22DCommutation of pension not exceeding declared rate

22D Commutation of pension not exceeding declared rate (1) This section applies to a person who is entitled to a pension administered by the Board under this Act at a rate per year which does not exceed the declared rate. (2) Notwithstanding anything to the contrary in this Act, the Board may at its discretion determine that instead of a pension the person may elect to receive a lump sum payment as determined by the Board on the advice of an actuary. (3) If a person elects to accept a lump sum payment under subsection (2), the Board is released from any liability to make any further payments to, or in respect of, any entitlements of that person or any of his or her dependants and this Act ceases to apply to that person. (4) In this section, ***declared rate*** means— (a) $520 per year; or (b) such higher rate per year as may be declared from time to time by the Minister by Order published in the Government Gazette. Pt 4AA (Heading and ss 22DA–22DE) inserted by No. 94/2005 s. 20. Part 4AA—Transfer of the State Superannuation Fund and transfer of administration of the MTA Superannuation Fund and related matters S. 22DA inserted by No. 94/2005 s. 20. 22DA Definitions ***commencement day*** means the day on which the Superannuation Legislation (Governance Reform) Act 2005 comes into operation; ***Office*** means the Government Superannuation Office established under the **Government Superannuation Act 1999**. S. 22DB inserted by No. 94/2005 s. 20. 22DB Transfer of assets and liabilities of the State Superannuation Fund (1) On the commencement day, the assets and liabilities of the State Superannuation Fund are by virtue of this section transferred to the Scheme and form part of the Scheme. (2) On and after the commencement day— (a) the contributions of employing authorities and the payments and repayments by employing authorities and any other money received or recovered by the Board under the **State Superannuation Act 1988** are to be paid into the Scheme; (b) the contributions of employees and the payments and repayments by employers and any other money received or recovered by the Board under the **State Employees Retirement Benefits Act 1979** are to be paid into the Scheme; ' (c) the contributions of members and the payments and repayments by a transport authority and any other money received or recovered by the Board under the **Transport Superannuation Act 1988** are to be paid into the Scheme; (d) the benefits provided for in the **State Superannuation Act 1988** and all the costs of administering that Act are to be paid out of the Scheme; (e) the benefits provided for in the **State Employees Retirement Benefits Act 1979** and all the costs of administering that Act are to be paid out of the Scheme; (f) the benefits provided for in the **Transport Superannuation Act 1988** and all the costs of administering that Act are to be paid out of the Scheme. (3) The transfer effected by this section does not affect the benefits and entitlements conferred or the duties and obligations imposed under the **State Superannuation Act 1988**, the **State Employees Retirement Benefits Act 1979** or the **Transport Superannuation Act 1988**. S. 22DC inserted by No. 94/2005 s. 20. 22DC Board is successor in law (1) On the commencement day— (a) the administration of the MTA Superannuation Fund is transferred to the Board; (b) all property, rights and assets of the MTA Superannuation Fund are by virtue of this Act held by the Board; (c) all liabilities of the MTA Superannuation Fund are by virtue of this Act held by the Board; (d) all property, rights and assets of the Office are by virtue of this Act held by the Board; (e) all liabilities of the Office are by virtue of this Act held by the Board; (f) the Board is the successor in law of the Office; (g) the Office ceases to exist and the Directors of the Board of the Office go out of office. (2) If, immediately before the commencement day, proceedings in respect of the State Superannuation Fund or the MTA Superannuation Fund to which the Office was a party were pending or existing in any court or tribunal, then, on and after that commencement, the Board is substituted for the Office as a party to the proceedings and has the same rights and obligations in the proceedings as the Office. (3) If, immediately before the commencement day, proceedings in respect of which the Office was a party were pending or existing in any court or tribunal, then, on and after that commencement, the Board is substituted for the Office as a party to the proceedings and has the same rights and obligations in the proceedings as the Office. (4) On and after the commencement day, any reference in any Act (other than this Act), regulation, subordinate instrument or other document whatsoever to the Victorian Superannuation Board or the Office is to be construed as a reference to the Board, unless the contrary intention appears. S. 22DD inserted by No. 94/2005 s. 20. 