Transport Superannuation Regulations 1998

i Transport Superannuation Regulations 1998 S.R. No. 118/1998 TABLE OF PROVISIONS Regulation Page 1. Purpose 1 2. Authorising provision 1 3. Commencement 1 4. Revocation 1 5. Definitions 2 6. Prescribed superannuation schemes 4 7. Contributions 4 8. Rates of Interest 5 9. Payment on death 5 10. Death and disability benefits payable to transferred members 6 11. Medical Classification 6 12. Death or disability benefit if a medical classification certificate is in force 6 13. Death or disability benefit if no medical examination made 7 __________________ SCHEDULE—Factors to be applied to total contributions without interest as at 30 June 1987 to produce total contributions with interest at that date 9 ═══════════════ NOTES 10 -- 1 of 11 -- 1 STATUTORY RULES 1998 S.R. No. 118/1998 Transport Superannuation Act 1988 Transport Superannuation Regulations 1998 The Governor in Council, after consideration of a report from the Victorian Superannuation Board, makes the following Regulations: Dated: 22 September 1998 Responsible Minister: ROGER M. HALLAM Minister for Finance SHARNE BRYAN Clerk of the Executive Council 1. Purpose The purpose of these Regulations is to specify certain requirements and conditions for the operation of the Transport Superannuation Act 1988. 2. Authorising provision These Regulations are made under section 52 of the Transport Superannuation Act 1988. 3. Commencement These Regulations come into operation on 25 September 1998. 4. Revocation The Transport Superannuation Regulations 19881 are revoked. -- 2 of 11 -- S.R. No. 118/1998 Transport Superannuation Regulations 1998 2 5. Definitions (1) In these Regulations— "Act" means the Transport Superannuation Act 1988; "Board" means the Victorian Superannuation Board established under section 5 of the Public Sector Superannuation (Administration) Act 1993; "salary" means the amount, computed as determined by the Board, of the annual rate of remuneration for the time being payable periodically and regularly to a member by an employer including the annual rate of any higher duties allowances that have been paid continuously for at least twelve months but excluding any expense of office or uniform allowance reimbursement of travelling or other incidental expenses or overtime allowance or any other allowances which would not ordinarily be payable in respect of every pay period in a year of employment. (2) For the purposes of the definition of salary in sub- regulation (1)— (a) in the case of a member who is on leave of absence without pay or less than full pay and is not acting as a full-time officer of a union or employee organisation, salary means the salary of the member immediately prior to the commencement of that leave of absence increased in accordance with changes in the salary applicable to the substantive classification of the member during such leave or such greater salary as is paid to the member by any other employer and approved by the Board; r. 5 -- 3 of 11 -- S.R. No. 118/1998 Transport Superannuation Regulations 1998 3 (b) in the case of a member who is an employee of a union or employee organisation, salary means the last salary of the employee immediately prior to becoming a full-time officer of the union or employee organisation adjusted in accordance with changes in the rate of salary for the last substantive classification of the member or such greater salary as is paid to the member by the union or employee organisation and approved by the Board; (c) in the case of a part-time member, salary means the salary which would be payable at that time to a person in similar employment on a full-time basis; (d) if a member's salary is reduced, and the Board agrees that the reduction must not be taken into account, salary means the greater of— (i) the salary of the member immediately prior to the reduction; and (ii) the actual salary; (e) in the case of employees performing shift work, salary includes an additional annual amount of remuneration calculated according to the schedule of shift allowances approved by the Board and published from time to time in the Government Gazette provided that— (i) for the purpose of calculating benefits the shift work has been performed for not less than 3 years immediately prior to the date at which the benefits become payable; and r. 5 -- 4 of 11 -- S.R. No. 118/1998 Transport Superannuation Regulations 1998 4 (ii) any benefit payable to an employee who becomes eligible for benefits without having completed 3 years of shift work, must take into account any additional contributions paid by that employee in relation to the shift work. 6. Prescribed superannuation schemes For the purposes of section 4(5) of the Act, a prescribed superannuation scheme is any superannuation scheme established and maintained by an Act of Victoria or any other State, the Commonwealth, or a Territory or the governing body of any authority constituted under any Act of Victoria or any other State, the Commonwealth or a Territory. 7. Contributions (1) For the purposes of section 28(2) of the Act, employees who are contributors to the revised or new schemes of the State Superannuation Fund or the Port of Melbourne Authority Superannuation Scheme for not more than 23 units of pension are members of a prescribed class of members. (2) Subject to giving 2 months' notice in writing to the Board, a member may change his or her rate of contribution under section 28(5) of the Act with effect from the first date for payment of salary on or after the date or dates fixed by the Board for the adjustment of salary in each year. (3) Contributions that are deducted from the after-tax salaries of members, and other money payable to the Board, must be paid by the employing authority on the appropriate pay day by the direct crediting of those amounts to a bank account nominated by the Board or in any other manner approved by the Board. r. 6 -- 5 of 11 -- S.R. No. 118/1998 Transport Superannuation Regulations 1998 5 (4) Particulars in writing of the contributions and other money comprising the amount of payment must be provided by the employing authority to the Board on the day that the payment is made. (5) Any variation in the amount of contributions normally paid to the Board on any pay day must be explained in writing to the Board by the employing authority showing the changes that have occurred in the deductions from the contributor's after-tax salaries. (6) A contributor must make contributions to the Fund on each date of payment of salary or periodic payments under the Accident Compensation Act 1985. 