THIS DEED is made on 23 March 2004 by THE COMMONWEALTH OF AUSTRALIA.
WHEREAS section 4 of the Superannuation Act 1990 provides for the Minister to establish an occupational superannuation scheme to be administered by the Board established under section 20 of the Act;
AND WHEREAS the Public Sector Superannuation Scheme was established by deed dated 21 June 1990;
AND WHEREAS section 5 of the Act provides for the Minister, by instrument in writing, to amend the Trust Deed, and requires the consent of the Board to amendments in certain circumstances;
AND WHEREAS the Board has consented to the amendments provided for in this Deed;
NOW THIS DEED WITNESSES as follows:
1. The amendments to the Trust Deed and Rules made by this Deed come into effect on 1 July 2005.
2. The Trust Deed is amended as follows:
2.1 Paragraph 3.2(i) is replaced with the following paragraph:
“(i) effect policies with insurers in the Board’s name to provide death and invalidity cover for members as provided for in the Rules;”
2.2 At the end of paragraph 3.2(j) insert:
“; and
(k) arrange for the purchase of retirement income products by certain former members and their beneficiaries as provided for in the Rules.”
2.3 Paragraph 3.3(b) is replaced with the following paragraph:
“(b) exercise, in relation to all matters affecting the Public Sector Superannuation Scheme and the PSS Fund, the same degree of care, skill and diligence as an ordinary prudent person would exercise in dealing with property of another for whom the person felt morally bound to provide;”
2.4 Paragraph 3.3(h) is replaced with the following paragraph:
“(h) allow a member or a person who has a preserved benefit access to any information or any documents prescribed in Regulations under the Corporations Act 2001.”
2.5 Paragraph 9.2(a) is replaced with the following paragraph:
“(a) contributions made by or on behalf of members;”
2.6 After subclause 10.6 add the following subclauses:
“10.7 The Board must determine a further investment strategy and policy as soon as possible after 1 July 2005 for the particular assets of the PSS Fund attributable to members covered by section A of the Rules and thereafter regularly review that strategy and policy, and, where it considers necessary or desirable, change that investment strategy or policy. In determining and reviewing that investment strategy and policy, the Board shall consult with such persons or bodies as it thinks fit.
10.8 The Board may determine further investment strategies for particular assets of the PSS Fund attributable to members covered by section A of the Rules for the purpose of offering those members the opportunity to choose a particular investment strategy and may regularly review those strategies, and, where it considers necessary or desirable, change those investment strategies. In determining and reviewing these investment strategies, the Board shall consult with such persons or bodies as it thinks fit.
3. The Rules are amended as follows:
3.1 In this clause “amended Rules” means the PSS Rules as amended by the terms of any amending deed that take effect before the commencement of this clause.
3.2 Before the heading to Part 1 – Introduction of the amended Rules insert the following heading:
SECTION B – DEFINED BENEFITS PLAN
3.3 In the heading to each Part of the amended Rules insert the letter “B” as a prefix to the Part number.
3.4 Amend each rule number of the amended Rules by inserting the letter “B” as a prefix.
3.5 Amend each reference to a Part of the amended Rules by inserting the letter “B” as a prefix to the Part number.
3.6 Amend each reference to a rule number in the amended Rules by adding the letter “B” as a prefix.
4. The Rules are further amended as provided by this clause.
4.1 In this clause “amended Rules” means the PSS Rules as amended by clause 3 of this Deed and the terms of any amending deed that take effect before the commencement of this clause.
4.2 The heading to Division 1 of Part B1 of the amended Rules is replaced with the following heading:
| Understanding Section B of these Rules |
Division 1
4.3 Rule B1.1.1 of the amended Rules is amended by replacing the words:
“These Rules”
with the words:
“Section B of these Rules”.
4.4 The heading to Rule B1.1.1 of the amended Rules and the “Guide” in that Rule are further amended by replacing the words:
“the Rules”
with the words:
“Section B of the Rules”
wherever appearing.
4.5 Rule B1.1.1 of the amended Rules and the “guide” in that Rule are further amended by replacing the words:
“PSS Scheme”
with the words:
“PSS defined benefits plan”
wherever appearing.
4.6 Item 11 of the “guide” in Rule B1.1.1 of the amended Rules is further amended by inserting the words “defined benefits plan” after the word “PSS”.
4.7 Rules B1.1.3, B1.1.4 and B1.1.5 of the amended Rules are replaced with the following Rules:
“B1.1.3 Section B of the Rules has been numbered so that the first letter and number refers to the Part, the second number refers to the Division number within that Part and the third to the Rule number within that Division. For example, Rule B6.3.2 is the second Rule in Division 3 of Part B6 of Section B of the Rules.
B1.1.4 There are several notes, diagrams and guides within Section B of the Rules to help you understand the more complicated superannuation concepts or to warn you if you need to also look in another area of Section B of the Rules. However, these aids (including Part, Division and Rule headings) do not form part of the Rules.
B1.1.5 Tables on the other hand form part of Section B of the Rules and are used to provide factors or other similar information. Examples also form part of Section B of the Rules and have been included to demonstrate a practical application of a particular rule or the combined effect of a particular Division or Part.”
4.8 The heading to Division 2 of Part B1 of the amended Rules is replaced with the following heading:
| Words and Phrases Used in Section B of these Rules |
Division 2
4.9 Rule B1.2.1 of the amended Rules is amended by replacing the introductory words with the following:
“B1.2.1 Because some words and phrases have a special meaning when used in Section B of these Rules they have been explained below. They appear throughout Section B of the Rules in bold print to remind you they have a special meaning.”
4.10 Rule B1.2.1 of the amended Rules is further amended, in the definition of approved medical practitioner, by replacing the word:
“Rules”
with the words:
“Section B of the Rules”.
4.11 Rule B1.2.1 of the amended Rules is further amended by amending the definitions of decision, pension, pensioner and surchargeable contributions by replacing the words:
“these Rules”
with the words:
“Section B of these Rules”
wherever appearing.
4.12 Rule B1.2.1 of the amended Rules is further amended by amending the definitions of preserved benefit and transfer amount by replacing the words:
“PSS scheme”
with the words:
“PSS defined benefits plan”
wherever appearing.
4.13 Rule B1.2.1 of the amended Rules is further amended by replacing the definition of casual member with the following definition:
“casual member means a person who became a PSS member before 1 July 2005 or is a person to whom Rule B2.1.1A applies and who is:
· not a regular member and is not entitled to holiday leave and sick leave in his/her job; or
· a PSS member who is paid fees on a daily basis in respect of an office or position.”
4.14 Rule B1.2.1 of the amended Rules is further amended by replacing the definition of regular member with the following definition:
“regular member means a person who became a PSS member before 1 July 2005 or is a person to whom Rule B2.1.1A applies and who is:
· a permanent full-time employee;
· a permanent part-time employee;
· a temporary full-time employee; or
· a temporary part-time employee who is entitled to holiday leave and sick leave in his/her job;
but does not include a PSS member who is paid fees on a daily basis in respect of an office or position.”
4.15 Rule B1.2.1 of the amended Rules is further amended by inserting the following definition in alphabetical order:
“category A member has the same meaning as in Section A of these Rules.”
4.16 Rule B1.2.1 of the amended Rules is further amended by inserting the following definition in alphabetical order:
“PSS defined benefits plan means the plan of the PSS scheme governed by the provisions of Section B of these Rules.”
