Territory Stories

Explanatory Statement Superannuation Legislation Amendment Bill 2015 (Serial 132)



Explanatory Statement Superannuation Legislation Amendment Bill 2015 (Serial 132)

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Tabled paper 1429


Tabled Papers for 12th Assembly 2012 - 2016; Tabled Papers; ParliamentNT




Tabled by David Tollner


Made available by the Legislative Assembly of the Northern Territory under Standing Order 240. Where copyright subsists with a third party it remains with the original owner and permission may be required to reuse the material.




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no fund is chosen). No other amounts may be paid into the account. Clause 8. Part 9 inserted Clause 8 inserts new Part 8 (section 77) into the Superannuation Act. New subsection 77(1) provides that where an adherent had an account prior to the commencement of Part 2, Division 3 of the Bill, then sections 41(5), 45A and 45D of the Superannuation Act will continue to apply in relation to that account as if that Division of the Bill had not commenced. This ensures that the Commissioner is able to continue maintaining those accounts despite the Commencement of Part 2, Division 3 of the Bill. New subsection 77(2) introduces definitions for the terms commencement and existing account, both of which are used within new section 77(1). PART 3 AMENDMENT OF NORTHERN TERRITORY GOVERNMENT AND PUBLIC AUTHORITIES SUPERANNUATION SCHEME RULES Clause 9. Rules amended Clause 9 provides that Part 3 of the Bill amends the Northern Territory Government and Public Authorities Scheme Rules. Clause 10. Rule 1 amended Clause 10(1) amends the definition of average weekly earnings in rule 1. This change is necessary as a consequence of the Australian Statistician publishing Catalogue 6302.0 on a biannual basis, rather than quarterly basis, since 2012.

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