THIS DEED is made on 3 April 2003 by THE COMMONWEALTH OF AUSTRALIA (in this Deed called “the Commonwealth”).
WHEREAS the Commonwealth Minister of State for Finance, for and on behalf of the Commonwealth, pursuant to section 4 of the Superannuation Act 1990, established by Deed dated 21 June 1990 (which Deed, as previously amended, is in this Deed called “the Trust Deed”) an occupational superannuation scheme (in the Trust Deed called the “Public Sector Superannuation Scheme”) in order to provide benefits for certain of its employees and for certain other persons;
AND WHEREAS section 5 of the Superannuation Act 1990 provides that the Minister for Finance and Administration may, by signed instrument, amend the Trust Deed but that the Minister may not amend the Trust Deed unless the Board has consented to the amendment or the amendment falls within any of sub-paragraphs (b)(i), (ii) or (iii) of sub-section 5(1A);
AND WHEREAS by Deeds dated 21 June 1990, 1 July 1991, 30 June 1992, 21 December 1992, 16 June 1993, 24 January 1994, 7 March 1994, 28 June 1994, 22 June 1995, 29 January 1996, 10 December 1996, 25 March 1998, 5 December 1999, 20 August 2001, 25 September 2001 and 26 June 2002 (the First, Second, Third, Fourth, Fifth, Sixth, Seventh, Eighth, Ninth, Tenth, Eleventh, Twelfth, Thirteenth, Fourteenth, Fifteenth and Sixteenth Amending Deeds, respectively) the Minister amended the Trust Deed and the Rules for the administration of the Public Sector Superannuation Scheme set out in the Schedule to the Trust Deed;
NOW THIS DEED WITNESSES that the Rules for the administration of the Public Sector Superannuation Scheme set out in the Schedule to the Trust Deed are amended as follows and that the PSS Board has consented to those amendments where necessary:
1. Subject to subclause 1.1 this Deed comes into effect on the date of gazettal [see the Acts Interpretation Act 1901, sections 46A and 48].
1.1 Subclauses 2.1, 2.2, 2.3, 2.4 and 2.5 come into effect on 1 July 2003.
2. The Rules are amended as follows:
2.1 Paragraph (c) of Rule 7.3.3 is replaced with the following paragraph:
“(c) any additional amount determined by the Board having regard to the charge percentage as specified in subsection 19(2) of the Superannuation Guarantee (Administration) Act 1992;”
2.2 Paragraph (c) of Rule 7.3.5 is replaced with the following paragraph:
“(c) any additional amount determined by the Board having regard to the charge percentage as specified in subsection 19(2) of the Superannuation Guarantee (Administration) Act 1992;”
2.3 Paragraph (c) of Rule 9.5.5 is replaced with the following paragraph:
“(c) any additional amount determined by the Board having regard to the charge percentage as specified in subsection 19(2) of the Superannuation Guarantee (Administration) Act 1992;”
2.4 Subparagraph (a)(iii) of Rule 11.3.26 is replaced with the following subparagraph:
“(iii) any additional amount determined by the Board having regard to the charge percentage as specified in subsection 19(2) of the Superannuation Guarantee (Administration) Act 1992;”
2.5 Paragraph (c) of Rule 11.3.27 is replaced with the following paragraph:
“(c) any additional amount determined by the Board having regard to the charge percentage as specified in subsection 19(2) of the Superannuation Guarantee (Administration) Act 1992;”
2.6 The following Division is inserted after Division 3 of Part 11:
| Additional contributions after age 70 |
“
Division 4
When additional contributions may be made
11.4.1 A member may choose to pay additional contributions on each contribution day occurring during the period commencing on the date he/she reaches age 70 and ending on his/her last day of membership, except contribution days occurring when the PSS Fund is prohibited by the SIS Act from receiving those contributions (see Rule 11.4.5). A member may choose to cease paying additional contributions at any time.
11.4.2 Additional contributions paid or payable by a member under this Division are not to be taken to be contributions paid or payable by a member under Part 4.
What rate of additional contributions can be paid
11.4.3 A member may choose to pay additional contributions at any whole percentage rate that is not less than 2% or more than 10% of his/her fortnightly contribution salary. A member who does not choose a contribution rate will be deemed to have chosen the rate of 5%.
11.4.4 A member may change his/her future rate of additional contributions at any time to another whole percentage rate that is not less than 2% or more than 10% of his/her fortnightly contribution salary. Changes take effect on the contribution day occurring immediately after the date of the member's request to change his/her rate of additional contributions.
Additional contributions not allowed to be paid
11.4.5 A member is not permitted to pay additional contributions in respect of any contribution day occurring when the PSS Fund is prohibited by the SIS Act from receiving those contributions.
Additional contributions to be paid to the Board
11.4.6 Additional contributions payable by members under these Rules are to be paid to the Board by or on behalf of the member choosing to pay the additional contributions. The Board must pay into the PSS Fund all additional contributions it receives from, or on behalf of, members.
Substitution of contribution days
11.4.7 The Board and a designated employer may agree to substitute other days in lieu of contribution days for payments of additional contributions if the designated employer does not pay members in respect of each fortnight ending on the day before a contribution day. The Board will adjust the calculation and payment of additional contributions as necessary.
Accumulation of additional contributions and preserved additional contributions
11.4.8 Interest (if any) on additional contributions paid into the PSS Fund accumulates in accordance with a determination or determinations by the Board as to rates of interest and method of allocation. The additional contributions plus accumulated interest are called Accumulated Additional Contributions.
Benefit entitlement on cessation
11.4.9 A member who:
(a) chooses to pay additional contributions; and
(b) ceases to be a member, but not by reason of death;
is entitled to be paid a lump sum of his/her Accumulated Additional Contributions.
11.4.10 On the death of a member who chooses to pay additional contributions the Accumulated Additional Contributions are payable under the same conditions and to the same person or persons, and, where relevant, in the same proportions as are payable to those persons, as the deceased member's death benefit accrual is payable under Part 7. The Accumulated Additional Contributions cannot be taken as a reversionary pension.”
IN WITNESS WHEREOF this Deed has been executed the day and year first hereinbefore written.
SIGNED, SEALED AND DELIVERED )
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by the Honourable NICHOLAS HUGH MINCHIN ) SIGNED
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Minister for Finance and Administration )
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for and on behalf of )
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THE COMMONWEALTH OF )
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AUSTRALIA, in the presence of: )
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(name) ) Kerryn Tayler
)
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(address) ) 35/21 Jeffcott Street
) NTH ADELAIDE SA 5006
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(description) ) Executive Assistant
)