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This is a Bill, not an Act. For current law, see the Acts databases.


GOVERNMENT SUPERANNUATION BILL 1999

                 PARLIAMENT OF VICTORIA

           Government Superannuation Act 1999
                                  Act No.


                      TABLE OF PROVISIONS
Clause                                                                     Page

PART 1--PRELIMINARY                                                           1
  1.     Purpose                                                              1
  2.     Commencement                                                         2
  3.     Definitions                                                          2
  4.     Interpretation and application of Act and governing instruments      4

PART 2--GOVERNMENT SUPERANNUATION OFFICE                                      5
  5.     Government Superannuation Office                                     5
  6.     Objectives and duties of the Office                                  5
  7.     Functions and powers of the Office                                   8
  8.     VFMC is fund manager                                                 8
  9.     Board of Directors                                                   9
  10.    Appointment of Directors                                            10
  11.    Term of office                                                      11
  12.    Deputies                                                            11
  13.    Vacancies on Board                                                  12
  14.    Removal or suspension of Directors                                  13
  15.    Payment of Directors                                                13
  16.    Procedures of Board                                                 13
  17.    Resolutions without meetings                                        15
  18.    Improper use of information                                         15
  19.    Committees of the Board                                             16
  20.    Pecuniary interests of Directors                                    16
  21.    Chief Executive Officer                                             17
  22.    Staff of the Office                                                 17
  23.    Additional powers of the Office                                     18
  24.    Delegation                                                          18
  25.    Borrowing and investment powers                                     19
  26.    Common funds                                                        19
  27.    Administration Account                                              20




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532167B.I1-19/3/99

 


 

Clause Page PART 3--TRANSFER OF ADMINISTRATION OF STATE SUPERANNUATION FUND AND THE MTA SUPERANNUATION FUND AND RELATED MATTERS 22 28. Office is successor in law 22 29. Staff of Victorian Superannuation Board 24 30. Designated employees 25 31. Exemption from stamp duty or other tax 26 32. Transitional provision--Registrar of Titles 26 PART 4--TRANSFER OF ADMINISTRATION OF DECLARED PUBLIC SECTOR SUPERANNUATION SCHEMES 27 33. Application of this Part 27 34. Declaration of administered schemes 27 35. Office is successor in law 27 36. Conflict between duties, functions and powers 28 37. Staff of governing bodies 28 38. Matters which may be included in Order 29 39. General provisions relating to Orders 30 40. Exemption from stamp duty or other tax 31 41. Transitional provision--Registrar of Titles 31 PART 5--GENERAL 32 42. MTA Superannuation Fund 32 43. Provisions relating to SCES 34 44. Provisions relating to LASB 35 45. Provisions relating to HSF 36 46. Provisions relating to VSF 38 47. Regulations 39 PART 6--TRANSITIONAL AND CONSEQUENTIAL PROVISIONS 41 48. Objectives and duties of Victorian Superannuation Board 41 49. Repeal 41 50. State Employees Retirement Benefits Act 1979 42 51. State Superannuation Act 1988 42 52. Superannuation (Portability) Act 1989 43 53. Transport Superannuation Act 1988 43 54. Victorian Funds Management Corporation Act 1994 44 NOTES 45 ii 532167B.I1-19/3/99

 


 

PARLIAMENT OF VICTORIA A BILL to provide for the administration of certain Victorian superannuation schemes, to repeal the Public Sector Superannuation (Administration) Act 1993, to consequentially amend certain other Acts and for other purposes. Government Superannuation Act 1999 The Parliament of Victoria enacts as follows: PART 1--PRELIMINARY 1. Purpose The purpose of this Act is to-- (a) establish the Government Superannuation 5 Office; 1 532167B.I1-19/3/99

 


 

Government Superannuation Act 1999 s. 2 Act No. (b) facilitate the transfer of the Victorian Superannuation Fund to Commonwealth supervision; (c) repeal the Public Sector Superannuation 5 (Administration) Act 1993 and consequentially amend the Borrowing and Investment Powers Act 1987, the State Employees Retirement Benefits Act 1979, the State Superannuation Act 1988, the 10 Superannuation (Portability) Act 1989, the Transport Superannuation Act 1988 and the Victorian Funds Management Corporation Act 1994. 2. Commencement 15 (1) This Act (other than sections 30 and 48) comes into operation on 1 July 1999. (2) Sections 30 and 48 come into operation on the day on which this Act receives the Royal Assent. 3. Definitions 20 (1) In this Act-- "administered scheme" means-- (a) the State Superannuation Fund; and (b) the MTA Superannuation Fund; and (c) a public sector superannuation scheme 25 which is declared under section 34 to be an administered scheme; "appointed day", in respect of an administered scheme within the meaning of paragraph (c) of the definition of "administered scheme", 30 means the appointed day specified in the Order in Council made under section 34 in respect of the transfer of the administered scheme; 2 532167B.I1-19/3/99

 


 

Government Superannuation Act 1999 s. 3 Act No. "Board" means the Board of Directors of the Office; "commencement of this Act" means 1 July 1999; 5 "common fund" means a common fund established under section 26; "Director" means a Director of the Board appointed under section 10 and a deputy of a Director while acting as a Director; 10 "governing body" means the person or body administering a public sector superannuation scheme but does not include the Office; "governing instrument" means the Act, regulations, by-law, trust deed or other 15 document whatsoever or any combination of such documents by or under which a public sector superannuation scheme is established or maintained; "Office" means the Government Superannuation 20 Office established under section 5; "public sector superannuation scheme" means a scheme for the payment of superannuation, retirement or death benefits which is established or maintained-- 25 (a) by or under an Act; or (b) by a public authority, statutory body, body corporate or other body constituted by or under an Act; "State Superannuation Fund" means the Fund 30 within the meaning of section 3(1) of the State Superannuation Act 1988; "superannuation benefits" includes superannuation payments, annuities, 3 532167B.I1-19/3/99

 


 

Government Superannuation Act 1999 s. 4 Act No. pensions, allowances, lump sum payments or other benefits. (2) A reference in this Act to the administration of a public sector superannuation scheme includes a 5 reference to the management and control of the policies of that scheme. 4. Interpretation and application of Act and governing instruments (1) If there is any inconsistency between this Act and 10 any other Act or the governing instrument of any public sector superannuation scheme, the provisions of this Act prevail. (2) If there is any inconsistency between a provision which by virtue of this Act is deemed to form part 15 of or is to be read and construed as forming part of a governing instrument and any other provision of the governing instrument, the first-mentioned provision prevails. _______________ 20 4 532167B.I1-19/3/99