4.17 Rule B1.2.1 of the amended Rules is further amended by inserting the following definition in alphabetical order:
“PSS member means a person who is a member of the PSS scheme by force of Part 3 of the Superannuation Act 1990.”
4.18 Rule B2.1.1 of the amended Rules is replaced with the following Rule:
“B2.1.1 A person becomes a PSS member under Part 3 of the Superannuation Act 1990. That Part of the Superannuation Act 1990 also provides when a person becomes a member of the PSS scheme and provides authority for the Minister to declare that a particular person is a PSS member or is not a PSS member.”
4.19 The following Rules are inserted after Rule B2.1.1:
“B2.1.1A A person who becomes a PSS member on or after 1 July 2005 becomes a member if and only if:
(a) at the time they become a PSS member, they are already:
(i) a member, including if they are already a member in respect of a different instance of employment or another office; or
(ii) a preserved benefit member; or
(iii) an invalidity pensioner; or
(b) on 30 June 2005 the person was the holder of a statutory office and became a PSS member after making an election under section 7 of the Superannuation Act 1990 in respect of that office; or
(c) on 30 June 2005 the person was a temporary employee and became a PSS member after making an election under section 8 of the Superannuation Act 1990, in respect of the employment engaged in on 30 June 2005; or
(d) before 1 July 2005 the person was a temporary employee and made an election before that date under section 8 of the Superannuation Act 1990 to join the PSS scheme; or
(e) the person became a PSS member after making a declaration and election under section 244 of the Superannuation Act 1976.
Note: Amendments to the PSS Trust Deed and Rules that commenced on 1 July 2005 effectively closed the PSS defined benefits plan to new entrants from that date. Nevertheless, certain people who become PSS members on or after 1 July 2005 are still required to join the PSS defined benefits plan in particular:
- a person who is already a member of the PSS defined benefits plan eg due to another concurrent instance of employment;
- a person who has a preserved benefit in the PSS defined benefits plan;
- a person who again becomes a PSS member after being an invalidity pensioner;
- a statutory office holder who elects to become a PSS member after 1 July 2005 in relation to an office held on 30 June 2005;
- a temporary employee who elects to become a PSS member after 1 July 2005 in relation to the employment engaged in on 30 June 2005;
- a temporary employee who makes an election to become a PSS member before 1 July 2005 but whose election does not take effect until 1 July 2005 or later;
- a person who elects to transfer to the PSS scheme from the CSS scheme.
B2.1.1B A person who becomes a PSS member on or after 1 July 2005 and is prevented from becoming a member due to Rule B2.1.1A, becomes a category A member.”
5. The Rules are further amended as follows:
5.1 In this clause “amended Rules” means the PSS Rules as amended by clauses 3 and 4 of this Deed and the terms of any amending deed that take effect before the commencement of this clause.
5.2 Before Section B of the amended Rules insert the following new Section of the Rules:
Section A – accumulation plan
Part A1 - INTRODUCTION
| Understanding Section A of these Rules |
Division 1
A1.1.1 Section A of these Rules has been divided into 6 Parts, each dealing with a major aspect of the operation of the PSS accumulation plan.
| Guide to the 6 Parts of Section A of the Rules |
| Part | Title | Deals With |
| A1 | Introduction | The structure of Section A of the Rules and defines special terms and phrases, and some concepts, used in Section A of the Rules. |
| A2 | Membership and contributions | How you become a member of the PSS accumulation plan. Also covers the payment of contributions by employers and by or on behalf of employees and the transfer of amounts to the plan from other superannuation entities. |
| A3 | Benefits and payments | Payment of benefits, roll-over of amounts from the PSS accumulation plan, invalidity benefits, income protection benefits and retirement income products. |
| A4 | Insurance | Provision of basic death and invalidity cover, supplementary death and invalidity cover, basic income protection cover and supplementary income protection cover. |
| A5 | Other matters | Personal accumulation accounts, investment earnings and losses, superannuation surcharge, member investment choice and solvency. |
| A6 | Review of decisions | The internal review mechanisms available to have a decision of the Board or its delegate reconsidered in the PSS accumulation plan. |
A1.1.2 Each Part is further divided into Divisions addressing unique groupings within the Part and each Division is made up of Rules containing specific provisions. Rules do not necessarily have their own Rule headings.
A1.1.3 Section A of the Rules has been numbered so that the first letter and number refers to the Part, the second number refers to the Division number within that Part and the third to the Rule number within that Division. For example, Rule A2.3.1 is the first Rule in Division 3 of Part A2 of the Rules.
A1.1.4 There are several notes within Section A of the Rules to help you understand the more complicated superannuation concepts or to warn you if you need to also look in another area of the Rules. However, these aids (including Part, Division and Rule headings) do not form part of the Rules.
| Words and Phrases Used in Section A of these Rules |
Division 2
Explanations of certain words and phrases
A1.2.1 Because some words and phrases have a special meaning when used in Section A of these Rules they have been explained below. They appear throughout Section A of the Rules in bold print to remind you they have a special meaning.
accumulated funded in relation to a category A member or a category A preserved
employer contributions benefit member is the amount specified in Rule A5.1.4.
accumulated member in relation to a category A member or category A preserved
contributions benefit member is the amount specified in Rule A5.1.7.
additional employer means contributions made by the designated employer of a category
contributions A member under Rule A2.2.5.
APS Agency means an Agency within the meaning of the Public Service Act 1999.
assessment has the same meaning as in the Superannuation Contributions Tax (Assessment and Collection) Act 1997.
AWA means an Australian workplace agreement within the meaning of the Workplace Relations Act 1996.
basic death and means insurance coverage provided in respect of a category A
invalidity cover member under Division 1 of Part A4 of these Rules for death and permanent invalidity.
basic employer means contributions paid by the designated employer of a category
contributions A member under Rule A2.2.1 and Rule A2.2.2.
basic income protection means insurance cover provided in respect of a category A member
cover under Division 3 of Part A4 of these Rules.
benefit application means a written application to the Board requesting the Board to pay benefits under Section A of these Rules.
binding member means a notice in writing meeting the requirements of the SIS Act,
nomination given by a category A member or a category A preserved benefit member to the Board requiring the Board to pay any benefit in respect of the category A member or category A preserved benefit member on or after their death to the person or persons mentioned in the notice.
Board means the PSS Board established under section 20 of the Superannuation Act 1990.
category A member means a PSS member who is a member of the PSS accumulation plan.
category A preserved means a former category A member with a preserved benefit that
benefits member has not yet been paid.
category B member means a PSS member who is a member of the PSS defined benefits plan and includes:
· a member; and
· a preserved benefit member; and
· an invalidity pensioner;
as defined in Section B of these Rules.
certified agreement means an agreement certified under Division 4 of Part VIB of the Workplace Relations Act 1996.
compensation leave means any period during which a person is absent full-time from
his/her employment due to an incapacity for work resulting from an injury in respect of which compensation is payable under section 19 or 22 of the Safety, Rehabilitation and Compensation Act 1988 or any period in respect of which persons not covered by that Act are receiving similar compensation payments.