22DD Exemption from stamp duty or other tax S. 22DE inserted by No. 94/2005 s. 20. 22DE Transitional provision—Registrar of Titles The Registrar of Titles, on being requested to do so and on delivery of any relevant certificate of title or instrument, must make any amendments in the Register that are necessary because of the operation of this Part. Pt 4AB (Heading and ss 22DF–22DM) inserted by No. 94/2005 s. 20. Part 4AB—Transfer of administration of declared public sector superannuation schemes S. 22DF inserted by No. 94/2005 s. 20. 22DF Application of this Part This Part applies to a public sector superannuation scheme which the Minister by instrument in writing specifies to be a public sector superannuation scheme to which this Part applies. S. 22DG inserted by No. 94/2005 s. 20. 22DG Declaration of administered schemes The Governor in Council may by Order in Council declare that— (a) a public sector superannuation scheme specified under section 22DF is an administered scheme; and (b) the administration of that public sector superannuation scheme is as from the appointed day specified in the Order in Council transferred to the Board. S. 22DH inserted by No. 94/2005 s. 20. 22DH Board is successor in law (1) On the appointed day— (a) the administration of the administered scheme is transferred to the Board; (b) all property, rights and assets of the administered scheme are by virtue of this Act held by the Board; (c) all liabilities of the administered scheme are by virtue of this Act held by the Board; (d) the Board is the successor in law of the governing body in respect of the administered scheme. (2) Without derogating from subsection (1), the Board shall in respect of the administered scheme have, exercise and discharge the responsibilities, liabilities, rights, powers, authorities, duties and functions conferred or imposed upon the governing body by or under the governing instrument. (3) If immediately before the appointed day proceedings in respect of the administered scheme to which the governing body of the administered scheme was a party were pending or existing in any court or tribunal, then, on and after the appointed day, the Board is substituted for the governing body as a party to the proceedings and has the same rights and obligations in the proceedings as the governing body. (4) On and after the appointed day, any reference in the governing instrument or in any Act, regulation, subordinate instrument or other document whatsoever to the governing body in respect of the administered scheme is to be construed as a reference to the Board, unless the contrary intention appears. (5) On the appointed day the governing body of the administered scheme ceases to exist by virtue of this Act. S. 22DI inserted by No. 94/2005 s. 20. 22DI Conflict between duties, functions and powers If there is a conflict between a duty, function or power conferred on the Board by this Act and a duty, function or power conferred on the Board in respect of an administered scheme by the governing instrument of that administered scheme, the Board must perform or exercise the duty, function or power conferred by this Act and in doing so is deemed to have complied with the governing instrument. S. 22DJ inserted by No. 94/2005 s. 20. 22DJ Matters which may be included in Order in Council (1) The Governor in Council may by Order in Council provide for any matter necessary or convenient to give effect to this Part or to any other Order in Council under this Part and to enable the effective implementation of the transfer of administration of an administered scheme to the Board and the administration of the administered scheme by the Board. (2) Without limiting the generality of subsection (1), the Order in Council may provide for— (a) any property, income, assets, rights, liabilities, expenses or other matters to be apportioned, settled, transferred, adjusted or determined; (b) the resolution of any dispute relating to any apportionment, settlement, transfer, adjustment or determination; (c) any party to a dispute to bear the costs of resolving the dispute; (d) transitional provisions in relation to any act, matter or thing done or required to be done by or in relation to any administered scheme. S. 22DK inserted by No. 94/2005 s. 20. 