House of Representatives

Explanatory Memorandum

(Circulated by the authority of the Minister for Finance and Administration, Senator the Hon Nick Minchin)

Schedule 8 - Amendment of the Trust Deed of the Public Sector Superannuation Scheme

Item 1

5. Item 1 amends clause 1 of the PSS Trust Deed to include the definitions "PSS functions" and "PSS powers" being those functions and powers of the PSS Board set out in the Trust Deed in relation to the PSS. This is included to clearly distinguish those functions and powers from the functions and powers of the PSS Board provided for in the PSSAP Trust Deed.

Item 2

6. Item 2 amends subclause 3.1 to clarify that this clause only relates to the functions of the PSS Board in respect of the PSS and the PSS Fund.

Item 3

7. Item 3 amends subclause 3.2 to include a reference to "PSS functions" as a consequence of the establishment of the PSSAP by the PSSAP Trust Deed and the functions and powers of the PSS Board set out in that Trust Deed.

Item 4

8. Item 4 amends subclause 3.2A to refer to "PSS functions" and "PSS powers" as a consequence of the establishment of the PSSAP by the PSSAP Trust Deed and the functions and powers of the PSS Board set out in that Trust Deed.

Item 5

9. Item 5 amends subclause 3.3 to refer to "PSS functions" and "PSS powers" as a consequence of the establishment of the PSSAP by the PSSAP Trust Deed and the functions and powers of the PSS Board set out in that Trust Deed.