Superannuation Legislation (Governance Reform) Act 2005

i Superannuation Legislation (Governance Reform) Act 2005 Act No. 94/2005 TABLE OF PROVISIONS Section Page PART 1—PRELIMINARY 1 1. Purpose 1 2. Commencement 2 PART 2—EMERGENCY SERVICES SUPERANNUATION ACT 1986 3 3. Amendment of section 1—Purpose 3 4. Amendment of section 3—Definitions 3 5. New section 3A inserted 6 3A. Declaration of eligible salary sacrifice contributors 6 6. New sections 4B to 4D inserted 6 4B. Effect of Act 6 4C. Guarantee of no detriment 7 4D. Review of decision 7 7. Amendment of section 6—Objectives and duties of the Board 8 8. New section 6A inserted 13 6A. Functions and powers of the Board 13 9. Section 7 substituted—Membership of the Board 15 7. Membership of the Board 15 10. Consequential amendment of sections 8, 12B and 12C 20 11. Section 12 substituted—Procedure of the Board 20 12. Procedure of the Board 20 12. Section 13 substituted and new section 13A inserted 22 13. Chief Executive Officer 22 13A. Staff 24 13. Amendment of section 14—Delegation 26 14. New section 17B inserted—Group accounts 26 17B. Group accounts 26 15. Amendment of section 18—Management Account of the Board 28 16. New Part heading inserted 29 17. Amendment of section 20—Scheme may be supplemented by Consolidated Fund 29 18. Amendment of section 20A—Contributions 30 19. Amendment of section 20Q 31 -- 1 of 57 -- Section Page ii 20. New Parts 4AA and 4AB inserted 32 PART 4AA—TRANSFER OF THE STATE SUPERANNUATION FUND AND TRANSFER OF ADMINISTRATION OF THE MTA SUPERANNUATION FUND AND RELATED MATTERS 32 22DA. Definitions 32 22DB. Transfer of assets and liabilities of the State Superannuation Fund 32 22DC. Board is successor in law 33 22DD. Exemption from stamp duty or other tax 35 22DE. Transitional provision—Registrar of Titles 35 PART 4AB—TRANSFER OF ADMINISTRATION OF DECLARED PUBLIC SECTOR SUPERANNUATION SCHEMES 35 22DF. Application of this Part 35 22DG. Declaration of administered schemes 36 22DH. Board is successor in law 36 22DI. Conflict between duties, functions and powers 37 22DJ. Matters which may be included in Order in Council 38 22DK. General provisions relating to Orders in Council 38 22DL. Exemption from stamp duty or other tax 40 22DM. Transitional provision—Registrar of Titles 40 PART 3—GOVERNMENT SUPERANNUATION ACT 1999 41 21. Amendment of section 1—Purpose 41 22. Amendment of section 3—Definitions 41 23. Repeal of Parts 2, 3 and 4 41 24. Repeal of section 47 41 PART 4—PARLIAMENTARY SALARIES AND SUPERANNUATION ACT 1968 42 25. Amendment of section 11B—Objectives and duties of the Parliamentary Trustee 42 26. Amendment of section 11C—Functions and powers of the Parliamentary Trustee 43 PART 5—STATE EMPLOYEES RETIREMENT BENEFITS ACT 1979 44 27. Amendment of section 2—Definitions 44 28. Repeal of Part 2 45 29. Amendment of section 29—Board may determine classification 45 30. Amendment of section 34A—Election by retrenched member 45 31. Amendment of section 38—Deferred retirement benefits 45 -- 2 of 57 -- Section Page iii 32. Amendment of section 41A—Pensioner may apply for reduced pension and lump sum payment 45 33. Amendment of section 51A—Entitlement to pension 45 34. Amendment of section 65—Minimum benefits 46 35. Repeal of Part VI 46 PART 6—STATE SUPERANNUATION ACT 1988 47 36. Amendment of section 3—Definitions 47 37. Amendment of section 3A—Declaration of eligible salary sacrifice contributors 48 38. Amendment of Part 3 48 39. Repeal of Parts 3A and 9 48 40. Amendment of section 25—Service and prospective service of part-time officer 48 41. Amendment of section 43—Payment on death of revised scheme member before retirement 49 42. Amendment of section 49—Election in respect of leave of absence without pay 49 43. Amendment of section 50—Contribution rates 49 44. Amendment of section 52—Benefit on retirement of new scheme member 49 45. Amendment of section 53—Benefit on death of new scheme member before retirement 49 46. Amendment of section 59—Intermittent service 50 47. Amendment of section 67A—Entitlement to pension 50 48. Amendment of section 71—Minimum benefit 50 49. Amendment of section 99—Transfer of members under section 4(1BA) of ESSA 50 PART 7—SUPERANNUATION (PORTABILITY) ACT 1989 51 50. Repeal of spent provision 51 PART 8—TRANSPORT SUPERANNUATION ACT 1988 52 51. Amendment of section 3—Definitions 52 52. Repeal of Parts 2 and 5 52 53. Amendment of section 29—Benefit on retirement due to age 53 54. Amendment of section 35A—Minimum benefit 53 55. Amendment of section 37—Intermittent service 53 56. Repeal of Part 9 53 ═══════════════ ENDNOTES 54 -- 3 of 57 -- 1 Superannuation Legislation (Governance Reform) Act 2005 † [Assented to 29 November 2005] The Parliament of Victoria enacts as follows: PART 1—PRELIMINARY 1. Purpose The purpose of this Act is to— (a) amend the Emergency Services Superannuation Act 1986 to— (i) integrate the State Superannuation Fund into the Emergency Services Superannuation Scheme by closing the Victoria No. 94 of 2005 -- 4 of 57 -- Part 1—Preliminary Superannuation Legislation (Governance Reform) Act 2005 Act No. 94/2005 2 State Superannuation Fund and transferring the assets and liabilities of the State Superannuation Fund to the Emergency Services Superannuation Scheme; (ii) restructure the Emergency Services Superannuation Board and broaden the objectives, functions and powers of the Board to enable it to perform the new role of administrator of public sector superannuation schemes and administered schemes; (iii) provide for the Government Superannuation Office to be abolished and for the Emergency Services Superannuation Board to be the successor in law of the Government Superannuation Office; (iv) enable salary sacrifice by contributors to the Emergency Services Superannuation Scheme; (v) improve the administration of public sector superannuation schemes; (b) make related amendments to the Government Superannuation Act 1999, the Parliamentary Salaries and Superannuation Act 1968, the State Employees Retirement Benefits Act 1979, the State Superannuation Act 1988, the Superannuation (Portability) Act 1989 and the Transport Superannuation Act 1988. 2. Commencement This Act comes into operation on 1 December 2005. __________________ s. 2 -- 5 of 57 -- Part 2—Emergency Services Superannuation Act 1986 Superannuation Legislation (Governance Reform) Act 2005 Act No. 94/2005 3 PART 2—EMERGENCY SERVICES SUPERANNUATION ACT 1986 3. Amendment of section 1—Purpose At the end of section 1 of the Emergency Services Superannuation Act 1986 insert— "(2) In addition to the purpose specified in sub- section (1), the purpose of this Act as amended by the Superannuation Legislation (Governance Reform) Act 2005 is to— (a) re-constitute the Board and empower the Board to administer public sector superannuation schemes; and (b) improve the administration of public sector superannuation schemes.". 4. Amendment of section 3—Definitions (1) In section 3(1) of the Emergency Services Superannuation Act 1986 insert the following definitions— ' "administered scheme" means— (a) the MTA Superannuation Fund; and (b) a public sector superannuation scheme which is declared to be an administered scheme under section 22DG; "appointed day", in respect of an administered scheme within the meaning of paragraph (b) of the definition of "administered scheme", means the appointed day specified in the Order in Council made under section 22DG in respect of the transfer of the administered scheme; See: Act No. 94/1986. Reprint No. 5 as at 15 October 2003 and amending Act Nos 40/2004 and 32/2005. LawToday: www.dms. dpc.vic. gov.au s. 3 -- 6 of 57 -- Part 2—Emergency Services Superannuation Act 1986 Superannuation Legislation (Governance Reform) Act 2005 Act No. 94/2005 4 "Chief Executive Officer" means the Chief Executive Officer of the Board appointed to be the Chief Executive Officer under section 13 or a person appointed to act as the Chief Executive Officer under that section; "eligible salary sacrifice contributor" means a contributor in respect of whom a declaration is in force under section 3A; "governing body" means the person or body administering a public sector superannuation scheme but does not include the Board; "governing instrument" means the Act, regulations, by-law, trust deed or other document whatsoever or any combination of such documents by or under which a public sector superannuation scheme is established or maintained; "public sector superannuation scheme" means a scheme for