Second Reading Speech
Mr Snowdon (Minister for Veterans' Affairs, Minister for Defence Science and Personnel and Minister for Indigenous Health)I move:
That this bill be now read a second time.
The Superannuation Legislation (Consequential Amendments and Transitional Provisions) Bill 2011 supports significant reforms to the governance of Commonwealth superannuation that are included in the Governance of Australian Government Superannuation Schemes Bill 2011 and the ComSuper Bill 2011.
The bill makes consequential amendments to a range of other Commonwealth acts of parliament to take account of the changes to governance arrangements for Commonwealth superannuation schemes. It also puts in place transitional arrangements necessary for the reforms.
The bill amends the Superannuation Act 2005 to facilitate public sector employees being able to consolidate their superannuation savings under the management of one trustee.
Following consultation with ex-service organisations, the government has strengthened recognition of the unique nature of military service in the bill. In particular, the bill amends the Defence Force Retirement and Death Benefits Act 1973 to mandate the establishment of a dedicated Defence Force Case Assessment Panel by the single trustee, Commonwealth Superannuation Corporation. The establishment of the panel ensures the continuation of the role and function currently performed by the Defence Force Retirement and Death Benefits Authority-the DFRDB Authority-within the framework of the single trustee.
The bill requires the panel to have military representation. This includes representation nominated by the chiefs of each of the three services. The bill also prescribes the chair as being one of the directors of CSC who were nominated by the Chief of the Defence Force.
Debate (on motion by Mr Turnbull) adjourned.