Parliamentary (Choice of Superannuation) Bill 2003
First Reading
Parliamentary (Choice of Superannuation) Bill 2003
First Reading
Download RTF 2002-2003
The Parliament of the
Commonwealth of Australia
HOUSE OF REPRESENTATIVES
Presented and read a first time
Parliamentary (Choice of Superannuation) Bill 2003
No. , 2003
(Mr Andren)
A Bill for an Act to amend the law relating to superannuation for parliamentarians, and for related purposes
Contents
1 Short title 1
2 Commencement 1
3 Schedule(s) 2
Schedule 1--Amendment of the Parliamentary Contributory Superannuation Act 1948 3
A Bill for an Act to amend the law relating to superannuation for parliamentarians, and for related purposes
The Parliament of Australia enacts:
This Act may be cited as the
Parliamentary (Choice of Superannuation) Act 2003.
(1) Subject to subsection (2), this Act commences on a day to be fixed by Proclamation.
(2) A Proclamation for the purposes of subsection (1) must not be made unless the Parliament has appropriated funds for the purposes of this Act.
Each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.
1 Subsection 4(1) (definition of member)
Repeal the definition, substitute:
member means a member of either House who makes contributions to the Commonwealth under the provisions of this Act.
2 Subsection 4(1)
Insert:
non PCSS contributor means a member of either House who has never made or has ceased to make contributions to the Commonwealth under the provisions of this Act as a result of a choice made under section 4G.
3 Paragraph 4(4A)(aa)
Repeal the paragraph, substitute:
(aa) a member or a non PCSS contributor is taken to be employed by the Commonwealth;
4 After section 4F
Insert:
(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 2003, a member of either House may, by written notice given to the Trust choose:
(a) to cease to make contributions to the Commonwealth under the provisions of this Act 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 Commonwealth under the provisions of this Act, 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 after the date stated in the written notice to the Trust.
(5) A non PCSS 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.
(7) The Governor-General may make regulations relating to the arrangements and processes for choosing to be a non PCSS contributor under this section.
The Commonwealth must make contributions to a non PCSS 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 at the rate payable, and on the terms necessary to avoid a superannuation guarantee shortfall, under 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 Commonwealth under the provisions of this Act.
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 Commonwealth under the provisions of this Act;
but does not include a Minister of State.
person means a person who makes contributions to the Commonwealth under the provisions of this Act.
6 After section 18B
Insert:
(1) A member who ceases to make contributions to the Commonwealth under the provisions of this Act as a result of a choice made under section 4G, is 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.
(3) If a member who is a spouse of a member or a person who served as a member and is receiving benefits under this Act, ceases to make contributions to the Commonwealth under the provisions of this Act as a result of a choice made under section 4G, any entitlements under this Act due to the member as a result of the death of the spouse are not affected by this provision.