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Deeds & Trust Deeds as made
Amendment of the Public Sector Superannuation Scheme Trust Deed made under the Superannuation Act 1990.
Administered by: Finance
Exempt from sunsetting by the Legislative Instruments Act 2003 s 54(2) item 42
Registered 29 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Repealed by Finance (Spent and Redundant Instruments) Repeal Regulation 2014

 

THIS DEED is made on                                  24 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 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 immediately after the commencement of the Deed to amend the Trust Deed that was made on 23 March 2004 (the Twentieth Amending Deed), which is to 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 and income protection cover for members as provided for in the Rules;”.

 

 

2.2        Paragraph 3.2(k) is replaced with the following paragraph:

 

“(k)      arrange for the purchase of income products, including retirement income products, by or on behalf of certain members, former members and their beneficiaries and members attaining preservation age as provided for in the Rules; and”.

 

 

2.3        Insert the following new paragraphs after paragraph 3.2(k):

 

“(l)       establish a trust for the purpose of investing the PSS Fund; and

 (m)      charge fees, costs and expenses in relation to the PSS Fund, including arrangements connected with members, former members and non-member spouses choosing particular investment strategies and arrangements connected with splitting of superannuation interests under the Family Law Act 1975, as provided for in the Rules.”

3. The Rules are amended as follows:

 

Section A of the Rules

3.1         In the table immediately after Rule A1.1.1, add a new row as follows:

 

A7

Family Law Superannuation Splitting

Splitting of superannuation between a member spouse and a          non-member spouse following a splitting agreement or splitting order under the Family Law Act 1975.

 

 

3.2         Immediately after the definition of former category A member in Rule A1.2.1, insert the following note:

 

“Note:       Where a person, who was a category A member employed by two or more designated employers, ceased to be an employee of one or more but not all of those designated employers, the person would not become a former category A member.  Also, where a person was a category A member with one designated employer and, upon ceasing to be an employee of that designated employer, immediately becomes an employee of another designated employer, the person would not become a former category A member.  See Rule A2.1.2A.” 

 

 

3.3         Rule A1.2.1 is further amended by inserting the following definition in alphabetical order:

“cashed             has the same meaning as in the SIS Act.”

 

 

3.4         Rule A1.2.1 is further amended by inserting the following definition in alphabetical order:

“non-commutable         has the same meaning as in the SIS Act.”

allocated annuity

 

 

3.5         Rule A1.2.1 is further amended by inserting the following definition in alphabetical order:

“non-commutable         has the same meaning as in the SIS Act.”

allocated pension      

 

 

3.6         Rule A1.2.1 is further amended by inserting the following definition in alphabetical order:

“non-commutable         has the same meaning as in the SIS Act.”

annuity

 

 

3.7         Rule A1.2.1 is further amended by inserting the following definition in alphabetical order:

“non-commutable         has the same meaning as in the SIS Act.”

pension

3.8         Rule A1.2.1 is further amended by inserting the following definition in alphabetical order:

“preservation age         has the same meaning as in the SIS Act.”

 

 

3.9         Rule A1.2.1 is further amended by replacing the definition of remuneration determination with the following definition:

“remuneration               means:

                determination               (a)        any determination made under the Remuneration

                                                                                                                        Tribunal Act 1973; or

(b)        any determination made under another Act or a law of a Territory in respect of remuneration for a person holding a statutory office or appointed under an Act or a law of a Territory, not being a determination of remuneration made under section 24 of the Public Service Act 1999 or section 24 of the Parliamentary Service Act 1999.”

 

 

3.10     Rule A1.2.1 is further amended by inserting the following definition in alphabetical order:

shortfall                       means the shortfall component within the meaning of

  component                   section 64A or 64B of the Superannuation Guarantee (Administration) Act 1992, whichever is applicable.”

 

 

3.11     The following rule is inserted after Rule A2.1.2:

A2.1.2A         Where a category A member, who is employed by two or more designated employers at the same time, ceases to be an employee of one or more but not all of those designated employers, the person will not become a former category A member.  Also, where a category A member ceases to be employed by one designated employer but immediately afterwards becomes an employee of another designated employer, the person would not become a former category A member.”

 

 

3.12     Rule A2.4.1 is amended by substituting the following paragraph for paragraph (c):

“(c)      an amount of shortfall component payable to, or in respect of, the person in accordance with the Superannuation Guarantee (Administration) Act 1992; and”.

