SUPERANNUATION BENEFITS (SUPERVISORY MECHANISMS) ACT 1990 DETERMINATION UNDER SECTION 6 PRESCRIBED REQUIREMENTS DETERMINATION NO. 1 OF 1998 I, Gillian Dowling, Acting Assistant Secretary of the Department of Finance and Administration, delegate of JOHN JOSEPH FAHEY, Minister for Finance and Administration, acting under section 6 of the Superannuation Benefits (Supervisory Mechanisms) Act 1990, determine that the prescribed requirements set out in the following Schedule are to apply to the provision of superannuation benefits under superannuation arrangements, in addition to superannuation benefits being provided under the Superannuation Act 1976, or the Superannuation Act 1990, or the Superannuation (Productivity Benefit) Act 1988 or a personalised superannuation arrangement, for persons employed by Commonwealth Agencies with staffing powers independent of the Public Service Act 1922 and whose terms and conditions of employment allow flexible remuneration packaging (including the provision of superannuation benefits). Dated 8th January 1998 Acting Assistant Secretary SCHEDULE The following requirements are to be satisfied: (a) the arrangement must be provided through a fund, chosen by the employee, which is a "complying superannuation fund" for the purposes of section 45 of the Superannuation Industry (Supervision) Act 1993 or a Retirement Savings Account (RSA); (b) all contributions made to the arrangement will be vested in the employee, and the employer-financed benefits will be automatically preserved in accordance with Part 6 of the Superannuation Industry (Supervision) Regulations or a similar arrangement in respect of a RSA; (c) the arrangement must not result in any increase in employment costs to the employing agency; (d) employer contributions are to cease on termination of employment; and (e) a general reference to such superannuation arrangements made by an employing agency is included in the annual report of the agency.