CSS Scheme means the superannuation scheme established by the Superannuation Act 1976, known as the Commonwealth Superannuation Scheme.
deceased category A means a category A member who died before ceasing to be a
member member.
deceased category A means a category A preserved benefit member who died
preserved benefit before their preserved benefit became payable.
member
decision for the purposes of reconsidering decisions of the Board under Part A6 of these Rules, includes:
· making, suspending, revoking or refusing to make an order or determination;
· giving, suspending, revoking or refusing to give a certificate, direction, approval, consent or permission;
· issuing, suspending, revoking or refusing to issue an authority or other instrument;
· imposing a condition or restriction;
· making a declaration, demand or requirement;
· retaining, or refusing to deliver up, an article; and
· doing or refusing to do any other act or thing;
under Section A of these Rules.
dependant has the same meaning as in the SIS Act.
designated employer has the same meaning as in the Superannuation Act 1990.
eligible roll-over fund has the same meaning as in the SIS Act.
eligible spouse has the same meaning as in the Income Tax Assessment Act 1936
contributions or the Income Tax Assessment Act 1997.
eligible termination has the same meaning as in the Income Tax Assessment Act 1936
payment or the Income Tax Assessment Act 1997.
employee contributions means contributions paid by a category A member under Rule A2.3.1.
employee funded in relation to a transfer amount means the amount of member-
component financed benefits included in the transfer amount.
employer contribution means the amount, if any reported under Rule A2.2.11.
shortfall
employer funded in relation to a transfer amount means the amount of the transfer
component amount less any member-financed benefits.
former category A means a person who has ceased to be a category A member.
member
income protection benefits means benefits payable under Division 4 of Part A3.
income protection cover means insurance cover provided in respect of a category A member
under Division 3 and Division 4 of Part A4 of these Rules.
insurance premium means any amounts payable in respect of a category A member for insurance coverage under Part A4 of these Rules.
invalidity retirement means the termination of the employment of a category A member on the ground that they are unable to perform their duties because of any mental or physical condition.
legal personal has the same meaning as in the SIS Act.
representative
life insurance company has the same meaning as in the Income Tax Assessment Act 1997.
maternity or parental in relation to a category A member means leave of absence taken:
leave
· in relation to the birth of a child of the person; or
· because the person’s pregnancy ended for other reasons; or
· the adoption of a child by the person.
member-financed benefits has the same meaning as in the SIS Act.
non-commutable income has the same meaning as in the SIS Act.
stream
ordinary time earnings has the same meaning as in the Superannuation Guarantee (Administration) Act 1992.
other approved means:
employment
· employment with an organisation registered under the Workplace Relations Act 1996 the membership of which includes people who are members of the CSS Scheme or the PSS Scheme or a body consisting of such organisations; or
· if the person is employed in an APS Agency – employment that is approved by the Agency Head (within the meaning of the Public Service Act 1999) of the Agency on the basis that the engagement of the person in the other employment is in the interest of the Australian Public Service; or
· if the person is not employed in an APS Agency - employment that is approved by the person’s designated employer on the basis that the engagement of the person in the other employment is in the interests of the designated employer;
provided the temporary employer agrees to reimburse the designated employer for the cost of making basic employer contributions.
pay advice document means a pay-slip or other document advising an employee about the amount of salary or wages paid for a period of time and includes a document in electronic form.
pay day means the day on which a regular salary payment is made by a designated employer to a category A member and in the case of a category A member who:
· is referred to in Rule A2.2.3(b); and
· does not receive a salary payment from a designated employer due to a period of:
- unpaid leave of 12 weeks or less; or
- maternity or parental leave; or
- sick leave without pay; or
- a period of compensation leave; or
- a period of leave of absence for the purposes of engaging in other approved employment;
also means the day that the category A member would otherwise have received a salary payment from the designated employer.
permanent incapacity has the same meaning as in the SIS Act.
personal accumulation means the account kept by the Board for each category A member
account and category A preserved benefit member under Division 1 of Part A5 of these Rules.
preserved benefit means a benefit that, on a category A member ceasing membership, is retained in the personal accumulation account of the former category A member together with any amounts subsequently credited or debited to that personal accumulation account under Division 2 of Part A5.
PSS accumulation means the plan of the PSS Scheme governed by the provisions of
plan Section A of these Rules.
PSS defined benefits means the plan of the PSS Scheme governed by the provisions of
plan Section B of these Rules.
PSS member means a person who is a member of the PSS Scheme due to the operation of Part 3 of the Superannuation Act 1990.
PSS Scheme means the superannuation scheme established by the Deed, as amended from time to time, referred to in section 4 of the Superannuation Act 1990.
PSS Fund means the Fund established by the Deed, as amended from time to time, under the Superannuation Act 1990.
quarter has the same meaning as in the Superannuation Guarantee (Administration) Act 1992.
remuneration means any determination that applies to the holder of a statutory
determination office and includes a determination made by the Remuneration Tribunal under subsection 7(3) of the Remuneration Tribunal Act 1973.
roll-over means payment by the Board as an eligible termination payment within the superannuation system as defined in the SIS Act.
Note:
The term “superannuation system” is defined in regulations made under the SIS Act and includes regulated superannuation funds, approved deposit funds, annuities, deferred annuities and Retirement Savings Accounts (RSAs).
roll-over application means a written application to the Board requesting the Board to roll-over benefits payable under Section A of these Rules.
SIS Act means the Superannuation Industry (Supervision) Act 1993 and the regulations in force under that Act.
standard risk in relation to a category A member being assessed by a life office for the provision of supplementary death and invalidity cover or income protection cover under Part A4 of these Rules, means a category A member who does not:
· suffer from any physical or mental incapacity or condition; or
· engage in any hazardous occupation or pursuit.
superannuation salary has the meaning given in Rule A2.2.3.
supplementary death and means insurance cover provided in respect of a category A member
invalidity cover under Division 2 of Part A4 of these Rules.
supplementary income means insurance cover provided in respect of a category A member
protection cover under Division 4 of Part A4 of these Rules.
surcharge has the same meaning as in the Superannuation Contributions Tax (Assessment and Collection) Act 1997.
surchargeable means surchargeable contributions (within the meaning of the
contributions Superannuation Contributions Tax (Assessment and Collection) Act 1997) that are attributable to the operation of Section A of these Rules.
surcharge debt account means an account held by the Board under section 16 of the Superannuation Contributions Tax (Assessment and Collection) Act 1997.
surcharge deduction means the amount identified and adjusted by the Board under
amount Rule A5.3.1.
temporary incapacity has the same meaning as in the SIS Act.
total benefit in relation to a former category A member or a category A preserved benefit member means the sum of their accumulated member contributions and their accumulated funded employer contributions at the end of the day before the benefit is paid less any surcharge deduction amount.
transfer amount means an amount transferred by a category A member into the PSS accumulation plan under Rule A2.4.1 less income tax payable by the PSS Fund in relation to that amount.
Part A2 - MEMBERSHIp and contributions
Division 1
Becoming a category A member
A2.1.1 A person becomes a PSS member under Part 3 of the Superannuation Act 1990. That Part of the Superannuation Act 1990 also provides when a person becomes a member of the PSS Scheme and provides authority for the Minister to either declare that a particular person is a PSS member or is not a PSS member.
A2.1.2 A person is a category A member if they:
(a) become a PSS member on or after 1 July 2005; and
(b) are not a category B member; and
(c) do not become a category B member under Rule B2.1.1A.
A2.1.3 A person may be a category A member in respect of two or more concurrent employments.
A2.1.4 Where a person is a category A member in respect of two or more concurrent employments only one personal accumulation account is maintained for the category A member.
A2.1.5 A person may not be both a category A member and a category B member.
Preserved benefit members
A2.1.6 A former category A member who has a preserved benefit retained in the PSS accumulation plan, but not yet paid, is classified as a category A preserved benefit member.
A2.1.7 The Board must continue to operate the same personal accumulation account for:
(a) a category A member who becomes a category A preserved benefit member; and
(b) a category A preserved benefit member who again becomes a category A member.