 

 

3.13    Paragraph A3.1.1(a) is amended by adding the following subparagraph after subparagraph (iv):

“(v)      has attained preservation age and is applying to the Board for an amount of benefits to be cashed as an income product which may be a non-commutable allocated annuity, a non-commutable allocated pension, a non-commutable annuity or a non-commutable pension under Rule A3.1.8A.”

 

 

3.14    The following Rule is inserted after Rule A3.1.8:

“A3.1.8A   After receiving a benefit application from a category A member for an amount under Rule A3.1.1(a)(v), the Board, in accordance with Rule A3.5.1, must enter into arrangements with an income product provider to offer an income product of the type specified in the application for purchase by the member with that amount, unless the category A member has made a roll-over application under Rule A3.1.12(e).”

 

 

3.15          Paragraph A3.1.12(c) is amended by deleting “or”.

 

 

3.16          Paragraph A3.1.12(d) is amended by replacing “.” with “; or”.

 

 

3.17          Rule A3.1.12 is amended by adding after paragraph (d) the following paragraph:

“(e)      a category A member who has attained their preservation age for the purpose of the category A member being paid a non-commutable allocated annuity, a non-commutable allocated pension, a non-commutable annuity or a non-commutable pension.”

 

 

3.18     Rule A3.1.16 is replaced with the following Rule:

“A3.1.16   On receiving a roll-over application from a category A member under Rule A3.1.12(d), 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 the employer funded component of any transfer amounts, adjusted for interest credited (if any) or interest debited (if any) in respect of fund earnings or fund losses on those amounts, respectively, as decided by the Board.”

 

 

3.19          The following Rule is inserted after Rule A3.1.16:

“A3.1.16A    On receiving a roll-over application from a category A member under Rule A3.1.12(e), the Board must roll-over such part of the person’s total benefit as requested.”

 

 

3.20     The following Rule is substituted for Rule A3.4.3:

A3.4.3            Subject to the SIS Act, any amount paid by a life insurance company in response to a claim against a policy providing income protection cover:

(a)        must be paid into the PSS Fund and paid from the PSS Fund to the category A member as a non-commutable income stream; or

(b)               must be paid directly to the category A member as a non-commutable income stream.”

 

 

3.21     The following Rule is substituted for Rule A3.4.4:

A3.4.4    Any amount paid into the PSS Fund or directly to a category A member under Rule A3.4.3 does not form part of the personal accumulation account of the category A member.”

 

 

3.22     The following Rule is substituted for Rule A3.5.1:

A3.5.1       The Board:

(a)                before 1 July 2006 may; and

(b)               from 1 July 2006 must

enter into arrangements with a life insurance company to offer income products, including retirement income products, for purchase by persons in receipt of benefits under Section A of these Rules.”

 

 

3.23     Rule A3.5.2 is amended by deleting the word “retirement”.

 

 

3.24     Rule A4.1.1 is amended by inserting the words:

“, including the circumstances,”

before the word

“agreed”.

 

 

3.25     The following Rule is substituted for Rule A4.1.2:

A4.1.2         Subject to the terms and conditions of the basic death and invalidity cover policy taken out pursuant to Rule A4.1.1, and A4.1.8, A category A members will be provided with basic death and invalidity cover on and subject to the terms and conditions of the policy taken out pursuant to Rule A4.1.1, unless the life insurance company does not provide cover in respect of the category A member under that policy..

 

 

 

3.26     Rule A4.1.4 is amended by inserting the words:

“under Rule A4.1.3”

before the word:

“against”.

 

 

 

 

3.27     Rule A4.1.6 is amended by replacing the word:

“The”

with the words:

“Subject to Rule A4.1.7, the”.

 

 

3.28     The following heading and Rules are inserted after Rule A4.1.6:

“A4.1.7           Where a premium payable for basic death and invalidity cover is more than the amount in the personal accumulation account of the category A member, Rule A4.1.6 shall not apply.”

 

 

Cessation of basic death and invalidity cover

“A4.1.8           The basic death and invalidity cover of a category A member ceases on the earliest of:

(a)          the date the category A member becomes a former category A member;

(b)         the death or invalidity retirement of the category A member; and

(c)          where, under Rule A4.1.7, a premium payable for basic death and invalidity cover has not been paid on the day on which the premium became payable and the terms of the basic death and invalidity cover policy provide for cover to end ifwhen the premiums cease, the day after theat day on which the cover ends due to non-payment of premiums; and

(d)         the date the insurer ceases to provide basic death and invalidity cover in respect of the category A member.”

