{"id":"C2004A00074","name":"Superannuation (Distribution of Surplus) Act 1974","slug":"superannuation-distribution-of-surplus-act-1974","collection":"act","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":"15 of 1974","makingDate":null,"administeringDepartment":null,"currentVersion":{"id":2722,"registerId":"commonwealth-C2004A00074-current","compilationNumber":null,"startDate":"2026-03-29","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"Superannuation (Distribution of Surplus) Act 1974","content":"---\nmeta-content-style-type: text/css\nmeta-content-type: application/xhtml+xml; charset=utf-8\ntitle: Superannuation (Distribution of Surplus) Act 1974\n---\n\n?xml version=\"1.0\" encoding=\"utf-8\" standalone=\"no\"?>\n\n![](image.001.png)\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nSuperannuation (Distribution of Surplus) Act 1974\n\n \n\nNo. 15 of 1974\n\n \n\n \n\n \n\n \n\n \n\nAn Act relating to Superannuation\n\n \n\n \n\n \n\nContents\n\n[1 Short title](#_Toc427307192)\n\n[2 Commencement](#_Toc427307193)\n\n[3 Interpretation](#_Toc427307194)\n\n[4 Object of Act](#_Toc427307195)\n\n[5 Distribution of surplus](#_Toc427307196)\n\n[6 Payment of shares of surplus to individual contributors and pensioners](#_Toc427307197)\n\n[7 Assignment and attachment of amounts payable](#_Toc427307198)\n\n![](image.001.png)\n\n \n\n \n\nSuperannuation (Distribution of Surplus) Act 1974\n\nNo. 15 of 1974\n\n \n\n \n\n \n\nAn Act relating to Superannuation\n\n[Assented to 11 April 1974]\n\nThe Parliament of Australia enacts:\n\n##### 1  Short title\n\n  This Act may be cited as the Superannuation (Distribution of Surplus) Act 1974.\n\n##### 2  Commencement\n\n  This Act shall come into operation on the day on which it receives the Royal Assent.\n\n##### 3  Interpretation\n\n (1) In this Act, unless the contrary intention appears:\n\nactuary means the actuary who was appointed by the Superannuation Board under section 17 of the Superannuation Act 1922‑1971 to make an investigation as to the state and sufficiency of the Fund at 30 June 1972 or, if the actuary so appointed dies or the Treasurer certifies that the actuary so appointed is not available to perform functions under this Act, such other actuary as the Treasurer appoints.\n\ncontributor, in relation to a particular time, means a person who was or is, at that time, contributing under Part III of the Superannuation Act 1922 , or of that Act as amended, to the Fund.\n\neligible contributor means a person whose obligation to contribute under Part III of the Superannuation Act 1922, or of that Act as amended, to the Fund came into existence before the end of the relevant period and who:\n\n (a) is a contributor on the date on which this Act receives the Royal Assent;\n\n (b) has become a pensioner after the commencement of the relevant period but before the date referred to in paragraph (a); or\n\n (c) has died, after the commencement of the relevant period but before the date referred to in paragraph (a), while he was a contributor, leaving a widow or leaving children who were eligible children at the date of his death or who have become eligible children since that date,\n\nother than such a person in respect of whom deferred benefits had become applicable under section 119W of the Superannuation Act 1922‑1971 on or before 30 June 1972.\n\neligible pensioner means a person who or in respect of whom, at any time during the relevant period, pension, other than a non‑contributory pension, was payable or would, but for the pension having been suspended, have been payable under:\n\n (a) the Superannuation Act 1922 as amended;\n\n (b) section 12 of the Superannuation Act 1957;\n\n (c) section 27 of the Superannuation Act 1963;\n\n (d) section 5 of the Superannuation (Pension Increases) Act 1961;\n\n (e) section 5 of the Superannuation (Pension Increases) Act 1967; or\n\n (f) section 10 of the Superannuation (Pension Increases) Act 1971,\n\nwhether or not the person was a contributor at any other time during the relevant period.\n\nnon‑contributory pension means:\n\n (a) a pension that became payable under section 57 of the Superannuation Act 1922 or of that Act as amended, not being a pension for which contributions were made to a State Fund as defined by section 101 of the Superannuation Act 1922‑1973;\n\n (b) a pension that became payable under section 58 of the Superannuation Act 1922 or of that Act as amended; or\n\n (c) a pension to which subsection 9(2) or subsection 14(2) of the Superannuation Act (No. 2) 1956 applies;\n\nrelevant period means the period of 10 years that ended on 30 June 1972.\n\n (2) Where deferred benefits were applicable in respect of a person under section 119W of the Superannuation Act 1922‑1971 on 30 June 1972 but had not become payable to or in respect of the person on or before that date, the person shall be deemed to be an eligible pensioner within the meaning of this Act whether or not the person was a contributor at any time during the relevant period.\n\n (3) Expressions used in this Act that are also used in the Superannuation Act 1922‑1973 have in this Act, unless the contrary intention appears, the same respective meanings as they have in the Superannuation Act 1922‑1973.