THIRTY-FIFTH AMENDMENT

of the

PUBLIC SECTOR SUPERANNUATION SCHEME TRUST DEED

THIS DEED is made on 29^th June by THE MINISTER FOR FINANCE AND DEREGULATION.

WHEREAS section 4 of the Superannuation Act 1990 (the Act) provides for the Minister to establish an occupational superannuation scheme, to be administered by the Board established under section 20 of the Act as in force before its repeal by the Superannuation Legislation (Consequential Amendments and Transitional Provisions) Act 2011;

AND WHEREAS the body corporate, that was previously constituted as the Board under repealed section 20 of the Act, is continued in existence under the name Commonwealth Superannuation Corporation (CSC) by section 5 of the Governance of Australian Government Superannuation Schemes Act 2011;

AND WHEREAS the Public Sector Superannuation Scheme (the PSS) was established by a Trust Deed dated 21 June 1990 (the Trust Deed)[1];

AND WHEREAS the Schedule to the Trust Deed contains Rules for the administration of the PSS (the Rules);

AND WHEREAS the Trust Deed and the Rules have been amended from time to time by various Deeds;

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 (and in future, CSC) to amendments in certain circumstances;

AND WHEREAS the Board consented to the amendments provided for in this Deed as the Board existed before the repeal of section 20 of the Act by the Superannuation Legislation (Consequential Amendments and Transitional Provisions) Act 2011 which had not yet come into force.

NOW THIS DEED WITNESSES as follows:

1.                  Commencement of amendments

The amendments in this Deed commence on the commencement of the Governance of Australian Government Superannuation Schemes Act 2011.

2.                  Interpretation

Unless a contrary intention appears, a word or phrase in this Deed has the same meaning that it has in the Trust Deed and the Rules.

3.                  Deleting references in Trust Deed in relation to particular scheme functions, etc

The Trust Deed is amended as follows:

3.1              Clause 1 is amended by deleting subclauses 1.3A, 1.4, 1.5, 1.6, 1.7 and 1.8.

3.2              Clause 3.2 is amended by deleting the reference to “PSS” that appears immediately before the term “functions” in the opening text of the clause.

3.3              Clauses 3.2A and 3.3 are amended by deleting the references to “PSS” that appear immediately before the terms “functions” and “powers” in clause 3.2A and in the opening text of clause 3.3.

4.                  Updating references in Trust Deed in relation to the Public Sector Superannuation Scheme and the PSS Fund

Clause 2 of the Trust Deed is amended as follows.

4.1              Paragraph 2.1(g) is deleted and substituted with the following:

“(g)     in relation to the period from 30 June 2006 to immediately before the commencement of the Governance of Australian Government Superannuation Schemes Act 2011, by the Australian Reward Investment Alliance (which, in this Deed, is called “the Board”); and”

4.2              The following new paragraph 2.1(h) is inserted immediately after paragraph 2.1(g):

“(h)     in relation to the period immediately following the commencement of the Governance of Australian Government Superannuation Schemes Act 2011, by the Commonwealth Superannuation Corporation (CSC) as defined in the Governance of Australian Government Superannuation Schemes Act 2011 (in this Deed called “CSC”).

4.3              Subclause 2.2 is deleted and substituted with the following:

“2.2     For the purposes of the Public Sector Superannuation Scheme there is hereby established and vested in CSC (formerly referred to as “the Board”) a fund to be known as the Superannuation Fund No. 1 and after 23 June 1995 to be known as the PSS Fund.”

5.                  Deleting clauses in Trust Deed relating to operation of the Board

The Trust Deed is amended by deleting clauses 4, 5, 6, 7, 8 and 8A and inserting the following note after clause 3:

“Clauses 4, 5, 6, 7, 8 and 8A deleted in the 35^th amending deed.”

6.                  Updating references to Board in Trust Deed

The Trust Deed is amended as follows:

6.1              Except for clauses 2, 4, 5, 6, 7, 8 and 8A and subparagraph 3.3(d)(i), the Trust Deed is amended by:

(i)                 deleting references to “The Board” (wherever occurring) and substituting “CSC”;

(ii)               deleting references to “the Board” (wherever occurring) and substituting “CSC”; and

(iii)             deleting references to “the Board’s” (wherever occurring) and substituting “CSC’s”.

7.                  Updating certain other references in Trust Deed

The Trust Deed is amended as follows.

7.1              References to “Trustee” in clause 12 (wherever occurring) are deleted and substituted with references to “director”.