22DK General provisions relating to Orders in Council (1) An Order in Council made under this Part— (a) must specify a day or days upon which the Order in Council comes into operation; (b) upon being published in the Government Gazette has the like force and effect as if it were expressly enacted in this Act; (c) may be amended or revoked by another Order in Council; (d) has full force and effect despite any non-compliance with any of the matters required by this Act as preliminary to the making of the Order in Council. (2) An Order in Council made under this Part may— (a) apply generally or be limited in its application by reference to specified matters or things; (b) apply differently according to different factors or subject to specified exceptions; (c) leave any matter or thing to be from time to time determined, applied, dispensed with or regulated by a person or body specified in the Order in Council; (d) confer powers or impose duties in connection with the Order in Council on a person or body specified in the Order in Council; (e) apply, adopt or incorporate, with or without modification, the provisions of any Act or of any regulations made under any Act; (f) contain provisions of a savings and transitional nature consequent on the making of the Order in Council, including providing for the construction of references in any instrument or in any other document of any kind. S. 22DL inserted by No. 94/2005 s. 20. 22DL Exemption from stamp duty or other tax S. 22DM inserted by No. 94/2005 s. 20. 22DM Transitional provision—Registrar of Titles The Registrar of Titles, on being requested to do so and on delivery of any relevant certificate of title or instrument, must make any amendments in the Register that are necessary because of the operation of this Part. Pt 4AC (Heading and ss 22DN–22DT) inserted by No. 61/2013 s. 14. Part 4AC—Transfer of the Parliamentary Contributory Superannuation Fund and related matters S. 22DN inserted by No. 61/2013 s. 14. 22DN Definitions ***commencement day*** means the day on which section 14 of the **Superannuation Legislation Amendment Act 2013** comes into operation; S. 22DN def. of *Parliamentary Trustee* amended by No. 5/2019 s. 81(1)(c). ***Parliamentary Trustee*** means the Parliamentary Trustee established under the **Parliamentary Salaries, Allowances and Superannuation Act 1968** as in force immediately before the commencement day; ***specified date*** means the end of the day immediately before the commencement day. S. 22DO inserted by No. 61/2013 s. 14. 22DO Transfer of assets and liabilities of the Parliamentary Contributory Superannuation Fund (1) On the commencement day, the assets and liabilities of the Parliamentary Contributory Superannuation Fund are by virtue of this section transferred to the Scheme and form part of the Scheme. (2) On and after the commencement day— S. 22DO(2)(a) amended by No. 5/2019 s. 81(1)(b). (a) deductions from the salaries of members and any other money received or recovered by the Board under Part 3 of the **Parliamentary Salaries, Allowances and Superannuation Act 1968** are to be paid into the Scheme; S. 22DO(2)(b) amended by No. 5/2019 s. 81(1)(b). (b) the benefits provided for in Part 3 of the **Parliamentary Salaries, Allowances and Superannuation Act 1968** are to be paid out of the Scheme; (c) the costs of administering that Act are to be paid out of the Scheme. S. 22DO(3) amended by No. 5/2019 s. 81(1)(b). (3) The transfer effected by this section does not affect the benefits and entitlements conferred or the duties and obligations imposed under Part 3 of the **Parliamentary Salaries, Allowances and Superannuation Act 1968**. S. 22DP inserted by No. 61/2013 s. 14. 22DP Board is successor in law (1) On the commencement day— (a) the Board is the successor in law of the Parliamentary Trustee; (b) the Parliamentary Trustee ceases to exist and the trustees go out of office. (2) If, immediately before the commencement day, proceedings in respect of the Parliamentary Contributory Superannuation Fund to which the Parliamentary Trustee was a party were pending or existing in any court or tribunal, then, on and after that commencement, the Board is substituted for the Parliamentary Trustee as a party to the proceedings and has the same rights and obligations in the proceedings as the Parliamentary Trustee. (3) If, immediately before the commencement day, proceedings in respect of which the Parliamentary Trustee was a party were pending or existing in any court or tribunal, then, on and after that commencement, the Board is substituted for the Parliamentary Trustee as a party to the proceedings and has the same rights and obligations in the proceedings as the Parliamentary Trustee. (4) On and after the commencement day, any reference in any Act (other than this Act), regulation, subordinate instrument or other document whatsoever to the Parliamentary Trustee is to be construed as a reference to the Board, unless the contrary intention appears. S. 22DQ inserted by No. 61/2013 s. 14. 