Victorian Numbered Acts Victorian Numbered ActsAfter Part 4AB of the Emergency Services Superannuation Act 1986 insert —
In this Part—
"commencement day" means the day on which section 14 of the Superannuation Legislation Amendment Act 2013 comes into operation;
"Parliamentary Trustee" means the Parliamentary Trustee established under the Parliamentary Salaries 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.
(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—
(a) deductions from the salaries of members and any other money received or recovered by the Board under Part 3 of the Parliamentary Salaries and Superannuation Act 1968 are to be paid into the Scheme;
(b) the benefits provided for in Part 3 of the Parliamentary Salaries 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.
(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 and Superannuation Act 1968
.
s. 14
(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.
No stamp duty or other tax is payable under any Act in respect of anything done under this Part.
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.
(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.
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 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.
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