Senate

Explanatory Memorandum

Circulated by authority of the Minister for Superannuation and Corporate Law, Senator the Hon Nick Sherry

TERMS USED IN THE NOTES ON CLAUSES

" 1976 Act " means the Superannuation Act 1976 .

" 1990 Act " means the Superannuation Act 1990 .

" 2005 Act " means the Superannuation Act 2005 .

" AI Act " means Acts Interpretation Act 1901 .

" ARIA " means the Australian Reward Investment Alliance.

Note : ARIA was formerly known as the PSS Board, and has also taken over the functions of the now abolished CSS Board. Prior to 1 July 1995 the PSS Board was known as the Commonwealth Superannuation Board of Trustees No. 1, and the CSS Board was known as the Commonwealth Superannuation Board of Trustees No. 2.

" Bill " means the Superannuation Legislation Amendment (Trustee Board and Other Measures) (Consequential Amendments) Bill 2008.

" Commonwealth Superannuation Board of Trustees No. 1 " See the note under the definition of "ARIA" above.

" Commonwealth Superannuation Board of Trustees No. 2 " See the note under the definition of "ARIA" above.

" CSS " means the Commonwealth Superannuation Scheme established under the 1976 Act.

" CSS Board " See the note under the definition of "ARIA" above.

" LI Act " means the Legislative Instruments Act 2003 .

" OTE " or " ordinary time earnings " means the earnings on an employee's ordinary hours of work. It is an employee's default earnings base for SG purposes and is defined in the Superannuation Guarantee (Administration) Act 1992 and in rulings issued by the Australian Taxation Office.

" PB Act " means the Superannuation (Productivity Benefit) Act 1988 .

" PSS " means the Public Sector Superannuation Scheme established by Trust Deed under the 1990 Act.

" PSS Board " See the note under the definition of "ARIA" above.

" PSSAP " means the Public Sector Superannuation Accumulation Plan established under the 2005 Act.

" PSS Trust Deed " means the Trust Deed made under section 4 of the 1990 Act.

" PSSAP contributory member " means a person whose employer is required to make contributions to the PSSAP for the benefit of the person in accordance with the rules of the scheme.

" SG " means Superannuation Guarantee. The SG is a system which requires employers to provide a minimum level of superannuation support for most employees.

" SG Act " means the Superannuation Guarantee (Administration) Act 1992 .

" SRP Act " means the Statutory Rules Publication Act 1903 .