the payment of superannuation, retirement or death benefits which is established or maintained— (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; "Superannuation Act" means— (a) this Act; (b) Part III of the Police Regulation Act 1958; (c) the State Employees Retirement Benefits Act 1979; (d) the State Superannuation Act 1988; s. 4 -- 7 of 57 -- Part 2—Emergency Services Superannuation Act 1986 Superannuation Legislation (Governance Reform) Act 2005 Act No. 94/2005 5 (e) the Superannuation Act 1958; (f) the Transport Superannuation Act 1988; "State Superannuation Fund" means the Superannuation Fund established under the Superannuation Act 1925 and continued under the State Superannuation Act 1988 as the State Superannuation Fund and as in existence immediately before the commencement of the Superannuation Legislation (Governance Reform) Act 2005; "superannuation benefits" includes superannuation payments, annuities, pensions, allowances, lump sum payments or other benefits;'. (2) In section 3(1) of the Emergency Services Superannuation Act 1986, in the definition of "benefit" after "Scheme" insert "under this Act". (3) In section 3(1) of the Emergency Services Superannuation Act 1986, in the definition of "contributor" for "Part 3" substitute "Part 3AA". (4) In section 3(1) of the Emergency Services Superannuation Act 1986, in paragraph (g) of the definition of "employee" after "Board" insert "before 1 December 2005 or in accordance with section 13 or 13A or to which section 13A(3)(b) applies". (5) After section 3(2) of the Emergency Services Superannuation Act 1986 insert— "(3) A reference in this Act to the administration of a public sector superannuation scheme includes a reference to the management and control of the policies of that scheme. s. 4 -- 8 of 57 -- Part 2—Emergency Services Superannuation Act 1986 Superannuation Legislation (Governance Reform) Act 2005 Act No. 94/2005 6 (4) If there is any inconsistency between a provision which by virtue of this Act is deemed to form part 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.". 5. New section 3A inserted After section 3 of the Emergency Services Superannuation Act 1986 insert— "3A. Declaration of eligible salary sacrifice contributors The Minister may by notice published in the Government Gazette declare— (a) a contributor to be an eligible salary sacrifice contributor from the date specified in the notice; or (b) a class of contributors to be eligible salary sacrifice contributors from the date specified in the notice.". 6. New sections 4B to 4D inserted After section 4A of the Emergency Services Superannuation Act 1986 insert— "4B. Effect of Act This Act does not confer any power on the Government of Victoria, the Minister or the Board to close the Scheme established under section 15 to new members. s. 5 -- 9 of 57 -- Part 2—Emergency Services Superannuation Act 1986 Superannuation Legislation (Governance Reform) Act 2005 Act No. 94/2005 7 4C. Guarantee of no detriment (1) Subject to sub-section (2), no benefit or entitlement to a benefit calculated or payable under a Superannuation Act shall be less than the benefit or entitlement to which a person would have been entitled if this Act had not been amended by the Superannuation Legislation (Governance Reform) Act 2005. (2) This section applies to a benefit or entitlement to a benefit calculated or payable under Part 3A only to the extent that the benefit is not impacted by investment decisions, changes to the rate or amount of member contributions made at the direction of a member or matters at the discretion of the Board. 4D. Review of decision A person who is aggrieved as to a decision of the Board that a benefit or entitlement to a benefit calculated or payable under a Superannuation Act to which section 4C applies is not less than the benefit or entitlement to which a person would have been entitled if this Act had not been amended by the Superannuation Legislation (Governance Reform) Act 2005, is entitled to a review of that decision in accordance with the Superannuation Act under which the benefit or entitlement to the benefit is calculated or payable.". s. 6 -- 10 of 57 -- Part 2—Emergency Services Superannuation Act 1986 Superannuation Legislation (Governance Reform) Act 2005 Act No. 94/2005 8 7. Amendment of section 6—Objectives and duties of the Board (1) For sections 6(1), 6(2) and 6(2A) of the Emergency Services Superannuation Act 1986 substitute— "(1) The following are the objectives of the Board— (a) to collect contributions and other assets due to the Scheme or an administered scheme; (b) to manage and determine investment objectives for the assets of the Scheme or an administered scheme so as to achieve optimal risk and return outcomes having regard to— (i) the need to provide for payments out of the Scheme or administered scheme; and (ii) the need to exercise reasonable care and prudence so as to maintain the integrity of the Scheme or administered scheme; (c) to administer the payment of benefits under a Superannuation Act or the governing instrument of an administered scheme. (2) It is the duty of the Board to— (a) establish policies for the administration of each Superannuation Act and administered scheme and to adopt strategies for the achievement of those policies; and s. 7 -- 11 of 57 -- Part 2—Emergency Services Superannuation Act 1986 Superannuation Legislation (Governance Reform) Act 2005 Act No. 94/2005 9 (b) determine, authorise or approve programs for the administration of each Superannuation Act and administered scheme; and (c) determine objectives for the investment of money in the Scheme and standing to the credit of each administered scheme; and (d) establish and implement strategies for the investment of money in the Scheme and standing to the credit of each administered scheme; and (e) 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 continue to apply to an administered scheme by virtue of this Act; and (f) have regard to the interests of persons entitled to benefits under the Scheme, a Superannuation Act or an administered scheme; and (g) ensure that the Scheme and each administered scheme is administered in accordance with the Commonwealth Superannuation Contributions Tax (Assessment and Collection) Act 1997 and the Commonwealth Superannuation Contributions Tax Imposition Act 1997 and any regulations under those Acts; and s. 7 -- 12 of 57 -- Part 2—Emergency Services Superannuation Act 1986 Superannuation Legislation (Governance Reform) Act 2005 Act No. 94/2005 10 (h) ensure that the provisions of Part VIIIB of the Commonwealth Family Law Act 1975 and regulations made under that Act for the purposes of that Part are complied with; and (i) ensure that the decisions and operations of the Board are directed towards achieving its objectives; and (j) ensure that the Board has, or has access to, the skills, facilities and resources required to achieve its objectives; and (k) subject to sub-section (3), inform contributors and members, about their rights and the benefits under the Scheme, a Superannuation Act or an administered scheme and about the management and investment of the Scheme or the administered scheme including making available to contributors and members at least once in each year a summary of information about the management and investment of the Scheme or administered scheme; and (l) subject to sub-section (3), liaise with relevant industrial organisations about the interests of contributors and members and inform those organisations about the management and investment of the Scheme or administered scheme; and (m) ensure that the Board conducts its operations in an efficient manner. s. 7 -- 13 of 57 -- Part 2—Emergency Services Superannuation Act 1986 Superannuation Legislation (Governance Reform) Act 2005 Act No. 94/2005 11 (2A) In relation to the investment of all or part of the money in the Scheme and standing to the credit of each administered scheme, the Board is to be taken to have discharged the relevant duties specified in sub-section (2), other than the duty to determine investment objectives under sub-section (2)(c), if in respect of that money— (a) the Board has appointed the Victorian Funds Management Corporation under section 9A of the Victorian Funds Management Corporation Act 1994 to perform investment related functions on behalf of the Board; and (b) the terms of the appointment with respect to the investment of money are in accordance with an approval given by