2010‑2011‑2012

The Parliament of the

Commonwealth of Australia

HOUSE OF REPRESENTATIVES

Presented and read a first time

Fair Indexation of Military Superannuation Entitlements Bill 2012

No.      , 2012

(Mr Katter)

A Bill for an Act to require fair indexation of military superannuation entitlements, and for related purposes

Contents

1............ Short title............................................................................................. 1

2............ Commencement................................................................................... 1

3............ Fair indexation of military superannuation entitlements...................... 2

A Bill for an Act to require fair indexation of military superannuation entitlements, and for related purposes

The Parliament of Australia enacts:

1  Short title

                   This Act may be cited as the Fair Indexation of Military Superannuation Entitlements Act 2012.

2  Commencement

                   This Act commences on the day this Act receives the Royal Assent.

3  Fair indexation of military superannuation entitlements

             (1)  The Minister must, not later than 6 months after the day on which this Act commences, take legislative action that has the effect that military superannuation entitlements are, as soon as practicable and with ongoing effect, to be indexed using the same indexation methodology, applied with the same frequency, as applies for age pension under the Social Security Act 1991.

             (2)  In this Act:

legislative action means:

                     (a)  in relation to the Military Superannuation and Benefits Scheme—make a legislative instrument amending the trust deed for the scheme; and

                     (b)  in relation to the other schemes—cause to be introduced into the House of Representatives a Bill for an Act amending the legislation governing the schemes.

military superannuation entitlement means an entitlement under any of the following superannuation schemes:

                     (a)  the Defence Force Retirement Benefit Scheme;

                     (b)  the Defence Force Retirement and Death Benefit Scheme;

                     (c)  the Military Superannuation and Benefits Scheme;

if the entitlement is, or includes a component that is, subject to indexation under the scheme.