Document ID: chunk:federal_register_of_legislation:F2008B00485:body:0:p10
Version: federal_register_of_legislation:F2008B00485
Segment Type: other
Provision Reference: 
Character Range: 26042–29167

the arrangements were by way of:

           (A) lump sum;

           (B) pension; or

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

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

           (A) senior executive management, including people who are primarily accountable to the Board of the employer;

           (B) other executive management, including people who are primarily accountable to the senior executive management of the employer;

           (C) clerical and administrative, including people whose duties are clerical or administrative and may include professionals; and

           (D) all other employees, being people not covered by (A), (B), or (C) including but not limited to light manual, heavy manual or technical workers; and

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        (iv) the number of the individual superannuation arrangements existing during the reporting period.

PART 5 - PERSONALISED SUPERANNUATION COVER REQUIREMENTS

   18. If:

      (a) an employer is a person that:

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

        (ii) is a relevant body as defined in the Act; or

        (iii) is the subject of a declaration under subsection 3(5) of the Act; and

      (b) the employer does not or is not able to satisfy the prescribed requirements set out in Parts 1, 2, 3, or 4 in order to establish a superannuation arrangement for its full time, part time, and casual employees; and

      (c) an approval by the Minister for Finance was in force before 1 July 1994 to provide superannuation benefits to any of its employees under a personalised superannuation arrangement;

   then, the employer may renew the personalised arrangement for an employee whose term of employment or appointment is renewed, if and only if, the employer completely satisfies each of the following requirements:

      (d) the arrangement must be provided through a fund which is a "complying superannuation fund" for the purposes of section 45 of the Superannuation Industry (Supervision) Act 1993;

      (e) all contributions made to the arrangement will be vested in the employee/appointee, and the employer-financed benefits will be automatically preserved in accordance with Part 6 of the Superannuation Industry (Supervision) Regulations as if the arrangement were a "relevant arrangement or agreement" for the purposes of regulation 10 of the Occupational Superannuation Standards Regulations;

      (f) employee contributions must be at least 5 per cent of salary, with part-time employee contributions to be made at the part-time salary level;

      (g) employer contributions, including the 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