Superannuation Administration Act 1996 (NSW)

Superannuation Administration Act 1996 No 39

An Act to provide for trustees for State public sector superannuation schemes and the provision of investment and administration services for such schemes; to continue as a trustee for the defined benefit style schemes closed to new members the SAS Trustee Corporation (formerly the State Authorities Superannuation Board); to enable the establishment of additional superannuation schemes for State public sector employees and associated persons by trust deed; and for other purposes.

Part 1 Preliminary

1 Name of Act This Act is the Superannuation Administration Act 1996.

2 Commencement This Act commences on a day or days to be appointed by proclamation.

3 Objects of Act The objects of this Act are as follows— (a) to establish the SAS Trustee Corporation as the trustee for the State defined benefit public sector superannuation schemes, (b) to provide for the provision of investment management services and other services for State public sector superannuation schemes, (c) to set out the functions and responsibilities of trustees and service providers for State public sector superannuation schemes, (d) (Repealed) (e) to enable the establishment of additional superannuation schemes for State public sector employees and associated persons by trust deed.

4 Definitions In this Act— benefit means a pension or lump sum retirement or superannuation benefit. exercise a function includes perform a duty. function includes a power, authority or duty. investment manager means a person who provides superannuation investment management services for a superannuation fund or funds or part of any such fund under a contract or an arrangement with STC, and includes any other person engaged by that person to provide all or any of those superannuation investment management services. local authority means a council within the meaning of the Local Government Act 1993. mandated investment manager—see section 60. public authority means a person or body constituted or established by an Act for a public purpose. SAC means the Corporation constituted under the Superannuation Administration Authority Corporatisation Act 1999. State sector employer means an employer under an STC scheme that is included in the consolidated Total State Sector financial statements under section 7.17 (1) of the Government Sector Finance Act 2018. STC means the SAS Trustee Corporation continued by this Act. STC dispute function means the principal function, referred to in section 50 (1) (e), to determine disputes under the Acts under which the STC schemes are established or constituted. STC disputes committee means a committee delegated the STC dispute function under section 77. STC fund or STC scheme means a superannuation fund or superannuation scheme established or constituted under any of the following Acts— (a) Police Regulation (Superannuation) Act 1906, (b) Superannuation Act 1916, (c) Local Government and Other Authorities (Superannuation) Act 1927, (d) Transport Employees Retirement Benefits Act 1967, (e) New South Wales Retirement Benefits Act 1972, (f) Public Authorities Superannuation Act 1985, (g) State Public Service Superannuation Act 1985, (h) State Authorities Superannuation Act 1987, (i) State Authorities Non-contributory Superannuation Act 1987. superannuation fund means a fund established under a superannuation scheme. superannuation investment management services include (but are not limited to) the following— (a) managing investments for any superannuation fund or funds or part of any such fund, (b) advising on investments and investment strategies and other related strategies for any superannuation fund or funds or part of any such fund, (c) providing services in relation to the custody of the assets and securities of any superannuation fund or funds or part of any such fund. superannuation scheme means a scheme, fund or arrangement (whether or not established by an Act) under which any benefits are provided. surplus funds means the funds in an employer's reserve in an account maintained under section 81 that are in excess of the amount that is required to meet current and future liabilities under the STC scheme to which the account relates. The amount of surplus funds is the amount that is actuarially determined in accordance with Accounting Standard AASB 119: Employee Benefits made by the Australian Accounting Standards Board (as in force from time to time) or another standard prescribed by the regulations.