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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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Clause 13. Rule 13B amended Clause 13 makes consequential amendments to rule 13B as a consequence of the repeal of rule 13. Clause 14. Rule 13C amended Clause 14 amends rule 13C by removing the requirement for the Commissioner to maintain an accumulation account for former Northern Territory Supplementary Superannuation Scheme and Northern Territory Police Supplementary Benefit Schemes members who were not already members of the NTGPAS Scheme. The Commissioner will still be required to establish accounts in the Fund for these members, but the accounts will not need to be maintained as they will be transferred either to a successor fund or an eligible rollover fund under new Part 3, Division 6 of the Superannuation Act. Clause 15. Part VI inserted Clause 15 inserts a new Part VI into the Northern Territory Government and Public Authorities' Superannuation Scheme Rules. It contains new rules 20, 21 and 22. New rule 20 introduces definitions for the terms 2015 Act, commencement and existing account, all of which are used in new Part VI. New rule 21 provides that if a benefit had been previously preserved under rule 13 and it has not been paid or transferred to another superannuation fund, then it will continue to exist as a preserved benefit despite the amendment to the definition of preserved benefit by clause 10(2) of this Bill. New rule 22 provides that rules 5E, 5F and 13C, as in force before Part 3 of this Bill commenced, will continue to apply in relation to

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