22DQ Exemption from stamp duty or other tax S. 22DR inserted by No. 61/2013 s. 14. 22DR Transitional provision—Registrar of Titles The Registrar of Titles, on being requested to do so and on delivery of any relevant certificate of title or instrument, must make any amendments in the Register that are necessary because of the operation of this Part. S. 22DS inserted by No. 61/2013 s. 14. 22DS Actuarial investigation (1) The Board must appoint an actuary to make an actuarial investigation as to the state and sufficiency of the Parliamentary Contributory Superannuation Fund as at the specified date. (2) The actuary must certify in the actuarial investigation the amount that is required to be paid to the Scheme in the financial years ending 30 June 2014 and 30 June 2015 in addition to the other assets and income of the Parliamentary Contributory Superannuation Fund to enable the liability for benefits provided for in Part 3 of the **Parliamentary Salaries and Superannuation Act 1968** and the costs of administering that Act to be met. (3) The Board must submit the actuary's report of the investigation to the Minister within the period of 6 months after the specified date. (4) The Minister must cause the actuary's report submitted to the Minister under subsection (3) to be laid before the Legislative Council and the Legislative Assembly before the expiration of the seventh sitting day of the Legislative Council or the Legislative Assembly, as the case may be, after the actuary's report has been received by the Minister. (5) The Treasurer may pay from the Consolidated Fund into the Scheme the amounts determined under subsection (2). (6) The Consolidated Fund is to the necessary extent appropriated accordingly. S. 22DT inserted by No. 61/2013 s. 14, amended by No. 5/2019 s. 81(1)(b). 22DT Scheme may be supplemented by Consolidated Fund If the actuary certifies in an actuarial investigation under section 19 that the amount to the credit of the Scheme held in respect of the benefits provided for in Part 3 of the **Parliamentary Salaries, Allowances and Superannuation Act 1968** and the costs of administering that Act is insufficient to meet that liability, money may be applied out of the Consolidated Fund (which is hereby to the necessary extent appropriated accordingly) to meet the amount of that insufficiency as certified by the actuary. Pt 4AD (Heading and ss 22DU–22DZA) inserted by No. 49/2018 s. 43. Part 4AD—Transfer of the Port of Melbourne Superannuation Fund S. 22DU inserted by No. 49/2018 s. 43. 22DU Definitions ***appointed day*** means the day appointed under section 22DV; ***Port Fund*** means the Port of Melbourne Superannuation Fund as in operation immediately before the appointed day; ***Port Fund trust deed*** means the declaration of trust in relation to the Port Fund with effect on and from 30 June 1997, as amended from time to time; ***Trustee*** means the Trustee under the Port Fund trust deed. S. 22DV inserted by No. 49/2018 s. 43. 22DV Appointed day (1) The Minister, by notice published in the Government Gazette, may appoint a day for the purposes of this Part. (2) Subject to subsection (3), the appointed day must be a day on or after the day on which the Board and the Trustee advise the Minister in writing that all the preconditions for the transfer of the Port Fund to the Scheme have been met. (3) If the Board and the Trustee advise the Minister under subsection (2) on different days, the appointed day must be a day on or after the later of those days. S. 22DW inserted by No. 49/2018 s. 43. 22DW Transfer of assets and liabilities of the Port Fund (1) On the appointed day, the assets and liabilities of the Port Fund are by virtue of this section transferred to the Scheme and form part of the Scheme. (2) On and after the appointed day— (a) contributions and any other money received or recovered by the Board under the Port Fund trust deed are to be paid into the Scheme; and (b) the benefits provided for in the Port Fund trust deed are to be paid out of the Scheme; and (c) the costs of administering the Port Fund trust deed are to be paid out of the Scheme. (3) The transfer effected by this section does not affect the benefits and entitlements conferred, or the duties and obligations imposed, under the Port Fund trust deed. S. 22DX inserted by No. 49/2018 s. 43. 22DX Board is Trustee (1) On and after the appointed day, any reference in the Port Fund trust deed or any Act (other than this Act), regulation, subordinate instrument or other document to the Trustee is to be construed as a reference to the Board— (a) so far as the reference relates to any period on or after that day; and (b) if not inconsistent with the subject matter. (2) On the appointed day, the Board is substituted as a party to— (a) any proceeding pending in any court or tribunal in respect of the Port Fund to which the Trustee was a party immediately before that day; and (b) any arrangement or contract entered into in respect of the Port Fund by the Trustee that was in force immediately before that day. S. 22DY inserted by No. 49/2018 s. 43. 