Statutory Rules 1991 No. 1711
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Superannuation (Former Provident Account
Contributors) Regulations 2 (Amendment)
I, THE GOVERNOR-GENERAL of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, make the following Regulations under the Superannuation Act 1976.
Dated 27 June 1991.
BILL HAYDEN
Governor-General
By His Excellency’s Command,
JOHN N. BUTTON
Minister of State for Industry, Technology and Commerce
for and on behalf of the
Minister of State for Finance
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1. Commencement
1.1 These Regulations are taken to have commenced on 1 July 1990.
2. Amendment
2.1 The Superannuation (Former Provident Account Contributors) Regulations are amended as set out in these Regulations.
3. Schedule (Modifications of the Act and certain provisions of the
Act in the application of the Act and those provisions to and in relation to certain persons to whom section 183 of the Act applies)
3.1 Heading:
Omit the heading, substitute:
“modifications of the act in the application of the act in relation to certain persons to whom section 183 of the act applies”.
3.2 Modifications of section 55:
Omit the modifications, substitute:
“Insert in subsection (1) ‘or section 197’ after ‘section 62’;
Insert in subsection (2) ‘or section 197’ after ‘section 62’.”.
3.3 Modifications of section 56:
Add at the end:
“Omit the definition of the factor P2 in paragraph (d) of subsection (3), substitute:
‘P2 is equal to 2.5.’.”.
3.4 Modification of section 62 (substituted subsection (2)):
Omit the subsection, substitute:
“(2) Where a person makes an election under subsection (1), the person is entitled, instead of his or her entitlement to a pension and lump sum benefit under section 55 or 59:
(a) except where paragraph (b) applies—to payment of a lump sum benefit of the sum of an amount equal to 3.5 times the amount of the person's accumulated basic contributions; or
(b) if, in the circumstances in which the person ceased to be an eligible employee, the person would, for the purposes of section 82 of the superseded Act, have been regarded as having had his or her services terminated owing to retrenchment if that section had continued to apply to the person and he or she had not previously been paid a sum under subsection 82 (2) of the superseded Act—to payment of a lump sum benefit of an amount equal to whichever is the greater of:
(i) an amount calculated in accordance with paragraph (a); or
(ii) an amount calculated in accordance with subsection (3).”.
3.5 Modification of section 62:
After substituted subsection (2), add:
“‘(3) The amount referred to in subsection (2) (b) (ii) is:
(a) in the case of a person who is, or has been, an approved part-time employee—either:
(i) the amount calculated in accordance with the following formula:
AB
2C; or:
(ii) the amount calculated in accordance with the following formula:
AD
2E;
whichever is the greater amount, where:
A is an amount equal to the person’s final annual rate of salary;
B is the number of complete years included in the person’s period of contributory service, within the meaning of the Superannuation (Approved Part-time Employees) Regulations;
C is the number of complete years included in the person’s period of employment within that meaning;
D is the number of days in the person’s period of contributory service within that meaning;
E is the number of days in the person’s period of employment within that meaning; or
(b) in any other case—one half of the amount per annum of the person’s final annual rate of salary.’.”.
3.6 Modifications of section 67:
Add at the end of the modifications:
“Omit the definition of the factor P2 in paragraph (4) (b), substitute‘P2 is equal to 3.5.’ ”.
3.7 Modifications of section 68:
After the second modification, insert:
“Omit the definition of the factor P2 in paragraph (4) (b), substitute‘P2 is equal to 2.5.’ ”.
3.8 Modification inserting section 80A:
Omit from subparagraph (2) (b) (ii) “applicable at the relevant time under the Superannuation (Interest) Regulations.”, substitute “applicable at the relevant time under a determination made by the Board under subsection 154A (1)”.
3.9 After the modification inserting section 130A, insert:
“136 Insert after subsection (2):
‘(2AA) Where a deferred benefit by way of lump sum benefit is payable in accordance with section 197, 200 or 201 to a person other than a former eligible employee with benefits from previous employment, the amount of the benefit is an amount equal to the sum of:
(a) 3 times the person’s accumulated basic contributions; and
(b) the person’s accumulated employer contributions (if any); and
(c) the person’s accumulated supplementary contributions (if any).’
Omit ‘or invalidity benefit’ from subsection (2A), substitute ‘, invalidity benefit, or lump sum benefit in accordance with section 197, 200 or 201’
Insert ‘or (2AA)’ after ‘subsection (2)’ in paragraph (2A) (a)
Insert after subsection (2B):
‘(2BA) Where a deferred benefit by way of lump sum benefit is payable in accordance with section 204, 205, 209 or 210, the amount of the benefit is an amount equal to the sum of:
(a) 3 times the deceased person’s accumulated basic contributions; and
(b) the deceased person’s accumulated employer contributions (if any); and
(c) the deceased person’s accumulated supplementary contributions (if any).’
