Federal Register of Legislation - Australian Government

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Deeds & Trust Deeds as made
The principal purpose of this amending Deed is to amend the Rules to take into account the existence of a surcharge debt in respect of a PSS member when calculating the scheme value of the member’s interest in the scheme.
Administered by: Finance
Exempt from sunsetting by the Legislative Instruments Act 2003 s 54(2) item 42
Registered 27 Jun 2005
Tabling HistoryDate
Tabled HR09-Aug-2005
Tabled Senate09-Aug-2005
Date of repeal 19 Mar 2014
Repealed by Finance (Spent and Redundant Instruments) Repeal Regulation 2014

TWENTY-FOURTH AMENDMENT

of the

PUBLIC SECTOR SUPERANNUATION SCHEME TRUST DEED

 

THIS DEED is made on 8 JUNE 2005 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[1];

AND WHEREAS the Schedule to the Trust Deed contains Rules for the administration of the Scheme;

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 consent of the Board is not required to the amendments provided for in this Deed;

NOW THIS DEED WITNESSES as follows:

1.            The amendments to the Rules made by this Deed come into effect on the day after they are registered.

2.            This Deed is to be read as if it formed part of the Trust Deed and, where the context requires or admits, a word or phrase in this Deed has the same meaning that it has in the Trust Deed.

3.            The Rules are amended as follows:

3.1.         Rule 1.2.1 is amended by inserting the following definition (and note) in its appropriate alphabetical place (determined on a letter-by-letter basis):

“family law commencement day” means 18 May 2004.

Note   Schedule 1 to the Superannuation Legislation Amendment (Family Law and Other Matters) Act 2004 commenced on 18 May 2004. The amendments made by the Twenty-second Amendment of this Deed, which related to family law matters, also came into effect on that day.

3.2          Rule 16.2.2 is deleted and the following rules substituted:

16.2.2             Rule 16.2.2A applies if the most recent member information statement of a member spouse at the operative time did not show a debit in the member spouse’s surcharge debt account.

16.2.2A           For the definition of scheme value in Rule 16.1.2:

                          (a)      if the operative time was before the family law commencement day, the scheme value in relation to the member spouse is the family law value; and

                          (b)      if the operative time is on or after the family law commencement day:

                                       (i)      the scheme value in relation to the member spouse is determined using the methods and factors set out in Division 8 as in force at the operative time; or

                                      (ii)      if it is not possible to determine the scheme value using those methods and factors, the scheme value in relation to the member spouse is to be determined by an actuary appointed by the Board for this Rule.

16.2.2B           Rules 16.2.2C to 16.2.2G apply if the most recent member information statement provided to a member spouse before the operative time (the statement) showed a debit in the member spouse’s surcharge debt account.

16.2.2C           For the definition of scheme value in Rule 16.1.2, and subject to Rules 16.2.2D to 16.2.2G:

                          (a)      if the operative time was before the family law commencement day, the scheme value in relation to the member spouse is the family law value; and

                          (b)      if the operative time is on or after the family law commencement day:

                                       (i)      the scheme value in relation to the member spouse is determined using the methods and factors set out in Division 8 as in force at the operative time; or

                                      (ii)      if it is not possible to determine the scheme value using those methods and factors, the scheme value in relation to the member spouse is to be determined by an actuary appointed by the Board for this Rule.

16.2.2D           If:

                          (a)      it is necessary to work out the scheme value for the purpose of the definition of separation amount in Rule 16.1.2; and

                          (b)      the operative time is on or after the day on which this Rule commences;

the scheme value is the value identified under Rule 16.2.2C, reduced by the amount of the member spouse’s surcharge debt shown in the statement.

16.2.2E            If:

                          (a)      it is necessary to work out the scheme value for the purpose of the definition of separation factor in Rule 16.1.2; and

                          (b)      the operative time is on or after the day on which this Rule commences;

the scheme value is the value identified under Rule 16.2.2C.

16.2.2F            If the operative time was before the family law commencement day, the separation factor in relation to the member spouse is to be recalculated, from the operative time, by:

                          (a)      identifying the scheme value that had previously been used to calculate the separation factor; and

                          (b)      adding to that scheme value the amount of the member spouse’s surcharge debt shown in the statement; and

                          (c)      using the result of paragraph (b) to recalculate the separation factor from the operative time.

 

 

16.2.2G           If the operative time was on or after the family law commencement day, and before the day on which this Rule commences, the separation factor in relation to the member spouse is to be recalculated, from the operative time, by:

                          (a)      identifying the scheme value that had previously been used to calculate the separation amount as part of calculating the separation factor; and

                          (b)      subtracting from that scheme value the amount of the member spouse’s surcharge debt shown in the statement; and

                          (c)      recalculating the separation amount using the reduced scheme value calculated under paragraph (b); and

                          (d)      using the result of paragraph (c), and the unreduced scheme value identified under Rule 16.2.2C, to recalculate the separation factor from the operative time.”.

 


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     )   Nick Minchin

                                                                                    )

Minister for Finance and Administration             )

                                                                                    )

for and on behalf of                                                       )

                                                                                    )

THE COMMONWEALTH OF                                   )

                                                                                    )

AUSTRALIA, in the presence of:                                 )

                                                                                    )

                                                                                    )

                        (name)                                                  )   CHRIS KEANE

                                                                                    )

                                                                                    )   20 CLIFTON ST

                        (address)                                              )   PROSPECT   5082

                                                                                    )

                                                                                    )

                        (description)                                         )   ADVISER

                                                                                    )

 


Note to the Deed:

TABLE LISTING TRUST DEED AND AMENDING DEEDS

Before 1 January 2005, section 45 of the Superannuation Act 1990 provided, in part, that instruments under subsection 5(1) amending the Trust Deed were disallowable instruments for the purposes of section 46A of the Acts Interpretation Act 1901. The effect of these provisions was that amending instruments were required to be notified in the Gazette and take effect from the date of gazettal (unless the instrument provided otherwise).

From 1 January 2005, paragraph 6(d) of the Legislative Instruments Act 2003 declared disallowable instruments (such as the instruments amending the Trust Deed) to be legislative instruments. Legislative instruments are registered on the Federal Register of Legislative Instruments instead of being notified in the Gazette.

 

Date

Number

Gazette details

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

23 March 2004

Twentieth

S 89, 24 March 2004

9 May 2004

Twenty-first

S 146, 11 May 2004

5 July 2004

Twenty-second

S 277, 9 July 2004

9 August 2004

Twenty-third

S 330, 12 August 2004

 



[1] Section 3 of the Act defines “Trust Deed” to include that deed as subsequently amended. A note listing particulars of the Trust Deed and the amending deeds is set out at the end of this Deed.