Note: Only one personal accumulation account is to be held for each person. See Rule A5.1.2.
| Contributions by Employers |
Division 2
Basic contributions by designated employers
A2.2.1 Each pay day the designated employer of a category A member must pay basic employer contributions to the Board equal to 15.4% of the superannuation salary of the category A member on that day unless the SIS Act would prevent the PSS Fund from accepting the contributions.
A2.2.2 If the designated employer of a category A member is required to report an employer contribution shortfall for a category A member under Rule A2.2.11 for any quarter, the designated employer must, within one month of the end of the relevant quarter, also pay basic employer contributions to the Board equal to the amount of the employer contribution shortfall.
A2.2.3 The superannuation salary of a category A member is:
(a) where the circumstances referred to in Rule A2.2.4 apply – the ordinary time earnings of the person; and
(b) in all other cases the amount that would have been the person’s “fortnightly contribution salary” if they were a category B member.
A2.2.4 The superannuation salary of a category A member will be the person’s ordinary time earnings if this is specified in:
(a) a certified agreement that applies to the category A member;
(b) an AWA that applies to the category A member;
(c) a remuneration determination that applies to the category A member; or
(d) an agreement in writing between the category A member and their designated employer in the case of a category A member not covered by an AWA, a certified agreement or a remuneration determination.
Additional employer contributions
A2.2.5 In addition to the amounts required to be paid by the designated employer under Rules A2.2.1 and A2.2.2 the designated employer of a category A member may pay additional employer contributions to the Board in respect of that category A member unless the SIS Act would prevent the PSS Fund from accepting the contributions.
Note: This Rule allows employers to make contributions for or on behalf of an employee in addition to any amounts the employer is required to pay as basic employer contributions. Circumstances where an employer may make additional contributions include, but are not limited to:
- as a result of salary sacrifice arrangements with an employee;
- to avoid an employer contribution shortfall;
- to provide additional superannuation cover as specified in an Australian workplace agreement or a certified agreement;
- to provide superannuation contributions in circumstances where contributions would otherwise not be required to be paid. These circumstances differ depending upon whether the category A member has their superannuation salary based on ordinary time earnings or on fortnightly contribution salary. See Rule A2.2.3.
Method of payment of employer contributions
A2.2.6 The Board may determine the way in which basic employer contributions and additional employer contributions must be paid to the Board.
A2.2.7 The designated employer of a category A member must pay basic employer contributions and any additional employer contributions in accordance with any determination of the Board under Rule A2.2.6.
Payments to be paid into the PSS Fund
A2.2.8 The Board must pay any basic employer contributions and any additional employer contributions into the PSS Fund.
Reporting of employer contributions
A2.2.9 The designated employer of a category A member that makes basic employer contributions in respect of a category A member to whom Rule A2.2.3(a) applies must inform the category A member in writing, at least quarterly, of the amount of basic employer contributions and additional employer contributions paid to the PSS Fund.
A2.2.10 Within one month of the end of each quarter the designated employer of a category A member that makes basic employer contributions in respect of a category A member to whom Rule A2.2.3(b) applies or has applied at any time during the quarter must inform the category A member and the Board in writing of the total amount of basic employer contributions and additional employer contributions paid to the PSS Fund in the quarter (other than an amount paid under Rule A2.2.2) expressed:
(a) in dollars and cents; and
(b) as a percentage of the ordinary time earnings of the category A member for the quarter.
A2.2.11 If the amount reported under Rule A2.2.10(b) is less than 9%, the designated employer of the category A member is required to report an employer contribution shortfall to the category A member and to the Board. The amount of the employer contribution shortfall is the amount by which the reported amount falls short of 9% of the ordinary time earnings of the category A member.
A2.2.12 For the purposes of Rules A2.2.9 and A2.2.10 a category A member is taken to have been informed in writing if the information is included in a pay advice document.
Division 3
When employee contributions can be made
A2.3.1 A category A member may pay employee contributions to the Board at any time and in any amount provided:
(a) the SIS Act does not prevent the PSS Fund from accepting the contributions; and
(b) the method of payment complies with any Board determination under Rule A2.3.5.
A2.3.2 A category A member is not required to make employee contributions.
A2.3.3 A category A preserved benefit member may not make employee contributions.
Eligible spouse contributions
A2.3.4 Eligible spouse contributions may be made on behalf of a category A member at any time and in any amount provided:
(a) the SIS Act does not prevent the PSS Fund from accepting the contributions; and
(b) the method of payment complies with any Board determination under Rule A2.3.5.
Method of payment of employee contributions and eligible spouse contributions
A2.3.5 The Board may determine the way in which employee contributions and eligible spouse contributions must be paid to the Board.
Payments to be paid into the PSS Fund
A2.3.6 The Board must pay any employee contributions and eligible spouse contributions into the PSS Fund.
Division 4
Amounts that may be transferred
A2.4.1 A category A member may transfer any or all of the following amounts to the Board as a transfer amount:
(a) an amount payable to, or in respect of, the person by a superannuation entity as defined in the SIS Act, other than an amount payable because of physical or mental incapacity to perform their duties;
(b) the amount of any eligible termination payment payable to, or in respect of, the person;
(c) an amount payable to, or in respect of, the person in accordance with the Superannuation Guarantee (Administration) Act 1992; and
(d) an amount payable in respect of the person under the Superannuation (Government Co-contribution for Low Income Earners) Act 2003.
Method of payment of transfer amounts
A2.4.2 The Board may determine the way in which transfer amounts must be paid to the Board.
Payments to be paid into the PSS Fund
A2.4.3 The Board must pay any transfer amount into the PSS Fund.
Division 1
Applications for payment of benefits
A3.1.1 A benefit application may be made to the Board by:
(a) a category A member who:
(i) intends to become a former category A member within one month of making the benefit application;
(ii) is applying for the payment of benefits on compassionate grounds or due to severe financial hardship;
(iii) has applied for approval of their invalidity retirement under Rule A3.3.1;
(iv) has applied for income protection benefits under Rule A3.4.1;
(b) a former category A member;
(c) a category A preserved benefit member;
(d) the legal personal representative of a category A member or a category A preserved benefit member; or
(e) a person claiming to be entitled to the benefit of:
(i) a deceased category A member; or
(ii) a deceased category A preserved benefit member.
A benefit application must be made in a form acceptable to the Board and must include any supporting evidence of entitlement to the benefit required by the Board.
Payment of benefits to former category A members
A3.1.3 On receiving a benefit application from a former category A member or a category A preserved benefit member the Board must pay the person such part of their total benefit as the SIS Act permits.
A3.1.4 If the Board receives a benefit application from a category A member who meets the requirements of Rule A3.1.1(a)(i), the Board must, as soon as possible after the person becomes a former category A member, pay the person such part of their total benefit as the SIS Act permits.
Note: Where part of a benefit is paid to a former category A member or a category A preserved benefit member the remainder of the benefit must be preserved in the PSS accumulation plan or rolled-over to another superannuation entity. See Rule A3.1.11.
Compulsory payment of benefits
A3.1.5 Where a category A member or category A preserved benefit member is required to be paid a benefit or part of a benefit due to the provisions of the SIS Act, the Board must pay the total benefit or such part of the total benefit as the SIS Act requires to the person or their legal personal representative even if no benefit application has been made.
Note: Clause 35 of Schedule 1 to the Superannuation (PSS) Membership Exclusion Declaration 1995 provides for PSS membership to cease where any of a person’s benefit becomes compulsorily payable under the SIS Act.
This rule only applies where the category A member or category A preserved benefit member is not deceased. See Rule 3.1.10 for payment of benefits in respect of deceased members.
Payment of benefits to category A members
A3.1.6 If the Board receives a benefit application from a category A member under Rule A3.1.1(a)(ii) the Board may pay the person such part of their total benefit as the SIS Act permits:
(a) on a compassionate ground in accordance with a determination of the Australian Prudential Regulatory Authority under the SIS Act; or
(b) on grounds of severe financial hardship in accordance with the SIS Act.
A3.1.7 If the Board receives or is taken to have received a benefit application from a category A member under Rule A3.1.1(a)(iii) and the Board approves the invalidity retirement of the category A member, the Board must, if the person becomes a former category A member following approval of their invalidity retirement, pay the person such part of their total benefit as the SIS Act permits as soon as possible.
A3.1.8 If the Board receives a benefit application from a category A member under Rule A3.1.1(a)(iv) and an amount is paid into the PSS Fund in relation to that category A member in response to a claim against a policy or policies providing income protection cover, the Board must pay income protection benefits to the category A member in accordance with Rule A3.4.3.
Payment of benefits to a legal personal representative where member not deceased
A3.1.9 On receiving a benefit application from the legal personal representative of a category A member or a category A preserved benefit member the Board may pay to the legal personal representative such part of the total benefit as the SIS Act permits if the Board is satisfied that:
(a) the category A member or category A preserved benefit member is under a legal disability; and
(b) the category A member or category A preserved benefit member is entitled to the payment of a benefit under Section A of the Rules.
Payment of death benefits
A3.1.10 When the Board:
(a) receives an application for benefits from a person claiming to be entitled to the benefit of a deceased category A member or a deceased category A preserved benefit member; or
(b) becomes aware that a category A member or a category A preserved benefit member has died;
the Board must determine who is entitled to be paid the death benefits in accordance with Division 2 of this Part and pay the total benefit to the person or persons so entitled in such shares as the Board determines.
Preservation of benefits not paid
A3.1.11 Where a part of the total benefit is paid to or in respect of a former category A member or a category A preserved benefit member in accordance with Rule A3.1.3, A3.1.4, A3.1.5, A3.1.7 or A3.1.9 the remainder of the benefit becomes a preserved benefit unless a roll-over application is made in relation to the remainder of the benefit.
Applications for roll-over of benefits
A3.1.12 A roll-over application may be made to the Board by:
(a) a category A member who intends to become a former category A member within one month of making the roll-over application;
(b) a former category A member;
(c) a category A preserved benefit member; or
(d) a category A member whose personal accumulation account contains accumulated member contributions or a transfer amount.
A roll-over application must be made in a form acceptable to the Board and must include any supporting evidence of entitlement to the benefit required by the Board.
Preservation or transfer of benefits
A3.1.14 If the Board receives a roll-over application from a category A member who meets the requirements of Rule A3.1.12(a), the Board must roll-over the person’s total benefit as soon as possible after the person becomes a former category A member.
A3.1.15 On receiving a roll-over application from a former category A member or a category A preserved benefit member the Board must roll-over the person’s total benefit.
A3.1.16 On receiving a roll-over application from a category A member the Board must roll-over such part of the person’s total benefit as requested provided the amount does not exceed the sum of the person’s accumulated member contributions and employer funded component of any transfer amounts.
Note: Category A members are permitted to roll-over amounts other than employer contributions made to the PSS. As the employee funded component of any transfer amount is included in the person’s accumulated member contributions, this Rule allows category A members to transfer out any transfer amounts paid into the PSS as well as any employee contributions made to the PSS.
A3.1.17 If no benefit application or roll-over application is received upon a person becoming a former member and Rule A3.1.18 does not apply the total benefit becomes a preserved benefit.
Payment of benefits to eligible roll-over fund
A3.1.18 The Board may pay a benefit to an eligible roll-over fund if:
(a) a benefit has become payable under Rule A3.1.5 and
(i) 90 days have passed since the benefit became payable; and
(ii) the person in relation to whom the benefit is payable has not informed the Board in writing how he/she wishes the benefit to be paid; or
(b) the Board is unable to locate a category A member or a category A preserved benefit member and the SIS Act permits the Board to pay the benefit to an eligible roll-over fund.
Division 2
Who is entitled to be paid death benefits
A3.2.1 If, upon the death of a category A member or a category A preserved benefit member, a binding member nomination is in place the person or persons specified in the notice are entitled to be paid death benefits in the way specified in the notice.
A3.2.2 If a binding member nomination is not in place, is wholly or partially invalid or has expired, either or both of the following may be entitled to be paid death benefits:
(a) one or more dependants of the deceased category A member or deceased category A preserved benefit member;
(b) the legal personal representative of the deceased category A member or deceased category A preserved benefit member.
A3.2.3 If, after making reasonable enquiries, the Board has not found either a legal personal representative or a dependant of the deceased category A member or deceased category A preserved benefit member any individual may be entitled to be paid death benefits.
A3.2.4 If Rule A3.2.1 does not apply or does not apply to the whole of the benefit, the Board must determine whether a person who may be entitled to be paid death benefits under Rule A3.2.2 or Rule A3.2.3 is entitled to be paid death benefits and may apportion the benefits between the persons so entitled as the Board, in its discretion, thinks fit.
| Permanent Invalidity Benefits |
Division 3
Application for approval of invalidity retirement
A3.3.1 An application for approval of the invalidity retirement of a category A member may be made to the Board by:
(a) the category A member; or
(b) the designated employer of the category A member.
A3.3.2 A category A member in respect of whom an application under Rule A3.3.1 is made is taken to have also made a benefit application.
Invalidity retirement process
A3.3.3 Following receipt of an application to approve the invalidity retirement of a category A member the Board may approve the person’s invalidity retirement if it is satisfied that the person has a permanent incapacity.
A3.3.4 The Board may determine the process it will follow before approving the invalidity retirement of a category A member.
A3.3.5 The Board must advise its decision under Rule A3.3.3 to the category A member and the designated employer of the category A member. The advice is to include a statement of the reasons for the decision.
Amount of permanent invalidity benefits
A3.3.6 If the Board approves the invalidity retirement of a category A member the amount of benefit payable is the total benefit of the former category A member.
| Income Protection Benefits |
Division 4
Income protection benefits
A3.4.1 A category A member may apply to the Board for income protection benefits if the category A member:
(a) is unable to work due to a temporary incapacity; and
(b) holds income protection cover.
Assessment of applications for income protection benefits
A3.4.2 Following receipt of an application for income protection benefits that meets the requirements of Rule A3.4.1 the Board must make a claim against the policy or policies providing the income protection cover.
Payment of income protection benefits
A3.4.3 Any amount paid by a life insurance company to the Board in response to a claim against a policy providing income protection cover must be paid into the PSS Fund and paid from the PSS Fund to the category A member as a non-commutable income stream unless this would be prevented by the SIS Act.
A3.4.4 Any amount paid into the PSS Fund and paid to a category A member under Rule A3.4.3 does not form a part of the personal accumulation account of the category A member.
A3.4.5 Nothing in this Division requires the Board to pay income protection benefits where:
(a) a category A member does not hold income protection cover; or
(b) a life insurance company does not pay any amount in response to a claim by the Board.
| Retirement Income Products |
Division 5
Board must arrange retirement income products
A3.5.1 The Board must enter into arrangements with a life insurance company or companies to offer retirement income products for purchase by persons in receipt of benefits under Section A of these Rules.