 


 

Government Superannuation Act 1999 s. 5 Act No. PART 2--GOVERNMENT SUPERANNUATION OFFICE 5. Government Superannuation Office (1) There is established a body corporate called the Government Superannuation Office. 5 (2) The Office-- (a) has perpetual succession; (b) has a common seal; (c) may sue and be sued in its corporate name; (d) is capable of taking, purchasing, leasing, 10 holding, selling, exchanging and disposing of real and personal property for the purposes of this Act; (e) may do and suffer all acts and things which a body corporate may by law do and suffer and 15 which are necessary or convenient for the purposes of this Act. (3) The common seal of the Office must be kept in such custody as the Office directs and must not be used except as authorised by the Board. 20 6. Objectives and duties of the Office (1) The Office must-- (a) have regard to the interests of persons entitled to benefits from an administered scheme; 25 (b) ensure that the assets of each administered scheme are administered in accordance with this Act and with those provisions of the governing instrument under which the administered scheme is constituted which 30 continue to apply to an administered scheme by virtue of this Act; 5 532167B.I1-19/3/99

 


 

Government Superannuation Act 1999 s. 6 Act No. (c) ensure that the decisions and operations of the Office are directed towards achieving its objectives; (d) ensure that the Office has, or has access to, 5 the skills, facilities and resources required to ensure that the Office conducts its operations and carries out its duties in an efficient manner; (e) ensure that each administered scheme is 10 administered in accordance with the Commonwealth Superannuation Contributions Tax (Assessment and Collection) Act 1997 and the Commonwealth Superannuation 15 Contributions Tax Imposition Act 1997 and any regulations under those Acts. (2) It is the duty of the Office to-- (a) establish policies in respect of the administration of each administered scheme 20 and the investment of money standing to the credit of each administered scheme and to adopt strategies designed to achieve those policies; (b) determine, authorise or approve programs for 25 the administration of each administered scheme and the investment of money standing to the credit of each administered scheme; (c) subject to sub-section (3), inform members 30 of an administered scheme about the management and investment of the administered scheme including making available to members of the administered scheme at least once in each year a summary 35 of information relating to the management and investment of the administered scheme. 6 532167B.I1-19/3/99

 


 

Government Superannuation Act 1999 s. 6 Act No. (3) In performing its duties under sub-section (2)(c) the Office must have regard to the need to protect information the disclosure of which could adversely affect the financial position or the 5 commercial or other operations of the Office. (4) If the Minister at any time gives the President of the Board a statement of government policy on any matter that is relevant to the performance of the duties of the Office, together with a request 10 that the Office considers that policy in the performance of its duties, the Office must ensure that consideration is given to that policy. (5) If the Minister gives a statement to the President of the Board under sub-section (4), the Office 15 must publish that statement in its next annual report. (6) If any provision of the Commonwealth Superannuation Contributions Tax (Assessment and Collection) Act 1997 or the Commonwealth 20 Superannuation Contributions Tax Imposition Act 1997 or of any regulations under those Acts is inconsistent with this Act or any regulations under this Act, the Office is to be taken to have complied with this Act or the regulations if the 25 Office has complied with the provision of the Commonwealth Superannuation Contributions Tax (Assessment and Collection) Act 1997 or the Commonwealth Superannuation Contributions Tax Imposition Act 1997 or of the regulations 30 under those Acts. (7) The Office must within 2 years of the commencement of this Act conduct a contestability review of the administrative operations and activities of the Office. 7 532167B.I1-19/3/99

 


 

Government Superannuation Act 1999 s. 7 Act No. (8) Subject to the review under sub-section (7), the Office must put out to public tender the administrative operations and activities of the Office. 5 7. Functions and powers of the Office (1) The functions of the Office are-- (a) to administer the administered schemes and collect contributions; (b) to manage and invest the assets of the 10 administered schemes so as to maximise the return earned on the administered schemes having regard to-- (i) the need to provide for payments out of an administered scheme; and 15 (ii) the need to exercise reasonable care and prudence so as to maintain the integrity of the administered schemes; (c) to administer the payment of benefits from the administered schemes; 20 (d) to make any other payments required to be made in respect of the administered schemes; (e) to perform such other functions as are conferred or imposed on the Office by this Act or any other Act or a governing 25 instrument. (2) Subject to this Act, the Office has power to do all things necessary or convenient to be done for or in connection with the performance of its functions and duties and to enable it to achieve its 30 objectives. 8. VFMC is fund manager (1) The Victorian Funds Management Corporation is the fund manager of the administered schemes. 8 532167B.I1-19/3/99

 


 

Government Superannuation Act 1999 s. 9 Act No. (2) Section 9A of the Victorian Funds Management Corporation Act 1994 applies for the purposes of this section. (3) For the purposes of this section, the Office is 5 deemed to be a participating body within the meaning of the Victorian Funds Management Corporation Act 1994. (4) The Office must review the service delivery of the Victorian Funds Management Corporation-- 10 (a) within 2 years of the commencement of this Act; and (b) thereafter at the end of each 2 year period-- having regard to the objectives and duties of the Office specified in section 6. 15 (5) The Office must give a copy of each review under this section to the Minister and may make any recommendations to the Minister arising out of the review as the Office considers appropriate. (6) The Minister may, after considering any 20 recommendations made by the Office, request the Treasurer to give a direction to the Victorian Funds Management Corporation under section 10 of the Victorian Funds Management Corporation Act 1994. 25 9. Board of Directors (1) There is to be a Board of Directors of the Office consisting of 7 Directors (including an independent Director) appointed by the Governor in Council. 30 (2) The Board-- (a) is responsible for the management of the affairs of the Office; (b) may exercise the powers of the Office. 9 532167B.I1-19/3/99

 


 

Government Superannuation Act 1999 s. 10 Act No. 10. Appointment of Directors (1) Of the persons appointed to the Board-- (a) 1 must be a person nominated by the Minister as an independent Director and be 5 the President of the Board; and (b) 3 must be nominated by the Minister; and (c) 3 must be persons elected by and from persons who are voters. (2) Despite sub-section (1), the first Directors 10 appointed under paragraph (c) of sub-section (1)-- (a) are to be nominated by the Commissioner for Public Employment; and (b) are to be Directors until 31 December 1999, 15 unless section 13 applies. (3) For the purposes of this section, "voter" means a person who is eligible to make and be the subject of contributions to an administered scheme by-- (a) an employing authority under the State 20 Superannuation Act 1988; or (b) an employer under the State Employees Retirement Benefits Act 1979; or (c) a Transport Authority under the Transport Superannuation Act 1988. 25 (4) Elections for the purposes of this section must be held in accordance with procedures determined by the Office. (5) If there is no candidate at an election or no person is elected at an election, the Governor in Council 30 may appoint a person to be a Director although that person has not been elected. 10 532167B.I1-19/3/99