22DY References to governing instrument In this Act, a reference to a governing instrument, or the governing instrument of an administered scheme, includes a reference to the Port Fund trust deed. S. 22DZ inserted by No. 49/2018 s. 43. 22DZ Exemption from stamp duty or other tax S. 22DZA inserted by No. 49/2018 s. 43. 22DZA Transitional provision—Registrar of Titles The Registrar of Titles, on being requested to do so and on delivery of any relevant certificate of title or instrument, must make any amendments in the Register that are necessary because of the operation of this Part. Pt 4A (Heading and ss 22E–22I) inserted by No. 70/2003 s. 5. Part 4A—Family law provisions S. 22E inserted by No. 70/2003 s. 5. 22E Definitions (1) In this Part— ***approved deposit fund*** has the meaning given by section 10(1) of the Commonwealth Superannuation Industry (Supervision) Act 1993; ***eligible rollover fund*** means a fund within the meaning of section 242 of the Commonwealth Superannuation Industry (Supervision) Act 1993; ***eligible superannuation plan*** means— (a) a regulated superannuation fund; or (b) an approved deposit fund; or (c) an exempt public sector superannuation scheme; or (d) an RSA; ***exempt public sector superannuation scheme*** means a public sector superannuation scheme within the meaning of section 10(1) of the Commonwealth Superannuation Industry (Supervision) Act 1993; ***flag lifting agreement*** has the meaning given by section 90MN of the Commonwealth Family Law Act 1975; ***flagging order*** means an order mentioned in section 90MU(1) of the Commonwealth Family Law Act 1975; ***interest*** has the meaning given by section 90MD of the Commonwealth Family Law Act 1975; ***member spouse***, in relation to a superannuation interest, means the spouse who has the superannuation interest; ***non-member spouse***, in relation to a superannuation interest, means the spouse who is not the member spouse in relation to that interest; ***payment flag*** has the meaning given by section 90MD of the Commonwealth Family Law Act 1975; ***regulated superannuation fund*** means a superannuation fund which complies with section 19 of the Commonwealth Superannuation Industry (Supervision) Act 1993; ***relevant condition of release*** means, a condition of release mentioned in item 101, 102, 103 or 106 of Schedule 1 to the Commonwealth Superannuation Industry (Supervision) Regulations 1994; ***reversionary interest*** has the meaning given by section 90MF of the Commonwealth Family Law Act 1975; ***RSA*** means a retirement savings account within the meaning of the Commonwealth Retirement Savings Accounts Act 1997; ***specified period*** means the period which is specified to be the specified period in the specified standards; ***splitting order*** means an order mentioned in section 90MT of the Commonwealth Family Law Act 1975; S. 22E(1) def. of *spouse* inserted by No. 38/2009 s. 15(a). ***spouse*** has the meaning given by section 90MD of the Commonwealth Family Law Act 1975; S. 22E(1) def. of *super- annuation agreement* amended by No. 38/2009 s. 15(b). ***superannuation agreement*** has the meaning given by section 90MD of the Commonwealth Family Law Act 1975; ***superannuation fund*** has the same meaning as in the Commonwealth Superannuation Industry (Supervision) Act 1993; ***superannuation interest*** means an interest that a person has as a member of an eligible superannuation plan, but does not include a reversionary interest; ***unsplittable interest*** has the meaning given by section 90MD of the Commonwealth Family Law Act 1975; ***value at a particular time of the non-member spouse's entitlement in respect of the superannuation interest*** means the value as determined in accordance with regulation 14G(8) of the Commonwealth Family Law (Superannuation) Regulations 2001; ***value of the member spouse's interest in the Scheme*** means the value as determined in accordance with Part 5 of the Commonwealth Family Law (Superannuation) Regulations 2001. (2) A reference to the transfer of an amount is to be construed as including a reference to the rollover of an amount. S. 22EA inserted by No. 40/2004 s. 17. 22EA Accrued benefit multiple For the purpose of regulation 65 of the Commonwealth Family Law (Superannuation) Regulations 2001, the Board on the advice of an actuary appointed by the Board may from time to time determine the accrued benefit multiple. S. 22F inserted by No. 70/2003 s. 5.