 

 

3.29     Rule A4.2.8 is replaced by the following Rule:

“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 becomes a former category A member;

(b)         the date the category A member notifies the Board that they no longer wish to have supplementary death and invalidity cover;

(c)          death or invalidity retirement of the category A member;

(d)         where, under Rule A4.2.13, a premium payable for supplementary death and invalidity cover has not been paid on the day on which the premium became payable and the terms of the supplementary death and invalidity cover policy provide for cover to end ifwhen the premiums cease, the date after the day on which the cover ends due to non-payment of premiumsat day; and

(e)          the date the insurer ceases to provide supplementary death and invalidity cover in respect of the category A member.”.

 

 

 

 

 

 

 

3.30     Rule A4.2.12 is amended by replacing the word:

“The”

with the words:

“Subject to Rule A4.2.13, the”.

 

 

3.31     The following rule is inserted after Rule A4.2.12:

A4.2.13       Where a premium payable for supplementary death and invalidity cover is more than the amount in the personal accumulation account of the category A member, Rule A4.2.12 shall not apply.”

 

 

3.32     Rule A4.3.1 is amended by inserting the words:

“, including the circumstances,”

before the word:

“agreed”.

 

 

3.33     Rule A4.3.2 is amended by replacing the word:

“All”

with the words:

“Subject to the terms and conditions of the basic income protection cover policy taken out pursuant to Rule A4.3.1, and Rule A4.3.3..

 

 

3.34     Rule A4.3.3 is replaced by the following Rule:

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 becomes a former category A member;

(b)     the date the category A member notifies the Board that they no longer wish to have basic income protection cover;

(c)     death or invalidity retirement of the category A member;

(d)     where, under Rule A4.3.6, a premium payable for basic income protection cover has not been paid on the day on which the premium became payable and the terms of the basic income protection cover policy provide for cover to end ifwhen premiums cease, the day after theat day on which the cover ends due to non-payment of premiums; and

(e)          the date the insurer ceases to provided basic income protection cover in respect of the category A member.”

 

 

 

 

3.35          Rule A4.3.5 is amended by replacing the word:

“The”

with the words:

“Subject to Rule A4.3.6, the”.

 

 

3.36     The following Rule is inserted after Rule A4.3.5:

A4.3.6         Where a premium payable for basic income protection cover is more than the amount in the personal accumulation account of the category A member, Rule A4.3.5 shall not apply.”

 

 

3.37     Rule A4.4.8 is replaced by the following Rule:

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 becomes a former category A member;

(b)     the date the category A member notifies the Board that they no longer wish to have supplementary income protection cover;

(c)     death or invalidity retirement of the category A member;

(d)     where, under Rule A4.4.11, a premium payable for supplementary income protection cover has not been paid on the day on which the premium became payable and the terms of the supplementary income protection cover policy provide for cover to end ifwhen premiums cease, the day after theat day on which the cover ends due to non-payment of premiums; and

(e)          the date the insurer ceases to provide supplementary income protection cover in respect of the category A member.”

 

 

3.38     Rule A4.4.10 is amended by replacing the word:

“The”

with the words:

“Subject Rule A4.4.11, the”.

 

 

3.39     The following Rule is inserted after Rule A4.4.10:

A4.4.11    Where a premium payable for supplementary income protection cover is more than the amount in the personal accumulation account of the category A member, Rule A4.4.10 shall not apply.”

 

 

 

 

 

 

3.40     Rule A5.4.3 is replaced by the following Rule:

 “A5.4.3    The Board may determine, in relation to choice of investment strategy, the fees costs and expenses to be paid from a person’s personal accumulation account, including, fees, costs and expenses in connection with the investment of contributions, the realisation of those investments, the choice of an investment strategy and changes to an investment strategy.”