 


 

Government Superannuation Act 1999 s. 11 Act No. (6) A Director is not, in respect of the office of Director, subject to the provisions of the Public Sector Management and Employment Act 1998. 5 (7) A Director is not personally liable for anything done or omitted to be done in good faith-- (a) in the exercise of a power or the discharge of a duty under this Act; or (b) in the reasonable belief that the act or 10 omission was in the exercise of a power or the discharge of a duty under this Act. (8) Any liability resulting from an act or omission that would but for sub-section (1) attach to a Director attaches instead to the Office. 15 11. Term of office (1) A Director is to be appointed for a term not exceeding 3 years as is specified in the Director's instrument of appointment. (2) A Director is eligible for re-appointment. 20 (3) Despite sub-section (1), the term of office of a Director may exceed 3 years but not 4 years if the Director is elected to fill a casual vacancy in respect of a Director who had an unexpired term of less than 1 year. 25 12. Deputies (1) Each Director is to have a deputy nominated or elected in the same manner as the Director and appointed by the Governor in Council. (2) The deputy of a Director is to act in the case of 30 illness, suspension or absence of that Director. (3) A deputy has while acting as a Director the powers and authority of the Director. 11 532167B.I1-19/3/99

 


 

Government Superannuation Act 1999 s. 13 Act No. (4) A person may act as the deputy of more than one Director except for the purposes of forming a quorum or voting on a resolution, provided that the deputy is nominated or elected in the same 5 manner as all of those Directors. 13. Vacancies on Board (1) A person ceases to be a Director if that person-- (a) becomes bankrupt; or (b) is absent, without leave first granted by the 10 Board, from 3 consecutive meetings of which reasonable notice has been given to that Director personally or by post; or (c) resigns office by writing signed and addressed to the Governor in Council; or 15 (d) becomes permanently incapable of performing the duties of office; or (e) is convicted of an offence against a law of the State of Victoria or a law of the Commonwealth or of another State or of a 20 Territory, being an offence in respect of dishonest conduct; or (f) is elected under section 10 and ceases to be qualified as a voter as required by that section. 25 (2) If a Director dies or otherwise ceases to be a Director-- (a) in the case of an elected Director, the deputy of that Director is to be appointed by the Governor in Council to fill the vacancy; or 30 (b) in the case of a Director (other than an elected Director), the Governor in Council is to appoint a person nominated by the Minister to fill the vacancy or, if the Minister does not nominate a person to fill the 12 532167B.I1-19/3/99

 


 

Government Superannuation Act 1999 s. 14 Act No. vacancy within 28 days, the deputy of that Director; or (c) if there is no deputy, the Governor in Council may appoint a person nominated or 5 elected in the same manner as that Director was nominated or elected to fill the vacancy. (3) A vacancy in the office of a Director must be filled within 60 days of the vacancy occurring. 14. Removal or suspension of Directors 10 (1) A Director may be removed or suspended from office by the Governor in Council-- (a) in the case of a Director appointed under section 10(1)(a) or 10(1)(b), at any time without cause; or 15 (b) in the case of a Director elected under section 10(1)(c), for misbehaviour or incompetence while performing the duties of a Director. (2) A Director removed from office under this section 20 is not entitled to any remuneration or compensation for loss of office. 15. Payment of Directors Each Director is entitled to be-- (a) paid such remuneration as the Governor in 25 Council fixes from time to time; and (b) reimbursed for expenses incurred in the course of performing the duties of office which are expenses approved by the Board. 16. Procedures of Board 30 (1) Except as otherwise provided, all duties, functions and powers of the Board may be performed or exercised at any meeting of the Board at which 13 532167B.I1-19/3/99

 


 

Government Superannuation Act 1999 s. 16 Act No. not less than 5 of the Directors in office for the time being are present. (2) During any vacancy in the Board the continuing Directors may subject to there being a quorum act 5 as if there were no vacancy. (3) The Board may hold its meetings at any time and place it appoints and may adjourn a meeting. (4) The Board may transact any of its business at a meeting at which the Directors or any of the 10 Directors participate by telephone, closed-circuit television or in any other similar way. (5) The President of the Board must preside at all meetings of the Board at which the President is present. 15 (6) If the President of the Board is not present at a meeting of the Board, the Directors present at the meeting must elect one of the Directors appointed under section 10(1)(b) to act as the President at the meeting. 20 (7) The President or the Director presiding at any meeting of the Board has a deliberative vote only. (8) The independent Director is not entitled to vote on any matter relating to a benefit entitlement provided for under an administered scheme. 25 (9) A matter arising at a meeting of the Board relating to a benefit entitlement provided for under an administered scheme can only be determined by a resolution passed by not less than 4 of the Directors in office for the time being. 30 (10) A matter other than a matter to which sub-section (9) applies arising at a meeting of the Board can only be determined by a resolution passed by not less than a majority of the Directors in office for the time being. 14 532167B.I1-19/3/99

 


 

Government Superannuation Act 1999 s. 17 18 Act No. (11) The Board must keep minutes of each meeting of the Board. (12) Subject to this Act, the Board may regulate its own procedure. 5 (13) An act or decision of the Board is not invalid by reason only-- (a) of a vacancy in the office of a Director; or (b) of any defect or irregularity in or in connection with the appointment of a 10 Director; or (c) in the case of a person appointed to act as President or as a Director, that the occasion for so acting has not arisen or has ceased. 17. Resolutions without meetings 15 (1) If all of the Directors for the time being sign a document containing a statement that they are in favour of a resolution in terms set out in the document, a resolution in those terms shall be taken to have been passed at a meeting of the 20 Board held on the day on which the document is signed or, if the Directors do not sign it on the same day, on the day on which the last Director signs the document. (2) If a resolution is, under sub-section (1), taken to 25 have been passed at a meeting of the Board, each Director must immediately be advised of the matter and given a copy of the terms of the resolution. (3) For the purposes of sub-section (1), two or more 30 separate documents containing a statement in identical terms, each of which is signed by one or more Directors, are to be taken to constitute one document. 18. Improper use of information 15 532167B.I1-19/3/99

 


 

