Commonwealth Coat of Arms of Australia

 

Superannuation (PSS) Membership Inclusion Amendment Declaration 2019 (No. 1)

I, MATHIAS HUBERT PAUL CORMANN, Minister for Finance and the Public Service, make the following Declaration.

Dated 19/02/19   

MATHIAS HUBERT PAUL CORMANN

Minister for Finance and the Public Service

 

1  Name

2  Commencement

3  Authority

4  Schedules

Schedule 1—Amendments

Superannuation (PSS) Membership Inclusion Declaration 2006

 

 

  This instrument is the Superannuation (PSS) Membership Inclusion Amendment Declaration 2019 (No. 1).

  This instrument commences on 1 July 2019.

  This instrument is made under paragraph 6(1)(j) of the Superannuation Act 1990.

  Each instrument that is specified in a Schedule to this instrument is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this instrument has effect according to its terms.

1  Subsection 3(1) (after the definition of ARPC)

Insert the following new definition:

ASIC means the Australian Securities and Investments Commission established by the Australian Securities and Investments Commission Act 1989 and continued in existence by the Australian Securities and Investments Commission Act 2001.

2  Section 4 (after subsection 4(24))

Insert the following new subsection:

(25) Section 6 of the 1990 Act ceases to apply to a person referred to in item 32 of Schedule 1 at the end of the earlier of:

  1.       the day on which the person ceases to be an employee of ASIC;
  2.       the day immediately before the day on which the person becomes, in relation to the person’s employment with ASIC, a member of an alternative superannuation scheme; or
  3.       if ASIC ceases to be a Commonwealth entity within the meaning of the Public Governance, Performance and Accountability Act 2013 – the last day on which ASIC is a Commonwealth entity.

3  Item 1 of Schedule 1

Repeal the item.

4  Item 2 of Schedule 1

Repeal the item.

5  Schedule 1 (after item 31)

Insert the following new item:

32 A person who:

  1.       ceases to be employed by the Commonwealth and becomes an employee of ASIC on 1 July 2019 as a result of section 310 or section 311 of the Australian Securities and Investments Commission Act 2001; and
  2.       immediately before becoming so employed by ASIC, was a member of the Public Sector Superannuation Scheme in relation to the person’s employment at ASIC.