A3.5.2 A person in receipt of benefits under Division 1 of this Part may use the benefits to purchase retirement income products arranged by the Board.
| Basic Death and Invalidity Cover |
Division 1
A4.1.1 The Board must take out a policy or policies with a life insurance company or companies in its name to provide basic death and invalidity cover for category A members. A basic death and invalidity cover policy is to be on the terms and conditions agreed between the Board and the relevant life insurance company.
Provision of basic death and invalidity cover
A4.1.2 All category A members will be provided with basic death and invalidity cover.
A4.1.3 Where a category A member dies or an application for approval of their invalidity retirement is made under Rule A3.3.1, the Board must make a claim against the policy providing the basic death and invalidity cover.
A4.1.4 Any amount paid by a life insurance company to the Board in response to a claim against a policy providing basic death and invalidity cover must be paid into the PSS Fund and is credited to the person’s personal accumulation account and forms a part of the accumulated funded employer contributions of the former category A member.
Basic death and invalidity cover premiums
A4.1.5 All premiums for basic death and invalidity cover are to be paid by the Board from the PSS Fund.
A4.1.6 The premium for basic death and invalidity cover provided in respect of a category A member in the amount determined by the Board must be deducted from the personal accumulation account of the category A member.
| Supplementary Death and Invalidity Cover |
Division 2
A4.2.1 Subject to the requirements of the SIS Act the Board may take out a policy or policies with a life insurance company or companies in its name to provide supplementary death and invalidity cover for category A members. A supplementary death and invalidity cover policy is to be on the terms and conditions agreed between the Board and the relevant life insurance company.
Applying for supplementary death and invalidity cover
A4.2.2 A category A member may apply to the Board for supplementary death and invalidity cover at any time.
A4.2.3 The Board may allow the category A member to choose the policy providing the supplementary death and invalidity cover if the Board has taken out more than one policy.
A4.2.4 A category A member who applies for supplementary death and invalidity cover must provide any information and undergo any medical examinations the relevant life insurance company requires for it to determine whether it is prepared to provide the supplementary death and invalidity cover.
Advice to Board and category A member
A4.2.5 If a category A member applies to the Board for supplementary death and invalidity cover, or applies to vary existing cover, the Board must ask the relevant life insurance company:
(a) whether it is prepared to provide the cover for that category A member; and, if so
(b) the cost of the premium, including any extra cost where the category A member was assessed as not being a standard risk, on:
(i) the date the cover commenced; and
(ii) each subsequent birthday of the category A member, or other date as specified in the policy.
The Board must provide the information in (a) and (b) from the life insurance company to the category A member.
Variation of supplementary death and invalidity cover
A4.2.6 A category A member may vary the amount of supplementary death and invalidity cover at any time before the cover ceases to be applicable, provided the relevant life insurance company is prepared to provide the varied cover.
A4.2.7 Variations in the amount of supplementary death and invalidity cover take effect from:
(a) the date specified in the policy; or, otherwise
(b) the date determined by the Board.
Cessation of supplementary death and invalidity cover
A4.2.8 The supplementary death and invalidity cover of a category A member ceases on the earliest of:
(a) the date the category A member notifies the Board that they no longer wish to have supplementary death and invalidity cover;
(b) death or invalidity retirement of the category A member; and
(c) the date the insurer ceases to provide cover.
A4.2.9 Where a category A member with supplementary death and invalidity cover dies or an application for approval of their invalidity retirement is made under Rule A3.3.1, the Board must make a claim against the policy providing the supplementary death and invalidity cover.
A4.2.10 Any amount paid by a life insurance company to the Board in response to a claim against a policy providing supplementary death and invalidity cover must be paid into the PSS Fund and is credited to the person’s personal accumulation account.
Supplementary death and invalidity cover premiums
A4.2.11 All premiums for supplementary death and invalidity cover are to be paid by the Board from the PSS Fund.
A4.2.12 The cost of the premium for supplementary death and invalidity cover provided in respect of a category A member must be deducted from the personal accumulation account of the category A member.
| Basic Income Protection Cover |
Division 3
A4.3.1 The Board must take out a policy or policies with a life insurance company or companies in its name to provide basic income protection cover for category A members. A basic income protection cover policy is to be on the terms and conditions agreed between the Board and the relevant life insurance company but subject to the requirements of the SIS Act.
Provision of basic income protection cover
A4.3.2 All category A members will be provided with basic income protection cover unless:
(a) the category A member has notified the Board in writing that they do not wish to be provided with basic income protection cover; or
(b) in accordance with the policy between the Board and the life insurance company, the company refuses to provide cover in respect of the category A member.
Cessation of basic income protection cover
A4.3.3 The basic income protection cover of a category A member ceases on the earliest of:
(a) the date the category A member notifies the Board that they no longer wish to have basic income protection cover; and
(b) death or invalidity retirement of the category A member; and
(c) the date the insurer ceases to provide cover.
Basic income protection cover premiums
A4.3.4 All premiums for basic income protection cover are to be paid by the Board from the PSS Fund.
A4.3.5 The premium for basic income protection cover provided in respect of a category A member in the amount determined by the Board must be deducted from the personal accumulation account of the category A member.
Note: The Board may make a claim against a policy providing income protection cover. See Rule A3.4.2.
Amounts paid by an insurer in response to a claim are paid to the PSS Fund for payment to the category A member but are not credited to their personal accumulation account. See Rules A3.4.3 and A3.4.4.
| Supplementary Income Protection Cover |
Division 4
A4.4.1 The Board may take out a policy or policies with a life insurance company or companies in its name to provide supplementary income protection cover for category A members. A supplementary income protection cover policy is to be on the terms and conditions agreed between the Board and the relevant life insurance company but subject to the requirements of the SIS Act.
Applying for supplementary income protection cover
A4.4.2 A category A member may apply to the Board for supplementary income protection cover at any time.
A4.4.3 The Board may allow the category A member to choose the policy providing the supplementary income protection cover if the Board has taken out more than one policy.
A4.4.4 A category A member who applies for supplementary income protection cover must provide any information and undergo any medical examinations the relevant life insurance company requires for it to determine whether it is prepared to provide the supplementary income protection cover.
Advice to Board and category A member
A4.4.5 If a category A member applies to the Board for supplementary income protection cover, or applies to vary existing cover, the Board must ask the relevant life insurance company:
(a) whether it is prepared to provide the cover for that category A member; and, if so
(b) the cost of the premium, including any extra cost where the category A member was assessed as not being a standard risk, on:
(i) the date the cover commenced; and
(ii) each subsequent birthday of the category A member, or other date as specified in the policy.
The Board must provide the information in (a) and (b) from the life insurance company to the category A member.
Variation of supplementary income protection cover
A4.4.6 The category A member may vary the amount of supplementary income protection cover at any time before the cover ceases to be applicable, provided the relevant life insurance company is prepared to provide the varied cover.
A4.4.7 Variations in the amount of supplementary income protection cover take effect from:
(a) the date specified in the policy; or, otherwise
(b) the date determined by the Board.
Cessation of supplementary income protection cover
A4.4.8 The supplementary income protection cover of a category A member ceases on the earliest of:
(a) the date the category A member notifies the Board that they no longer wish to have supplementary income protection cover; and
(b) death or invalidity retirement of the category A member; and
(c) the date the insurer ceases to provide cover.
Supplementary income protection cover premiums
A4.4.9 All premiums for supplementary income protection cover are to be paid by the Board from the PSS Fund.
