Title Parliamentary (Choice of Superannuation) Bill 2001
Database Bills & Legislation
Long Title a Bill for an Act to amend the law relating to superannuation for parliamentarians, and for related purposes
Date 05-03-2001
Source House of Reps
Parl No. 39
Bill Number 01018
Bill Type Private
Reps Bill Code O
Status Not Proceeding
System Id legislation/bills/r1234_act/0002


Parliamentary (Choice of Superannuation) Bill 2001
Schedule 1     Amendment of the Parliamentary Contributory Superannuation Act 1948

 

1  Subsection 4(1) (definition of member)

                   Repeal the definition, substitute:

member means a member of either House who makes contributions to the Trust.

2  Subsection 4(1)

                   Insert:

non Trust contributor means a member of either House who has never made or has ceased to make contributions to the Trust as a result of a choice made under section 4F.

3  Paragraph 4(4A)(aa)

                   Repeal the paragraph, substitute:

                    (aa)  a member or a non Trust contributor is taken to be employed by the Commonwealth;

4  Before Part II

                   Insert:

4F  Choosing to be a non Trust contributor

             (1)  This section applies to a member of either House who is or becomes a member of another complying superannuation fund or the holder of an RSA.

             (2)  On or after 1 July 2001, a member of either House may, by written notice given to the Trust choose

                     (a)  to cease to make contributions to the Trust at the end of a day (not earlier than the day on which the notice is given) stated in the notice, or

                     (b)  never to make contributions to the Trust, where the person choosing is a new member of either House.

             (3)  The person may make this choice on first becoming entitled to parliamentary allowance or at any time he or she is a member.

             (4)  The person must have effective membership of a complying superannuation fund or be the holder of an RSA for the whole of the period or periods he or she is a member of either House.

             (5)  A non Trust contributor may not revoke his or her choice after the day stated in the written notice given to the Trust.

             (6)  In this section:

complying superannuation fund has the meaning given by section 45 of the Superannuation Industry (Supervision) Act 1993.

RSA has the same meaning as in the Retirement Savings Accounts Act 1997.

4G  Superannuation contributions for non Trust contributors

                   The Commonwealth must make contributions to a non Trust contributor’s chosen fund or RSA for that person’s benefit. The contributions must be made with effect from the day stated in the written notice to the Trust, and in accordance with the Superannuation Guarantee (Administration) Act 1992.

5  Subsection 13(9)

                   Repeal the subsection, substitute:

             (9)  In this section:

Minister of State means a Minister of State who is entitled to a parliamentary allowance and who makes contributions to the Trust.

month means one of the 12 months of the year.

office holder means a person who:

                     (a)  is entitled to a parliamentary allowance;

                     (b)  holds an office in, or in relation to, the Parliament or either House, being an office in respect of which he or she is entitled to an allowance by way of salary; and

                     (c)  makes contributions to the Trust;

but does not include a Minister of State.

person means a person who makes contributions to the Trust.

6  After section 18

Insert:

18A  Benefits for members who choose to become non Trust contributors

             (1)  A member who ceases to make contributions to the Trust as a result of a choice made under section 4F, shall be entitled to a benefit equal to the superannuation guarantee safety-net amount.

             (2)  Except as provided by this section, this benefit is in substitution for any benefits that would otherwise apply under this Act in respect of the person.

 

_______________________