Government Superannuation Act 1999 Act No. A person who is, or has been, a Director or member of the staff of the Office must not make improper use of any information acquired only in the course of his or her duties to obtain directly or 5 indirectly any pecuniary or other advantage for himself or herself or for any other person. Penalty: 50 penalty units. 19. Committees of the Board (1) The Board may establish one or more committees 10 of Directors. (2) The Board may by instrument of delegation delegate any of its functions or powers, other than this power of delegation, to a member of a committee. 15 (3) A committee is to have an equal number of Directors appointed under sections 10(1)(a) and 10(1)(b) and of Directors elected under section 10(1)(c). (4) A quorum of a committee is constituted by not 20 less than two-thirds of the total number of members of the committee in office for the time being. (5) Sections 16, 17 and 20 apply with such modifications as are necessary in respect of a 25 committee. 20. Pecuniary interests of Directors (1) A Director who has any pecuniary interest in a matter being considered or about to be considered by the Board or in any other matter in which the 30 Board is concerned must, as soon as practicable after the relevant facts have come to the Director's knowledge, declare the nature of that interest at a meeting of the Board. 16 532167B.I1-19/3/99

 


 

Government Superannuation Act 1999 s. 21 22 Act No. (2) The requirements of sub-section (1) do not apply in any case where the interest of the Director consists only of being a shareholder or creditor of a company which has an interest in a contract or 5 proposed contract with the Office if the interest of the Director may properly be regarded as not being a material interest. (3) The person presiding at a meeting at which a declaration is made under sub-section (1) must 10 cause a record of the declaration to be made in the minutes of the meeting. (4) After a declaration is made by a Director under sub-section (1)-- (a) that Director must not be present during any 15 deliberation of the Board with respect to that matter; and (b) that Director is not entitled to vote on the matter; and (c) if that Director does vote on the matter, the 20 vote must be disallowed. (5) A Director is not to be taken to have a pecuniary interest in a matter only because the Director has or may become entitled to a benefit from an administered scheme. 25 21. Chief Executive Officer (1) The Minister may, on the recommendation of the Secretary to the Department of Treasury and Finance, appoint a person as the Chief Executive Officer of the Office. 30 (2) The Chief Executive Officer is to be employed under Part 3 of the Public Sector Management and Employment Act 1998. 22. Staff of the Office 17 532167B.I1-19/3/99

 


 

Government Superannuation Act 1999 Act No. The Chief Executive Officer may on behalf of the Office employ any persons necessary for the purposes of this Act under Part 3 of the Public Sector Management and Employment Act 5 1998. 23. Additional powers of the Office Without limiting or derogating from the generality of the powers of the Office under this Act, the powers of the Office include-- 10 (a) power to enter into agreements or arrangements with any other person or body-- (i) to carry out on behalf of the Office any one or more of the functions or powers 15 of the Office in relation to an administered scheme; (ii) to arrange death and disability cover insurance for individual members or classes of members of an administered 20 scheme; (iii) to provide custodial or nominee services; (b) power to engage any person or body to act as an agent on behalf of the Office. 25 24. Delegation The Board may, by an instrument of delegation under its common seal, delegate to the President, a Director or a member of the staff of the Office or to any other person or corporation-- 30 (a) any function, power or duty of the Office under this Act or any other Act or under a governing instrument, other than this power of delegation; or 18 532167B.I1-19/3/99

 


 

Government Superannuation Act 1999 s. 25 Act No. (b) any power or duty of the Office under the Borrowing and Investment Powers Act 1987. 25. Borrowing and investment powers 5 The Office has the powers conferred on it by the Borrowing and Investment Powers Act 1987. 26. Common funds (1) The Office may establish and keep one or more funds to be called common funds. 10 (2) Each common fund must have a distinguishing name or number. (3) The Office may hold any or all of the assets of the administered schemes in a common fund. (4) Any investment made out of money forming part 15 of a common fund does not belong to any particular administered scheme. (5) The Office must keep an account showing the current amount at credit in a common fund on account of each administered scheme. 20 (6) The Office may sell any investment in which any money forming part of a common fund is invested. (7) The Office may withdraw any money at credit in a common fund on the account of an administered 25 scheme and invest the money on the separate account of that administered scheme. (8) The Office must credit to the balance of the accounts of each administered scheme participating in a common fund, in proportion to 30 the respective balances of those accounts in that common fund-- 19 532167B.I1-19/3/99

 


 

Government Superannuation Act 1999 s. 27 Act No. (a) any income received from the investment of money forming part of that common fund; and (b) any gain realised from the disposal of an 5 investment made out of money forming part of that common fund. (9) The Office must debit to the balance of the accounts of each administered scheme participating in a common fund, in proportion to 10 the respective balances of those accounts in the common fund-- (a) any expenses (including tax) incurred in relation to the investment of money forming part of that common fund; and 15 (b) any loss realised on the disposal of an investment made out of money forming part of that common fund. (10) The Office must credit or debit to the balance of the accounts of each administered scheme 20 participating in a common fund, in proportion to the respective balances of those accounts in the common fund, any amount it considers appropriate for unrealised gains or losses in respect of an investment made out of money 25 forming part of that common fund. 27. Administration Account (1) The Office must keep an account called the Administration Account. (2) The Office must debit to the Administration 30 Account the cost and expenses incurred by the Office in administering the administered schemes in accordance with this Act. (3) The Office must apportion the amount to be debited to the Administration Account between 20 532167B.I1-19/3/99

 


 

Government Superannuation Act 1999 s. 27 Act No. the administered schemes at such intervals and on such basis as the Office determines. (4) There is to be credited to the Administration Account on behalf of each administered scheme 5 out of the assets of that administered scheme the amount apportioned under sub-section (3). _______________ 21 532167B.I1-19/3/99

 


 

Government Superannuation Act 1999 s. 28 Act No. PART 3--TRANSFER OF ADMINISTRATION OF STATE SUPERANNUATION FUND AND THE MTA SUPERANNUATION FUND AND RELATED MATTERS 28. Office is successor in law 5 (1) On the commencement of this Act-- (a) the administration of the State Superannuation Fund and the MTA Superannuation Fund is transferred to the Office; 10 (b) all property, rights and assets of the State Superannuation Fund and the MTA Superannuation Fund are by virtue of this Act held by the Office; (c) all liabilities of the State Superannuation 15 Fund and the MTA Superannuation Fund are by virtue of this Act held by the Office; (d) the Office is the successor in law of the Victorian Superannuation Board in respect of the State Superannuation Fund and the 20 MTA Superannuation Fund. (2) Where, immediately before the commencement of this Act, proceedings in respect of the State Superannuation Fund or the MTA Superannuation Fund to which the Victorian Superannuation 25 Board was a party were pending or existing in any court or tribunal, then, on and after that commencement, the Office is substituted for the Victorian Superannuation Board as a party to the proceedings and has the same rights and 30 obligations in the proceedings as the Victorian Superannuation Board. (3) Subject to section 46, on the commencement of this Act-- 22 532167B.I1-19/3/99