 

 

3.41     The following Division is inserted in Part A5 after Division 5 of that Part:

 

“Division 6

Incorrectly paid amounts

 

Board must redirect incorrectly paid amounts and correct the PSS Fund

 

A5.6.1 If any moneys paid to or withdrawn from the PSS Fund, in the opinion of the Board, have been paid to or withdrawn from the PSS Fund by mistake (whether of law or of fact), the Board must take steps to correct the mistake, including:

 

(a)                      in the case of moneys paid by mistake - refunding those moneys to the person who paid them to the PSS Fund and doing all things necessary to correct the records of the PSS Fund to reflect such refunding;

(b)                     in the case of moneys withdrawn by mistake – taking all reasonable steps to recover the moneys and doing all things necessary to correct the records of the PSS Fund to reflect such recovery.                                                     

 

Note:    Among other things, Rule A5.6.1 covers the situation where an amount transferred to the Board by the Australian Taxation Office under Rule A2.4.1(c) or (d) has been found, upon reassessment by the Commissioner of Taxation, to be more than the correct amount.

 

 

Board must redirect incorrectly paid amounts and correct personal accumulation accounts

 

A5.6.2 If any moneys paid to or withdrawn from the personal accumulation account of a category A member or a category A preserved benefit member were, in the opinion of the Board, paid into or withdrawn from the personal accumulation account by mistake (whether of law or of fact), the Board must take steps to correct the mistake, including:

 

(a)                    withdrawing an amount from the personal accumulation account or paying an amount to the personal accumulation account; and

(b)                    doing all things necessary to correct the records of the PSS Fund to reflect action taken under paragraph (a).”                                                    

 

 

3.42     The following Part is inserted after Part A6 of the Rules:

 

“PART A7 – FAMILY LAW SUPERANNUATION SPLITTING

 

Division 1

Words and Phrases used in this Part

 

A7.1.1   Certain words and phrases that have a special meaning when used in this Part are defined below, with certain other words and phrases used in this Part being defined in Rule A1.2.1.  These words and phrases appear throughout the Part in bold print as a reminder that they have a special meaning.

 

accumulation              has the same meaning as in regulation 3 of the FLS Regulations.

interest

 

approved                     has the same meaning as in the SIS Act.

deposit fund

 

base amount               in relation to a superannuation interest, means an amount specified as a base amount in a superannuation agreement under section 90MJ of the FLA or a flag lifting agreement under sections 90MJ and 90MN of the FLA or a base amount allocated by a court under section 90MT of the FLA.

 

base amount               means a payment split in relation to which a base amount has

payment split              been specified in a superannuation agreement or allocated by a court

 

eligible roll-over         has the same meaning as in the SIS Act.

fund

 

employer                     means contributions made up of  basic employer contributions and 

contributions               additional employer contributions only.

 

EPSSS                         has the same meaning as in the SIS Act.

 

FLA                             means the Family Law Act 1975.

 

flag lifting                   has the same meaning as in section 90MD of the FLA.

agreement

 

FLS Regulations        means the Family Law (Superannuation) Regulations 2001

 

growth phase              has the same meaning as in regulation 3 of the FLS Regulations.

 

member spouse          means the spouse who has a PSS accumulation interest.

 

non-member               means the spouse who is not the member spouse in relation to a

spouse                         PSS accumulation interest.

 

non-member               means an interest created in the PSS Fund for the non-member

spouse interest           spouse under Division 4 or Division 9 of this Part.                                

 

non-member               means an account created by the Board under Rule A7.5.2.

spouse interest

account

 

operative time            has the same meaning as in section 90MD of the FLA.

 

payment split              has the same meaning as in section 90MD of the FLA.

 

payment split              means a notice by which the Board notifies a member spouse and

notice                          a non-member spouse under Rule A7.2.1.

 

PSS                             means an accumulation interest in the PSS Fund which is governed by accumulation                        section A of the Rules.

interest

 

regulated                    has the same meaning as in the SIS Act.

superannuation

fund

 

relevant                      has the same meaning as in Part 7A of the SIS Regulations.

condition of                

release

 

RSA                            has the same meaning as in the Retirement Savings Account Act 1997.

 

SIS Regulations         means the Superannuation Industry (Supervision) Regulations 1994.

 

splitting order has the same meaning as in section 90MD of the FLA.

 

superannuation           has the same meaning as in section 90MD of the FLA.

agreement                 

 

superannuation           has the same meaning as in section 90MD of the FLA.

interest                      

 

termination time         has the same meaning as in subregulation 14G(8) of the FLS

Regulations

 

the Regulator             has the same meaning as in the SIS Act.

