Superannuation (Lyell McEwin Employees) Regulations 2009 (SA)

South Australia Superannuation (Lyell McEwin Employees) Regulations 2009 under the Superannuation Act 1988

Contents Part 1—Preliminary 1 Short title 2 Commencement 3 Interpretation 4 Contributors Part 2—Modification of Act 5 Modification of Act 6 Amendment of section 4—Interpretation 7 Amendment of section 17—The Fund 8 Insertion of section 20ABAA 20ABAA Rollover accounts 9 Amendment of section 20B—Payment of benefits 10 Amendment of section 23—Contribution rates 11 Substitution of Part 4 Part 4—Superannuation benefits—Lyell McEwin contributors 26 Application of this Part 26A Transition to retirement 27 Retirement, resignation and retrenchment 28 Disability pension 29 Total and permanent disablement and death before 60 30 Death after 60 12 Repeal of sections 45 and 46 Schedule 1—Contributors Schedule 2—Revocation of Superannuation (Lyell McEwin Employees) Regulations 1999 Legislative history

Part 1—Preliminary 1—Short title These regulations may be cited as the Superannuation (Lyell McEwin Employees) Regulations 2009. 2—Commencement These regulations will come into operation on 1 September 2009. 3—Interpretation In these regulations— Act means the Superannuation Act 1988; contributor means a person whose name appears in Schedule 1. 4—Contributors A contributor continues to be a new scheme contributor for the purposes of the Act.

Part 2—Modification of Act 5—Modification of Act For the purposes of clause 1(1)(b) of Schedule 1A of the Act, the provisions of the Act are modified in their application to contributors in the manner described in the following provisions of this Part. 6—Amendment of section 4—Interpretation (1) Section 4(1), definition of contributor—after "to that person under this Act" insert: and also includes a person named in Schedule 1 of the Superannuation (Lyell McEwin Employees) Regulations 2009 (2) Section 4(1)—after the definition of deferred superannuation contributions surcharge insert: dependant in relation to a contributor means— (a) the spouse of the contributor; or (b) a child (whether natural or adopted) of the contributor; or (c) a child (whether natural or adopted) of the spouse, or a former spouse, of the contributor; or (d) any other person who, in the opinion of the Board, was, on the entitlement day, wholly or partially dependent on the contributor or entitled to be supported by the contributor; (3) Section 4(1)—after the definition of invalidity insert: Lyell McEwin Employer Account means the account kept at the Treasury pursuant to an arrangement under section 5 of the Act between the Board and the Central Northern Adelaide Health Service Incorporated (formerly the North Western Adelaide Health Service) and referred to in regulation 4(4) of the revoked Superannuation (Lyell McEwin Employees) Regulations 1999; (4) Section 4(1)—after the definition of retrenchment pension insert: rollover account in relation to a contributor means the rollover account maintained by the Board in the name of the contributor under section 20ABAA; (5) Section 4(1)—after the definition of the Scheme insert: SIS Act means the Superannuation Industry (Supervision) Act 1993 of the Commonwealth; 7—Amendment of section 17—The Fund Section 17(4)(a)—delete "by contributors" and substitute: by or on behalf of the contributors 8—Insertion of section 20ABAA After section 20A insert: 20ABAA—Rollover accounts (1) The Board will maintain the rollover accounts opened under regulation 4(3) of the revoked Superannuation (Lyell McEwin Employees) Regulations 1999 in the names of all contributors. (2) A contributor's rollover account must be debited with any payment that is, under this Act, to be charged against that account. (3) At the end of each financial year, each contributor's rollover account that has a credit balance will be varied to reflect a rate of return determined by the Board in relation to rollover accounts for the relevant financial year. (4) In determining a rate of return for the purposes of subsection (3), the Board should have regard to the net rate of return achieved by investment of money held by the Fund in rollover accounts. (5) If it is necessary to determine the balance of a contributor's rollover account and the Board has not yet determined a rate of return in relation to the relevant financial year, the balance will be determined by applying a percentage rate of return on accounts estimated by the Board. (6) A balance determined under subsection (5) will not be adjusted when a rate of return is subsequently determined under subsection (3). (7) A reference in this section to "rate of return" is a reference to a positive or a negative rate of return. 9—Amendment of section 20B—Payment of benefits Section 20B(2)—delete subsection (2) and substitute: (2) If any such payment, or a proportion of any such payment, is, under this Act, to be charged against the contributor's contribution account or rollover account or the Lyell McEwin Employer Account, the Treasurer may reimburse the Consolidated Account or special deposit account by charging— (a) the relevant division of the Fund with the amount to be charged against the contribution account or rollover account; or (b) the Lyell McEwin Employer Account with the amount to be charged against that account. 10—Amendment of section 23—Contribution rates Section 23—delete subsections (1), (2), (2a), (2b), (3) and (3a) and substitute: (1) Subject to this section, a contributor will make contributions to the Treasurer at the rate set out in Schedule 1 of the Superannuation (Lyell McEwin Employees) Regulations 2009 opposite the contributor's name until he or she reaches the age of 60 years. (2) Subject to subsection (3), contributions to be made by contributors will be paid to the Treasurer from the Lyell McEwin Employer Account. (3) If— (a) after taking advice from an actuary, the Board forms the view that the Lyell McEwin Employer Account will, or may, not be able to meet the payment of the contributions under subsection (2) and the other amounts to be paid from the account; and (b) the Board serves written notice of that opinion on the Treasurer, the Treasurer may direct that contributions no longer be paid from that account but instead be paid by individual contributors by deduction from their salary. (3a) A contributor who was employed on a part time basis on 1 January 1999 will, for the purposes of determining the amount of the contribution payable by the contributor, be taken to be receiving the salary that he or she would be receiving if he or she were employed on a full time basis. (3b) If, immediately before 1 January 1999 a contributor's contributions and benefits were based on a higher salary than that being received by the contributor because of a previous reduction in the contributor's salary, the contributor will be taken to have made an election under section 4(4) in respect of the reduction. 11—Substitution of Part 4 Part 4—delete the Part and substitute: Part 4—Superannuation benefits—Lyell McEwin contributors 26—Application of this Part This Part applies only to contributors to whom the Superannuation (Lyell McEwin Employees) Regulations 2009 apply. 26A—Transition to retirement (1) A contributor may apply to the Board for the benefit of this section if— (a) the contributor has reached— (i) the age of 55 years; and (ii) his or her preservation age; and (b) the contributor has entered into an arrangement with his or her employer— (i) to reduce his or her hours of work; or (ii) to alter his or her duties, or both, with the effect that there is a reduction in the contributor's salary; and (c) the purpose for establishing the arrangement referred to in paragraph (b) relates to the proposed retirement of the contributor in due course (including by allowing the contributor to scale down his or her work in the lead‑up to retirement). (2) The Board may require that an application under subsection (1)— (a) be made in such manner as the Board thinks fit; and (b) be accompanied by such information or other material specified by the Board to assist the Board to be satisfied as to the matters set out in paragraphs (b) and (c) of that subsection. (3) If the Board is satisfied that a valid application has been made under subsection (1), an entitlement will arise as follows: (a) the Board will determine a benefit (a draw down benefit) on the basis of the contributor's application and on the basis that the maximum draw down benefit to which the contributor is entitled will be determined as follows: