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Superannuation Legislation (Consequential Amendments and Transitional Provisions) Bill 2010

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2008-2009-2010

THE PARLIAMENT OF THE COMMONWEALTH OF AUSTRALIA

HOUSE OF REPRESENTATIVES

SUPERANNUATION LEGISLATION (CONSEQUENTIAL

AMENDMENTS AND TRANSITIONAL PROVISIONS) BILL 2010

 

SUPPLEMENTARY EXPLANATORY MEMORANDUM

Amendments to be moved on behalf of the Government

(Circulated by authority of the Minister for Finance and Deregulation,

The Honourable Lindsay Tanner MP)

 

 

Membership of Defence Force Case Assessment Committee

Amendments (1), (2) and (3) are concerned with the membership of the Defence Force Case Assessment Committee.  The purpose of the amendments is to better protect the interests of members of the military schemes in light of the existing military trustee boards - the Military Superannuation and Benefits Board and the Defence Force Retirement and Death Benefits Authority (DFRDB Authority) -   being merged with the existing civilian trustee board to form a single trustee body known as CSC (short for Commonwealth Superannuation Corporation).

 

The Defence Force Case Assessment Committee can be established by CSC to review and reconsider decisions of CSC in relation to the Defence Forces Retirement Benefit Scheme and the Defence Force Retirement and Death Benefits Scheme, which were previously the responsibility of the DFRDB Authority.

 

The amendments provide for the Chair of the Defence Force Case Assessment Committee to be one of the directors of the governing Board of CSC who was originally nominated by the Chief of the Defence Force.  As the Governance of Australian Government Superannuation Schemes Bill 2010 provides for the Chief of the Defence Force to nominate two directors, CSC will determine which of these directors will be the Chair of the Defence Force Case Assessment Committee.

 

Reviewable decisions

Amendment (4) is concerned with reviewable decisions under the Papua New Guinea (Staffing Assistance) Act 1973 .   The amendment expands the meaning of the term “decision of CSC” to also include decisions under the regulations.  This will remove the need for a similar review framework as in the Act to be set up in the regulations.