\n\n##### 4  Object of Act\n\n  The object of this Act is to make provision for and in relation to the distribution out of the Fund, to or in respect of eligible contributors and eligible pensioners, of the amount of $70,015,000, being the amount by which the Fund was, according to the Report to the Board by the Actuary on his Investigation of the Fund as at 30 June 1972, more than sufficient to provide for the benefits that were a charge upon it at that time, and, for the purposes of this Act:\n\n (a) the amount available for distribution to or in respect of eligible contributors is the amount of $52,525,000; and\n\n (b) the amount available for distribution to or in respect of eligible pensioners is the amount of $17,490,000.\n\n##### 5  Distribution of surplus\n\n (1) The Treasurer shall, by notice published in the Gazette:\n\n (a) fix a date as at which the amount referred to in paragraph (2)(b) shall be distributed to or in respect of eligible contributors; and\n\n (b) fix a date as at which the amount referred to in paragraph (3)(b) shall be distributed to or in respect of eligible pensioners.\n\n (2) As soon as practicable after the date has been fixed in accordance with paragraph (1)(a), the Board shall:\n\n (a) ascertain the amount (in this subsection referred to as the relevant amount) that is equal to the sum of:\n\n (i) the amount available for distribution to or in respect of eligible contributors; and\n\n (ii) an amount determined by the Treasurer, after receiving advice from the Board, to be the amount that will have accrued to the Fund, in respect of the period that commenced on 1 July 1972 and ends on the date so fixed by reason of the retention in the Fund during that period of the amount available for distribution to or in respect of eligible contributors; and\n\n (b) allocate among eligible contributors, in such manner as the Treasurer, after receiving advice from the actuary, determines, the amount nearest to the relevant amount that it is practicable to allocate in that manner among eligible contributors.\n\n (3) As soon as practicable after the date has been fixed in accordance with paragraph (1)(b), the Board shall:\n\n (a) ascertain the amount (in this subsection referred to as the relevant amount) that is equal to the sum of:\n\n (i) the amount available for distribution to or in respect of eligible pensioners; and\n\n (ii) an amount determined by the Treasurer, after receiving advice from the Board, to be the amount that will have accrued to the Fund in respect of the period that commenced on 1 July 1972 and ends on the date so fixed by reason of the retention in the Fund during that period of the amount available for distribution to or in respect of eligible pensioners; and\n\n (b) allocate among eligible pensioners, in such manner as the Treasurer, after receiving advice from the actuary, determines, the amount nearest to the relevant amount that it is practicable to allocate in that manner among eligible pensioners.\n\n (4) In furnishing advice to the Treasurer for the purposes of subsection (2) or (3), the actuary shall have regard to actuarial principles and practice and shall take into account all matters relevant to ensure that the amount to be distributed will be allocated among the persons concerned on a fair and reasonable basis.\n\n##### 6  Payment of shares of surplus to individual contributors and pensioners\n\n (1) Subject to subsection (2), as soon as practicable after the allocation in respect of eligible contributors, or the allocation in respect of eligible pensioners, has been made under section 5, there shall be paid out of the Fund to each eligible contributor or eligible pensioner, as the case requires, who is entitled to an amount under the allocation an amount equal to that amount.\n\n (2) Where an eligible contributor or eligible pensioner who is entitled to an amount under the allocation made under subsection 5(2) or (3), as the case may be, has died before the time of payment of the amount:\n\n (a) if the widow of the contributor or pensioner is alive at the time of payment—an amount equal to the amount to which the contributor or pensioner is so entitled shall be paid out of the Fund to that widow; or\n\n (b) in any other case—an amount equal to, or amounts aggregating, the amount to which the contributor or pensioner is so entitled shall be paid out of the Fund to such person (if any), or to such persons (if any), as the case requires, as the Board determines.\n\n##### 7  Assignment and attachment of amounts payable\n\n  Sections 143 and 143A of the Superannuation Act 1922‑1973 apply in relation to any moneys payable under Part III as if those moneys were a benefit under the first‑mentioned Act and, where the moneys are payable in respect of a person who has died, as if the person had been an employee and the moneys were payable on his death.