 


 

Government Superannuation Act 1999 s. 28 Act No. (a) all property, rights and assets of the Victorian Superannuation Board are by virtue of this Act held by the Office; (b) all liabilities of the Victorian Superannuation 5 Board are by virtue of this Act held by the Office; (c) the Office is the successor in law of the Victorian Superannuation Board. (4) Subject to section 46, where, immediately before 10 the commencement of this Act, proceedings in respect of which the Victorian Superannuation Board was a party were pending or existing in any court or tribunal, then, on and after that commencement, the Office is substituted for the 15 Victorian Superannuation Board as a party to the proceedings and has the same rights and obligations in the proceedings as the Victorian Superannuation Board. (5) On and after the commencement of this Act, any 20 reference in any Act (other than this Act), regulation, subordinate instrument or other document whatsoever to the Victorian Superannuation Board is to be construed as a reference to the Office, unless the contrary 25 intention appears. (6) With the approval of the Minister, the Office must enter into an agreement with VicSuper Pty Ltd which specifies-- (a) assets, liabilities, rights and contractual 30 obligations that are to be transferred to VicSuper Pty Ltd; and (b) the terms and conditions that are to apply to that transfer. (7) If agreement cannot be reached before 1 October 35 1999, the Minister may determine the matters 23 532167B.I1-19/3/99

 


 

Government Superannuation Act 1999 s. 29 Act No. specified in sub-section (6) or which are in dispute and the Office and VicSuper Pty Ltd are deemed by virtue of this sub-section to have entered into an agreement containing the matters determined 5 by the Minister. 29. Staff of Victorian Superannuation Board (1) A member of staff of the Victorian Superannuation Board, other than a member of staff who is a designated employee under section 10 30, is deemed as from the commencement of this Act to have been employed in accordance with section 22. (2) A member of staff of the Victorian Superannuation Board who is deemed by sub- 15 section (1) to have been employed in accordance with section 22 is entitled to a salary and terms and conditions of employment no less favourable than those which he or she received or was entitled to receive immediately before the 20 commencement of this Act and to all his or her accrued benefits arising from his or her prior employment. (3) A member of staff of the Victorian Superannuation Board who is deemed by sub- 25 section (1) to have been employed in accordance with section 22 who, immediately before the commencement of this Act, was-- (a) an officer within the meaning of the State Superannuation Act 1988; or 30 (b) an employee within the meaning of the State Employees Retirement Benefits Act 1979; or 24 532167B.I1-19/3/99

 


 

Government Superannuation Act 1999 s. 30 Act No. (c) an employee within the meaning of the Transport Superannuation Act 1988-- continues, subject to the relevant Act, to be an officer or an employee (as the case may be) within 5 the meaning of that Act while employed under this Act. 30. Designated employees (1) In this section, "designated employee" means a person who was a member of staff of the 10 Victorian Superannuation Board immediately before 16 June 1999 and has received an offer of employment from VicSuper Pty Ltd. (2) A designated employee must, within 14 days of receiving the offer of employment, elect in writing 15 to accept or reject the offer. (3) A designated employee who elects to accept an offer of employment must resign as a member of staff of the Victorian Superannuation Board before commencing the new employment. 20 (4) Despite anything to the contrary in any contract of employment or other agreement, on the commencement by a designated employee of employment offered in accordance with this section-- 25 (a) the designated employee retains any accrued entitlement to long service leave, annual or sick leave; (b) VicSuper Pty Ltd becomes responsible for any payment in respect of that accrued 30 entitlement in lieu of the Victorian Superannuation Board; (c) the designated employee is not entitled to payment in respect of that accrued entitlement on resigning as a member of staff 35 of the Victorian Superannuation Board. 25 532167B.I1-19/3/99

 


 

Government Superannuation Act 1999 s. 31 Act No. (5) Nothing in this section affects any entitlement of a designated employee to payment in respect of accrued long service leave or annual leave on resigning as a member of staff of the Victorian 5 Superannuation Board if an offer is not accepted. (6) If a designated employee rejects an offer of employment, the designated employee's employment may be terminated by the Chief Executive Officer of the Office. 10 (7) If a designated employee to whom sub-section (6) applies accepts an offer of employment with VicSuper Pty Ltd within 12 months of rejecting the offer, VicSuper Pty Ltd must repay to the Office the difference between the amount of the 15 entitlements that the designated employee received and the amount of the entitlements that he or she would have received if he or she had resigned as a member of staff of the Victorian Superannuation Board. 20 31. Exemption from stamp duty or other tax No stamp duty or other tax is payable under any Act in respect of anything done under this Part. 32. Transitional provision--Registrar of Titles The Registrar of Titles, on being requested to do 25 so and on delivery of any relevant certificate of title or instrument, must make any amendments in the Register that are necessary because of the operation of this Part. _______________ 30 26 532167B.I1-19/3/99

 


 

Government Superannuation Act 1999 s. 33 Act No. PART 4--TRANSFER OF ADMINISTRATION OF DECLARED PUBLIC SECTOR SUPERANNUATION SCHEMES 33. Application of this Part This Part applies to a public sector superannuation 5 scheme which the Minister by instrument in writing specifies to be a public sector superannuation scheme to which this Part applies. 34. Declaration of administered schemes The Governor in Council may by Order in 10 Council declare that-- (a) a public sector superannuation scheme specified under section 33 is an administered scheme; and (b) the administration of that public sector 15 superannuation scheme is as from the appointed day specified in the Order transferred to the Office. 35. Office is successor in law (1) On the appointed day-- 20 (a) the administration of the administered scheme is transferred to the Office; (b) all property, rights and assets of the administered scheme are by virtue of this Act held by the Office; 25 (c) all liabilities of the administered scheme are by virtue of this Act held by the Office; (d) the Office is the successor in law of the governing body in respect of the administered scheme. 30 (2) Without derogating from sub-section (1), the Office shall in respect of the administered scheme have, exercise and discharge the responsibilities, 27 532167B.I1-19/3/99

 


 

