South Australian Bills South Australian Bills[Index] [Search] [Download] [Help]
This is a Bill, not an Act. For current law, see the Acts databases.
South Australia
Southern State Superannuation (Choice of Fund) Amendment
Bill 2018
A BILL FOR
An Act to amend the
Southern
State Superannuation Act 2009
.
Contents
Part 2—Amendment of Southern State
Superannuation Act 2009
4Amendment of section 19—Membership of
scheme
19AMember may elect
to participate in other schemes
6Amendment of section 21—Payments by
employers
The Parliament of South Australia enacts as
follows:
This Act may be cited as the Southern State Superannuation (Choice of
Fund) Amendment Act 2018.
This Act will come into operation on a day to be fixed by
proclamation.
In this Act, a provision under a heading referring to the amendment of a
specified Act amends the Act so specified.
Part 2—Amendment
of Southern State Superannuation
Act 2009
4—Amendment
of section 19—Membership of scheme
Section 19(2)—delete subsection (2) and substitute:
(2) However, a person—
(a) who is—
(i) a member of a
scheme of superannuation established by or under some other Act; or
(ii) a member of a scheme of superannuation established for the benefit of
the employees of an agency or instrumentality of the Crown (not being a scheme
referred to in
subparagraph (i)
); or
(b) who makes an election under section 19A,
is not, subject to regulations under subsection (3), a member of the Triple
S scheme.
After section 19 insert:
19A—Member may elect to participate in other
schemes
(1) A person who is a
member of the Triple S scheme by virtue of section 19(1) may, by notice in
writing to the Board, elect to transfer the person's superannuation arrangements
under this Act to a complying fund.
(2) A notice under
subsection (1)
must—
(a) specify the
name of, and contact details for, the relevant fund; and
(b) comply with requirements set out in the regulations; and
(c) contain or be accompanied by such information (if any) as may be
required by the Board.
(3) If a person
makes an election under
subsection (1)
—
(a) the person will cease to be a member of the Triple S scheme;
and
(b) the Board will cease to maintain (or, if relevant, will not be
required to establish) any account in the name of the person under this Act;
and
(c) any amount standing to the credit of the person's contribution
account, or any other account maintained by the Board for the person, is to be
dealt with in accordance with procedures set out in the regulations;
and
(d) the person's employer will cease to be liable to make contributions to
the Treasurer on behalf of the member under section 21; and
(e) no entitlement or benefit will be payable to the person, or to any
other person in respect of the person, under this Act (other than in accordance
with regulations under section 21(3c)).
(4) A person cannot make an election under this section if the Board has
been served with a splitting instrument in respect of the member's
superannuation interest under this Act.
(5) An election under
subsection (1)
is irrevocable.
(6) However, a
person may, by notice in writing to the Board, vary an election under this
section so as to select another complying fund for the purposes of this
section.
(7) A notice under
subsection (6)
must—
(a) specify the
name of, and contact details for, the relevant fund; and
(b) comply with requirements set out in the regulations; and
(c) contain or be accompanied by such information (if any) as may be
required by the Board.
(8) A notice under
subsection (6)
will take effect on a date determined by the Board after consultation with
the person who has given the notice.
(9) There can only be 1 fund that applies in relation to a person under
this section at any particular time.
(10) If—
(a) a person makes an election under this section; and
(b) the specified fund applying for the purposes of the
election—
(i) ceases to exist; or
(ii) ceases to accept contributions under this section; or
(iii) ceases to be a complying fund; and
(c) the person does not, within the prescribed period, vary the election
to specify another complying fund for the purposes of this section,
then the Treasurer may, after consultation with the Board, specify another
complying fund (which will then be taken to be a fund specified by the person
for the purposes of this section).
(11) A notice under this section must be in a form approved by the
Board.
(12) In this section—
complying fund means—
(a) a complying superannuation fund, other than a self managed
superannuation fund; or
(b) an RSA;
complying superannuation fund has the meaning given by
section 45 of the Superannuation Industry (Supervision) Act 1993 of the
Commonwealth;
flag lifting agreement has the same meaning as in
Part VIIIB of the Family Law Act 1975 of the
Commonwealth;
fund includes a scheme or account;
payment split has the same meaning as in Part VIIIB of
the Family Law Act 1975 of the Commonwealth;
RSA has the same meaning as in the Retirement Savings
Accounts Act 1997 of the Commonwealth;
self managed superannuation fund has the same meaning as in
the Superannuation Industry (Supervision) Act 1993 of the
Commonwealth;
specified fund means a fund specified in a notice under
subsection (2)
or
(7)
;
splitting instrument means—
(a) a superannuation agreement; or
(b) a flag lifting agreement that provides for a payment split;
or
(c) a splitting order;
splitting order has the same meaning as in Part VIIIB of
the Family Law Act 1975 of the Commonwealth;
superannuation agreement has the same meaning as in
Part VIIIB of the Family Law Act 1975 of the
Commonwealth.
6—Amendment
of section 21—Payments by employers
Section 21—after subsection (3b) insert:
(3c) The regulations may make provision in relation to requirements of the
Commonwealth Act that are to be met by employers in respect of persons who have
made elections under section 19A.