\n\n \n\n \n\n \n\n \n\n \n","sortOrder":0}],"analysis":{"flash_summary_failed":{"failed":true,"reason":"A positive credit balance is required for all requests, including BYOK, so fallback providers remain available. Add credits at https://vercel.com/d?to=%2F%5Bteam%5D%2F%7E%2Fai%3Fmodal%3Dtop-up to continue.","source":"analysis-cron"},"flash_summary":{"complexity_score":3,"scope_assessment":{"changed":false,"description":"The Act implements a one-off distribution of a quantified surplus from the Fund to narrowly defined classes of eligible contributors and pensioners (s4; s3). It does not expand the classes of beneficiaries beyond those defined, but prescribes timing, allocation and payment mechanics under executive and Board/actuary administration (s5–s7)."},"complexity_factors":["Fixed monetary split with precise amounts but requires actuarial accrual calculations for periods after 30 June 1972 (s4; s5(2)(a)(ii), s5(3)(a)(ii))","Executive discretion in fixing distribution dates and appointing/approving an actuary (s5(1); s3(1))","Allocation method determined by Treasurer after actuarial advice, requiring judgment about what is 'practicable' to allocate (s5(2)(b), s5(3)(b))","Actuary must apply actuarial principles and consider fairness, introducing technical assessment and potential contested judgments (s5(4))","Payments flow from the Fund and include survivor/estate rules for deceased beneficiaries (s6(1)–(2))","Interplay with existing Superannuation Act definitions and benefit-assignment rules (s3(3); s7 referencing ss143 and 143A of the Superannuation Act 1922‑1973)","Administrative burden on the Board to ascertain, allocate and effect payments 'as soon as practicable' following fixed dates (s5, s6)"],"plain_english_summary":"This Act requires the Commonwealth Superannuation Fund to pay out a $70,015,000 surplus — $52,525,000 for eligible contributors and $17,490,000 for eligible pensioners — with payments drawn from the Fund. \n\nThe Treasurer sets the distribution dates; the Superannuation Board, using advice from an actuary appointed or approved by the Treasurer, calculates and allocates individual shares and directs payments, including survivor entitlements. The measure imposes administrative duties and some executive discretion over timing and allocation."},"kimi_summary":{"content_quality":"ok","complexity_score":4,"scope_assessment":{"changed":false,"description":"The legislation remains tightly focused on its original purpose: distributing a specific identified surplus ($70,015,000) from the 1972 actuarial investigation. The scope has not expanded beyond this one-off distribution event."},"complexity_factors":["7 defined terms in section 3, including nested definitions for 'eligible contributor' with 3 sub-paragraphs and multiple exclusion conditions","Cross-references to 6 different superannuation Acts (1922, 1956, 1957, 1961, 1963, 1967, 1971) for determining eligible pensioners","Conditional logic in section 6(2) for deceased recipients requiring Board determination of alternative payees","Incorporation by reference of sections 143 and 143A from the Superannuation Act 1922-1973 in section 7","Actuarial discretion required for allocation methodology under sections 5(2)(b) and 5(3)(b)"],"plain_english_summary":"**What this law does:**\n\nThis Act distributes a $70 million surplus from the Commonwealth superannuation fund (the retirement savings scheme for Australian public servants) to eligible contributors and pensioners.\n\n**Who gets the money:**\n\n- **Eligible contributors** ($52.5 million pool): Current public servants still paying into the fund, plus recent retirees or deceased contributors who left dependents, provided they started contributing before July 1962\n- **Eligible pensioners** ($17.5 million pool): People already receiving government pensions from various superannuation schemes, excluding those on non-contributory pensions (pensions paid without the recipient having contributed to the fund)\n\n**How it works:**\n\n- The Treasurer sets distribution dates via Gazette notice (official government publication)\n- The Superannuation Board calculates each person's share based on actuarial advice (professional calculations about fair distribution)\n- Payments include interest earned while the money sat in the fund since 1972\n- If a recipient dies before payment, their share goes to their widow or other dependents as determined by the Board\n\n**Why it matters:**\n\nThis was a one-off \"bonus\" payment to public servants when the government's actuary found the superannuation fund had more money than needed to pay future benefits. It represents an early example of returning surplus superannuation funds to members rather than retaining them in government coffers.\n\n**Key protection:**\n\nThe money is protected from creditors — it cannot be seized to pay debts, just like regular superannuation benefits."}},"importantCases":[],"_links":{"self":"/api/acts/superannuation-distribution-of-surplus-act-1974","history":"/api/acts/superannuation-distribution-of-surplus-act-1974/history","analysis":"/api/acts/superannuation-distribution-of-surplus-act-1974/analysis","conflicts":"/api/acts/superannuation-distribution-of-surplus-act-1974/conflicts","importantCases":"/api/acts/superannuation-distribution-of-surplus-act-1974/important-cases","documents":"/api/acts/superannuation-distribution-of-surplus-act-1974/documents"}}