Commonwealth legislation

Superannuation (PSS) Approved Authority Inclusion Declaration No. 5

RepealedCTH

This Act has been repealed and is no longer in force. It is retained for historical reference.

Jurisdiction

Commonwealth

Act Number

423 of 1991

Collection

legislative instrument

Plain English Summary

1/10 complexity

This declaration allows employees of the Export Finance and Insurance Corporation (EFIC) to join the Commonwealth's public sector superannuation scheme.

What it does The instrument adds EFIC to the list of "approved authorities" under the Superannuation Act 1990. Being an "approved authority" means the entity is treated like a government department for superannuation purposes, allowing its staff to join the PSS (Public Sector Superannuation) scheme.

Who it affects

Employees of the Export Finance and Insurance Corporation (a government-backed financial institution that helps Australian businesses with export loans and insurance)
The PSS scheme, which expands to cover these new members

Why it matters Before this declaration, EFIC employees could not access the Commonwealth's defined benefit superannuation fund. This change gives them the option to join the PSS scheme, which typically provides more generous and secure retirement benefits than private sector superannuation funds.

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Current sections

Direct links to the current provisions in Superannuation (PSS) Approved Authority Inclusion Declaration No. 5.

Superannuation (PSS) Approved Authority Inclusion Declaration No. 5

Commonwealth Coat of Arms of Australia

Statutory Rules 1991 No. 4231

________

View image in the official sourceSuperannuation (PSS) Approved Authority

Inclusion Declaration No. 5

I, RALPH WILLIS, Minister of State for Finance, make the following Declaration under section 3 of the Superannuation Act 1990.

Dated 6 December 1991.

RALPH WILLIS

Minister of State for Finance

View image in the official sourceCitation

This Declaration may be cited as Superannuation (PSS)

Approved Authority Inclusion Declaration No. 5.

Superannuation (ASS) Approved Authority

Inclusion Declaration No. 5 1991 No. 423

Commencement

This Declaration is taken to have commenced on 1 November 1991.

Approved authority

The Export Finance and Insurance Corporation is declared, under paragraph (b) of the definition of “approved authority” in section 3 of the Superannuation Act 1990, to be an approved authority for the purposes of that Act.

View image in the official sourceNOTE

Notified in the Commonwealth of Australia Gazette on 19 December 1991.

Source text

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

1 Superannuation (PSS) Approved Authority Inclusion Declaration No. 5