THIRTY-SEVENTH AMENDMENT
of the
PUBLIC SECTOR SUPERANNUATION SCHEME TRUST DEED
THIS DEED is made on 31 May 2013 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 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AND WHEREAS the body corporate, that was previously constituted as the Board under repealed section 20 of the Act, is continued in existence under the name Commonwealth Superannuation Corporation (CSC) by section 5 of the Governance of Australian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);
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 under subsection 5(1A) requires the consent of CSC to amendments in certain circumstances;
AND WHEREAS CSC has consented to the amendments provided for in this Deed, except clauses 7 and 8, which do not require CSC consent.
NOW THIS DEED WITNESSES as follows:
1. Commencement of amendments
The amendments in this Deed take effect as follows:
(a) clauses 3 and 4: immediately after the commencement of clause 4 of the Ninth Amendment of the Superannuation (PSSAP) Trust Deed;
(b) clauses 5, 6, 9 and 10: 1 July 2014;
(c) clauses 7 and 8: 1 July 2013;
(d) in all other cases: the day after it is registered on the Federal Register of Legislative Instruments.
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. Application of amendments – roll-over of accumulated transfer amounts and accumulated additional contributions
The amendments made by clause 4 of this Deed apply in relation to roll-overs out of the PSS made on or after the commencement of clause 4 of this Deed.
4. Amendments – roll-over of accumulated transfer amounts and accumulated additional contributions
4. The Rules are amended as follows:
4.1 The following heading and rules are inserted immediately after Rule 11.2.2:
| “ | Payment of accumulated transfer amount prior to cessation |
11.2.3 CSC may allow a member to roll-over the sum of all of their post-1995 accumulated transfer amounts once each financial year.
11.2.3A For the purposes of Rule 11.2.3, a post-1995 accumulated transfer amount of a member is an accumulated transfer amount in respect of a transfer amount which the member transferred into the PSS scheme under Rule 11.1.1, after 31 December 1995, the entitlement to which did not arise from employment during a period of leave of absence without pay that commenced on or before that date (see Rule 11.3.4).
11.2.3B For the purposes of Rule 11.2.3, a roll-over is taken to have occurred in the financial year in which a valid transfer request in respect of that roll-over is received.”
4.2 The following heading and rules are inserted immediately after Rule 11.2.4:
“11.2.4A CSC may allow a preserved benefit member to roll-over the sum of all of their post-1995 accumulated transfer amounts.
11.2.4B For the purposes of Rule 11.2.4A, a post-1995 accumulated transfer amount of a preserved benefit member is an accumulated transfer amount in respect of a transfer amount which the preserved benefit member had transferred into the PSS scheme under Rule 11.1.1, after 31 December 1995, the entitlement to which did not arise from employment during a period of leave of absence without pay that commenced on or before that date (see Rule 11.3.4).
| Fees for payment of accumulated transfer amounts |
11.2.4C CSC may determine any fees to be charged in relation to a roll-over requested under Rule 11.2.3 or Rule 11.2.4A and deduct them from the accumulated transfer amount prior to roll-over.”
4.3 The following heading and rules are inserted immediately after Rule 11.4.10:
| “ | Roll-over of Accumulated Additional Contributions |
11.4.10A CSC may allow a member or a preserved benefit member who has chosen to pay additional contributions into the PSS scheme under Rule 11.4.1 to roll-over the balance of their Accumulated Additional Contributions.
11.4.10B CSC may determine any fees to be charged in relation to a roll-over requested under Rule 11.4.10A and deduct them from the member’s Accumulated Additional Contributions prior to roll-over.”
5. Application of amendments – roll-over of accumulated transfer amounts and Accumulated Additional Contributions from 1 July 2014
The amendments made by clause 6 of this Deed apply in relation to roll-overs out of the PSS made on or after 1 July 2014.
6. Amendments – roll-over of accumulated transfer amounts and Accumulated Additional Contributions from 1 July 2014
6. The Rules are amended as follows:
6.1 Rule 11.2.3 is amended by deleting the existing rule and replacing it with the following new rule:
“11.2.3 A member is entitled to roll-over the sum of all of their post-1995 accumulated transfer amounts once each financial year.”
6.2 Rule 11.2.4A is amended by deleting the existing rule and replacing it with the following new rule:
“11.2.4A At any time, a preserved benefit member is entitled to roll-over the sum of all of their post-1995 accumulated transfer amounts.”