Government Superannuation Act 1999 s. 36 37 Act No. liabilities, rights, powers, authorities, duties and functions conferred or imposed upon the governing body by or under the governing instrument. 5 (3) Where, immediately before the appointed day, proceedings in respect of the administered scheme to which the governing body of the administered scheme was a party were pending or existing in any court or tribunal, then, on and after the 10 appointed day, the Office is substituted for the governing body as a party to the proceedings and has the same rights and obligations in the proceedings as the governing body. (4) On and after the appointed day, any reference in 15 the governing instrument or in any Act, regulation, subordinate instrument or other document whatsoever to the governing body in respect of the administered scheme is to be construed as a reference to the Office, unless the 20 contrary intention appears. (5) On the appointed day the governing body of the administered scheme ceases to exist by virtue of this Act. 36. Conflict between duties, functions and powers 25 If there is a conflict between a duty, function or power conferred on the Office by this Act and a duty, function or power conferred on the Office in respect of an administered scheme by the governing instrument of that administered 30 scheme, the Office must perform or exercise the duty, function or power conferred by this Act and in doing so is deemed to have complied with the governing instrument. 37. Staff of governing bodies 28 532167B.I1-19/3/99

 


 

Government Superannuation Act 1999 Act No. (1) A member of staff of a governing body of an administered scheme is deemed as from the appointed day to have been employed in accordance with section 22. 5 (2) A member of staff of a governing body of an administered scheme who is deemed by sub- section (1) to have been employed in accordance with section 22 is entitled to a salary and terms and conditions of employment no less favourable 10 than those which he or she received or was entitled to receive immediately before the appointed day and to all his or her accrued benefits arising from his or her prior employment. (3) A member of staff of a governing body of an 15 administered scheme who is deemed by sub- section (1) to have been employed in accordance with section 22 who, immediately before the appointed day, was a member of an administered scheme continues, subject to the governing 20 instrument of the administered scheme, to be a member of the administered scheme, while employed under this Act. 38. Matters which may be included in Order (1) The Governor in Council may by Order in 25 Council provide for any matter necessary or convenient to give effect to this Part or to any other Order in Council under this Part and to enable the effective implementation of the transfer of administration of an administered scheme to the 30 Office and the administration of the administered scheme by the Office. (2) Without limiting the generality of sub-section (1), the Order in Council may provide for-- (a) any property, income, assets, rights, 35 liabilities, expenses or other matters to be 29 532167B.I1-19/3/99

 


 

Government Superannuation Act 1999 s. 39 Act No. apportioned, settled, transferred, adjusted or determined; (b) the resolution of any dispute relating to any apportionment, settlement, transfer, 5 adjustment or determination; (c) any party to a dispute to bear the costs of resolving the dispute; (d) transitional provisions in relation to any act, matter or thing done or required to be done 10 by or in relation to any administered scheme. 39. General provisions relating to Orders (1) An Order in Council made under this Part-- (a) must specify a day or days upon which the Order in Council comes into operation; 15 (b) upon being published in the Government Gazette has the like force and effect as if it were expressly enacted in this Act; (c) may be amended or revoked by another Order in Council; 20 (d) has full force and effect despite any non- compliance with any of the matters required by this Act as preliminary to the making of the Order. (2) An Order in Council made under this Part may-- 25 (a) apply generally or be limited in its application by reference to specified matters or things; (b) apply differently according to different factors or subject to specified exceptions; 30 (c) leave any matter or thing to be from time to time determined, applied, dispensed with or regulated by a person or body specified in the Order; 30 532167B.I1-19/3/99

 


 

Government Superannuation Act 1999 s. 40 Act No. (d) confer powers or impose duties in connection with the Order on a person or body specified in the Order; (e) apply, adopt or incorporate, with or without 5 modification, the provisions of any Act or of any regulations made under any Act; (f) contain provisions of a savings and transitional nature consequent on the making of the Order, including providing for the 10 construction of references in any instrument or in any other document of any kind. 40. Exemption from stamp duty or other tax No stamp duty or other tax is payable under any Act in respect of anything done under this Part. 15 41. Transitional provision--Registrar of Titles The Registrar of Titles, on being requested to do so and on delivery of any relevant certificate of title or instrument, must make any amendments in the Register that are necessary because of the 20 operation of this Part. _______________ 31 532167B.I1-19/3/99

 


 

Government Superannuation Act 1999 s. 42 Act No. PART 5--GENERAL 42. MTA Superannuation Fund (1) The provisions of sections 44C, 44D, 45 and 46 of the Transport Superannuation Act 1988, with 5 such modifications as are necessary to make those provisions consistent with the governing instrument of the MTA Superannuation Fund, are deemed to form part of the governing instrument of the MTA Superannuation Fund. 10 (2) The governing instrument of the MTA Superannuation Fund is to be read and construed as if sub-sections (3), (4) and (5) formed part of the governing instrument. (3) Any benefit to which an employee may from time 15 to time be eligible which is determined by reference to a recognised period of service, employment or membership of the employee, as the case may be, and the employee's salary must be determined on the basis of the final average 20 salary of the employee calculated as follows-- (a) in relation to an employee with less than 2 years of recognised service, an amount calculated in accordance with the formula-- A 365 × B 1 25 Where-- "A" is the aggregate salary paid to the employee in respect of the employee's period of recognised service; "B" is the total number of days in that 30 period; (b) in relation to an employee with 2 years or more of recognised service, an amount equal 32 532167B.I1-19/3/99

 


 

Government Superannuation Act 1999 s. 42 Act No. to one-half of the employee's aggregate salary for the period of such recognised service of 2 years ending on the employee's last day of service-- 5 and if the period of recognised service includes a period of leave without pay there is deemed to have been payable to that employee during that period of leave without pay salary at the rate payable to the employee immediately before the 10 period of leave, or such higher salary as has been approved by the Trustee of the MTA Superannuation Fund for the purposes of the Fund, but in no case shall the amount in relation to a person who was an employee on 1 January 15 1994 be less than that employee's final adjusted salary (as defined by the governing instrument) on that date. (4) An employee must not contribute at a rate greater than 5 percent of salary unless contributing at a 20 higher rate will not make him or her eligible for an accrued retirement benefit greater than that for which he or she would be eligible by contributing at the rate of 5 percent for the whole of his or her recognised period of service, employment or 25 membership, as the case may be. (5) Any employee contributing at a rate greater than 5 percent on the date that section 66(5) of the Public Sector Superannuation (Administration) Act 1993 came into operation 30 who is no longer eligible to contribute at that rate is deemed as from that date to have elected to contribute at 5 percent. (6) The governing instrument of the MTA Superannuation Fund must not be amended in any 35 manner that will increase employer costs by way of any-- 33 532167B.I1-19/3/99

