Commonwealth Consolidated Acts Commonwealth Consolidated Acts
1 Subsection 3(1)
Insert:
"PSSAP" means the Public Sector Superannuation Accumulation Plan within the meaning of the Superannuation Act 2005 .
2 Subsection 3(1) (at the end of the definition of qualified employee )
Add:
Note 1: See also section 3AA (closure of productivity benefit scheme from 1 July 2006).
Note 2: See also section 3AB (modification of productivity benefit scheme from 1 July 2005).
3 After section 3
Insert:
3AA Closure of productivity benefit scheme from 1 July 2006
(1) This section applies to a person if, assuming that this section had not been enacted, the person would have become a qualified employee on or after 1 July 2006.
(2) The person is not a qualified employee on a day that occurs on or after 1 July 2006.
(3) Subsection (2) has effect despite anything in any other provision of this Act.
3AB Modification of productivity benefit scheme from 1 July 2005
(1) This section applies if:
(a) at a particular time (the PSSAP cessation time ) during the financial year beginning on 1 July 2005, a person ceased to be an ordinary employer - sponsored member of PSSAP; and
(b) immediately before the PSSAP cessation time:
(i) the person was in particular employment or held a particular statutory office (within the meaning of the Superannuation Act 2005 ); and
(ii) the person was eligible to be a member of PSSAP because of that employment or holding that office; and
(iii) assuming that the person's employer (within the meaning of the Superannuation Guarantee (Administration) Act 1992 ) had made a basic employer contribution (within the meaning of the Superannuation Act 2005 ) to PSSAP for the benefit of the person, the employer would have relied on subsection 32C(2), (4A) or (6) of the Superannuation Guarantee (Administration) Act 1992 to satisfy the choice of fund requirements in relation to the contribution; and
(c) at a time after the PSSAP cessation time:
(i) the person is in that employment or held that office; and
(ii) the person is eligible to be a member of PSSAP because of that employment or holding that office; and
(iii) the person is a member of a fund (within the meaning of Part 3A of the Superannuation Guarantee (Administration) Act 1992 ) other than PSSAP; and
(iv) the person's employer (within the meaning of the Superannuation Guarantee (Administration) Act 1992 ) makes a contribution to that fund for the benefit of the person; and
(v) the person's employer (within the meaning of the Superannuation Guarantee (Administration) Act 1992 ) would rely on subsection 32C(1), (2) or (6) of that Act to satisfy the choice of fund requirements in relation to that contribution.
(2) The person is not a qualified employee after the PSSAP cessation time.
(3) Subsection (2) has effect despite anything in any other provision of this Act.