Statutory Authorities (Superannuation Arrangements) Act 1994
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Statutory Authorities (Superannuation Arrangements) Act 1994
Statutory Authorities (Superannuation Arrangements) Act 1994
An Act about superannuation for members of statutory authorities
1 Short title
This Act may be cited as the
Statutory Authorities (Superannuation Arrangements) Act 1994 .
2 Commencement
This Act is taken to have commenced on 1 July 1992.
3 Definitions
In this Act—
member
of a statutory authority means a person—
(a) who is paid for the performance of duties as a member of the authority’s executive body (whether described as the board of directors or otherwise); and
(b) for whom the authority is liable to pay the superannuation guarantee charge if it does not meet the minimum level of superannuation support prescribed under the
Superannuation Guarantee (Administration) Act 1992 (Cwlth) ;
statutory authority
means a body corporate established under an Act;
superannuation guarantee charge
means the charge imposed by the
Superannuation Guarantee Charge Act 1992 (Cwlth) .
4 Superannuation arrangements
(1) A statutory authority may— (a) establish and amend a superannuation scheme for its members; or
(b) join in establishing and amending a superannuation scheme for its members; or
(c) take part in a superannuation scheme for its members.
(2) However, a statutory authority may not establish or take part in a superannuation scheme that does not satisfy the superannuation fund conditions under the
Occupational Superannuation Standards Regulations Application Act 1992 (Cwlth) .
(3) For the purposes of subsection (1), a statutory authority may establish and keep any fund.
s 4 amd 2008 No. 75 s 117
5 Regulation making power
The Governor in Council may make regulations under this Act.
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