 


 

Government Superannuation Act 1999 s. 43 Act No. (a) improvement in the amount or availability of any benefit; or (b) reduction of any amount payable by an employee-- 5 without the approval of the Minister. (7) Any amendment of the governing instrument of the MTA Superannuation Fund made in contravention of sub-section (6) is void. (8) Notwithstanding anything to the contrary in this 10 section, the governing instrument of the MTA Superannuation Fund is to be read and construed subject to-- (a) any relevant specified standards; and (b) any provisions of a relevant Commonwealth 15 or Victorian law relating to anti- discrimination which the Office is required to comply with. 43. Provisions relating to SCES (1) In this section, "contributor" means a 20 contributor transferred to the Victorian Superannuation Fund under section 34 of the Superannuation Acts (General Amendment) Act 1995. (2) Despite the transfer of a contributor and the repeal 25 of the Superannuation Acts (General Amendment) Act 1995-- (a) the contributor is entitled to receive the same benefits that he or she would have been entitled to receive had he or she not been so 30 transferred; and (b) the contributor is entitled to have his or her rights and obligations in existence at the date of the transfer determined in accordance with the provisions of the State Casual 34 532167B.I1-19/3/99

 


 

Government Superannuation Act 1999 s. 44 Act No. Employees Superannuation Act 1989 as in force immediately before that transfer. (3) Despite the repeal of the State Casual Employees Superannuation Act 1989 and Superannuation 5 Acts (General Amendment) Act 1995, the Minister must continue to pay into the Victorian Superannuation Fund such amounts as would have been payable from time to time under sections 26(3), 27(2) and 31 of the State Casual 10 Employees Superannuation Act 1989 into the State Casual Employees Superannuation Fund if the State Casual Employees Superannuation Act 1989 had not been repealed. (4) Section 42A of the Public Sector 15 Superannuation (Administration) Act 1993 applies to the early release of part or all of a contributor's benefits as if that Act had not been repealed. 44. Provisions relating to LASB 20 (1) The Local Authorities Superannuation Fund as constituted under and governed by the Local Authorities Superannuation Act 1988 immediately before 1 July 1998 continues, on and after 1 July 1998, as the Local Authorities 25 Superannuation Fund continued in force and governed by the Trust Deed made before 1 July 1998 by Local Authorities Super Pty Ltd, Trustee of the Local Authorities Superannuation Fund. (2) All assets and liabilities of the Local Authorities 30 Superannuation Fund immediately before 1 July 1998 are transferred on 1 July 1998 to Local Authorities Super Pty Ltd, as Trustee of the Local Authorities Superannuation Fund under the Trust Deed. 35 (3) Except as in the Trust Deed expressly or by necessary implication provided, all persons, things 35 532167B.I1-19/3/99

 


 

Government Superannuation Act 1999 s. 45 Act No. and circumstances appointed or created by or under the Local Authorities Superannuation Act 1988 or existing or continuing under that Act immediately before 1 July 1998 (including benefit 5 accruals and benefit entitlements) shall under and subject to the Trust Deed continue to have the same status, operation and effect as they respectively would have had if that Act had not been repealed. 10 (4) No stamp duty or other tax is payable under any Act in respect of anything done under this section. 45. Provisions relating to HSF (1) The Hospitals Superannuation Fund as constituted under and governed by the Hospitals 15 Superannuation Act 1988 immediately before 1 January 1999 continues, on and after 1 January 1999, as the Hospitals Superannuation Fund continued in force and governed by the Trust Deed made before 1 January 1999 by Health 20 Super Pty Ltd as Trustee of the Hospitals Superannuation Fund from 1 January 1999. (2) All assets and liabilities of the Hospitals Superannuation Fund immediately before 1 January 1999 are transferred on 1 January 1999 25 to Health Super Pty Ltd as Trustee of the Hospitals Superannuation Fund under the Trust Deed. (3) Except as in the Trust Deed expressly or by necessary implication provided, all persons, things 30 and circumstances appointed or created by or under the Hospitals Superannuation Act 1988 or existing or continuing under that Act immediately before 1 January 1999 (including benefit accruals and benefit entitlements) shall under and subject 35 to the Trust Deed continue to have the same 36 532167B.I1-19/3/99

 


 

Government Superannuation Act 1999 s. 45 Act No. status, operation and effect as they respectively would have had if that Act had not been repealed. (4) Without limiting the operation of the Trust Deed, any entity which immediately before 1 January 5 1999 was making, or was liable to make, contributions to the Hospitals Superannuation Fund-- (a) is on 1 January 1999 deemed to be a participating employer in the Hospitals 10 Superannuation Fund as governed by the Trust Deed; and (b) must not later than 30 June 1999 provide or execute such documents as Health Super Pty Ltd may require for the purposes of 15 administering the Hospitals Superannuation Fund. (5) All persons appointed under section 14(1) of the Hospitals Superannuation Act 1988 who are employees of the Hospitals Superannuation Board 20 immediately before 1 January 1999 are deemed as from 1 January 1999 to be employees of Health Super Pty Ltd. (6) A person to whom sub-section (5) applies is entitled to a salary and terms and conditions of 25 employment no less favourable than those which he or she received or was entitled to receive immediately before 1 January 1999 and to all his or her accrued benefits arising from his or her prior employment. 30 (7) A person to whom sub-section (5) applies is not entitled to receive any payment or other benefit by reason only of having ceased to be an employee of the Hospitals Superannuation Board because of this section. 37 532167B.I1-19/3/99

 


 

Government Superannuation Act 1999 s. 46 Act No. (8) No stamp duty or other tax is payable under any Act in respect of anything done under this section. 46. Provisions relating to VSF (1) The Victorian Superannuation Fund as constituted 5 under and governed by the Public Sector Superannuation (Administration) Act 1993 immediately before 1 July 1999 continues, on and after 1 July 1999, as the Victorian Superannuation Fund continued in force and governed by the 10 Trust Deed made before 1 July 1999 by VicSuper Pty Ltd as Trustee of the Victorian Superannuation Fund from 1 July 1999. (2) All assets and liabilities of the Victorian Superannuation Fund immediately before 1 July 15 1999 are transferred on 1 July 1999 to VicSuper Pty Ltd as Trustee of the Victorian Superannuation Fund under the Trust Deed. (3) Except as in the Trust Deed expressly or by necessary implication provided, all persons, things 20 and circumstances appointed or created by or under the Public Sector Superannuation (Administration) Act 1993 or existing or continuing under that Act immediately before 1 July 1999 (including benefit accruals and 25 benefit entitlements) shall under and subject to the Trust Deed continue to have the same status, operation and effect as they respectively would have had if that Act had not been repealed. (4) Without limiting the operation of the Trust Deed, 30 any entity which immediately before 1 July 1999 was making, or was liable to make, contributions to the Victorian Superannuation Fund-- (a) is on 1 July 1999 deemed to be a participating employer in the Victorian 35 Superannuation Fund as governed by the Trust Deed; and 38 532167B.I1-19/3/99

