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Superannuation Legislation (Commonwealth Employment—Saving and Transitional Provisions) Bill 1998

Part 10 Provisions consequential on the conferring of functions and powers on the Commonwealth Superannuation Board

   

27   Administration of superannuation schemes on behalf of Commonwealth Superannuation Board

             (1)  During the period of 3 years beginning on 1 July 1999, each superannuation scheme constituted by the superannuation legislation is to be administered, on behalf of the Commonwealth Superannuation Board, by one or more nominated bodies or, if there is no nominated body, by the Commonwealth.

             (2)  If there are 2 or more nominated bodies, the authorised person may determine:

                     (a)  the superannuation schemes that are to be respectively administered by each of those bodies; or

                     (b)  the aspects or parts of the administration of the superannuation schemes that are to be respectively administered by each of those bodies.

             (3)  A reference in this section to the administering of, or of an aspect or part of, a superannuation scheme does not include a reference to:

                     (a)  the investment of money contributed under the scheme; or

                     (b)  the management of any such investment; or

                     (c)  the provision to the Board of such other services as are agreed between the Board and the authorised person.

             (4)  The Minister may, by writing, authorise a person to perform the functions of the authorised person under this section.

             (5)  The authorised person may, by writing, make determinations and nominations for the purposes of this section.

             (6)  In this section:

authorised person means the Minister or a person authorised by the Minister to perform the functions of the authorised person under this section.

nominated body means an incorporated company or other body corporate that:

                     (a)  has entered into an agreement or arrangement with the Commonwealth that:

                              (i)  provides for the company or other body to be nominated for the purposes of this section; and

                             (ii)  includes provisions with respect to the charges to be made by the company or other body to the Board in connection with the administration of superannuation schemes on behalf of the Board; and

                     (b)  has been nominated by the authorised person for those purposes in accordance with the agreement or arrangement.

superannuation legislation has the same meaning as in the Commonwealth Superannuation Board Act 1998 .