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Superannuation Act 1916 No 28

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Superannuation Act 1916 No 28 Superannuation Act 1916 No 28 New South Wales Status information Currency of version Current version for 14 December 2018 to date (accessed 11 February 2020 at 09:25) Legislation on this site is usually updated within 3 working days after a change to the legislation. Provisions in force The provisions displayed in this version of the legislation have all commenced. See Historical Notes Responsible Minister Treasurer Authorisation This version of the legislation is compiled and maintained in a database of legislation by the Parliamentary Counsel's Office and published on the NSW legislation website, and is certified as the form of that legislation that is correct under section 45C of the Interpretation Act 1987. File last modified 25 February 2019. Published by NSW Parliamentary Counsel’s Office on www.legislation.nsw.gov.au Page 1 of 243 Superannuation Act 1916 No 28 [NSW] Superannuation Act 1916 No 28 New South Wales Contents Long title.................................................................................................................................................................... 12 Part 1 Preliminary.................................................................................................................................................. 12 1 Name of Act and commencement............................................................................................................... 12 1A Closure of Scheme to persons employed on or after 1.7.1985................................................................... 12 2 (Repealed)................................................................................................................................................... 13 3 Definitions.................................................................................................................................................... 13 3AAA (Repealed)................................................................................................................................................... 19 3AA Salary of executive officers ......................................................................................................................... 19 3A Salary .......................................................................................................................................................... 21 3B Certain persons to be regarded as employers for the purposes of this Act ................................................ 23 3C References to employers etc....................................................................................................................... 24 Part 2 The State Superannuation Fund ...................................................................................................... 24 4 Reconstitution of the Fund .......................................................................................................................... 24 4A (Repealed)................................................................................................................................................... 25 5 STC required to establish certain reserves within the Fund........................................................................ 25 6 Contributors’ reserve................................................................................................................................... 25 6A (Repealed)................................................................................................................................................... 26 7 Employer reserves ...................................................................................................................................... 26 8 Adjustment of reserves and accounts for interest etc ................................................................................. 26 8A Source of administration costs payments ................................................................................................... 27 8B Adjustment of reserves resulting from actuarial investigation ..................................................................... 27 8C Adjustment of employer reserves to take into account death and disability payments ............................... 27 9 Funds, accounts and reserves generally .................................................................................................... 28 9A Unallocated amounts .................................................................................................................................. 28 9B–9E (Repealed)................................................................................................................................................... 28 10 Actuary or actuaries to conduct periodic investigations into the Fund ........................................................ 28 Part 2A ........................................................................................................................................................................ 29 10A–10I (Repealed) ................................................................................................................................................. 29 Current version for 14 December 2018 to date (accessed 11 February 2020 at 09:25) Page 2 of 243 Superannuation Act 1916 No 28 [NSW] Part 3 Contributions............................................................................................................................................. 29 Division 1 Preliminary......................................................................................................................................... 29 10J Definitions.................................................................................................................................................... 29 10K Determination of entry review day and entry payment day ......................................................................... 30 10L Determination of annual review day and annual adjustment day................................................................ 30 10M General provisions as to determinations under this Division ...................................................................... 30 Division 2 Liability of employees to contribute...................................................................................... 31 10N Requirement to contribute........................................................................................................................... 31 10O Existing contributors and employees .......................................................................................................... 31 10P Commencement of contributions ................................................................................................................ 31 10Q Increase of contributions: annual review days ............................................................................................ 32 10QA Abandoned units to be taken up if contributions fall below 6 per cent of salary.......................................... 32 10QB Limitation on increase in contributions by certain contributors.................................................................... 33 10R Increase of contributions: exit days............................................................................................................. 34 10S No contributions for more than appropriate number of units....................................................................... 35 10SA Cessation of contributions........................................................................................................................... 35 10T Exemptions from contributing...................................................................................................................... 35 10U Salary sacrifice contributions....................................................................................................................... 36 10V Consequences of exemption....................................................................................................................... 36 Division 3 Decreases in salary or unit entitlement............................................................................... 37 10W Decrease in salary....................................................................................................................................... 37 10WA Fluctuations in salary................................................................................................................................... 38 10WB Decrease in unit entitlement on taking leave of absence............................................................................ 38 10WC Commencement of or change to part-time employment ............................................................................. 39 Division 4 Abandoned units............................................................................................................................. 43 10X No contributions or rights in respect of abandoned units ............................................................................ 43 10Y Elections to take up abandoned units at annual review day ....................................................................... 43 10Z Elections to take up abandoned units at exit day........................................................................................ 44 10AA Restrictions as to abandoned units ............................................................................................................
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