Document ID: chunk:federal_register_of_legislation:F2008B00485:body:0:p4
Version: federal_register_of_legislation:F2008B00485
Segment Type: other
Provision Reference: 
Character Range: 8742–11878

Service Act 1922;

   7. Before the employer establishes a superannuation scheme for the first time for more than one employee, the employer must in writing and by certified mail:

      (a) advise the Assistant Secretary that the employer satisfies the requirements in clause 6;

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      (b) provide to the Assistant Secretary a detailed explanation of the manner in which the employer satisfies the requirements in clause 6; and

      (c) if the employer is a participating employer in the Public Sector Superannuation scheme, advise the Assistant Secretary of the arrangements being made to exclude new employees from membership of the Public Sector Superannuation scheme.

   8. The employer is not to establish a superannuation scheme until after a period of 60 days from the day that the Assistant Secretary receives the required advice or any lesser period agreed to in writing by the Assistant Secretary.

   9. The list of employers in schedule 3 may be amended by the Minister for Finance from time to time.

DIVISION II: REPORTING PROCEDURES

   10. Each year after the end of the employer's "reporting period", such reporting period being the same period as for the employer's Annual Report, an employer operating its own superannuation scheme or other superannuation arrangement must provide the following information to the Minister for Finance in its Annual Report or in a written statement signed by the employer, such statement to be provided before the expiry of a three (3) month period after the end of the "reporting period":

      (a) whether the employer has throughout the reporting period satisfied this and the preceding requirements, and the extent of and reasons for, any non-satisfaction;

      (b) whether all the employer's superannuation arrangements provide superannuation benefits from "fully-funded funds", and if not:

        (i) which arrangements are not fully-funded; and

        (ii) why they are not so funded;

      (c) details of all material changes during the reporting period to the superannuation arrangements of all employees including but not limited to the establishment of any new superannuation arrangement for more than one employee;

      (d) for each superannuation scheme in which the employer participated during the reporting period:

        (i) the name of the scheme;

        (ii) the number of employees covered by the scheme;

        (iii) whether the nature of the scheme is:

           (A) a cash accumulation scheme;

           (B) a defined benefit scheme; or

           (C) a combination of (A) and (B);

        (iv) whether the benefits paid in respect of each scheme were by way of:

           (A) lump sum;

           (B) pension; or

           (C) a combination of (A) and (B); and

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        (v) the cost to the employer of the superannuation scheme for the following categories of employees to be expressed as a percentage of the average salary for superannuation purposes in the respective categories: