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Commonwealth Superannuation Board Bill 1998

Part 1 P reliminary

   

1   Short title

                   This Act may be cited as the Commonwealth Superannuation Board Act 1998 .

2   Commencement

             (1)  Parts 1 and 2, Part 4 (other than section 20) and sections 33 and 35 commence on the day on which this Act receives the Royal Assent.

             (2)  The remaining provisions of this Act commence on 1 July 1999.

3   Object

                   The object of this Act is to establish a Commonwealth Superannuation Board to administer certain superannuation schemes applying in respect of existing and former employees of the Commonwealth and Commonwealth authorities and various other people.

4   Definitions

                   In this Act, unless the contrary intention appears:

bank means:

                     (a)  a body corporate that carries on the business of banking, either in Australia or outside Australia; or

                     (b)  any other body corporate that is an ADI (authorised deposit-taking institution) for the purposes of the Banking Act 1959 .

Board means the Commonwealth Superannuation Board established by section 5.

Chairman means the Chairman of the Board.

CSS Board has the same meaning as in the repealed Superannuation Act 1976 .

CSS Fund means:

                     (a)  in relation to a time before the repeal of the Superannuation Act 1976 —the CSS Fund established by that Act; or

                     (b)  in relation to a later time—that Fund as it continues in existence because of the operation of section 11 of the Saving and Transitional Act.

declared non-statutory superannuation instrument means a non-statutory superannuation instrument declared by the Minister to be a non-statutory superannuation instrument to which this Act applies.

disqualified person has the same meaning as in Part 15 of the Superannuation Industry (Supervision) Act 1993 .

elected member means a member referred to in paragraph 10(1)(c).

function includes duty.

member means a person who holds office as a member of the Board and includes the Chairman.

money of the Board means money held by the Board other than money forming part of a superannuation fund vested in or managed by the Board.

non-elected member means a member referred to in paragraph 10(1)(a) or (b).

non-statutory superannuation instrument means a trust deed or other instrument establishing, otherwise than by or under an Act, a superannuation scheme for the benefit of people employed by or in the service of the Commonwealth or Commonwealth authorities or those people and other people.

Public Sector Superannuation Scheme has:

                     (a)  in relation to a time before 1 July 1999—the same meaning as in the Superannuation Act 1990 ; or

                     (b)  in relation to a time on or after 1 July 1999—the same meaning as in the repealed Superannuation Act 1990 .

PSS Board has the same meaning as in the repealed Superannuation Act 1990 .

PSS Fund means:

                     (a)  in relation to a time before the repeal of the Superannuation Act 1990 —the PSS Fund established by the Trust Deed; or

                     (b)  in relation to a later time—that Fund as it continues in existence because of the operation of section 18 of the Saving and Transitional Act.

repealed Superannuation Act 1922 means that repealed Act, and any regulations or other instruments under that repealed Act, as that repealed Act and those regulations or other instruments continue to apply under section 19 of the Saving and Transitional Act.

repealed Superannuation Act 1976 means that repealed Act as it continues to apply under section 11 of the Saving and Transitional Act and, except in a reference to a particular provision of that repealed Act, includes any regulations or other instruments under that repealed Act, as those regulations or other instruments continue to apply under that section.

repealed Superannuation Act 1990 means that repealed Act as it continues to apply under section 18 of the Saving and Transitional Act and, except in a reference to a particular provision of that repealed Act, includes any regulations or other instruments (other than the Trust Deed) under that repealed Act, as those regulations or other instruments continue to apply under that section.

Saving and Transitional Act means the Superannuation Legislation (Commonwealth Employment—Saving and Transitional Provisions) Act 1998 .

SIS Act means the Superannuation Industry (Supervision) Act 1993 and includes the regulations in force under that Act.

superannuation fund means a provident, benefit, superannuation or retirement fund and includes the CSS Fund and the PSS Fund.

superannuation legislation means:

                     (a)  the repealed Superannuation Act 1976 ; and

                     (b)  the repealed Superannuation Act 1990 and the Trust Deed; and

                     (c)  the repealed Superannuation Act 1922 ; and

                     (d)  the repealed Superannuation (Productivity Benefit) Act 1988 , and any regulations or other instruments under that repealed Act, as that repealed Act and those regulations or other instruments continue to apply under section 23 of the Saving and Transitional Act; and

                     (e)  the Papua New Guinea (Staffing Assistance) Act 1973 as it continues to apply under section 25 of the Saving and Transitional Act and any regulations or other instruments in force for the purposes of that Act as it so applies; and

                      (f)  the Saving and Transitional Act.

Trust Deed means:

                     (a)  in relation to a time before the repeal of the Superannuation Act 1990 —the deed referred to in section 4 of that Act as that deed has been subsequently amended; or

                     (b)  in relation to a later time—that deed as it continues in existence because of the operation of section 18 of the Saving and Transitional Act.