8. Rates of Interest For the purpose of section 35(1) of the Act— (a) the amount of contributions and interest as at 30 June 1987 is calculated using the factors in the Schedule with values for intermediate dates of entry being calculated to the lower 0.01; and (b) the additional annual rates of interest to be applied from 1 July 1987 to 30 June 1988 and from 1 July to 30 June in subsequent years will be as published by the Board in the Government Gazette. 9. Payment on death On the death of a pensioner or other beneficiary, the maximum amount of money the Board may pay to a person under section 49(3) of the Act is $10 000. r. 8 -- 6 of 11 -- S.R. No. 118/1998 Transport Superannuation Regulations 1998 6 10. Death and disability benefits payable to transferred members Full death and disability benefits must be granted by the Board to a transferred member who was entitled to full death and disability benefits under a superannuation fund or superannuation arrangement referred to in section 4(1) of the Act. 11. Medical Classification Subject to regulations 12 and 13— (a) if the Board after consideration of any medical report or other medical evidence as it considers relevant is of the opinion that there is a real risk by reason of or connected with any physical or mental condition that a member will not continue to be an employee until he or she attains the age of 60 years, the Board may issue a medical classification certificate specifying that condition; and (b) until a member has been medically examined and classified by the Board he or she is to be treated as having been issued with a medical classification certificate specifying any relevant condition. 12. Death or disability benefit if a medical classification certificate is in force If a member in respect of whom there is in force a medical classification certificate dies or becomes disabled and the Board is of the opinion that the death or disability was caused or substantially contributed to by a condition specified in the medical classification certificate, the benefit payable instead of the benefits under section 30(1) or 31(1) of the Act is— (a) in the event of death— r. 10 -- 7 of 11 -- S.R. No. 118/1998 Transport Superannuation Regulations 1998 7 (i) the accrued retirement benefit at the date of death; and (ii) one-twentieth of the balance of the lump sum benefit which would have been payable if no medical classification certificate was in force for each year of recognised service— but not exceeding the benefit which would have been payable if no medical classification certificate was in force at the date of death; or (b) in the event of disability, a pension for life at the rate of one-twelfth of— (i) the accrued retirement benefit at the date of disability; and (ii) one-twentieth of the balance of the lump sum benefit which would have been payable if no medical classification certificate was in force for each year of recognised service— but not exceeding the pension which would have been payable if no medical classification certificate was in force at the date of disability. 13. Death or disability benefit if no medical examination made If a member who has not been medically examined and classified by the Board dies or is retired on account of disability and the Board is satisfied after considering medical evidence that the member's death or retirement— (a) was not due to the fault (whether by intentional act or omission) of the member or any person liable to benefit financially from the member's death; and r. 13 -- 8 of 11 -- S.R. No. 118/1998 Transport Superannuation Regulations 1998 8 (b) was caused as a result of an accident or medical trauma unrelated to any prior medical condition of the member suffered by the member within 12 months (or such longer period as is approved by the Board) prior to the member's death or retirement— the Board may determine that any benefits payable under the Act in respect of the member's death or retirement be paid as if no medical classification certificate was in force at the date of death or disability. __________________ r. 13 -- 9 of 11 -- S.R. No. 118/1998 Transport Superannuation Regulations 1998 9 SCHEDULE Regulation 8(a) FACTORS TO BE APPLIED TO TOTAL CONTRIBUTIONS WITHOUT INTEREST AS AT 30 JUNE 1987 TO PRODUCE TOTAL CONTRIBUTIONS WITH INTEREST AT THAT DATE Date of entry during year ended Factor Date of entry during year ended Factor Date of entry during year ended Factor 30.6.87 1.00 30.6.71 1.93 30.6.55 2.22 30.6.86 1.07 30.6.70 1.96 30.6.54 2.23 30.6.85 1.14 30.6.69 1.99 30.6.53 2.23 30.6.84 1.21 30.6.68 2.02 30.6.52 2.24 30.6.83 1.29 30.6.67 2.05 30.6.51 2.24 30.6.82 1.37 30.6.66 2.07 30.6.50 2.24 30.6.81 1.44 30.6.65 2.09 30.6.49 2.25 30.6.80 1.51 30.6.64 2.11 30.6.48 2.25 30.6.79 1.57 30.6.63 2.13 30.6.47 2.25 30.6.78 1.62 30.6.62 2.15 30.6.46 2.25 30.6.77 1.68 30.6.61 2.16 30.6.45 2.25 30.6.76 1.73 30.6.60 2.18 30.6.44 2.25 30.6.75 1.78 30.6.59 2.19 30.6.43 2.25 30.6.74 1.82 30.6.58 2.20 30.6.42 2.25 30.6.73 1.86 30.6.57 2.21 30.6.41 2.25 30.6.72 1.90 30.6.56 2.22 30.6.40 2.25 ═══════════════ Sch. -- 10 of 11 -- S.R. No. 118/1998 Transport Superannuation Regulations 1998 10 NOTES 1 Reg. 4: S.R. No. 389/1988 amended by S.R. No. 96/1996. Notes -- 11 of 11 --