Commonwealth legislation

Default Fund (Parliamentary Superannuation) Declaration 2004

RepealedCTH

This Act has been repealed and is no longer in force. It is retained for historical reference.

Jurisdiction

Commonwealth

Collection

legislative instrument

Plain English Summary

1/10 complexity

This declaration appoints the Australian Government Employees Superannuation Trust (AGEST) as the default superannuation fund for Members of Parliament and Senators.

What this means:

If a politician covered by the Parliamentary Superannuation Act 2004 doesn't choose their own super fund, their compulsory employer contributions automatically go into AGEST
AGEST is a long-standing fund (established 1990) that meets all legal requirements to receive these contributions
This ensures no parliamentarian falls through the cracks by failing to nominate a fund

Key details:

Made by the Minister for Finance under section 17 of the Act
Took effect immediately upon signing on 16 August 2004

This is purely administrative machinery—essentially designating which retirement savings account receives politicians' money if they don't specify otherwise.

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Current sections

Direct links to the current provisions in Default Fund (Parliamentary Superannuation) Declaration 2004.

Default Fund (Parliamentary Superannuation) Declaration 2004

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Parliamentary Superannuation Act 2004

Default Fund (Parliamentary Superannuation) Declaration 2004

I, NICHOLAS HUGH MINCHIN, Minister for Finance and Administration, pursuant to section 17 of the Parliamentary Superannuation Act 2004 (the Act), do hereby:

(a) declare that the Australian Government Employees Superannuation Trust (AGEST), a superannuation fund established pursuant to a Trust Deed dated 22 June 1990 and a complying superannuation fund within the meaning of section 4 of the Act, is the default fund for the purposes of the Act; and

(b) specify the day on which this Declaration is signed as the date of effect of this Declaration.

Dated this 16th day of August 2004.

Nick Minchin

Minister for Finance and Administration

Source text

Sourced from the Federal Register of Legislation (legislation.gov.au), CC BY 4.0.

meta-content-style-type: text/css meta-content-type: application/xhtml+xml; charset=utf-8 meta-generator: Aspose.Words for .NET 20.2 title: Parliamentary Superannuation Act 2004

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Parliamentary Superannuation Act 2004

Default Fund (Parliamentary Superannuation) Declaration 2004

I, NICHOLAS HUGH MINCHIN, Minister for Finance and Administration, pursuant to section 17 of the Parliamentary Superannuation Act 2004 (the Act), do hereby:

(b) specify the day on which this Declaration is signed as the date of effect of this Declaration.

Dated this 16th day of August 2004.

Nick Minchin

Minister for Finance and Administration