Document ID: chunk:federal_register_of_legislation:F2008B00485:body:0:p11
Version: federal_register_of_legislation:F2008B00485
Segment Type: other
Provision Reference: 
Character Range: 28927–32136

minimum rate required under the Superannuation Guarantee legislation, must not exceed 15 per cent of salary paid in respect of the period of renewal, or such other rate determined by the Minister for Finance from time to time;

      (h) no employer contributions are payable retrospectively beyond the date of renewal of the employment or the appointment;

      (i) employer contributions must cease on termination of employment;

      (j) the fund provider is to be chosen by the employee/appointee and the level and mix of the benefits (retirement, death, invalidity) is to be determined by the appointee within the limit of the employer contributions set out in subclause (g), regardless of the mix selected.

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PART 6 - DEFINITIONS AND INTERPRETATION

   19. In this Determination:

   "accountability" means the personal obligation, liability, or answerability of an official or employee to give his superior a desired report of the quantity and quality of action and decision in the performance of responsibilities;

   "Assistant Secretary" means the officer who from time to time holds or occupies the office of Assistant Secretary, Retirement Benefits Branch, Social Security Division, Department of Finance;

   "employee" means a person employed:

      (a) under a relevant law as defined in the Act; or

      (b) by a relevant body as defined in the Act;

   "fully-funded funds" is to be taken as referring to invested funds where the net assets of and contributions to the funds are sufficient to pay all benefits as they fall due;

   "invalidity retirement rate" means the proportion of employees retiring-on the grounds of permanent incapacity or permanent invalidity, other than employees who receive a benefit that does not exceed the benefit that would have been payable had they resigned or voluntarily retired;

   "Occupational Superannuation Standards Regulations" means the regulations of that name made under the Occupational Superannuation Standards Act 1987;

   "private sector fund" has the same meaning as in section 10 of the Superannuation Industry (Supervision) Act 1993;

   "Public Sector Superannuation scheme" means the superannuation scheme established under the Superannuation Act 1990;

   "Superannuation Industry (Supervision) Regulations" means the regulations of that name made under the Superannuation Industry (Supervision) Act 1993;

   "reporting period" means the same reporting period as for the employer's Annual Report;

   "system of accrual accounting" means a system of accounting under which revenues are identified, recorded, and accounted for when earned rather than waiting until money is collected, and expenditures are identified, recorded and accounted for when liabilities are incurred rather than waiting until payments are made;

   "superannuation arrangement" has the same meaning as in subsection 3(1) of the Act except as specifically provided for in these prescribed requirements;

   "superannuation benefits" has the same meaning as in subsection 3(1) of the Act;

   "Superannuation Guarantee legislation" means the Superannuation Guarantee