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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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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
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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;
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(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;
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"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,
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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
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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;
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(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.
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(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.
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(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.
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(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.
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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.
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(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.
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(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
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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
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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.
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(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
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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.
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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
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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
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(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--
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(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
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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).
_______________
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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--
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(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
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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
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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.
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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
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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
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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
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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
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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
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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
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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
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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--
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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
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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
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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
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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
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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
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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
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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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