A4.4.10 The cost of the premium for supplementary income protection cover provided in respect of a category A member must be deducted from the personal accumulation account of the category A member.
Note: The Board may make a claim against a policy providing income protection cover. See Rule A3.4.2.
Amounts paid by an insurer in response to a claim are paid to the PSS Fund for payment to the category A member but are not credited to their personal accumulation account. See Rules A3.4.3 and A3.4.4.
| Personal Accumulation Account |
Division 1
Board must keep personal accumulation accounts
A5.1.1 The Board must keep a personal accumulation account for each category A member and category A preserved benefit member.
A5.1.2 The Board may keep only one personal accumulation account for each person.
The personal accumulation account records the sum of a person’s accumulated funded employer contributions and their accumulated member contributions.
Accumulated funded employer contributions
A5.1.4 The accumulated funded employer contributions of a category A member or a category A preserved benefit member is equal to the total of the amounts credited to the person’s personal accumulation account under Rule A5.1.5 less the total of the amounts debited to the person’s personal accumulation account under Rule A5.1.6.
A5.1.5 If any or all of the following amounts are paid to the PSS Fund in respect of a category A member or category A preserved benefit member the amounts must be credited to the person’s personal accumulation account:
(a) basic employer contributions;
(b) any additional employer contributions;
(c) the employer funded component of any transfer amount;
(d) any amount paid by a life insurance company to the Board in respect of the person in response to a claim against a life policy unless the amount is an amount referred to in Rule A3.4.3;
(e) the interest credited (if any) in respect of fund earnings on the person’s accumulated funded employer contributions as decided by the Board under Rule A5.2.1;
(f) any amount credited under Rule A5.2.3.
A5.1.6 If any or all of the following amounts are paid from the PSS Fund or are payable by or in respect of a category A member or category A preserved benefit member the amounts must be debited from the person’s personal accumulation account:
(a) income tax as determined by the Board;
(b) any insurance premium payable under Rule A4.1.6, A4.2.12, A4.3.5 and A4.4.10 paid from the person’s accumulated funded employer contributions;
(c) the interest debited (if any) in respect of fund losses on the person’s accumulated funded employer contributions as decided by the Board under Rule A5.2.1;
(d) any benefit paid to or in respect of the category A member or category A preserved benefit member from their accumulated funded employer contributions including any benefit paid as a roll-over;
(e) any administration costs under Rule A5.4.3 paid from the person’s accumulated funded employer contributions.
Accumulated member contributions
A5.1.7 The accumulated member contributions of a category A member or a category A preserved benefit member is equal to the total of the amounts credited to the person’s personal accumulation account under Rule A5.1.8 less the total of the amounts debited to the person’s personal accumulation account under Rule A5.1.9.
A5.1.8 If any or all of the following amounts are paid to the PSS Fund in respect of a category A member or category A preserved benefit member the amounts must be credited to the person’s personal accumulation account:
(a) employee contributions that have been paid by the category A member; and
(b) eligible spouse contributions accepted by the Board under Rule A2.3.4 paid on behalf of the category A member;
(c) the employee funded component of any transfer amounts;
(d) the interest credited (if any) in respect of fund earnings on the person’s accumulated member contributions as decided by the Board under Rule A5.2.1;
A5.1.9 If any or all of the following amounts are paid from the PSS Fund or are payable by or in respect of a category A member or category A preserved benefit member the amounts must be debited from the person’s personal accumulation account:
(a) any insurance premium payable under Rule A4.1.6, A4.2.12, A4.3.5 and A4.4.10 paid from the person’s accumulated member contributions;
(b) the interest debited (if any) in respect of fund losses on the person’s accumulated member contributions as decided by the Board under Rule A5.2.1;
(c) any benefit paid to or in respect of the category A member or category A preserved benefit member from their accumulated member contributions including a benefit paid as a roll-over;
(d) any administration costs under Rule A5.4.3 paid from the person’s accumulated member contributions.
| Crediting of Fund Earnings and Debiting of Fund Losses |
Division 2
Crediting of earnings and debiting of losses
A5.2.1 The Board may determine the amounts to be credited or debited to a person’s personal accumulation account under Rule A5.1.5(e), A5.1.6(c), A5.1.8(d) and A5.1.9(b) that reasonably reflects the after tax earnings derived from the investment of the amount in the account other than a surcharge deduction amount.
A5.2.2 In determining the amount referred to in Rule A5.2.1 the Board must have regard to:
(a) the charges incurred in the investment of amounts in all personal accumulation accounts; and
(b) if, under Rule A5.4.1, a category A member or category A preserved benefit member may choose between two or more investment strategies – the investment strategies chosen by the category A member or category A preserved benefit member for their personal accumulation account.
A5.2.3 Where the Board has identified a surcharge deduction amount under Rule A5.3.1 the Board must also credit the person’s personal accumulation account (from Fund earnings) with an amount, decided by the Board, that is equal to the amount of interest debited to the person’s surcharge debt account in accordance with the Superannuation Contributions Tax (Assessment and Collection) Act 1997.
Division 3
Application of the Superannuation Contributions Tax
A5.3.1 If an assessment is made of the surcharge on the surchargeable contributions of a category A member or a category A preserved benefit member the Board must identify an amount from the accumulated funded employer contributions in the person’s personal accumulation account as a surcharge deduction amount equal to the balance of the person’s surcharge debt account and update the surcharge deduction amount as the balance of the person’s surcharge debt account changes.
Division 4
A5.4.1 The Board may offer category A members and category A preserved benefit members the opportunity to elect to have amounts held in their personal accumulation account, other than a surcharge deduction amount, invested in accordance with a particular investment strategy.
A5.4.2 The Board may determine when and how a category A member or category A preserved benefit member may make or change an election about their choice of investment strategy.
A5.4.3 The Board may determine the administration fees to be paid from a person’s personal accumulation account for changing elections about choice of investment strategy.
Division 5
Solvency of the PSS accumulation plan
A5.5.1 In this Division a reference to the PSS accumulation plan being solvent is to be read as a reference to the net realisable value of the assets in the PSS Fund attributable to members covered by section A of these Rules being equal to or exceeding the sum of all personal accumulation accounts.
A5.5.2 In this Division a reference to the PSS accumulation plan being technically insolvent is to be read as a reference to the net realisable value of the assets in the PSS Fund attributable to members covered by section A of these Rules being less than the sum of all personal accumulation accounts.
Additions to personal accumulation accounts
A5.5.3 Subject to Rule A5.5.4, if the PSS accumulation plan is solvent at the beginning of the financial year, the Board must not credit an amount to a personal accumulation account under Rule A5.2.1 that would result in the PSS accumulation plan being technically insolvent at the end of the financial year.
A5.5.4 In any financial year, the Board may credit an amount to a personal accumulation account under Rule A5.2.1 that would result in the PSS accumulation plan being technically insolvent at the end of the financial year if the amount is added in accordance with a program referred to in Rule A5.5.5.
Procedure during technical insolvency
A5.5.5 If the PSS accumulation plan is technically insolvent the Board must institute a program that is designed by an actuary to ensure that the PSS accumulation plan is in a solvent position not later than at the end of the fifth financial year following the financial year in which it became technically insolvent.
Part A6- review of decisions
| Reconsideration Advisory Committees |
Division 1
Establishing Reconsideration Advisory Committees
A6.1.1 The Board will establish one or more Reconsideration Advisory Committees comprising people with such qualifications as the Board determines and may refer a decision of the Board, or of a delegate of the Board, to be reconsidered by a Reconsideration Advisory Committee. A member of a Reconsideration Advisory Committee may also be a trustee of the PSS scheme and may also be a member of a Reconsideration Advisory Committee established under Part B13.
