Remuneration Authority Act 1977

12AA Superannuation

(1)

Notwithstanding anything in this Act or any other Act, where the Authority has jurisdiction to determine the salary or remuneration of any person or group of persons pursuant to any subparagraph of section 12(1)(a) (other than subparagraph (i)), the Authority may determine, but shall not be obliged to determine, in relation to any such person or to any member of any such group of persons,—

(a)

the maximum amount that in any year may be paid by way of superannuation subsidy in respect of any such person or member who chooses to contribute to any retirement scheme; and

(b)

the contribution that any such person or member must make to a retirement scheme in order to be entitled to any of the subsidy referred to in paragraph (a), expressed as a ratio of the subsidy to the person’s or member’s contribution.

(2)

Any maximum amount determined under subsection (1)(a) may be expressed as either a specified monetary amount or a percentage of salary, either of which may vary according to any category of person or member.

(3)

Any determination made under subsection (1)(a), and any provision of any such determination, may be made so as to come into force on a date to be specified in that behalf in the determination, being the date of the making of the determination or any other date, whether before or after the date of the making of the determination or the date of the commencement of this section.

(4)

Every such determination, and every provision of any such determination, in respect of which no date is specified shall come into force on the date of the making of the determination.

(5)

Where the salary of any person to whom a determination made under subsection (1)(a) relates is payable out of public money, any superannuation subsidy required or allowed for by the determination may in accordance with, and within any limits prescribed by, the determination be paid out of public money without further appropriation than this section.

(6)

For the avoidance of doubt, it is hereby declared—

(a)

that any determination made under subsection (1)(a) may specify conditions that, in addition to the condition specified in subsection (1)(b), must be complied with before a superannuation subsidy or a superannuation subsidy of a specific amount or a specified maximum amount is payable:

(b)

that any determination made under subsection (1)(a) may, directly or by defining a category of persons or by reference to specified circumstances, specify persons or classes of persons to whom or circumstances in which the determination is not to apply:

(c)

that where any employer or other person is, in accordance with a determination under subsection (1)(a), liable to pay a subsidy to a retirement scheme, the liability imposed on that employer or other person by that determination shall not, in relation to that scheme, exceed the amount of that subsidy.

(7)

[Repealed]

Section 12AA: inserted (with effect on 1 July 1992), on 18 December 1992, by section 2 of the Higher Salaries Commission Amendment Act (No 2) 1992 (1992 No 130).

Section 12AA(1): amended, on 1 April 2003, by section 3(2) of the Remuneration Authority (Members of Parliament) Amendment Act 2002 (2002 No 54).

Section 12AA(1)(a): amended, on 1 December 2014, by section 150 of the Financial Markets (Repeals and Amendments) Act 2013 (2013 No 70).

Section 12AA(1)(b): amended, on 1 December 2014, by section 150 of the Financial Markets (Repeals and Amendments) Act 2013 (2013 No 70).

Section 12AA(6)(c): amended, on 1 December 2014, by section 150 of the Financial Markets (Repeals and Amendments) Act 2013 (2013 No 70).

Section 12AA(7): repealed, on 1 December 2014, by section 150 of the Financial Markets (Repeals and Amendments) Act 2013 (2013 No 70).