the Governor in Council under section 20 of the Borrowing and Investment Powers Act 1987. (2B) If any provision of the Commonwealth Superannuation Contributions Tax (Assessment and Collection) Act 1997 or the Commonwealth Superannuation Contributions Tax Imposition Act 1997 or of any regulations under those Acts is inconsistent with a Superannuation Act or any regulations under a Superannuation Act or the governing instrument of an administered scheme, the Board is to be taken to have complied with the Superannuation Act or the regulations or the governing instrument of the administered scheme if the Board has complied with the provision of the Commonwealth Superannuation Contributions Tax (Assessment and Collection) Act 1997 or the Commonwealth Superannuation s. 7 -- 14 of 57 -- Part 2—Emergency Services Superannuation Act 1986 Superannuation Legislation (Governance Reform) Act 2005 Act No. 94/2005 12 Contributions Tax Imposition Act 1997 or of the regulations under those Acts. (2C) If any provision of Part VIIIB of the Commonwealth Family Law Act 1975 or of any regulations made under that Act for the purposes of that Part is inconsistent with a Superannuation Act or any regulations under a Superannuation Act or the governing instrument of an administered scheme, the Board is to be taken to have complied with the Superannuation Act or the regulations or the governing instrument of the administered scheme if the Board has complied with the provision of Part VIIIB of the Commonwealth Family Law Act 1975 or of any regulations made under that Act for the purposes of that Part.". (2) In section 6(3) of the Emergency Services Superannuation Act 1986 for "paragraphs (e) and (f) of sub-section (2)" substitute "sub-sections (2)(k) and (2)(l)". (3) After section 6(5) of the Emergency Services Superannuation Act 1986 insert— "(6) The Minister may issue a direction in writing to the Board in respect of the administration of this Act as amended by the Superannuation Legislation (Governance Reform) Act 2005 relating to or consequent on— (a) the closure of the State Superannuation Fund and the transfer of the assets and liabilities of the State Superannuation Fund to the Scheme; s. 7 -- 15 of 57 -- Part 2—Emergency Services Superannuation Act 1986 Superannuation Legislation (Governance Reform) Act 2005 Act No. 94/2005 13 (b) the transfer of administration from the Government Superannuation Office to the Board; (c) the re-constitution of the Board. (7) The Board must give effect to a direction issued under sub-section (6). (8) If the Minister issues a direction under sub- section (6), the Board must publish that direction in its next annual report.". 8. New section 6A inserted After section 6 of the Emergency Services Superannuation Act 1986 insert— "6A. Functions and powers of the Board (1) Without derogating from section 6, the Board has the functions and powers conferred or imposed on the Board by— (a) a Superannuation Act and any regulations made under a Superannuation Act; (b) any other Act and any regulations made under that other Act; (c) the governing instrument of an administered scheme. (2) Subject to this Act, the Board 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 objectives. (3) Without limiting or derogating from the generality of the powers of the Board under this Act, the powers of the Board include— s. 8 -- 16 of 57 -- Part 2—Emergency Services Superannuation Act 1986 Superannuation Legislation (Governance Reform) Act 2005 Act No. 94/2005 14 (a) power to enter into agreements or arrangements with any other person or body— (i) to carry out on behalf of the Board any one or more of the functions or powers of the Board in relation to the Scheme or an administered scheme; (ii) to arrange death and disability cover insurance for individual members or classes of members of the Scheme or an administered 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 Board. (4) The Board may make arrangements with— (a) the bodies administering the superannuation funds referred to in section 4(1) of the Transport Superannuation Act 1988; or (b) any Minister, employer, employing authority, Government Department or agency or any other statutory body— relating to the members of a superannuation fund or the provision of any services to the members of a superannuation fund or other pension or compensation fund. (5) Any arrangements in effect under section 26 of the Transport Superannuation Act 1988 as in force immediately before the commencement of the Superannuation Legislation (Governance Reform) Act s. 8 -- 17 of 57 -- Part 2—Emergency Services Superannuation Act 1986 Superannuation Legislation (Governance Reform) Act 2005 Act No. 94/2005 15 2005 are deemed to have been made under sub-section (4). (6) The Board may engage an actuary to advise it about the administration of the Scheme or an administered scheme.". 9. Section 7 substituted—Membership of the Board For section 7 of the Emergency Services Superannuation Act 1986 substitute— '7. Membership of the Board (1) The Board is to consist of 12 members appointed by the Governor in Council of whom— (a) 1 is to be a contributor elected by contributors who are employed under the Police Regulation Act 1958 or by the employee organisations representing those contributors; and (b) 1 is to be a contributor elected by contributors who are officers or employees of the Metropolitan Fire and Emergency Services Board or persons appointed by the Country Fire Authority under section 17 of the Country Fire Authority Act 1958 or by the employees of the unions representing those contributors; and (c) 1 is to be a contributor elected by contributors who are employees appointed by Ambulance Services— Victoria under the Ambulance Services Act 1986 or by any other ambulance service specified by the Minister under this Act and by contributors who are not employees referred to in paragraph (a) or (b); and s. 9 -- 18 of 57 -- Part 2—Emergency Services Superannuation Act 1986 Superannuation Legislation (Governance Reform) Act 2005 Act No. 94/2005 16 (d) 3 are to be members of the Scheme elected by members of the Scheme; and (e) 6 are to be persons nominated by the Minister. (2) The Governor in Council must appoint a member nominated under sub-section (1)(e) to be the President of the Board. (3) For the purposes of sub-section (1)(a), (1)(b) and (1)(c), each of the contributor members of the Board in office immediately before the commencement of the Superannuation Legislation (Governance Reform) Act 2005 continue in office for the remainder of the term for which the member was elected unless the member ceases to be a member for any of the reasons specified in section 8(1) or is suspended or removed from office; (4) Despite sub-section (1)(d), until 31 December 2006 the members appointed for the purposes of that sub-section as from 1 December 2005 are to be members of the Scheme being the persons elected under section 10(1)(c) of the Government Superannuation Act 1999 and in office as members of the Board of Directors of the Government Superannuation Office immediately before the commencement of the Superannuation Legislation (Governance Reform) Act 2005 and who are to be members until 31 December 2006, unless the member ceases to be a member for any of the reasons specified in section 8(1) or is suspended or removed from office. s. 9 -- 19 of 57 -- Part 2—Emergency Services Superannuation Act 1986 Superannuation Legislation (Governance Reform) Act 2005 Act No. 94/2005 17 (5) Despite sub-section (1)(e)— (a) each of the members of the Board, not being an elected member, in office immediately before the commencement of the Superannuation Legislation (Governance Reform) Act 2005 continue in office for the remainder of the term for which the member was appointed; and (b) 3 of the members appointed for the purposes of that sub-section as from 1 December 2005 are to be the persons appointed under section 10(1)(b) of the Government Superannuation Act 1999 and in office as members of the Board of Directors of the Government Superannuation Office immediately before the commencement and who are to be members for the remainder of the term for which the member was appointed as a member of the Board of Directors of the Government Superannuation Office— unless the member ceases to be a member for any of the reasons specified in section 8(1) or is suspended or removed from office. (6) Despite sub-section (2), the person who immediately before the commencement