 

unrestricted                has the same meaning as in the SIS Act.

non-preserved

benefits

 

 

 

value of                       means the value in respect of a non-member spouse’s entitlement in

non-member               respect of a category A member accumulation interest at the

spouse                         termination time, which value is ascertained under subregulation

entitlement                 14G(8) of the FLS Regulations.

 

 

Division 2

Board to give payment split notice to member spouse and non-member spouse

 

Payment split notice

 

A7.2.1   If a PSS accumulation interest in the growth phase becomes subject to a payment split, the Board must notify the member spouse and the non-member spouse that the PSS accumulation interest is subject to a payment split.

 

 

Requirements for payment split notice

 

A7.2.2   The payment split notice must be in writing and state the date on which it is given.

 

A7.2.3   The notice must be given:

(a)  for a payment split under a superannuation agreement or flag lifting agreement – within 28 days after the operative time for the payment split; and

(b)  for a payment split under a splitting order – by the later of:

(i)   the end of 28 days after the operative time for the payment split; and

(ii)  the end of 28 days after the Board receives a copy of the order.

 

 

A7.2.4   The Board is not required to give a payment split notice in respect of an interest if the interest ceases to be subject to a payment split before the end of the period applying under Rule A7.2.3.

 

Note:      The non-member spouse may also be entitled to information under Divisions 2.5 and 2.5A of the SIS Regulations and section 1017C of the Corporations Act 2001.

 

 

Division 3

Options available to non-member spouse

 

Non-member spouse may request the Board to take certain action

 

A7.3.1   The non-member spouse may request the Board to:

(a)    create a non-member spouse interest, with the value of the interest being the value of non-member spouse entitlement in respect of the PSS accumulation interest;

(b)   roll-over an amount to another regulated superannuation fund, an approved deposit fund, an EPSSS or an RSA specified in the request, to be held for the benefit of the non-member spouse, with the value of the amount being the value of non-member spouse entitlement in respect of the PSS accumulation interest; or

(c)    if the non-member spouse has satisfied a relevant condition of release at the operative time for the payment split or the non-member spouse’s interest derives from an original interest that comprises only unrestricted non-preserved benefits, pay to the non-member spouse, as a lump sum, an amount equal to the value of non-member spouse entitlement in respect of the PSS accumulation interest.

 

 

Requirements for request by non-member spouse

 

A7.3.2   A request made by the non-member spouse under this Division must be made by written notice given to the Board:

(a)    before the end of 28 days after the Board gives a payment split notice to the     non-member spouse; or

(b)   if the Board allows a longer period, before the end of the longer period allowed.

 

 

A7.3.3   The notice must:

(a)    be signed by the non-member spouse; and

(b)    state the date when it is given to the Board; and

(c)    include the name, date of birth and postal address of the non-member spouse.

 

 

A7.3.4   The Board may allow the request to be withdrawn.

 

Division 4

Creation of new non-member spouse interest at request of non-member spouse

 

The Board to give effect to request to create a new non-member spouse interest

 

A7.4.1         Where the Board has received a request to create a non-member spouse interest under Rule A7.3.1(a), the Board must give effect to the request unless the Board has received an earlier request under Division 3 in respect of the same interest and the earlier request has not been withdrawn.

 

 

Date on which non-member spouse interest created

 

A7.4.2               A non-member spouse interest created under this Division is taken to be created on the day when the Board receives the request, provided the request meets the requirements in Rules A7.3.2 and A7.3.3.

 

 

Division 5

Creation of new non-member spouse interest – general provisions

 

A7.5.1   This Division applies in respect of a non-member spouse interest created under Division 4 or Division 9.

 

 

Board to create a non-member spouse interest account

 

A7.5.2   Where the Board creates a non-member spouse interest, the Board must create an account to which the value of the non-member spouse interest is credited (non-member spouse interest account).

 

Note:      Regulation 7A.20 of the SIS Regulations governs the apportionment of the non-member spouse interest among unrestricted non-preserved benefits, restricted non-preserved benefits and preserved benefits.

 

 

Board to give notice of creation of non-member spouse interest

 

A7.5.3   The Board must give to the member spouse and the non-member spouse, within 28 days after the non-member spouse interest is created, a written notice stating:

(a)    that the non-member spouse interest has been created;

(b)   the amount allocated to the non-member spouse in the non-member spouse interest account; and

(c)     if the payment split is a base amount payment split, the amount of any adjustment that has been made to the base amount since:

(i)            if the Board had previously provided information to the non-member spouse under regulation 2.36D of the SIS Regulations – the end of the last completed reporting period; or

(ii)          in any other case – the operative time.