6.3 Rule 11.4.10A is amended by deleting the existing rule and replacing it with the following new rule:
“11.4.10A At any time, a member or a preserved benefit member who has chosen to pay additional contributions into the PSS scheme under Rule 11.4.1 is entitled to roll-over the balance of their Accumulated Additional Contributions.”
7. Application of amendments – contributions from age 75
The amendments made by clause 8 of this Deed apply in relation to contribution days occurring on or after 1 July 2013.
8. Amendments – contributions from age 75
8. The Rules are amended as follows:
8.1 Rule 1.2.1 is amended by deleting the existing definition of “contribution due day” and inserting the following new definition:
“contribution due day means:
· a contribution day on which a member is required to pay contributions under Part 4; or
· a contribution day for the purposes of the Superannuation Act 1976 referred to in Rule 14.4.3; or
· a contribution day on which a no-TFN member would have been required to pay contributions under Part 4 if they were not a no-TFN member; or
· a contribution day on which a zero contributions member would have been required to pay contributions under Part 4 if they were not a zero contributions member.”
8.2 Rule 1.2.1 is amended by inserting the following new definition immediately after the definition of “unfunded preserved benefit”:
“zero contributions member means a member for which the PSS Fund is unable to accept Part 4 contributions under the SIS Act because the member:
· has reached age 75; or
· has reached age 65 but not age 75, and was not gainfully employed on at least a part-time basis during the financial year.”
8.3 Rule 2.1.3 is amended by deleting the existing rule and replacing it with the following new rule:
“2.1.3 A regular member or a casual member can be further classified for particular purposes as a limited benefits member (see Division 2 of Part 10), a maximum benefits member (see Rule 5.6.1), no-TFN member (see Rule 1.2.1) or a zero contributions member (see Rule 1.2.1).”
8.4 Rule 4.1.1 is amended by deleting the existing paragraphs (e) and (f) and replacing them with the following new paragraph (e):
“(e) when the PSS Fund is prohibited by the SIS Act from receiving those contributions (see Rule 4.1.5).”
8.5 Rule 4.1.5 is amended by deleting the existing paragraphs (b) and (c) and replacing them with the following new paragraph (b):
“(b) when the PSS Fund is prohibited by the SIS Act from receiving those contributions.”
8.6 The note immediately after Rule 4.3.1 is amended by deleting the existing note and replacing it with the following new note:
| “ | Note: | A contribution due day is a day on which a member is required to pay contributions or a day on which a member is a no-TFN member or a zero contributions member and would have been required to pay contributions if they were not a no-TFN member or zero contributions member respectively. | ” |
8.7 Rule 5.2.3 is amended by deleting the words “and would have been required to pay contributions if they were not a no-TFN member” and replacing them with the words “or a zero contributions member and would have been required to pay contributions if they were not a no-TFN member or zero contributions member respectively”.
8.8 Rule 5.2.3 is amended by deleting in the definition of 'Contribution Paid' the words “that a member is a no-TFN member” and replacing them with the words “that a member is a no-TFN member or a zero contributions member”.
8.9 The note immediately after Rule 5.2.3 is amended by deleting the existing note and replacing it with the following new note:
| “ | Note: | Where a member is a no-TFN member or a zero contributions member on a contribution due day the contribution is taken to be 0% for that contribution due day. | ” |
8.10 Rule 5.3.3 is amended by deleting the words “and would have been required to pay contributions if they were not a no-TFN member” and replacing them with the words “or a zero contributions member and would have been required to pay contributions if they were not a no-TFN member or zero contributions member respectively”.
8.11 Rule 5.3.3 is amended by deleting in the definition of 'Contribution Paid' the words “that a member is a no-TFN member” and replacing them with the words “that a member is a no-TFN member or a zero contributions member”.
9. Application of amendments – date of effect of changes to the rate of contribution
The amendments made by clause 10 of this Deed apply in relation to contribution days occurring on or after the commencement of clause 10.
10. Amendments – date of effect of changes to the rate of contribution
10. The Rules are amended as follows:
10.1 Rule 4.1.3 is amended by inserting the words “on or” immediately before the word “immediately”.
IN WITNESS WHEREOF this Deed has been executed the day and year first hereinbefore written.
SIGNED, SEALED AND DELIVERED )
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by )
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Senator the Hon Penelope Ying Yen Wong ) Penelope Wong
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Minister for Finance and Deregulation )
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in the presence of: )
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(name) ) Paul Hiscox
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(address) ) 24 Maughan Cr
) Fadden ACT 2904
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(description) ) D.L.O
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