explanatory statement
Issued by the authority of the Minister for Superannuation and Corporate Law, acting for and on behalf of the Minister for Finance and Deregulation
Superannuation Act 2005
Declaration under paragraph 13(1)(b)
The Superannuation Act 2005 (the 2005 Act) makes provision for and in relation to the Public Sector Superannuation Accumulation Plan (PSSAP) for public sector employees and certain other persons.
Section 13 of the Act specifies the various persons who are eligible to become members of the PSSAP. Paragraph 13(1)(b) provides that the Minister may declare a person to be eligible to become a PSSAP member.
The Superannuation (PSSAP) Membership Eligibility (Inclusion) Declaration 2005 (the Principal Declaration) made under paragraph 13(1)(b) of the 2005 Act identifies those persons who are eligible to become PSSAP members.
Item 4 of Schedule 1 to the Principal Declaration includes some employees of Medibank as being eligible for membership of the PSSAP.
The purpose of the Superannuation (PSSAP) Membership Eligibility (Inclusion) Amendment Declaration 2009 (No. 1) (the Declaration) is to amend Schedule 1 of the Principal Declaration to omit the item that provides that employees of Medibank are eligible to become PSSAP members.
Medibank has requested that eligibility for Medibank employees to become members of the PSSAP be removed. The superannuation arrangements for existing staff of Medibank are not affected by the changes, as there are currently no employees of Medibank who are PSSAP members.
Medibank was consulted on the amendments contained in the Declaration.
The Declaration is a legislative instrument for the purposes of the Legislative Instruments Act 2003.
The Declaration commences on 1 April 2009.
The details of the Declaration are explained in the Attachment.
ATTACHMENT
SUPERANNUATION (PSSAP) Membership Eligibility (Inclusion) Amendment Declaration 2009 (No. 1)
Section 1 - Name of Declaration
This section provides that the name of the Declaration is the Superannuation (PSSAP) Membership Eligibility (Inclusion) Amendment Declaration 2009 (No. 1).
Section 2 - Commencement
This section provides for the Declaration to commence on 1 April 2009.
Section 3 – Amendments to the Superannuation (PSSAP) Membership Eligibility (Inclusion) Declaration 2005
This section omits item 4 from Schedule 1 to the Superannuation (PSSAP) Membership Eligibility (Inclusion) Declaration 2005. The effect of this omission is to remove the eligibility for a person to become a PSSAP member where they become employed by Medibank.