 

 

Reduction of value of member spouse’s interest

 

A7.5.4   When the Board creates a non-member spouse interest under this Division, the value of the benefits that the member spouse has in his or her interest must be reduced by the sum of the value of the non-member spouse interest.

 

 

 

 

 

 

 

 

 

Board to consolidate non-member spouse interest account and personal accumulation account

 

A7.5.5   Where a non-member spouse is a category A member or category A preserved benefit member with both a personal accumulation account and a non-member spouse interest account, the Board shall:

(a)          increase the amount credited to the personal accumulation account of the category A member or category A preserved benefit member by the amount credited to the non-member spouse interest account; and

(b)         thereafter and on the same day reduce to zero the value of the non-member spouse interest account and then close the non-member spouse interest account.

 

 

Rights and restrictions applying to a non-member spouse in relation to his or her non-member spouse interest

 

A7.5.6   Subject to the provisions of this Division, the Board may, in creating a non-member spouse interest, determine terms and conditions for the non-member spouse interest.

 

A7.5.7         Subject to the SIS Act, the rights of a non-member spouse or their legal personal representative claiming benefits in relation to a non-member spouse interest are the same as those of a category A preserved benefit member or their legal personal representative claiming benefits in relation to the preserved benefit of the category A preserved benefit member.

 

 

A7.5.8         Subject to the SIS Act, the rights of a person claiming death benefits upon the death of a non-member spouse in relation to their non-member spouse interest are the same as the rights of persons claiming death benefits upon the death of a category A preserved benefit member in relation to the deceased category A preserved benefit member.

 

 

A7.5.9   The Board may not take out policies to provide insurance, including insurance of the kind referred to in Part A4, for a non-member spouse.

 

 

A7.5.10     The Board shall not accept employee contributions, employer contributions or transfer amounts, including those referred to at Rule A2.4.1, for the purpose of them being credited to the non-member spouse interest account.

 

 

A7.5.11     The Board may offer a non-member spouse the opportunity to elect to have amounts held in his or her non-member spouse interest account invested in accordance with a particular investment strategy.

 

 

A7.5.12     The Board may determine when and how a non-member spouse may make or change an election about their choice of investment strategy.

A7.5.13     The Board may determine the administration fees to be paid from a person’s non-member spouse interest account for changing elections about choice of investment strategy.

 

 

Division 6

Roll-over of an amount

 

The Board to give effect to request to roll-over an amount

 

A7.6.1   Where the Board has received a request to roll-over an amount under Rule A7.3.1(b), the Board must give effect to the request unless:

(a)    the Board has received an earlier request under Rule A7.3.1(b) and the earlier request has not been withdrawn; or

(b)    the regulated superannuation fund, approved deposit fund, EPSSS or RSA specified in the request does not accept the roll-over of benefits for the non-member spouse.

 

 

A7.6.2   If Rule A7.6.1(b) applies in relation to a request, the Board must roll-over the amount to:

(a)    another regulated superannuation fund, approved deposit fund, EPSSS or RSA nominated by the non-member spouse; or

(b)    an eligible roll-over fund.

 

 

Time limit for roll-over

 

A7.6.3         Subject to the other provisions of this Division, the Board must roll-over the amount within 90 days after receiving the request under Rule A7.3.1(b) or any longer period allowed by the Regulator.

 

 

Division 7

Roll-over of an amount to non-member spouse – general provisions

 

A7.7.1         This Division applies in respect of the roll-over of an amount under Division 6 or Division 9.

 

Note:      Regulation 7A.21 of the SIS Regulations governs the proportions of the unrestricted non-preserved benefits, restricted non-preserved benefits and preserved benefits of the amount rolled over.

 

 

Reduction of value of member spouse’s interest

 

A7.7.2         When the Board rolls over an amount under this Division, the value of the PSS accumulation interest of the member spouse is reduced by the value of the amount rolled over.

