(1) For the purposes of paragraph (a) of subsection (4) of section 12 of the Act, an investment of moneys of the Fund in a debenture of a kind referred to in paragraph (d) of subsection (2) of that section is permitted if, before making the investment, the Board obtains and considers advice from an expert adviser as to the suitability for the Fund, having regard to the purposes of the Fund, of the proposed investment.
(2) In subregulation (1), ‘expert adviser’, in relation to a proposed investment, means a person (including a body corporate) whom the Board, having regard to the competence and experience in financial matters of the person, chooses to give advice to the Board in relation to that proposed investment, but does not include a person who is a member, or a deputy of a member, of the Board or a member of the staff of the Board.
5 Prescribed time for the purposes of section 19 (3)
Where the salary of an employee or pensioner is increased in circumstances set out in subsection (3) of section 19 of the Act, an election to contribute for additional units of pension shall be made by the employee or pensioner for the purposes of that subsection within twelve months after the date on which his salary is so increased.
6 Manner of ascertaining salary for purposes of section 22
(1) For the purposes of paragraph (a) of subsection (1) of section 22 of the Act, the salary of an employee who is paid salary at a rate other than an annual rate of salary shall be ascertained, for the purposes of Division 2 of Part III of the Act, by multiplying the weekly rate of salary of the employee by 52.
(2) In ascertaining the salary of an employee to whom the last preceding subregulation applies:
(a) subject to the next succeeding paragraph, if the employee is not receiving remuneration at the maximum rate applicable to his office or position, he shall be deemed to be receiving remuneration at that maximum rate; and
(b) if the employee has not attained the age of twenty-one years and occupies an office or position in respect of which the remuneration varies according to the age of the occupant, the last preceding paragraph does not apply, but, in the case of such an employee who has not attained the age of twenty years, he shall be deemed to be receiving remuneration at the rate that would be applicable to him if he had attained the age of twenty years.
6A Amount specified for the purpose of subsection 22 (1)
The amount specified for the purpose of subsection 22 (1) of the Act is $15,080.
7 Prescribed time and condition for purposes of section 20A
(1) The time within which an employee to whom subsection (1) or subsection (2) of section 20A of the Act applies may elect to contribute for additional units of pension in accordance with subsection (3) of that section is the period of 12 months after:
(a) the date upon which his salary is increased or the date as from which his salary is increased, whichever is the later date; or
(b) the date upon which the prescribed amount is increased, as the case requires.
(2) It is a condition upon which an employee may make an election under subsection (3) of section 20A of the Act that the employee, within the period of 6 months after the date on which he makes the election or within such further period as the Board allows, satisfies the Board that he is not suffering from any physical or mental defect (not being a defect that, in the opinion of the Board, is the result of service of the employee as a member of the Forces as defined by subsection (2) of section 147 of the Act) likely to render him incapable of performing his duties before attaining the maximum age for retirement.
8 Prescribed times for the purposes of section 25
(1) The prescribed time for the purposes of subsection (1) of section 25 of the Act is the period of six months after the date upon which the increased contribution for the additional unit or units of pension becomes payable.
(2) The prescribed time for the purposes of subsection (2) of section 25 of the Act is the period of six months after the date upon which the increased contribution for the additional unit or units of pension would have become payable if the contributor had not attained the age of sixty years.
9 Prescribed authority for purposes of section 65
The prescribed authority for the purposes of section 65 of the Act is:
(a) in the case of a person who was, at the date of his retirement, employed under the Commonwealth Public Service Act 1922 or under that Act as amended — the Public Service Board; or
(b) in the case of a person who, at the date of his retirement, was employed under any other Act — the authority constituted by the Act under which he was so employed.
