Superannuation Act 1988 (SA)

South Australia Superannuation Act 1988 An Act to provide superannuation benefits for certain employees; and for other purposes.

Contents Part 1—Preliminary 1 Short title 4 Interpretation 4A Putative spouses 4B Restriction on publication of proceedings 5 Superannuation arrangements Part 2—Administration Division 1—The Board 6 The Board 7 Functions of the Board 8 Board's membership 9 Board proceedings 10 Staff of Board 10A Delegation by the Board Division 3—The Fund 17 The Fund 19 Investment of the Fund Division 3A—Accounts 20A Contributors' accounts 20ABA Co-contribution accounts 20AB Other accounts to be kept by Board Division 3B—Payment of benefits 20B Payment of benefits Division 4—Reports 21 Reports Part 3—Contributors, contribution and contribution points 22 Entry of contributors to the scheme 23 Contribution rates 24 Contribution points 25 Attribution of additional contribution points and contribution months Part 4—Superannuation benefits—new scheme contributors 26 Application of this Part 26A Transition to retirement 27 Retirement 28 Resignation and preservation of benefits 28A Resignation pursuant to a voluntary separation package 28B Outplaced employees—55 and over 28C Outplaced employees under 55 29 Retrenchment 30 Disability pension 30A Rehabilitation etc of disability pensioner 31 Termination of employment on invalidity 32 Death of contributor 32A PSESS benefit 32B Commutation to pay deferred superannuation contributions surcharge—contributor 32C Commutation to pay deferred superannuation contributions surcharge following death of contributor 32D Withheld amount 32E Payment of Division 293 tax Part 5—Superannuation benefits—old scheme contributors Division 1—Pension benefits 33 Application of this Part 33A Transition to retirement 34 Retirement 35 Retrenchment 36 Temporary disability pension 36A Rehabilitation etc of disability pensioner 37 Invalidity 38 Death of contributor 39 Resignation and preservation of benefits 39A Resignation or retirement pursuant to a voluntary separation package 39B Outplaced employees—55 and over 39C Outplaced employees under 55 Division 2—General 40 Commutation of pension 40A Commutation to pay deferred superannuation contributions surcharge 40AB Commutation to pay Division 293 tax 40B Interaction with judicial remuneration or pension entitlements 41 Medical examination etc of invalid pensioner 42 Suspension of pension if pensioner declines appropriate employment 42A Offer of lump sum to certain invalid pensioners 43 Notional extension of period of employment 43AA Closure of contribution accounts Part 5A—Family Law Act provisions Division 1—Preliminary 43AB Purpose of Part 43AC Interpretation 43AD Value of superannuation interest 43AE Board to comply with Commonwealth requirements 43AF Effect on contributor's entitlements 43AG Benefit not payable to spouse on death of contributor if split has occurred Division 2—New scheme contributors 43AH Application of Division 43AI Accrued benefit multiple 43AJ Non-member spouse's entitlement Division 3—Old scheme contributors 43AK Application of Division 43AL Accrued benefit multiple 43AM Non-member spouse's entitlement 43AN Non-member spouse's entitlement where pension is in growth phase 43AO Non-member spouse's entitlement where pension is in payment phase 43AP Payment of non-member spouse's entitlement Division 4—Fees 43AQ Fees Part 6—Miscellaneous 43B Exclusion of benefits under awards etc 44 Review of Board's decisions 45 Effect of workers compensation etc on pension 46 Division of benefit where deceased contributor is survived by lawful and putative spouses 47 Adjustment of pensions 47A Subsequent roll over of benefits to another fund or scheme 47B Roll over of benefits from another fund or scheme 47C Portion of pension etc to be charged against contribution account etc 47D Charge against Fund if draw down benefit paid 48 Repayment of contribution account balance and minimum benefits 49 Special provision for payment in case of infancy or death 50 Pension not to be assignable 50A Unclaimed superannuation benefits 51 Liabilities may be set off against benefits 51A Method of making contributions 52 Annuities 53 Continuation of the Voluntary Savings Account 54 Power to obtain information 55 Confidentiality 56 Resolution of difficulties 58 Pensions payable in foreign currency 58A Rounding off of contributions and benefits 59 Regulations Schedule 1—Transitional provisions 1 Continuity of contributor status 2 Contributions by old scheme and certain new scheme contributors 3 Starting balance of contribution account of old scheme contributors 3A Starting balance for certain new scheme contributors 4 Special provision as to contribution period of certain contributors 5 Superannuation points carried over by old scheme contributors 6 Special provisions for contributors to the Provident Account 7 Limited benefit contributors 8 Preservation of excess unit addition 9 Neglected unit and fund share reduction 10 Pensions that commenced under previous enactments 11 Abolition of Provident Account, and Retirement Benefit Account 12 Continuation of superannuation arrangements 13 Continuation of membership of elected members of the Board 14 Retrospective operation of preservation rights 15 Benefits under Parts 4 and 5 15A Early retirement benefit for certain contributors 16 Transference from old scheme to new scheme 17 Payment of contributions while on leave without pay 18 Repeal of contribution rate 19 Operation of sections 28(1f) and 39(1db) 20 Election on retrenchment under section 29 21 Operation of amendments made by Statutes Amendment (Equal Superannuation Entitlements for Same Sex Couples) Act 2003 Schedule 1A—Provisions relating to other public sector superannuation schemes 1 Regulations relating to other public sector superannuation schemes 2 Regulations to offset income tax etc 3 Interpretation Schedule 1B—Transfer of certain members of the Electricity Industry Superannuation Scheme to the State Scheme Part 1—Preliminary 1 Interpretation Part 2—Transfer of members 2 Transfer of existing pensioners before the relevant day 3 Transfer of existing and future pensioners after the relevant day 4 Transfer of persons entitled to preserved benefits 5 Transfer of certain other persons Part 3—General 6 Employer contributions 7 Notices 8 Cessation of entitlements under the Electricity Industry Superannuation Scheme 9 Power to obtain information 10 Transfer effective despite Electricity Corporations Act 1994 11 Regulations may be made for transitional purposes Schedule 2 Schedule 3—Administered schemes Part 1—Interpretation 1 Interpretation Part 2—Management of schemes 2 Application of Schedule to schemes 3 Arrangements as to trust deed and rules 4 Arrangements as to assets Part 3—Establishment of funds and contribution accounts Division 1—Establishment of funds 5 Management and establishment of funds 6 Division of funds into distinct parts Division 2—Contribution accounts 7 Contribution accounts Part 4—Miscellaneous 8 Insurance arrangements 9 Accounts and audit 10 Reports 11 Fees 12 Cessation of scheme 12A Unclaimed superannuation benefits 13 Stamp duty 14 Transitional provisions Legislative history