of the Superannuation Legislation (Governance Reform) Act 2005 was the President continues, subject to this Act, in office for the remainder of the term for which the person was appointed to be the President. s. 9 -- 20 of 57 -- Part 2—Emergency Services Superannuation Act 1986 Superannuation Legislation (Governance Reform) Act 2005 Act No. 94/2005 18 (7) A member of the Board is to be appointed for a term not exceeding 5 years as is specified in the member's instrument of appointment. (8) Despite sub-section (7), the term of office of an elected member of the Board may exceed 5 years but not 6 years if the member is elected to fill a casual vacancy in respect of a member who had an unexpired term of less than 1 year. (9) A member of the Board is eligible for re- appointment. (10) Elections of members to the Board must be held in accordance with procedures determined by the Board. (11) If there is no candidate at an election or no person is elected at an election, the Governor in Council may appoint a person to be a member who is approved by the Minister and recommended by the relevant employee organisation or union, although that person has not been elected. (12) The Board is deemed to be the same body on and after as before the commencement of the Superannuation Legislation (Governance Reform) Act 2005. (13) In this section and sections 8(1)(d) and 12— "contributor" means— (a) a person who is a contributor within the meaning of section 3(1); or (b) a person who is a member within the meaning of section 21; s. 9 -- 21 of 57 -- Part 2—Emergency Services Superannuation Act 1986 Superannuation Legislation (Governance Reform) Act 2005 Act No. 94/2005 19 "contributor member of the Board" means a member of the Board under sub-section (1)(a), (1)(b) or (1)(c); "member of the Scheme" means— (a) a person who is eligible to make contributions under the State Superannuation Act 1988 and be the subject of contributions to the Scheme by an employing authority under that Act; or (b) a person who is eligible to make contributions under the State Employees Retirement Benefits Act 1979 and be the subject of contributions to the Scheme by an employer under that Act; or (c) a person who is eligible to make contributions under the Transport Superannuation Act 1988 and be the subject of contributions to the Scheme by a Transport Authority under that Act; or (d) a person who is eligible to make contributions under the governing instrument of an administered scheme and be the subject of contributions by an employer under that governing instrument; "Scheme member of the Board" means a member of the Board under sub- section (1)(d).'. s. 9 -- 22 of 57 -- Part 2—Emergency Services Superannuation Act 1986 Superannuation Legislation (Governance Reform) Act 2005 Act No. 94/2005 20 10. Consequential amendment of sections 8, 12B and 12C (1) For section 8(1)(d) of the Emergency Services Superannuation Act 1986 substitute— "(d) being a contributor member of the Board, ceases to be a contributor; or (da) being a Scheme member of the Board, ceases to be a member of the Scheme; or (db) becomes permanently incapable of performing the duties of office; or". (2) In section 12B of the Emergency Services Superannuation Act 1986 after "Board" insert ", the Chief Executive Officer or a person employed under section 13A or to which section 13A(3)(b) applies,". (3) In section 12C(3) of the Emergency Services Superannuation Act 1986 for "section 7(1)(a), (b) and (c)" substitute "sections 7(1)(a), 7(1)(b), 7(1)(c) and 7(1)(d)". 11. Section 12 substituted—Procedure of the Board For section 12 of the Emergency Services Superannuation Act 1986 substitute— "12. Procedure of the Board (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 at least two-thirds of the members are present. (2) Subject to sub-section (9), a decision of the Board requires at least a two-thirds majority of the total number of members of the Board. s. 10 -- 23 of 57 -- Part 2—Emergency Services Superannuation Act 1986 Superannuation Legislation (Governance Reform) Act 2005 Act No. 94/2005 21 (3) During any vacancy in the Board, the continuing members may subject to there being a quorum act as if there were no vacancy. (4) The Board may hold its meetings at any time and place it appoints and may adjourn a meeting. (5) The Board may transact any of its business at a meeting at which the members or any of the members participate by telephone, closed-circuit television or in any other similar way. (6) The President of the Board must preside at all meetings of the Board at which the President is present. (7) If the President of the Board is not present at a meeting of the Board, the longest serving member present at the meeting is to act as the President at the meeting. (8) The President or the member presiding at any meeting of the Board has a deliberative vote only. (9) If a matter to be determined by the Board at a meeting is a matter affecting a benefit entitlement of a contributor or a member of the Scheme, the matter can only be determined by a resolution passed by a two- thirds majority of the total number of members of the Board that includes— (a) if the matter relates to the benefit entitlement of a contributor, at least two members elected under section 7(1)(a), 7(1)(b) or 7(1)(c); or s. 11 -- 24 of 57 -- Part 2—Emergency Services Superannuation Act 1986 Superannuation Legislation (Governance Reform) Act 2005 Act No. 94/2005 22 (b) if the matter relates to the benefit entitlement of a member of the Scheme, at least two members elected under section 7(1)(d). (10) The Board must keep minutes of each meeting of the Board. (11) Subject to this Act, the Board may regulate its own procedure. (12) An act or decision of the Board is not invalid by reason only— (a) of a vacancy in the office of a member; or (b) of any defect or irregularity in or in connection with the appointment of a member; or (c) in the case of a person appointed to act as President or as a member, that the occasion for so acting has not arisen or has ceased.". 12. Section 13 substituted and new section 13A inserted For section 13 of the Emergency Services Superannuation Act 1986 substitute— "13. Chief Executive Officer (1) The Chief Executive Officer is subject to the direction and control of the Board. (2) The Board must make a written recommendation to the Minister specifying— (a) the name and details of the person that the Board recommends is suitable for appointment as the Chief Executive Officer; and s. 12 -- 25 of 57 -- Part 2—Emergency Services Superannuation Act 1986 Superannuation Legislation (Governance Reform) Act 2005 Act No. 94/2005 23 (b) the rate of remuneration and allowances to be payable to the Chief Executive Officer that the Board considers is appropriate. (3) After considering the recommendation under sub-section (2), the Minister may— (a) appoint the person recommended by the Board to be the Chief Executive Officer; or (b) request the Board in writing to make another recommendation under sub- section (2). (4) The Chief Executive Officer is entitled to be paid the rate of remuneration and allowances as is— (a) determined by the Minister after having regard to the recommendation of the Board under sub-section (2); and (b) specified in the contract of employment. (5) The Chief Executive Officer is to be employed under Part 3 of the Public Administration Act 2004. (6) The Chief Executive Officer holds office for the period, not exceeding 5 years, specified in the instrument of his or her appointment. (7) The Chief Executive Officer is eligible for re-appointment at the end of the period of office. s. 12 -- 26 of 57 -- Part 2—Emergency Services Superannuation Act 1986 Superannuation Legislation (Governance Reform) Act 2005 Act No. 94/2005 24 (8) A person appointed to be the Chief Executive Officer who was, immediately before that appointment, an officer within the meaning of the State Superannuation Act 1988 continues, subject to that Act, to be an officer within the meaning of that Act while holding the office of Chief Executive Officer. (9) The Board may appoint a person, including a member of the Board, to act as the Chief Executive Officer for a period not exceeding 60 days. (10) The Chief Executive Officer may, by instrument, delegate to any employee referred to in section 13A, any responsibility, power, authority, duty or function conferred on the Chief Executive Officer under this Act or the regulations, except this power of delegation. 13A. Staff (1) The Chief Executive Officer may on behalf of the Board employ any persons necessary for the purposes of this Act under Part 3 of the Public Administration Act 2004. (2) Persons employed in accordance with section 22 of the Government Superannuation Act 1999 under Part 3 of the Public Administration Act 2004 are to be taken to have been employed in accordance with sub-section (1) for the purposes of this Act. s. 12 -- 27 of 57 -- Part 2—Emergency Services Superannuation Act 1986 Superannuation Legislation (Governance Reform) Act 2005 Act No. 94/2005 25 (3) A person employed by the Board in accordance with section 13 as in force before the commencement of the Superannuation Legislation (Governance Reform) Act 2005 must, within 90 days of that commencement, elect in writing to the Chief Executive Officer to— (a) be employed in accordance with sub- section (1) under Part 3 of the Public Administration Act 2004; or (b) continue to be employed by the Board in accordance with section 13 as in force before the commencement of the Superannuation Legislation (Governance Reform) Act 2005. (4) A person to whom sub-section (2) or (3) applies 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 commencement of the Superannuation Legislation (Governance Reform) Act 2005 and to all his or her accrued benefits arising from his or her prior employment. (5) A person to whom sub-section (2) or (3) applies who, immediately before the commencement of the Superannuation Legislation (Governance Reform) Act 2005, was— (a) an officer within the meaning of the State Superannuation Act 1988; or s. 12 -- 28 of 57 -- Part 2—Emergency Services Superannuation Act 1986 Superannuation Legislation (Governance Reform) Act 2005 Act No. 94/2005 26 (b) an employee within the meaning of the State Employees Retirement Benefits Act 1979; or (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 the meaning of that Act while employed for the purposes of this Act. (6) The transfer of an employee by sub- section (2) does not constitute a resignation or termination of employment of that employee and the post-transfer service of that employee is to be regarded as continuous with the pre-transfer service of that employee.". 13. Amendment of section 14—Delegation In section 14 of the Emergency Services Superannuation Act 1986— (a) for "or a member of the staff of the Board" substitute ", the Chief Executive Officer or a person employed under section 13A or to which section 13A(3)(b) applies"; (b) in paragraph (a) for "this Act" substitute "a Superannuation Act". 14. New section 17B inserted—Group accounts After section 17A of the Emergency Services Superannuation Act 1986 insert— "17B. Group accounts (1) The Board may establish and maintain separate group accounts within the Scheme. s. 13 -- 29 of 57 -- Part 2—Emergency Services Superannuation Act 1986 Superannuation Legislation (Governance Reform) Act 2005 Act No. 94/2005 27 (2) A group account must show the asset and liability position of the account. (3) Group accounts may be established for a part or all of the Scheme and any administered scheme. (4) A group account must be credited with— (a) all contributions and amounts received by the Board by or on behalf of the contributors, beneficiaries, members or pensioners to which the group account relates; (b) that part of the investment earnings of the Scheme that the Board determines is attributable to the group account on a fair and equitable basis. (5) A group account must be debited with— (a) all benefits paid to or in respect of the contributors, beneficiaries, members or pensioners to which the group account relates; (b) that part of the amount appropriated by the Board to the Management Account under section 18 that the Board determines is attributable to the group account on a fair and equitable basis; (c) any other expenses, taxes or charges which the Board determines are attributable to the group account on a fair and equitable basis.". s. 14 -- 30 of 57 -- Part 2—Emergency Services Superannuation Act 1986 Superannuation Legislation (Governance Reform) Act 2005 Act No. 94/2005 28 15. Amendment of section 18—Management Account of the Board For sections 18(2) and 18(3) of the Emergency Services Superannuation Act 1986 substitute— "(2) The Board must credit to the Management Account— (a) any money appropriated from time to time by the Board from the Scheme; (b) any amount received under sub- section (3); (c) any money standing to the credit of the Management Account established under section 17(1) of the State Superannuation Act 1988 immediately before the commencement of the Superannuation Legislation (Governance Reform) Act 2005. (3) If the Board administers any other superannuation fund or scheme or provides services to any Minister, employer or employing authority, the Board may require reimbursement for the costs of that administration or the provision of those services. (4) The Board must debit to the Management Account— (a) the remuneration paid to members of the Board; (b) the salaries or other remuneration paid to persons employed for the purposes of this Act; s. 15 -- 31 of 57 -- Part 2—Emergency Services Superannuation Act 1986 Superannuation Legislation (Governance Reform) Act 2005 Act No. 94/2005 29 (c) the expenses incurred in administering the Scheme and carrying out its functions under a Superannuation Act or the regulations under a Superannuation Act or under any other Act or the regulations under that other Act; (d) the expenses of the Board in administering an administered scheme or any other superannuation scheme.". 16. New Part heading inserted After section 19 of the Emergency Services Superannuation Act 1986 insert the following Part heading— "PART 3AA—CONTRIBUTIONS AND BENEFITS". 17. Amendment of section 20—Scheme may be supplemented by Consolidated Fund After section 20(1)(a) of the Emergency Services Superannuation Act 1986 insert— "(ab) officers or employees appointed by the Metropolitan Fire and Emergency Services Board under the Metropolitan Fire Brigades Act 1958; or (ac) officers or employees appointed by the Country Fire Authority under the Country Fire Authority Act 1958 or members of the Country Fire Authority under that Act; or (ad) employees appointed by Ambulance Service—Victoria under the Ambulance Services Act 1986 or employees appointed by any other ambulance service specified by the Minister; or". s. 16 -- 32 of 57 -- Part 2—Emergency Services Superannuation Act 1986 Superannuation Legislation (Governance Reform) Act 2005 Act No. 94/2005 30 18. Amendment of section 20A—Contributions After section 20A(2) of the Emergency Services Superannuation Act 1986 insert— '(2A) An eligible salary sacrifice contributor may by notice in writing to his or her employer elect to make his or her member contributions by way of salary sacrifice at the rate calculated to the nearest highest 0⋅1% in accordance with the following formula— R 1 M − where— "M" is the applicable member contribution rate in accordance with sub-section (2) without salary sacrifice; "R" is the tax rate for the financial year on taxable contributions to the Scheme under the Income Tax Assessment Act 1936 of the Commonwealth. (2B) An election under sub-section (2A)— (a) can only be made if there is in force an agreement between the employer and the contributor under which the employer can make the member contributions required by this Act by way of salary sacrifice; (b) is subject to the terms and conditions specified in the agreement referred to in paragraph (a); (c) can only be made in respect of the whole of the member contributions; s. 18 -- 33 of 57 -- Part 2—Emergency Services Superannuation Act 1986 Superannuation Legislation (Governance Reform) Act 2005 Act No. 94/2005 31 (d) can not be made in respect of any contributions made by a contributor in addition to the member contributions required under sub-section (2). (2C) Member contributions made in accordance with the rate determined under sub-section (2A) are for the purposes of this Act (other than sections 25B to 25C) to be taken to be— (a) the member contributions required to be paid under this Act; and (b) the member contributions that would have been payable if an election had not been made under sub-section (2A). (2D) An election under sub-section (2A) does not affect the amount that would otherwise constitute the salary of the contributor for the purposes of this Act.'. 