A6.1.2 Subject to any Board directions, a Reconsideration Advisory Committee will regulate its own affairs.
Board responsibilities to Reconsideration Advisory Committees
A6.1.3 Where the Board has referred a decision to a Reconsideration Advisory Committee, the Board is to provide the Committee with all relevant evidence and information.
Recommendation by Reconsideration Advisory Committees
A6.1.4 Where the Board has referred a decision to a Reconsideration Advisory Committee for review and to make a recommendation to the Board, the Committee is to review the decision and make a recommendation to the Board whether the decision should be affirmed, varied, substituted or set aside.
| Reconsidering Delegate’s Decisions |
Division 2
Request for reconsideration
A6.2.1 A person affected by a decision made by a delegate of the Board may request the Board to reconsider the original decision.
A6.2.2 A request for reconsideration must be made in writing, or any other form acceptable to the Board, and must set out the particulars of the decision to be reconsidered.
Reconsideration of decision of delegate
A6.2.3 Where the Board accepts a request to reconsider a decision of a delegate of the Board, the Board must:
(a) if the Board has delegated to a Reconsideration Advisory Committee the Board’s power to determine the matter, refer the request to the Committee for review and to exercise that power and in that event the Committee must review the decision and determine the matter in accordance with the delegated power by:
(i) affirming the decision under review;
(ii) varying the decision;
(iii) substituting another decision; or
(iv) setting the decision aside; or
(b) itself review the decision and decide whether to affirm the decision, vary the decision, substitute another decision or set the decision aside, after considering the recommendation of a Reconsideration Advisory Committee, if any, if, at its discretion, it has referred the request to the Committee for review and to make a recommendation in relation to the decision.
Decision to be notified to affected person
A6.2.4 The decision of the Board or the Reconsideration Advisory Committee under Rule A6.2.3 on a reconsideration must be notified to the person requesting reconsideration of the original decision. The notification is to include a statement of reasons for the decision.
| Reconsidering Board Decisions |
Division 3
Request for reconsideration
A6.3.1 A person affected by a decision of the Board, including a decision under Division 2 or 4 of this Part, may request the Board to reconsider that decision.
A6.3.2 A request for reconsideration of a decision of the Board must be made in writing and:
(a) set out the particulars of the decision to be reconsidered;
(b) specify the grounds for the request;
(c) include new evidence, being evidence not previously known to the Board, supporting the grounds for the request; and
(d) be accompanied by the fee prescribed under the Superannuation Act 1990.
A6.3.3 The Board must not proceed with a request for reconsideration of a decision of the Board:
(a) that does not include new evidence; or
(b) if in the opinion of the Board, the evidence incl0uded in the request does not support the grounds specified for the request;
and the Board may refund the fee paid. The Board may subsequently proceed with the request if sufficient new evidence is provided.
Clear decision in favour of person
A6.3.4 If the Board accepts a request to reconsider a decision of the Board, the Board may decide in favour of the person seeking reconsideration without referring the request to a Reconsideration Advisory Committee or to an Assessment Panel if, after considering:
(a) the new evidence provided with the request; and
(b) any other evidence the Board considers relevant;
it is satisfied there is no reasonable doubt it should decide in favour of the person.
Reconsideration of decision of Board
A6.3.5 Where the Board accepts a request to reconsider one of its decisions, the Board, unless under Rule A6.3.4 it has decided in favour of the person seeking reconsideration, must:
(a) if the Board has delegated to a Reconsideration Advisory Committee the Board’s power to determine the matter, refer the request to the Committee for review and to exercise that power and in that event the Committee must review the decision and determine the matter in accordance with the delegated power by:
(i) affirming the decision under review;
(ii) varying the decision;
(iii) substituting another decision; or
(iv) setting the decision aside; or
(b) itself review the decision and decide whether to affirm the decision, vary the decision, substitute another decision or set the decision aside, after considering the recommendation of a Reconsideration Advisory Committee, if any, if, at its discretion, it has referred the request to the Committee for review and to make a recommendation in relation to the decision;
after first obtaining, if appropriate, the recommendation of an Assessment Panel, and the Committee or the Board, as the case requires, may, at its discretion, refund the fee paid.
Decision to be notified to affected person
A6.3.6 The decision of the Board or the Reconsideration Advisory Committee under Rule A6.3.6 must be notified to the person requesting reconsideration of the original decision. The notification is to include a statement of reasons for the decision.
| Board Initiated Reconsiderations |
Division 4
Board may initiate a reconsideration of a decision
A6.4.1 The Board, on its own motion, may initiate the reconsideration of a delegate's decision or a decision of the Board and may vary the decision, substitute another decision or set the decision aside. The Board will advise the person affected of that reconsideration and any changed decision.
IN WITNESS WHEREOF this Deed has been executed the day and year first hereinbefore written.
SIGNED, SEALED AND DELIVERED )
)
by the Honourable NICHOLAS HUGH MINCHIN ) SIGNED
)
Minister for Finance and Administration )
)
for and on behalf of )
)
THE COMMONWEALTH OF )
)
AUSTRALIA, in the presence of: )
)
)
(name) ) CHRISTOPHER KEANE
)
)
(address) ) 20 CLIFTON ST
) PROSPECT SA 5082
)
(description) ) ADVISER
)
Note to the Deed:
TABLE LISTING TRUST DEED AND AMENDING DEEDS
Section 45 of the Superannuation Act 1990 provides, in part, that instruments under section 5(1) amending the Trust Deed are disallowable instruments for the purposes of section 46A of the Acts Interpretation Act 1901. The effect of these provisions is that amending instruments are required to be notified in the Gazette and take effect from the date of gazettal unless the instrument provides otherwise.
| Date | Number | Gazette details |
| A6.4.2 21 June 1990 | Trust Deed | GN 25, 27 June 1990, p1728 |
| 21 June 1990 | First | GN 25, 27 June 1990, p1728 |
| 1 July 1991 | Second | S 180, 1 July 1991 |
| 30 June 1992 | Third | S 181, 1 July 1991 |
| 21 December 1992 | Fourth | GN 1, 13 January 1993, p110 |
| 16 June 1993 | Fifth | S 181, 18 June 1993 |
| 24 January 1994 | Sixth | GN 4, 2 February 1993, p366 |
| 7 March 1994 | Seventh | S 89, 15 March 1994 |
| 28 June 1993 | Eighth | S 246, 29 June 1994 |
| 22 June 1995 | Ninth | GN 25, 28 June 1995, p2285 |
| 29 January 1996 | Tenth | S 41, 1 February 1996 |
| 10 December 1996 | Eleventh | GN 50, 18 December 1996 |
| 25 March 1998 | Twelfth | GN 13, 1 April 1998, p901 |
| 5 December 1999 | Thirteenth | S 590, 6 December 1999 |
| 20 August 2001 | Fourteenth | S 342, 22 August 2001 |
| 25 September 2001 | Fifteenth | GN 39, 3 October 2001, p2972 |
| 26 June 2002 | Sixteenth | S 225, 27 June 2002 |
| 3 April 2003 | Seventeenth | GN 17, 30 April 2004, p 1398 |
| 27 June 2003 | Eighteenth | S 245, 27 June 2003 |
| 26 November 2003 | Nineteenth | S 446, 1 December 2003 |