 

Board to give notice of roll-over of an amount

 

A7.7.3   The Board must give to the member spouse and the non-member spouse, within 28 days after the amount is rolled over, a written notice stating:

(a)                that the amount has been rolled over; and

(b)               the amount that was rolled over; and

(c)                if the payment split is a base amount payment split, the amount of any adjustment that has been made to the base amount since:

(i)                  if the Board had previously provided information to the non-member spouse under regulation 2.36D of the SIS Regulations - the end of the last completed reporting period; or

(ii)                in any other case – the operative time; and

(d)        if the benefits are rolled over to an eligible roll-over fund – the name and contact details of the fund.

 

 

Division 8

Payment of an amount to non-member spouse

 

The Board to give effect to request for payment of an amount

 

A7.8.1   Where the Board has received a request to pay an amount to the non-member spouse under Rule A7.3.1(c), the Board must give effect to the request unless:

(a)    the Board has received an earlier request under Division 3 and the earlier request has not been withdrawn; or

(b)    the non-member spouse’s interest derives from an original interest that does not comprise only unrestricted non-preserved benefits and the non-member spouse has not satisfied a relevant condition of release at the operative time for the payment split in relation to the PSS accumulation interest.

 

Note:      Regulation 7A.22 of the SIS Regulations governs the proportions of the unrestricted non-preserved benefits, restricted non-preserved benefits and preserved benefits of the payment.

 

 

Time for payment of amount

 

A7.8.2   The Board must pay the lump sum within 90 days after receiving the request under Rule A7.3.1(c) or any longer period allowed by the Regulator.

 

 

Reduction of member spouse’s interest

 

A7.8.3   When the Board pays an amount to the non-member spouse under this Division, the value of the PSS accumulation interest of the member spouse is reduced by the value of the amount paid.

 

Board to give notice of payment of an amount

 

A7.8.4   The Board must give to the member spouse and the non-member spouse, within 28 days after the amount is paid, a written notice stating:

(a)        that the amount has been paid; and

(b)        the amount that was paid; and

(c)        if the payment split is a base amount payment split, the amount of any adjustment that has been made to the base amount since:

(i)         if the Board had previously provided information to the non-member spouse under regulation 2.36D of the SIS Regulations - the end of the last completed reporting period; or

(ii)        in any other case – the operative time.

 

 

Division 9

Board options if it receives no request under Rule A7.3.1

 

Board’s options where request not received in time allowed

 

A7.9.1   If the Board does not receive a request under Rule A7.3.1 within the time allowed under Rule 7.3.2, the Board may, at its discretion:

(a)    create a non-member spouse interest, with the value of the interest being the value of non-member spouse entitlement in respect of the PSS accumulation interest; or

(b)   subject to Rule A7.9.2, roll-over an amount to a regulated superannuation fund, approved deposit fund, an EPSSS or RSA nominated by the non-member spouse, to be held for the benefit of the non-member spouse (subject to the governing rules of the other regulated superannuation fund, approved deposit fund or EPSSS or the terms and conditions of the RSA), with the value of the amount being the value of non-member spouse entitlement in respect of the PSS accumulation interest; or;

(c)    if the Board does not, within the 28 day period specified in Rule A7.9.2, receive from the non-member spouse a written notice nominating a regulated superannuation fund, approved deposit fund, EPSSS or RSA to which the amount may be rolled over, roll-over the amount to an eligible roll-over fund.

 

 

Board to give notice to non-member spouse

 

A7.9.2   Subject to rule A7.9.3, before rolling over the amount to a regulated superannuation fund, approved deposit fund, EPSSS or RSA under Rule A7.9.1(b), the Board must give to the non-member spouse a written notice stating that:

(a)    the non-member spouse has 28 days from the date of the notice in which to nominate, by written notice to the Board, a regulated superannuation fund, approved deposit fund, EPSSS or RSA to which the amount may be rolled over; and

(b)    if the non member spouse does not, within that 28-day period, nominate a regulated superannuation fund, approved deposit fund, EPSSS or RSA for that purpose, the Board will roll-over the amount to an eligible roll-over fund.

 

 

Requirements of notice

 

A7.9.3   A notice given by the Board under Rule A7.9.2 must state the name and contact details of the eligible roll-over fund to which the amount referred to in Rule A7.9.2 may be rolled over.

 

 

Board may act without giving payment split notice in certain circumstances

 

A7.9.4   If the Board:

(a)     has made reasonable attempts to obtain sufficient information about a non-member spouse to be able to give a payment split notice; and

(b)     has been unable to obtain sufficient information about the non-member spouse,

 

the Board is permitted to act under Rule A7.9.1 as if the rule did not require the giving of the payment split notice or the notice under Rule A7.9.2.

