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;
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 )
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by the Honourable NICHOLAS HUGH MINCHIN ) Nick Minchin
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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) ) CHRIS KEANE
)
) 20 CLIFTON ST
(address) ) PROSPECT 5082
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(description) ) ADVISER
)