Insert ‘or (2BA)’ after ‘subsection (2B)’ in paragraph (2D) (c)
Omit paragraph (2E) (a), substitute:
‘(a) at any time:
(i) a deferred benfit by way of orphan benefit is payable; or
(ii) a lump sum benefit under Part XII is payable to or on behalf of an orphan;
in respect of a person other than a former eligible employee with benefits from previous employment; and’
Omit from paragraph (2E) (c) ‘99 or 101’, substitute ‘99, 101, 209 or 210’
Omit ‘or orphan benefit’ from subsection (2F), substitute ‘, orphan benefit, or lump sum benefit in accordance with section 204, 205, 209 or 210’.”.
3.10 Modification of Part XII (added section 196):
Add at the end:
“‘(2) A reference in this Act to the adjusted final salary amount in relation to a person who is, or has been, an approved part-time employee is a reference to:
(a) the amount calculated in accordance with the following formula:
AB
2C; or
(b) the amount calculated in accordance with the following formula:
AD
2E;
whichever is the greater amount, where:
A is an amount equal to the person’s final annual rate of salary;
B is the number of complete years included in the person’s period of contributory service, within the meaning of the Superannuation (Approved Part-time Employees) Regulations;
C is the number of complete years included in the person’s period of employment within that meaning;
D is the number of days in the person’s period of contributory service within that meaning;
E is the number of days in the person’s period of employment within that meaning.’.”.
3.11 Modification of Part XII (added section 197):
Omit subparagraph (2) (a) (ii), substitute:
“(ii) in the case of a person who is, or has been, an approved part-time employee—the adjusted final salary amount, calculated in accordance with subsection 196 (2); or
(iii) in any other case—one half of the amount per annum of the person’s final annual rate of salary.”.
3.12 Modification of Part XII (added section 197):
After “section” in paragraph (4) (b), insert “62 or”.
3.13 Modification of Part XII (added section 200):
Omit subparagraph (1) (a) (ii), substitute:
“(ii) in the case of a person who is, or has been, an approved part-time employee—the adjusted final salary amount, calculated in accordance with subsection 196 (2); or
(iii) in any other case—one half of the amount per annum of the person’s final annual rate of salary.”.
3.14 Modification of Part XII (added section 201):
Omit subparagraph (2) (a) (ii), substitute:
“(ii) in the case of a person who is, or has been, an approved part-time employee—the adjusted final salary amount, calculated in accordance with subsection 196 (2); or
(iii) in any other case—one half of the amount per annum of the person’s final annual rate of salary.”.
3.15 Modification of Part XII (added section 204):
Omit subparagraph (1) (b), substitute:
“(b) in the case of an election by the spouse of a deceased prescribed eligible employee who was, at any time, an approved part-time employee—the adjusted final salary amount, calculated in accordance with subsection 196 (2); or
(c) in the case of an election by the spouse of any other deceased prescribed eligible employee—one half of the amount per annum of the deceased prescribed eligible employee’s final annual rate of salary.”.
3.16 Modification of Part XII (added section 205):
Omit subparagraph (2) (b), substitute:
“(b) in the case of an election by the spouse of a deceased prescribed eligible employee who was, at any time, an approved part-time employee—the adjusted final salary amount, calculated in accordance with subsection 196 (2); or
(c) in the case of an election by the spouse of any other deceased prescribed eligible employee—one half of the amount per annum of the deceased prescribed eligible employee’s final annual rate of salary.”.
3.17 Modification of Part XII (added section 209):
Omit subparagraph (1) (b), substitute:
“(b) in the case of a direction in respect of a deceased prescribed eligible employee who was, at any time, an approved part-time employee—the adjusted final salary amount, calculated in accordance with subsection 196 (2); or
(c) in the case of a direction in respect of any other deceased prescribed eligible employee—one half of the amount per annum of the deceased prescribed eligible employee’s final annual rate of salary.”.
3.18 Modification of Part XII (added section 210):
Omit subparagraph (2) (b), substitute:
“(b) in the case of a benefit payable in respect of a deceased prescribed eligible employee who was, at any time, an approved part-time employee—the adjusted final salary amount, calculated in accordance with subsection 196 (2); or
(c) in the case of a benefit payable in respect of any other deceased prescribed eligible employee‑one half of the amount per annum of the deceased prescribed eligible employee’s final annual rate of salary.”.
3.19 Modification of Part XII (added section 211):
Omit paragraphs (3) (a) and (b), substitute:
“(a) that person, or another person, is entitled to payment of a lump sum benefit that is an amount referred to in subsection 197 (2), 200 (1), 201 (2), 204 (1) or 205 (2); or
(b) there is payable in respect of an eligible child or eligible children a lump sum benefit that is an amount referred to in subsection 209 (1) or 210 (2);”.
3.20 Modification of Part XII (added section 211):
Add at the end:
“(5) This section does not have effect in relation to a person if subsection 136 (2A) or (2F) applies in relation to the person.”.
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NOTES
1. Notified in the Commonwealth of Australia Gazette on 28 June 1991.
2. Statutory Rules 1978 No. 227.