10 Prescribed time for purposes of section 67 or 69
The prescribed time for the purposes of subsection (2) of section 67, or of subsection (1) of section 69, of the Act is:
(a) in the case of a person who is an employee within the meaning of section 4 of the Act — the period of 12 months after the date on which he becomes an employee; or
(b) in the case of a person who is to be deemed to be an employee within the meaning of section 4 of the Act by virtue of a direction under subsection (4), (5) or (6) of that section — the period of 12 months after the date as from which he is to be deemed to be such an employee.
11 Public Service Superannuation Funds
Each of the following funds or accounts is a Public Service Superannuation Fund for the purposes of the Act:
(a) the Electricity Commission Provident Fund, established by the State Electricity Commission constituted by the State Electricity Commission Act 1958 of the State of Victoria;
(b) the Government Railways Superannuation Account, established by the Government Railways Act, 1912-1958 of the State of New South Wales;
(c) the Local Government Provident Fund, established by the Local Government and Other Authorities (Superannuation) Act, 1927-1959 of the State of New South Wales;
(d) the Melbourne and Metropolitan Board of Works Superannuation Scheme, established under the Melbourne and Metropolitan Board of Works Act 1958 of the State of Victoria;
(e) the Melbourne Harbour Trust Superannuation Account, established under the Melbourne Harbour Trust Act 1958 of the State of Victoria;
(f) the Papua and New Guinea Superannuation Fund, established by the Superannuation (Papua and New Guinea) Ordinance 1951-1960 of the Territory of Papua and New Guinea;
(g) the Superannuation Fund established by the Superannuation Ordinance 1928-1955 of the Territory of New Guinea;
(h) the superannuation fund of the Commonwealth Banking Corporation, established by the Commonwealth Banks Act 1959;
(i) the superannuation fund of the Reserve Bank of Australia, established by the Reserve Bank Act 1959; and
(j) the Pilots’ Contribution Account maintained by the Australian National Airlines Commission, established under the Australian National Airlines Act 1945-1959.
12 Manner of ascertaining fortnightly salary for the purposes of section 80
For the purposes of section 80 of the Act, the fortnightly salary of a contributor to the Provident Account shall be ascertained:
(a) in the case of a contributor whose salary is paid at an annual rate — by dividing that annual rate by twenty-six; or
(b) in the case of a contributor who is paid salary at a weekly rate — by multiplying that rate by two.
13 Manner of making elections
An application, election or choice under the Act shall be made by instrument in writing addressed to the Board.
14 Payment of pensions
(1) Pensions and other payments under the Act shall be authorized for payment in accordance with the provisions of the Treasury Regulations.
(2) Pensions are payable on the Thursday of each fortnight that alternates with the Thursday on which salaries are paid to officers of the Public Service of the Commonwealth.
15 Evidence as to pensioners
The Board may require:
(a) a person to whom, or in respect of whom, a pension is payable to submit evidence to the satisfaction of the Board that he is alive;
(b) a person to whom a pension is payable as the widow of a contributor or pensioner to submit evidence to the satisfaction of the Board that she has not re-married; and
(c) a person to whom a pension is payable in respect of a child to submit evidence to the satisfaction of the Board that the child is alive, is in his care and is maintained by him.
16 False information
A person shall not make a false or misleading statement in any information given for the purposes of, or in connexion with a matter arising under, the Act or these Regulations.
Penalty: Twenty dollars.
The Schedule
(regulation 2)
Statutory Rules 1952, No. 20
Statutory Rules 1953, No. 52
Statutory Rules 1954, No. 87
Statutory Rules 1954, No. 125
Statutory Rules 1955, No. 60
Statutory Rules 1956, No. 95
Statutory Rules 1957, No. 34
Statutory Rules 1957, No. 65
Statutory Rules 1958, No. 39
Statutory Rules 1958, No. 47
Statutory Rules 1960, No. 31.
Notes to the Superannuation Regulations
Note 1
Note: The Superannuation Regulations (in force under the Superannuation Act 1922) as shown in this compilation comprise Statutory Rules 1960 No. 68 amended as indicated in the Tables below.