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Parliamentary Superannuation amendments.
The Hon. John Fahey MP Minister for Finance and Administration
Parliamentary Superannuation Amendments The Government today announced the imminent introduction of the Parliamentary Contributory Superannuation Amendment Bill 2001 to amend the Parliamentary Contributory Superannuation Act 1948 (PCSS Act) which provides superannuation pensions for former Senators and Members.
The proposed amendments will bring the Parliamentary Superannuation Scheme into line with community standards and will ensure that Members and Senators who join the Parliament after the next election will not be entitled to receive their parliamentary pension before the age of 55.
In doing this, the Bill imposes a higher standard of preservation on Members and Senators than applies to other Australians who receive pensions and it will closely align their superannuation with the majority of Australians who receive lump sum benefits, which must be preserved until at least age 55 in most circumstances. It does this while recognising community standards in regard to early access as set out in the Superannuation Industry Supervision (SIS) legislation.
The Remuneration Tribunal will be requested to consider the provision of a redundancy-type benefit limited to new Members or Senators who may require assistance to re-establish themselves in the workforce.
26 June 2001
Press Secretary: Paul Edwards Phone 02 6277 7400 or 0412 005 589