19. Amendment of section 20Q For sections 20Q(3) and 20Q(4) of the Emergency Services Superannuation Act 1986 substitute— "(3) The Board must establish and maintain a separate group account under section 17B for each employer or for each group of employers for which a collective determination is made under sub-section (2). (4) The Board must establish and maintain a separate group account under section 17B for each employer for which a collective determination has not been made under sub- section (2).". s. 19 -- 34 of 57 -- Part 2—Emergency Services Superannuation Act 1986 Superannuation Legislation (Governance Reform) Act 2005 Act No. 94/2005 32 20. New Parts 4AA and 4AB inserted After Part 4 of the Emergency Services Superannuation Act 1986 insert— 'PART 4AA—TRANSFER OF THE STATE SUPERANNUATION FUND AND TRANSFER OF ADMINISTRATION OF THE MTA SUPERANNUATION FUND AND RELATED MATTERS 22DA. Definitions In this Part— "commencement day" means the day on which the Superannuation Legislation (Governance Reform) Act 2005 comes into operation; "Office" means the Government Superannuation Office established under the Government Superannuation Act 1999. 22DB. Transfer of assets and liabilities of the State Superannuation Fund (1) On the commencement day, the assets and liabilities of the State Superannuation Fund are by virtue of this section transferred to the Scheme and form part of the Scheme. (2) On and after the commencement day— (a) the contributions of employing authorities and the payments and repayments by employing authorities and any other money received or recovered by the Board under the State Superannuation Act 1988 are to be paid into the Scheme; (b) the contributions of employees and the payments and repayments by employers s. 20 -- 35 of 57 -- Part 2—Emergency Services Superannuation Act 1986 Superannuation Legislation (Governance Reform) Act 2005 Act No. 94/2005 33 and any other money received or recovered by the Board under the State Employees Retirement Benefits Act 1979 are to be paid into the Scheme; (c) the contributions of members and the payments and repayments by a transport authority and any other money received or recovered by the Board under the Transport Superannuation Act 1988 are to be paid into the Scheme; (d) the benefits provided for in the State Superannuation Act 1988 and all the costs of administering that Act are to be paid out of the Scheme; (e) the benefits provided for in the State Employees Retirement Benefits Act 1979 and all the costs of administering that Act are to be paid out of the Scheme; (f) the benefits provided for in the Transport Superannuation Act 1988 and all the costs of administering that Act are to be paid out of the Scheme. (3) The transfer effected by this section does not affect the benefits and entitlements conferred or the duties and obligations imposed under the State Superannuation Act 1988, the State Employees Retirement Benefits Act 1979 or the Transport Superannuation Act 1988. 22DC. Board is successor in law (1) On the commencement day— (a) the administration of the MTA Superannuation Fund is transferred to the Board; s. 20 -- 36 of 57 -- Part 2—Emergency Services Superannuation Act 1986 Superannuation Legislation (Governance Reform) Act 2005 Act No. 94/2005 34 (b) all property, rights and assets of the MTA Superannuation Fund are by virtue of this Act held by the Board; (c) all liabilities of the MTA Superannuation Fund are by virtue of this Act held by the Board; (d) all property, rights and assets of the Office are by virtue of this Act held by the Board; (e) all liabilities of the Office are by virtue of this Act held by the Board; (f) the Board is the successor in law of the Office; (g) the Office ceases to exist and the Directors of the Board of the Office go out of office. (2) If, immediately before the commencement day, proceedings in respect of the State Superannuation Fund or the MTA Superannuation Fund to which the Office was a party were pending or existing in any court or tribunal, then, on and after that commencement, the Board is substituted for the Office as a party to the proceedings and has the same rights and obligations in the proceedings as the Office. (3) If, immediately before the commencement day, proceedings in respect of which the Office was a party were pending or existing in any court or tribunal, then, on and after that commencement, the Board is substituted for the Office as a party to the proceedings and has the same rights and obligations in the proceedings as the Office. s. 20 -- 37 of 57 -- Part 2—Emergency Services Superannuation Act 1986 Superannuation Legislation (Governance Reform) Act 2005 Act No. 94/2005 35 (4) On and after the commencement day, any reference in any Act (other than this Act), regulation, subordinate instrument or other document whatsoever to the Victorian Superannuation Board or the Office is to be construed as a reference to the Board, unless the contrary intention appears. 22DD. 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. 22DE. 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 operation of this Part. _______________ PART 4AB—TRANSFER OF ADMINISTRATION OF DECLARED PUBLIC SECTOR SUPERANNUATION SCHEMES 22DF. Application of this Part This Part applies to a public sector superannuation scheme which the Minister by instrument in writing specifies to be a public sector superannuation scheme to which this Part applies. s. 20 -- 38 of 57 -- Part 2—Emergency Services Superannuation Act 1986 Superannuation Legislation (Governance Reform) Act 2005 Act No. 94/2005 36 22DG. Declaration of administered schemes The Governor in Council may by Order in Council declare that— (a) a public sector superannuation scheme specified under section 22DF is an administered scheme; and (b) the administration of that public sector superannuation scheme is as from the appointed day specified in the Order in Council transferred to the Board. 22DH. Board is successor in law (1) On the appointed day— (a) the administration of the administered scheme is transferred to the Board; (b) all property, rights and assets of the administered scheme are by virtue of this Act held by the Board; (c) all liabilities of the administered scheme are by virtue of this Act held by the Board; (d) the Board is the successor in law of the governing body in respect of the administered scheme. (2) Without derogating from sub-section (1), the Board shall in respect of the administered scheme have, exercise and discharge the responsibilities, liabilities, rights, powers, authorities, duties and functions conferred or imposed upon the governing body by or under the governing instrument. s. 20 -- 39 of 57 -- Part 2—Emergency Services Superannuation Act 1986 Superannuation Legislation (Governance Reform) Act 2005 Act No. 94/2005 37 (3) If 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 appointed day, the Board 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 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 Board, unless the contrary intention appears. (5) On the appointed day the governing body of the administered scheme ceases to exist by virtue of this Act. 22DI. Conflict between duties, functions and powers If there is a conflict between a duty, function or power conferred on the Board by this Act and a duty, function or power conferred on the Board in respect of an administered scheme by the governing instrument of that administered scheme, the Board 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. s. 20 -- 40 of 57 -- Part 2—Emergency Services Superannuation Act 1986 Superannuation Legislation (Governance Reform) Act 2005 Act No. 94/2005 38 22DJ. Matters which may be included in Order in Council (1) The Governor in Council may by Order in 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 Board and the administration of the administered scheme by the Board. (2) Without limiting the generality of sub- section (1), the Order in Council may provide for— (a) any property, income, assets, rights, liabilities, expenses or other matters to be apportioned, settled, transferred, adjusted or determined; (b) the resolution of any dispute relating to any apportionment, settlement, transfer, 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 by or in relation to any administered scheme. 