 


 

Government Superannuation Act 1999 s. 47 Act No. (b) must not later than 31 December 1999 provide or execute such documents as VicSuper Pty Ltd may require for the purposes of administering the Victorian 5 Superannuation Fund. (5) A designated employee who has accepted an offer of employment under section 30 is as from 1 July 1999 an employee of VicSuper Pty Ltd and is entitled to a salary and terms and conditions of 10 employment no less favourable than those which he or she received or was entitled to receive immediately before 1 July 1999 and to all his or her accrued benefits arising from his or her prior employment. 15 (6) No stamp duty or other tax is payable under any Act in respect of anything done under this section. 47. Regulations (1) The Governor in Council may, after consideration of a report from the Office, make regulations for 20 or with respect to any matter or thing which is required or permitted to be prescribed by this Act or necessary to be prescribed to give effect to this Act. (2) The regulations-- 25 (a) may be of general or limited application; and (b) may differ according to differences in time, place or circumstance; and (c) may impose penalties not exceeding 5 penalty units for a contravention of or an 30 offence under the regulations; and (d) may apply, adopt or incorporate (with or without modification)-- (i) the provisions of any document, code, standard, rule, specification or method 39 532167B.I1-19/3/99

 


 

Government Superannuation Act 1999 s. 47 Act No. formulated, issued, prescribed or published by any person or body whether as formulated, issued, prescribed or published at the time the 5 regulations are made, or at any time before then; or (ii) the provisions of any Act of the Commonwealth or of another State or of a Territory or any matter contained 10 in an Index published by the Commonwealth or of another State or of a Territory or any matter contained in an Index published by the Commonwealth Statistician or the 15 provisions of any subordinate instrument under any of those Acts, whether wholly or partially or as amended by the regulations or as in force or published at a particular time 20 or from time to time; and (e) may leave any matter or thing to be from time to time determined, applied, dispensed with or regulated by the Office; and (f) may confer powers or impose duties in 25 connection with the regulations on the Office. _______________ 40 532167B.I1-19/3/99

 


 

Government Superannuation Act 1999 s. 48 Act No. PART 6--TRANSITIONAL AND CONSEQUENTIAL PROVISIONS 48. Objectives and duties of Victorian Superannuation Board 5 After section 6(6) of the Public Sector Superannuation (Administration) Act 1993 insert-- "(7) The Board must provide such assistance and information to the Minister as the Minister 10 considers is necessary-- (a) to enable the Government Superannuation Act 1999 to be fully effective when it comes into operation; and 15 (b) to facilitate the effective implementation and administration of the Government Superannuation Act 1999. (8) The Minister may give the Board directions 20 for the purpose of giving effect to sub- section (7) or to any statement of government policy whether given before, on or after the commencement of section 48 of the Government Superannuation Act 25 1999.". 49. Repeal (1) The Public Sector Superannuation (Administration) Act 1993 is repealed. (2) In Schedule 1 of the Borrowing and Investment 30 Powers Act 1987 for "Victorian Superannuation Board" substitute "Government Superannuation Office". 41 532167B.I1-19/3/99

 


 

Government Superannuation Act 1999 s. 50 Act No. 50. State Employees Retirement Benefits Act 1979 (1) In the State Employees Retirement Benefits Act 1979-- (a) before section 1 insert 5 "PART 1--PRELIMINARY"; (b) in section 2(1) omit the definition of "Board"; (c) section 3A is repealed; (d) omit the heading 10 "PART 1--THE BOARD"; (e) before section 18 insert the heading "PART 2--THE FUND". (2) After section 2(4) of the State Employees Retirement Benefits Act 1979 insert-- 15 "(5) A reference in this Act or the regulations to the Board is to be construed as a reference to the Government Superannuation Office established under the Government Superannuation Act 1999, unless the 20 context or subject-matter otherwise requires.". 51. State Superannuation Act 1988 (1) In the State Superannuation Act 1988-- (a) in section 3(1) omit the definition of 25 "Board"; (b) in section 4(1) omit "Subject to sub-section (1A),"; (c) section 4(1A) and Part 2 are repealed. 42 532167B.I1-19/3/99

 


 

Government Superannuation Act 1999 s. 52 Act No. (2) After section 3(6) of the State Superannuation Act 1988 insert-- "(7) A reference in this Act or the regulations to the Board is to be construed as a reference to 5 the Government Superannuation Office established under the Government Superannuation Act 1999, unless the context or subject-matter otherwise requires.". 10 52. Superannuation (Portability) Act 1989 In section 9(7) of the Superannuation (Portability) Act 1989 for "beneficiary account established" substitute "complying superannuation fund nominated". 15 53. Transport Superannuation Act 1988 (1) In the Transport Superannuation Act 1988-- (a) in section 3(1) omit the definition of "Board"; (b) in section 4(5) omit "Subject to sub-section 20 (5A),"; (c) sections 4(5A) and 6 are repealed; (d) omit the heading "PART 2--THE BOARD"; (e) before section 22 insert the heading 25 "PART 2--THE FUND". (2) After section 3(3) of the Transport Superannuation Act 1988 insert-- "(4) A reference in this Act or the regulations to the Board is to be construed as a reference to 30 the Government Superannuation Office established under the Government Superannuation Act 1999, unless the 43 532167B.I1-19/3/99

 


 

Government Superannuation Act 1999 s. 54 Act No. context or subject-matter otherwise requires." 54. Victorian Funds Management Corporation Act 1994 In Victorian Funds Management Corporation 5 Act 1994, in section 3 of the definition of "public authority", for "Public Sector Superannuation (Administration) Act 1993" substitute "Government Superannuation Act 1999". 10 44 532167B.I1-19/3/99

 


 

Government Superannuation Act 1999 Notes Act No. NOTES By Authority. Government Printer for the State of Victoria. 45 532167B.I1-19/3/99

 


 

Government Superannuation Act 1999 Act No. 46 532167B.I1-19/3/99

 


 

 


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