THIRTY-SEVENTH AMENDMENT
of the
PUBLIC SECTOR SUPERANNUATION SCHEME TRUST DEED
THIS DEED is made on 31 May 2013 by THE MINISTER FOR FINANCE AND DEREGULATION.
WHEREAS section 4 of the Superannuation Act 1990 (the Act) provides for the Minister to establish an occupational superannuation scheme to be administered by the Board established under section 20 of the Act before its repeal by the Superannuation Legislation (Consequential Amendments and Transitional Provisions) Act 2011;
AND WHEREAS the body corporate, that was previously constituted as the Board under repealed section 20 of the Act, is continued in existence under the name Commonwealth Superannuation Corporation (CSC) by section 5 of the Governance of Australian Government Superannuation Schemes Act 2011;
AND WHEREAS the Public Sector Superannuation Scheme (the PSS) was established by a Trust Deed dated 21 June 1990 (the Trust Deed)[1];
AND WHEREAS the Schedule to the Trust Deed contains Rules for the administration of the PSS (the Rules);
AND WHEREAS the Trust Deed and the Rules have been amended from time to time by various Deeds;
AND WHEREAS section 5 of the Act provides for the Minister, by instrument in writing, to amend the Trust Deed, and under subsection 5(1A) requires the consent of CSC to amendments in certain circumstances;
AND WHEREAS CSC has consented to the amendments provided for in this Deed, except clauses 7 and 8, which do not require CSC consent.
NOW THIS DEED WITNESSES as follows:
1. Commencement of amendments
The amendments in this Deed take effect as follows:
(a) clauses 3 and 4: immediately after the commencement of clause 4 of the Ninth Amendment of the Superannuation (PSSAP) Trust Deed;
(b) clauses 5, 6, 9 and 10: 1 July 2014;
(c) clauses 7 and 8: 1 July 2013;
(d) in all other cases: the day after it is registered on the Federal Register of Legislative Instruments.
2. Interpretation
Unless a contrary intention appears, a word or phrase in this Deed has the same meaning that it has in the Trust Deed and the Rules.
3. Application of amendments – roll-over of accumulated transfer amounts and accumulated additional contributions
The amendments made by clause 4 of this Deed apply in relation to roll-overs out of the PSS made on or after the commencement of clause 4 of this Deed.
4. Amendments – roll-over of accumulated transfer amounts and accumulated additional contributions
4. The Rules are amended as follows:
4.1 The following heading and rules are inserted immediately after Rule 11.2.2:
“
Payment of accumulated transfer amount prior to cessation
11.2.3 CSC may allow a member to roll-over the sum of all of their post-1995 accumulated transfer amounts once each financial year.
11.2.3A For the purposes of Rule 11.2.3, a post-1995 accumulated transfer amount of a member is an accumulated transfer amount in respect of a transfer amount which the member transferred into the PSS scheme under Rule 11.1.1, after 31 December 1995, the entitlement to which did not arise from employment during a period of leave of absence without pay that commenced on or before that date (see Rule 11.3.4).
11.2.3B For the purposes of Rule 11.2.3, a roll-over is taken to have occurred in the financial year in which a valid transfer request in respect of that roll-over is received.”
4.2 The following heading and rules are inserted immediately after Rule 11.2.4:
“11.2.4A CSC may allow a preserved benefit member to roll-over the sum of all of their post-1995 accumulated transfer amounts.
11.2.4B For the purposes of Rule 11.2.4A, a post-1995 accumulated transfer amount of a preserved benefit member is an accumulated transfer amount in respect of a transfer amount which the preserved benefit member had transferred into the PSS scheme under Rule 11.1.1, after 31 December 1995, the entitlement to which did not arise from employment during a period of leave of absence without pay that commenced on or before that date (see Rule 11.3.4).
Fees for payment of accumulated transfer amounts
11.2.4C CSC may determine any fees to be charged in relation to a roll-over requested under Rule 11.2.3 or Rule 11.2.4A and deduct them from the accumulated transfer amount prior to roll-over.”
4.3 The following heading and rules are inserted immediately after Rule 11.4.10:
“
Roll-over of Accumulated Additional Contributions
11.4.10A CSC may allow a member or a preserved benefit member who has chosen to pay additional contributions into the PSS scheme under Rule 11.4.1 to roll-over the balance of their Accumulated Additional Contributions.
11.4.10B CSC may determine any fees to be charged in relation to a roll-over requested under Rule 11.4.10A and deduct them from the member’s Accumulated Additional Contributions prior to roll-over.”