22DK. General provisions relating to Orders in Council (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; s. 20 -- 41 of 57 -- Part 2—Emergency Services Superannuation Act 1986 Superannuation Legislation (Governance Reform) Act 2005 Act No. 94/2005 39 (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; (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 in Council. (2) An Order in Council made under this Part may— (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; (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 in Council; (d) confer powers or impose duties in connection with the Order in Council on a person or body specified in the Order in Council; (e) apply, adopt or incorporate, with or without modification, the provisions of any Act or of any regulations made under any Act; s. 20 -- 42 of 57 -- Part 2—Emergency Services Superannuation Act 1986 Superannuation Legislation (Governance Reform) Act 2005 Act No. 94/2005 40 (f) contain provisions of a savings and transitional nature consequent on the making of the Order in Council, including providing for the construction of references in any instrument or in any other document of any kind. 22DL. 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. 22DM. 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 operation of this Part. _______________'. __________________ s. 20 -- 43 of 57 -- Part 3—Government Superannuation Act 1999 Superannuation Legislation (Governance Reform) Act 2005 Act No. 94/2005 41 PART 3—GOVERNMENT SUPERANNUATION ACT 1999 21. Amendment of section 1—Purpose Section 1(a) of the Government Superannuation Act 1999 is repealed. 22. Amendment of section 3—Definitions In section 3(1) of the Government Superannuation Act 1999— (a) for the definition of "Board" substitute— ' "Board" means the Emergency Services Superannuation Board established under section 5 of the Emergency Services Superannuation Act 1986;'; (b) the definitions of "Director" and "Office" are repealed; (c) in the definition of "governing body" for "Office" substitute "Board"; (d) in the definition of "State Superannuation Fund" after "1988" insert "as in force immediately before the commencement of the Superannuation Legislation (Governance Reform) Act 2005". 23. Repeal of Parts 2, 3 and 4 Parts 2, 3 and 4 of the Government Superannuation Act 1999 are repealed. 24. Repeal of section 47 Section 47 of the Government Superannuation Act 1999 is repealed. __________________ See: Act No. 8/1999. Reprint No. 1 as at 10 May 2001 and amending Act Nos 70/2003, 40/2004, 78/2004 and 108/2004. LawToday: www.dms. dpc.vic. gov.au s. 21 -- 44 of 57 -- Part 4—Parliamentary Salaries and Superannuation Act 1968 Superannuation Legislation (Governance Reform) Act 2005 Act No. 94/2005 42 PART 4—PARLIAMENTARY SALARIES AND SUPERANNUATION ACT 1968 25. Amendment of section 11B—Objectives and duties of the Parliamentary Trustee (1) For sections 11B(2)(a) and 11B(2)(b) of the Parliamentary Salaries and Superannuation Act 1968 substitute— "(a) establish policies for the administration of the Fund and to adopt strategies for the achievement of those policies; and (aa) determine, authorise or approve programs for the administration of the Fund; and (ab) determine objectives for the investment of money in the Fund; and (b) establish and implement strategies for the investment of money in the Fund; and". (2) After section 11B(2) of the Parliamentary Salaries and Superannuation Act 1968 insert— "(2A) In relation to the investment of all or part of the money standing to the credit of the Fund, the Parliamentary Trustee is to be taken to have discharged the duties specified in sub- section (2), other than the duty to determine investment objectives under sub-section (2)(ab), if in respect of that money— (a) the Parliamentary Trustee has appointed the Victorian Funds Management Corporation under section 9A of the Victorian Funds Management Corporation Act 1994 to perform investment related functions on behalf of the Parliamentary Trustee; and See: Act No. 7723. Reprint No. 8 as at 15 October 2003 and amending Act Nos 110/2003, 55/2004 and 78/2004. LawToday: www.dms. dpc.vic. gov.au s. 25 -- 45 of 57 -- Part 4—Parliamentary Salaries and Superannuation Act 1968 Superannuation Legislation (Governance Reform) Act 2005 Act No. 94/2005 43 (b) the terms of the appointment with respect to the investment of money are in accordance with an approval given by the Governor in Council under section 20 of the Borrowing and Investment Powers Act 1987.". 26. Amendment of section 11C—Functions and powers of the Parliamentary Trustee In section 11C(1)(b) of the Parliamentary Salaries and Superannuation Act 1968 for "invest the assets of the Fund so as to maximise the return earned on the Fund" substitute "determine investment objectives for the assets of the Fund so as to achieve optimal risk and return outcomes". __________________ s. 26 -- 46 of 57 -- Part 5—State Employees Retirement Benefits Act 1979 Superannuation Legislation (Governance Reform) Act 2005 Act No. 94/2005 44 PART 5—STATE EMPLOYEES RETIREMENT BENEFITS ACT 1979 27. Amendment of section 2—Definitions (1) In section 2(1) of the State Employees Retirement Benefits Act 1979— (a) after the definition of "adjusted final salary" insert— ' "Board" means the Emergency Services Superannuation Board established under section 5 of the Emergency Services Superannuation Act 1986;'; (b) for the definition of "contributor" substitute— ' "contributor" means a member who is liable to make contributions under section 23;'; (c) for the definition of "Fund" substitute— ' "Fund" means the Scheme established under section 15 of the Emergency Services Superannuation Act 1986;'; (d) after the definition of "spouse" insert— ' "State Superannuation Fund" means the Superannuation Fund established under the Superannuation Act 1925 and continued under the State Superannuation Act 1988 as the State Superannuation Fund and as in existence immediately before the commencement of the Superannuation Legislation (Governance Reform) Act 2005;'. (2) Section 2(5) of the State Employees Retirement Benefits Act 1979 is repealed. See: Act No. 9363. Reprint No. 5 as at 15 October 2003 and amending Act Nos 40/2004, 78/2004, 108/2004 and 40/2005. LawToday: www.dms. dpc.vic. gov.au s. 27 -- 47 of 57 -- Part 5—State Employees Retirement Benefits Act 1979 Superannuation Legislation (Governance Reform) Act 2005 Act No. 94/2005 45 28. Repeal of Part 2 Part 2 of the State Employees Retirement Benefits Act 1979 is repealed. 29. Amendment of section 29—Board may determine classification In section 29(1) of the State Employees Retirement Benefits Act 1979 for "prescribed form" (where twice occurring) substitute "form approved by the Board". 30. Amendment of section 34A—Election by retrenched member In section 34A of the State Employees Retirement Benefits Act 1979 before "the Fund" insert "the State Superannuation Fund and". 31. Amendment of section 38—Deferred retirement benefits In section 38(2)(a) of the State Employees Retirement Benefits Act 1979 omit "ceasing to be employed in the service of the Crown (within the meaning of section 51) and". 32. Amendment of section 41A—Pensioner may apply for reduced pension and lump sum payment In section 41A(1) of the State Employees Retirement Benefits Act 1979 for "a prescribed form" substitute "the form approved by the Board". 33. Amendment of section 51A—Entitlement to pension (1) In section 51A(1) of the State Employees Retirement Benefits Act 1979 before "the Fund" (where first occurring) insert "the State Superannuation Fund and". (2) In section 51A(4) of the State Employees Retirement Benefits Act 1979 before "the Fund" insert "the State Superannuation Fund and". s. 28 -- 48 of 57 -- Part 5—State Employees Retirement Benefits Act 1979 Superannuation Legislation (Governance Reform) Act 2005 Act No. 94/2005 46 34. Amendment of section 65—Minimum benefits In section 65(2) of the State Employees Retirement Benefits Act 1979 before "the Fund" (where first and fourthly occurring) insert "the State Superannuation Fund and". 