Note: Where available, the PDF/Word icon below is provided to view the complete and fully formatted document

SUPERANNUATION INDUSTRY (SUPERVISION) LEGISLATION AMENDMENT BILL 1994

Order of the day read for the adjourned debate on the motion of the

Minister for the Environment, Sport and Territories (Senator

Faulkner)--That this bill be now read a second time.

Debate resumed.

Question put and passed.

Bill read a second time.

The Senate resolved itself into committee for the consideration of the

bill.

In the committee

Bill taken as a whole by leave.

Explanatory memorandum: The Parliamentary Secretary to the Minister for

Primary Industries and Energy (Senator Sherry) tabled a supplementary

explanatory memorandum relating to the Government amendments to be moved

to the bill.

On the motion of Senator Sherry the following amendments, taken together

by leave, were agreed to:

Clause 2, page 2, subclause (3), line 1, omit "Subject to subsection

(4),".

Clause 2, page 2, subclauses (4) and (5), lines 4 to 7, omit the

subclauses.

Clause 2, page 2, subclause (6), line 8, omit "Part 3 commences, or is",

substitute "Divisions 1 and 2 of Part 3 commence, or are".

Clause 16, page 5, line 13, omit "Part", substitute "Division".

Clause 34, page 9, before paragraph (a), insert the following paragraph:

"(aa) to authorise the disclosure of information to the Superannuation

Complaints Tribunal; and".

Clause 35, page 9, before paragraph (a), insert the following paragraph:

"(aa) by inserting after paragraph (6)(c) the following paragraph:

"(ca) the Superannuation Complaints Tribunal for the purposes of

the performance of any of its functions or the exercise of

any of its powers; or';".

After Division 18, page 14, insert the following Division:

"Division 18A--Amendment relating to arrangements

for dealing with inquiries or complaints

Object

"45A. The object of this Division is to require the trustee of an

exempt public sector superannuation scheme that is subject to the

Superannuation (Resolution of Complaints) Act 1993 to set up

arrangements for dealing with inquiries or complaints.

Duty to establish arrangements for dealing with inquiries or complaints

"45B. Section 101 of the Principal Act is amended by adding at the end

the following subsection:

"(3) In this section:

"regulated superannuation fund" includes an exempt public sector

superannuation scheme that is a regulated superannuation fund for the

purposes of the Superannuation (Resolution of Complaints) Act 1993.'.".

Clause 47, page 14, lines 29 to 32, omit the clause.

Before clause 48, page 14, insert the following heading:

"Division 1--Principal Act".

After clause 48, page 14, insert the following heading and clause:

"Division 2--Technical correction

Object

"48A. The object of this Division is to make a technical correction to

the definition of "excluded subject matter' in subsection 3(2) of the

Principal Act.".

At end of bill, page 15, add the following Division:

"Division 3--Amendments relating to exempt

public sector superannuation schemes

Objects

"50. The objects of this Division are:

(a) to enable regulations to be made subjecting exempt public sector

superannuation schemes to the Principal Act; and

(b) to allow the Superannuation Complaints Tribunal to perform

functions conferred on it by a law of a State or Territory,

where the functions relate to exempt public sector

superannuation schemes.

Insertion of new section

"51. After section 4 of the Principal Act the following section is

inserted:

Act applies to certain exempt public sector superannuation schemes

"4A. The regulations may provide that a specified exempt public sector

superannuation scheme is taken to be a regulated superannuation fund

for the purposes of this Act. The scheme must be:

(a) a superannuation fund that complies with subsections 19(2) and

(3) of the Supervision Act; or

(b) a scheme established:

(i) by or under a law of the Commonwealth; or

(ii) under the authority of the Commonwealth.

Functions

"52. Section 12 of the Principal Act is amended by adding at the end

the following subsection:

"(2) In addition to the functions conferred on the Tribunal by a law

of the Commonwealth, the Tribunal may perform functions conferred on

the Tribunal by a law of a State or Territory, where:

(a) the functions relate to one or more exempt public sector

superannuation schemes; and

(b) the schemes are not specified in regulations made for the

purposes of section 4A.'.".

Bill, as amended, debated and agreed to.

Bill to be reported with amendments.

The Acting Deputy President (Senator West) resumed the Chair and the

Chairman of Committees (Senator Crichton-Browne) reported accordingly.

On the motion of Senator Sherry the report from the committee was

adopted and the bill read a third time.