5. Application of amendments – roll-over of accumulated transfer amounts and Accumulated Additional Contributions from 1 July 2014
The amendments made by clause 6 of this Deed apply in relation to roll-overs out of the PSS made on or after 1 July 2014.
6. Amendments – roll-over of accumulated transfer amounts and Accumulated Additional Contributions from 1 July 2014
6. The Rules are amended as follows:
6.1 Rule 11.2.3 is amended by deleting the existing rule and replacing it with the following new rule:
“11.2.3 A member is entitled to roll-over the sum of all of their post-1995 accumulated transfer amounts once each financial year.”
6.2 Rule 11.2.4A is amended by deleting the existing rule and replacing it with the following new rule:
“11.2.4A At any time, a preserved benefit member is entitled to roll-over the sum of all of their post-1995 accumulated transfer amounts.”
6.3 Rule 11.4.10A is amended by deleting the existing rule and replacing it with the following new rule:
“11.4.10A At any time, a member or a preserved benefit member who has chosen to pay additional contributions into the PSS scheme under Rule 11.4.1 is entitled to roll-over the balance of their Accumulated Additional Contributions.”
7. Application of amendments – contributions from age 75
The amendments made by clause 8 of this Deed apply in relation to contribution days occurring on or after 1 July 2013.
8. Amendments – contributions from age 75
8. The Rules are amended as follows:
8.1 Rule 1.2.1 is amended by deleting the existing definition of “contribution due day” and inserting the following new definition:
“contribution due day means:
· a contribution day on which a member is required to pay contributions under Part 4; or
· a contribution day for the purposes of the Superannuation Act 1976 referred to in Rule 14.4.3; or
· a contribution day on which a no-TFN member would have been required to pay contributions under Part 4 if they were not a no-TFN member; or
· a contribution day on which a zero contributions member would have been required to pay contributions under Part 4 if they were not a zero contributions member.”
8.2 Rule 1.2.1 is amended by inserting the following new definition immediately after the definition of “unfunded preserved benefit”:
“zero contributions member means a member for which the PSS Fund is unable to accept Part 4 contributions under the SIS Act because the member:
· has reached age 75; or
· has reached age 65 but not age 75, and was not gainfully employed on at least a part-time basis during the financial year.”
8.3 Rule 2.1.3 is amended by deleting the existing rule and replacing it with the following new rule:
“2.1.3 A regular member or a casual member can be further classified for particular purposes as a limited benefits member (see Division 2 of Part 10), a maximum benefits member (see Rule 5.6.1), no-TFN member (see Rule 1.2.1) or a zero contributions member (see Rule 1.2.1).”
8.4 Rule 4.1.1 is amended by deleting the existing paragraphs (e) and (f) and replacing them with the following new paragraph (e):
“(e) when the PSS Fund is prohibited by the SIS Act from receiving those contributions (see Rule 4.1.5).”
8.5 Rule 4.1.5 is amended by deleting the existing paragraphs (b) and (c) and replacing them with the following new paragraph (b):
“(b) when the PSS Fund is prohibited by the SIS Act from receiving those contributions.”
8.6 The note immediately after Rule 4.3.1 is amended by deleting the existing note and replacing it with the following new note:
“
Note:
A contribution due day is a day on which a member is required to pay contributions or a day on which a member is a no-TFN member or a zero contributions member and would have been required to pay contributions if they were not a no-TFN member or zero contributions member respectively.
”
8.7 Rule 5.2.3 is amended by deleting the words “and would have been required to pay contributions if they were not a no-TFN member” and replacing them with the words “or a zero contributions member and would have been required to pay contributions if they were not a no-TFN member or zero contributions member respectively”.
8.8 Rule 5.2.3 is amended by deleting in the definition of 'Contribution Paid' the words “that a member is a no-TFN member” and replacing them with the words “that a member is a no-TFN member or a zero contributions member”.
8.9 The note immediately after Rule 5.2.3 is amended by deleting the existing note and replacing it with the following new note:
“
Note:
Where a member is a no-TFN member or a zero contributions member on a contribution due day the contribution is taken to be 0% for that contribution due day.
”
8.10 Rule 5.3.3 is amended by deleting the words “and would have been required to pay contributions if they were not a no-TFN member” and replacing them with the words “or a zero contributions member and would have been required to pay contributions if they were not a no-TFN member or zero contributions member respectively”.
8.11 Rule 5.3.3 is amended by deleting in the definition of 'Contribution Paid' the words “that a member is a no-TFN member” and replacing them with the words “that a member is a no-TFN member or a zero contributions member”.