 

 

Board not required to give Rule A7.9.2 notice in certain circumstances

 

A7.9.5   If the Board:

(a)    intends to give a non-member spouse a notice under Rule A7.9.2; and

(b)   has made reasonable attempts to obtain sufficient information about the             non-member spouse to be able to give the notice; and

(c)    has been unable to obtain sufficient information about the non-member spouse;

 

the Board is not required to give the notice, and is permitted to act under paragraphs (b) and (c) of rule A7.9.1 as if those paragraphs did not require the giving of the notice.

 

 

Date on which non-member spouse interest created

 

A7.9.6   A non-member spouse interest created under this Division is taken to be created on the twenty-ninth day after the date when the payment split notice was given by the Board.

 

 

 

 

 

 

Time limit for roll-over

 

A7.9.7   Subject to Rules A7.6.1 and A7.6.2, the Board must roll-over the amount as follows:

(a)     if the roll-over is to be done on the Board’s initiative under Rule 7.9.1(b), it must be done within 90 days after the Board receives the nomination from the non-member spouse under Rule A7.9.2; or

(b)    if the roll-over is to be done on the Board's initiative under Rule A7.9.1(c), it must be done within 90 days after the end of the 28-day period mentioned in Rule A7.9.2.”

 

 

Section B of the Rules

 

3.43     Rule B2.1.1A is amended by substituting the following paragraph for paragraph (b):

 

“(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  while holding that office during a term of appointment that included 30 June 2005; or”.

 

 

3.44     Rule B2.1.1A is further amended by substituting the following paragraph for paragraph (c):

 

“(c)      on 30 June 2005 the person was a temporary employee in relation to particular employment and became a PSS member after  making an election under section 8 of the Superannuation Act 1990, and the election took effect during a term of employment (if the employment was for a fixed term) or a period of employment (if the employment was not for a fixed term) that included 30 June 2005; or”.

 

 

3.45     Rule B2.1.1A is further amended by substituting the following paragraph for paragraph (d):

 

“(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 and the election took effect during the person’s term or period of employment that included the date that the election was made; or”.

 

 

 

 

 

 

 

 

 

 

 

3.46     Immediately after Rule B2.1.1A, delete the note and insert the following note:

 

 

 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 person who was the holder of a statutory office on 30 June 2005 and who became a PSS member after making an election under section 7 of the Superannuation Act 1990, while holding that office during a term of appointment that included 30 June 2005;

-         a person who was a temporary employee on 30 June 2005 in relation to particular employment and who became a PSS member after making an election under section 8 of the Superannuation Act 1990, and the election took effect during a term of employment (if the employment was for an fixed term) or a period of employment (if the employment was not for a fixed term) that included 30 June 2005;

-         a person who was a temporary employee before 1 July 2005 and who made an election before that date under section 8 of the Superannuation Act 1990 to join the PSS scheme and the election took place during the person’s term or period of employment that included the date that the election was made.;

-         a person who elects to transfer to the PSS scheme from the CSS scheme.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

IN WITNESS WHEREOF this Deed has been executed the day and year first hereinbefore written.

 

SIGNED, SEALED AND DELIVERED                                  )

                                                                                                )

by Senator 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

                                                                                                )

                                                                                                )

(address)                                              )           20 Clifton St

                                                                                                )           PROSPECT  5082

                                                                                                )

                                    (description)                                         )           Adviser

                                                                                                )

 

 


Note to the Deed:

TABLE LISTING TRUST DEED AND AMENDING DEEDS

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

21 June 1990

Trust Deed

GN 25, 27 June 1990, p 1728

21 June 1990

First

GN 25, 27 June 1990, p 1728

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, p 110

16 June 1993

Fifth

S 181, 18 June 1993

24 January 1994

Sixth

GN 4, 2 February 1994, p 366

7 March 1994

Seventh

S 89, 15 March 1994

28 June 1994

Eighth

S 246, 29 June 1994

22 June 1995

Ninth

GN 25, 28 June 1995, p 2285

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, p 901

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, p 2972

26 June 2002

Sixteenth

S 225, 27 June 2002

3 April 2003

Seventeenth

GN 17, 30 April 2003, 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

8 June 2005

Twenty-Fourth

F2005LO1613, 27 June 2005

 

 

 



[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.