7.2              Subparagraph 3.3(d)(i) is deleted and substituted with the following:

“(i)       that are held by CSC in its own capacity or by the directors of CSC personally; or”

7.3              Except for paragraph 12.1(c), references to “the Commissioner” in clauses 12 and 13 are deleted and substituted with references to “the CEO of ComSuper”.

7.4              Paragraph 12.1(c) is deleted and substituted with the following:

“(c)      a member of staff of ComSuper assisting the CEO in the performance of the CEO’s function; or”

8.                  Updating references to Board and other references in Rules

The Rules are amended as follows:

8.1              Rule 1.2.1 is amended by deleting the definition of “Board” and substituting it with the following:

“Board            means the board established under section 20 of the Superannuation Act 1990 as in force before its repeal by the Superannuation Legislation (Consequential Amendments and Transitional Provisions) Act 2011.”

8.2              Rule 1.2.1 is amended by deleting, in the definition of maximum benefits member, the reference to “11.3.1 and substituting it with a reference to “11.3.10”.

8.3              The following new definition is inserted in Rule 1.2.1 immediately following the definition of “contribution due day”:

“CSC  (short for Commonwealth Superannuation Corporation) has the same meaning as in the Governance of Australian Government Superannuation Schemes Act 2011.”

8.4              The following new definition is inserted in Rule 1.2.1 immediately following the definition of “designated employer”:

“director         has the same meaning as in the Governance of Australian Government Superannuation Schemes Act 2011.”

8.5              Except for Rules 4.2.7, 6.8.1, 6.8.2, 6.8.3, 6.8.4, 11.3.1 and 13.1.1, and the amendment in to Rule 1.2.1 in subclause 8.1 above, the Rules are amended by:

(i)                 deleting references to “The Board” (wherever occurring) and substituting “CSC”;

(ii)               deleting references to “the Board” (wherever occurring) and substituting “CSC”;

(iii)             deleting references to “the Board” (wherever occurring) and substituting “CSC”;

(iv)             deleting references to “The Board” (wherever occurring) and substituting “CSC”;

(v)               deleting references to “Board” (wherever occurring) and substituting “CSC”;

(vi)             deleting references to “the Board’s” (wherever occurring) and substituting “CSC’s”;

(vii)           deleting references to “the Board’s” (wherever occurring) and substituting “CSC’s”.

8.6              Rule 5.5.1 is amended by deleting the reference, in paragraph (b) to “Rule 8.4.3” and substituting it with a reference to “Rule 8.5.3”.

8.7              Rule 6.8.3 is deleted and substituted with the following:

“6.8.3         An agreement related to the declaration of an eligible superannuation scheme which has been made by the Minister and the Board may be:

(a)               terminated at any time by the Minister and CSC; and

(b)               may be expressed to have taken effect on a day prior to the date of the agreement but not earlier than 1 July 1990.”

8.8              Rule 6.8.4 is deleted and substituted with the following:

“6.8.4         An agreement, or its variation or termination, in relation to an eligible superannuation scheme must be notified in the annual report of CSC under section 30 of the Governance of Australian Government Superannuation Schemes Act 2011.”

8.9              Rule 8.6.2 is amended by deleting the text that is set out above the formula and substituting it with the following text:

“8.6.2         The unfunded preserved benefit included in a preserved benefit that was applicable for at least a whole year at 30 June of any year, is to be increased on 1 July of that year and each successive year by adding the amount of the unfunded preserved benefit to the amount calculated by using the formula:”

8.10          Rule 13.1.1 is deleted and substituted with the following:

“13.1.1       CSC will establish one or more Reconsideration Advisory Committees comprising people with such qualifications as CSC determines and may refer a decision of CSC, or of a delegate of CSC, to be considered by a Reconsideration Advisory Committee.  A member of a Reconsideration Advisory Committee may also be a director of CSC.”

8.11          Rule 14.1.1 is amended by deleting, in subparagraph (e)(iii), the reference to “1 September 1991” substituting it with a reference to “1 September 1996”.

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

SIGNED, SEALED AND DELIVERED                 )

by

Senator the Hon Penelope Ying Yen Wong  )           Penelope Ying Yen Wong

                                                                                    )

Minister for Finance and Deregulation                      )

                                                                                    )

                                                                                    )

in the presence of:                                                       )

                        Ilka Walkley                                        )           Ilka Walkley

                        (name)                                                 )                                                                                              

                                                                                    )

                        (address)                                             )                                                                                              

                        Electorate Officer                               )

                        (description)                                        )          

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) of that Act 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.