9. Application of amendments – date of effect of changes to the rate of contribution
The amendments made by clause 10 of this Deed apply in relation to contribution days occurring on or after the commencement of clause 10.
10. Amendments – date of effect of changes to the rate of contribution
10. The Rules are amended as follows:
10.1 Rule 4.1.3 is amended by inserting the words “on or” immediately before the word “immediately”.
IN WITNESS WHEREOF this Deed has been executed the day and year first hereinbefore written.
SIGNED, SEALED AND DELIVERED )
)
by )
)
Senator the Hon Penelope Ying Yen Wong ) Penelope Wong
)
Minister for Finance and Deregulation )
)
in the presence of: )
)
)
(name) ) Paul Hiscox
)
)
(address) ) 24 Maughan Cr
) Fadden ACT 2904
)
(description) ) D.L.O
)
Note to the Deed: TABLE LISTING TRUST DEED AND AMENDING DEEDS
Before 1 January 2005, section 45 of the Superannuation Act 1990 provided, in part, that instruments under subsection 5(1) of that Act amending the Trust Deed were disallowable instruments for the purposes of section 46A of the Acts Interpretation Act 1901. The effect of these provisions was that amending instruments were required to be notified in the Gazette and take effect from the date of gazettal (unless the instrument provided otherwise).
From 1 January 2005, paragraph 6(d) of the Legislative Instruments Act 2003 declared disallowable instruments (such as the instruments amending the Trust Deed) to be legislative instruments. Legislative instruments are registered on the Federal Register of Legislative Instruments instead of being notified in the Gazette.
Date of making
Number
Gazette details / Registration details
21 June 1990
Trust Deed
GN 25, 27 June 1990, p1728
21 June 1990
First
GN 25, 27 June 1990, p1728
1 July 1991
Second
S 180, 1 July 1991
30 June 1992
Third
S 181, 1 July 1991
21 December 1992
Fourth
GN 1, 13 January 1993, p110
16 June 1993
Fifth
S 181, 18 June 1993
24 January 1994
Sixth
GN 4, 2 February 1993, p366
7 March 1994
Seventh
S 89, 15 March 1994
28 June 1993
Eighth
S 246, 29 June 1994
22 June 1995
Ninth
GN 25, 28 June 1995, p2285
29 January 1996
Tenth
S 41, 1 February 1996
10 December 1996
Eleventh
GN 50, 18 December 1996
25 March 1998
Twelfth
GN 13, 1 April 1998, p901
5 December 1999
Thirteenth
S 590, 6 December 1999
20 August 2001
Fourteenth
S 342, 22 August 2001
25 September 2001
Fifteenth
GN 39, 3 October 2001, p2972
26 June 2002
Sixteenth
S 225, 27 June 2002
3 April 2003
Seventeenth
GN 17, 30 April 2004, p 1398
Date of making
Number
Gazette details / Registration details
27 June 2003
Eighteenth
S 245, 27 June 2003
26 November 2003
Nineteenth
S 446, 1 December 2003
23 March 2004
Twentieth
S 89, 24 March 2004
9 May 2004
Twenty-first
S 146, 11 May 2004
5 July 2004
Twenty-second
S 277, 9 July 2004
9 August 2004
Twenty-third
S 330, 12 August 2004
8 June 2005
Twenty-fourth
F2005L01613, 27 June 2005
24 June 2005
Twenty-fifth
F2005L01860, 29 June 2005
22 August 2005
Twenty-sixth
F2005L02372, 25 August 2005
20 June 2006
Twenty-seventh
F2006L01969, 26 June 2006
21 June 2007
Twenty-eighth
F2007L01943, 28 June 2007
28 August 2007
Twenty-ninth
F2007L03519, 31 August 2007
19 December 2007
Thirtieth
F2007L04993, 24 December 2007
29 July 2008
Thirty-first
F2008L02863, 1 August 2008
16 December 2008
Thirty-second
F2008L04706, 18 December 2008
22 June 2009
Thirty-third
F2009L02530, 25 June 2009
17 May 2011
Thirty-fourth
F2011L00855, 25 May 2011
29 June 2011
Thirty-fifth
F2011L01393, 30 June 2011
5 July 2011
Thirty-sixth
F2011L01488, 13 July 2011
[1] Section 3 of the Act defines “Trust Deed” to include that deed as subsequently amended. A note listing particulars of the Trust Deed and the amending deeds is set out at the end of this Deed.
