Superannuation Schemes Act 1989

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Reprint as at 7 July 2010

Superannuation Schemes Act 1989

Public Act1989 No 10
Date of assent22 March 1989

Note

Changes authorised by section 17C of the Acts and Regulations Publication Act 1989 have been made in this eprint.

A general outline of these changes is set out in the notes at the end of this eprint, together with other explanatory material about this eprint.

This Act is administered in the Treasury.


Contents

Title

1 Short Title and commencement

2 Interpretation

2A Definition of superannuation scheme

Part 1
Registration of superannuation schemes

3 Applications for registration of scheme governed by trust deed

4 Applications for registration of scheme constituted under Act of Parliament

5 Matters required to be specified in application

6 Registration of schemes

Trust deeds

7 Content of trust deeds

8 Implied provisions as to investment of scheme money

9 Implied provision as to amendments reducing accrued benefits, etc

9A Implied provision as to alterations to scheme

9B Implied provision as to transfer of members, etc

9BAA When Government Actuary may approve transfers without consent of members and beneficiaries

9BAB How approval under section 9BAA may be granted

9BA Government Actuary may exempt trustees from requirement to obtain written consent of all members and beneficiaries

9C Implied provisions as to deferred benefits

9D Implied term as to reduction of scheme insurance upon transfer out of complying superannuation fund

10 Implied provision as to reversion of scheme assets to employer

11 Application and enforcement of implied provisions

12 Amendment of trust deeds

Financial information

13 Accounts

14 Annual reports

15 Actuarial examination

Prospective members' rights to information

15A Prospective members' rights to information

Members' rights to information

16 Rights to information before becoming member of registered superannuation scheme

17 Members' rights to information

Non-resident trustees

18 Non-resident trustees

Disclosure of information

18A Disclosure of information to Government Actuary

18B Protection of administration managers, investment managers, actuaries, and auditors

Powers of Government Actuary as to cancellation of registration, etc

19 Cancellation of registration

20 Powers of Government Actuary in event of scheme operating in contravention of this Act, etc

Independent trustees

20A Receiver or liquidator to designate or appoint independent trustee if required

Winding up of registered schemes

21 Winding up of registered schemes

Reversion of assets to employer

22 Consent to reversion of assets to employer

Part 2
Miscellaneous provisions

23 Objections and appeals against decisions of Government Actuary

24 Power of Government Actuary to require information

25 Offences

26 Secrecy

27 Personal liability

28 Annual report by Government Actuary

29 Fees

30 Regulations

31 Consequential amendments

32 Repeals, revocations, and consequential amendments taking effect on 1 April 1990

33 Savings

34 Complying superannuation funds

35 Dealing with applications for complying superannuation funds

36 Revocation of approval

37 Duty to notify changes about complying superannuation funds to Government Actuary

38 Form of notice under section 37

39 Duty to give notice to Government Actuary about fee increases

40 Powers of High Court in relation to unreasonable fees

41 Transitional provision relating to lodging of participation agreements

Part 3
Transitional provisions relating to reduction of benefits as result of changes in taxation

42 Uniform reduction in existing pensions may be regarded as equitable [Repealed]

43 Uniform reduction in existing and future pensions may be regarded as equitable [Repealed]

44 Notification of amendments made in accordance with this Part [Repealed]

45 Amendment to become valid on date made [Repealed]

45A Reduction of benefits where employer obliged to provide defined benefit [Repealed]

46 Amendment to provide for variations as result of later taxation changes [Repealed]

47 No reductions to be made except to make benefits secure [Repealed]

Part 4
Transitional provisions relating to position of schemes approved under Superannuation Schemes Act 1976

48 Closing date for applications for approval [Repealed]

49 Registration of approved schemes [Repealed]

50 Effect of cancellation of approval [Repealed]

51 Application to cancel approval of scheme that is not to become registered [Repealed]

52 Cancellation of approval of certain overseas schemes [Repealed]

53 Position of schemes that are still approved as at 31 March 1990 [Repealed]

54 Position where two or more approved schemes share trust deed [Repealed]

55 Certain provisions in trust deed obsolete

56 Certain references to approved schemes deemed to include references to registered schemes

57 Effect of new withholding tax on contributions to Class a funds [Repealed]

Part 5
Annuities

58 Interpretation [Repealed]

59 Reduction of annuities granted before 1 April 1990 [Repealed]

60 Approval of Government Actuary needed if reduction in net benefits [Repealed]

61 Other powers to reduce benefits not affected [Repealed]

62 Non-commutable and non-assignable annuities [Repealed]

63 Objections and appeals against decisions of Government Actuary [Repealed]

64 Power of Government Actuary to require information [Repealed]

65 Personal liability [Repealed]

66 Fees [Repealed]

67 Regulations [Repealed]

Part 6
Transfer of superannuation business of life offices

68 Application for approval of transfer of superannuation business [Repealed]

69 Approval of transfer arrangement by Government Actuary [Repealed]

70 Transfer of property pursuant to approved arrangement [Repealed]

71 Liability to stamp duty, goods and services tax, and income tax in respect of transfer of property [Repealed]

Schedule 1
Matters to be specified in application for registration

Schedule 2
Matters to be specified in annual report

Schedule 3
Enactments consequentially amended

Schedule 4
Consequential amendments with effect on and after 1 April 1990

Reprint notes


An Act to provide for the registration of superannuation schemes, and to provide a procedure to enable both benefits payable from superannuation schemes and annuities to be reduced as a result of changes in taxation