's period of service as occurred after 30 June 1992;

    (b) the interest that would have accrued on the contributions covered by paragraph (a) if it were assumed that:

        (i) the contributions had been member contributions made under the superannuation scheme established by deed under the Superannuation Act 1990; and

        (ii) interest on those contributions had accrued in accordance with determinations by the Commonwealth Superannuation Board of Trustees No. 1 under that scheme as to rates of interest and the method of allocating interest; and

      (iii) no interest on those contributions had accrued during any period when the person was not entitled to a parliamentary allowance;

  (c) the total of the minimum amounts that the Commonwealth would have had to contribute to a complying superannuation fund or scheme for the benefit of the person in order to avoid having any individual superannuation guarantee shortfalls in respect of the person if it were assumed that:

      (i) the only capacity in which the person was, or had ever been, an employee of the Commonwealth (within the meaning of the Superannuation Guarantee (Administration) Act 1992) were the person's