35. Repeal of Part VI Part VI of the State Employees Retirement Benefits Act 1979 is repealed. __________________ s. 34 -- 49 of 57 -- Part 6—State Superannuation Act 1988 Superannuation Legislation (Governance Reform) Act 2005 Act No. 94/2005 47 PART 6—STATE SUPERANNUATION ACT 1988 36. Amendment of section 3—Definitions (1) In section 3(1) of the State Superannuation Act 1988— (a) after the definition of "actuary" insert— ' "Board" means the Emergency Services Superannuation Board established under section 5 of the Emergency Services Superannuation Act 1986;'; (b) in the definition of "contributor" for "Fund" substitute "State Superannuation Fund"; (c) for the definition of "Fund" substitute— ' "Fund" means the Scheme established under section 15 of the Emergency Services Superannuation Act 1986;'; (d) in the definition of "new scheme member", in paragraph (ba) for "Fund" substitute "State Superannuation Fund"; (e) in the definition of "original scheme member" for "Fund" substitute "State Superannuation Fund"; (f) in the definition of "recognised service" before "the Fund" (where first occurring) insert "the State Superannuation Fund and"; See: Act No. 50/1988. Reprint No. 5 as at 15 October 2003 and amending Act Nos 40/2004, 78/2004, 108/2004, 20/2005 and 40/2005. LawToday: www.dms. dpc.vic. gov.au s. 36 -- 50 of 57 -- Part 6—State Superannuation Act 1988 Superannuation Legislation (Governance Reform) Act 2005 Act No. 94/2005 48 (g) after the definition of "spouse" insert— ' "State Superannuation Fund" means the Superannuation Fund established under the Superannuation Act 1925 and continued under this Act as the State Superannuation Fund and as in existence immediately before the commencement of the Superannuation Legislation (Governance Reform) Act 2005;'. (2) Section 3(7) of the State Superannuation Act 1988 is repealed. 37. Amendment of section 3A—Declaration of eligible salary sacrifice contributors In section 3A of the State Superannuation Act 1988 for "Fund" (wherever occurring) substitute "State Superannuation Fund". 38. Amendment of Part 3 (1) In the heading to Part 3 of the State Superannuation Act 1988 for "SUPERANNUATION FUND" substitute "NON-CONTRIBUTORY SCHEMES ACCOUNT". (2) Sections 16, 16AA, 17 and 23 of the State Superannuation Act 1988 are repealed. 39. Repeal of Parts 3A and 9 Parts 3A and 9 of the State Superannuation Act 1988 are repealed. 40. Amendment of section 25—Service and prospective service of part-time officer In section 25(2) of the State Superannuation Act 1988 before "the Fund" insert "the State Superannuation Fund and". s. 37 -- 51 of 57 -- Part 6—State Superannuation Act 1988 Superannuation Legislation (Governance Reform) Act 2005 Act No. 94/2005 49 41. Amendment of section 43—Payment on death of revised scheme member before retirement In section 43(1) of the State Superannuation Act 1988 before "the Fund" insert "the State Superannuation Fund and". 42. Amendment of section 49—Election in respect of leave of absence without pay (1) In section 49(1)(b) of the State Superannuation Act 1988 after "actuary's report" insert "and after the commencement of the Superannuation Legislation (Governance Reform) Act 2005, during an actuarial investigation under section 19 of the Emergency Services Superannuation Act 1986 and which is specified in the actuary's report". (2) In section 49(8) of the State Superannuation Act 1988 before "the Fund" insert "the State Superannuation Fund and". 43. Amendment of section 50—Contribution rates In section 50(2)(c)(ii) of the State Superannuation Act 1988 for "the Fund" substitute "the State Superannuation Fund". 44. Amendment of section 52—Benefit on retirement of new scheme member In section 52(2) of the State Superannuation Act 1988 before "the Fund" (wherever occurring) insert "the State Superannuation Fund and". 45. Amendment of section 53—Benefit on death of new scheme member before retirement In section 53(7) of the State Superannuation Act 1988 before "the Fund" insert "the State Superannuation Fund and". s. 41 -- 52 of 57 -- Part 6—State Superannuation Act 1988 Superannuation Legislation (Governance Reform) Act 2005 Act No. 94/2005 50 46. Amendment of section 59—Intermittent service (1) In section 59(1) of the State Superannuation Act 1988 after "actuary's report" insert "and after the commencement of the Superannuation Legislation (Governance Reform) Act 2005, during an actuarial investigation under section 19 of the Emergency Services Superannuation Act 1986 and which is specified in the actuary's report". (2) In section 59(5) of the State Superannuation Act 1988 before "the Fund" insert "the State Superannuation Fund and". 47. Amendment of section 67A—Entitlement to pension (1) In section 67A(1) of the State Superannuation Act 1988 before "the Fund" (where first occurring) insert "the State Superannuation Fund and". (2) In section 67A(4) of the State Superannuation Act 1988 before "the Fund" insert "the State Superannuation Fund and". 48. Amendment of section 71—Minimum benefit (1) In section 71(1) of the State Superannuation Act 1988 before "the Fund" (where first and thirdly occurring) insert "the State Superannuation Fund and". (2) In section 71(2) of the State Superannuation Act 1988 before "the Fund" (where first occurring) insert "the State Superannuation Fund and". 49. Amendment of section 99—Transfer of members under section 4(1BA) of ESSA Sections 99(4), 99(5), 99(6), 99(7) and 99(8) of the State Superannuation Act 1988 are repealed. __________________ s. 46 -- 53 of 57 -- Part 7—Superannuation (Portability) Act 1989 Superannuation Legislation (Governance Reform) Act 2005 Act No. 94/2005 51 PART 7—SUPERANNUATION (PORTABILITY) ACT 1989 50. Repeal of spent provision Section 5A of the Superannuation (Portability) Act 1989 is repealed. __________________ See: Act No. 14/1989. Reprint No. 4 as at 15 October 2003 and amending Act Nos 40/2004 and 108/2004. LawToday: www.dms. dpc.vic. gov.au s. 50 -- 54 of 57 -- Part 8—Transport Superannuation Act 1988 Superannuation Legislation (Governance Reform) Act 2005 Act No. 94/2005 52 PART 8—TRANSPORT SUPERANNUATION ACT 1988 51. Amendment of section 3—Definitions (1) In section 3(1) of the Transport Superannuation Act 1988— (a) after the definition of "actuary" insert— ' "Board" means the Emergency Services Superannuation Board established under section 5 of the Emergency Services Superannuation Act 1986;'; (b) for the definition of "Fund" substitute— ' "Fund" means the Scheme established under section 15 of the Emergency Services Superannuation Act 1986;'; (c) after the definition of "spouse" insert— ' "State Superannuation Fund" means the Superannuation Fund established under the Superannuation Act 1925 and continued under the State Superannuation Act 1988 as the State Superannuation Fund and as in existence immediately before the commencement of the Superannuation Legislation (Governance Reform) Act 2005;'. (2) Section 3(4) of the Transport Superannuation Act 1988 is repealed. 52. Repeal of Parts 2 and 5 Parts 2 and 5 of the Transport Superannuation Act 1988 are repealed. See: Act No. 33/1988. Reprint No. 4 as at 15 October 2003 and amending Act Nos 40/2004, 78/2004 and 108/2004. LawToday: www.dms. dpc.vic. gov.au s. 51 -- 55 of 57 -- Part 8—Transport Superannuation Act 1988 Superannuation Legislation (Governance Reform) Act 2005 Act No. 94/2005 53 53. Amendment of section 29—Benefit on retirement due to age In section 29(1) of the Transport Superannuation Act 1988 before "the Fund" (wherever occurring) insert "the State Superannuation Fund and". 54. Amendment of section 35A—Minimum benefit (1) In section 35A(1) of the Transport Superannuation Act 1988 before "the Fund" insert "the State Superannuation Fund and". (2) In section 35A(2) of the Transport Superannuation Act 1988 before "the Fund" (where first and fourthly occurring) insert "the State Superannuation Fund and". 55. Amendment of section 37—Intermittent service In section 37(1) of the Transport Superannuation Act 1988 after "actuary's report" insert "and after the commencement of the Superannuation Legislation (Governance Reform) Act 2005, during an actuarial investigation under section 19 of the Emergency Services Superannuation Act 1986 and which is specified in the actuary's report". 56. Repeal of Part 9 Part 9 of the Transport Superannuation Act 1988 is repealed. ═══════════════ s. 53 -- 56 of 57 -- Superannuation Legislation (Governance Reform) Act 2005 Act No. 94/2005 54 ENDNOTES † Minister's second reading speech— Legislative Assembly: 27 October 2005 Legislative Council: 23 November 2005 The long title for the Bill for this Act was "to amend the Emergency Services Superannuation Act 1986, the Government Superannuation Act 1999, the Parliamentary Salaries and Superannuation Act 1968, the State Employees Retirement Benefits Act 1979, the State Superannuation Act 1988, the Superannuation (Portability) Act 1989 and the Transport Superannuation Act 1988 to reform the governance of public sector superannuation schemes and for other purposes." Endnotes -- 57 of 57 --