Federal Register of Legislation - Australian Government

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Declarations/Superannuation as made
This instrument amends the Superannuation (PSSAP) Membership Eligibility (Inclusion) Declaration 2005 to continue the PSSAP membership eligibility of certain employees of the Australian Securities and Investments Commission from 1 July 2019.
Administered by: Finance
Exempt from sunsetting by the Legislation (Exemptions and Other Matters) Regulation 2015 s11 item 06
Registered 25 Feb 2019
Table of contents.

Commonwealth Coat of Arms of Australia

 

Superannuation (PSSAP) Membership Eligibility (Inclusion) Amendment Declaration 2019 (No. 1)

I, MATHIAS HUBERT PAUL CORMANN, Minister for Finance and the Public Service, make the following Declaration.

Dated   19/02/19                                 

MATHIAS HUBERT PAUL CORMANN

Minister for Finance and the Public Service

 


Contents

1  Name........................................................................................................................................ 1

2  Commencement........................................................................................................................ 1

3  Authority.................................................................................................................................. 1

4  Schedules................................................................................................................................. 1

Schedule 1—Amendments                                                                                           2

Superannuation (PSSAP) Membership Eligibility (Inclusion) Declaration 2005                    2

 

 


1  Name

                   This instrument is the Superannuation (PSSAP) Membership Eligibility (Inclusion) Amendment Declaration 2019 (No. 1).

2  Commencement

                   This instrument commences on 1 July 2019.

3  Authority

                   This instrument is made under subparagraph 13(1)(a)(ii) of the Superannuation Act 2005.

4  Schedules

                   Each instrument that is specified in a Schedule to this instrument is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this instrument has effect according to its terms.

Schedule 1Amendments

Superannuation (PSSAP) Membership Eligibility (Inclusion) Declaration 2005

1  Section 3 (after the definition of APRA)

Insert the following new definition:

ASIC means the Australian Securities and Investments Commission established by the Australian Securities and Investments Commission Act 1989 and continued in existence by the Australian Securities and Investments Commission Act 2001.

2  Subparagraph 4(2)(g)(ii)

Omit “CSC”, substitute “CSC”.

3  Subparagraph 4(2)(h)(iii)

Omit “.”, substitute “; and”.

4  Subparagraph 4(2)(i)(ii)

Omit “alternative superannuation scheme”, substitute “alternative superannuation scheme”.

5  Subparagraph 4(2)(i)(iii)

Omit “Australian Hearing Services” (first occurring), substitute “Australian Hearing Services”.

6  Subparagraph 4(2)(j)(ii)

Omit “immediately”, substitute “immediately”.

7  Subparagraph 4(2)(j)(iii)

Omit “.”, substitute “; and”.

8  After paragraph 4(2)(j)

Insert the following new paragraph:

(k) in item [15] of the Schedule, at the end of the earlier of:

                             (i)            the day on which the person ceases to be an employee of ASIC;

                           (ii)            the day immediately before the day on which the person becomes, in relation to the person’s employment with ASIC, a member of an alternative superannuation scheme;

                         (iii)            the day immediately before the day on which the person becomes a member of a superannuation scheme to which contributions are made by ASIC for purposes solely related to satisfying obligations under the Superannuation Guarantee (Administration) Act 1992; or

                         (iv)            if ASIC ceases to be a Commonwealth entity within the meaning of the Public Governance, Performance and Accountability Act 2013 – the last day on which ASIC is a Commonwealth entity.

9  Item 1 of Schedule 1

Repeal the item.

10  Schedule 1 (after item 14)

Insert the following new item:

[15]     A person who:

(a)      ceases to be employed by the Commonwealth and becomes an employee of ASIC on 1 July 2019 as a result of section 310 or section 311 of the Australian Securities and Investments Commission Act 2001; and

(b)     immediately before becoming so employed by ASIC, was an ordinary employer-sponsored member of PSSAP in relation to the person’s employment at ASIC.