Bill
Superannuation Amendment (PSSAP Membership) Bill 2020
passed, as at 2020-09-07. Finance portfolio.
- Sponsor
- Not recorded
- Portfolio
- Finance
Recorded stages
- introduced — 2020-02-13
- second reading — 2020-02-13
- second reading — 2020-08-25
- second reading — 2020-08-25
- third reading — 2020-08-25
- introduced — 2020-08-25
- second reading — 2020-08-25
- second reading — 2020-08-27
- second reading — 2020-08-27
- third reading — 2020-08-27
- passed — 2020-08-27
- royal assent — 2020-09-07
Divisions
Plain-language summary
Written by a model from the explanatory memorandum; not the record, as at 2020-02-13.
The bill would allow more people to use or open a Public Sector Superannuation Accumulation Plan account for non-Commonwealth employment.
It expands the definition of eligible members and creates new categories in the Superannuation Act 2005.
A person must have been a Commonwealth employee for at least 12 months to qualify under the new arrangements.
- Extends PSSAP membership to former contributory members for non-Commonwealth employment regardless of superannuation guarantee obligations.
- Allows existing PSSAP members to use their account for contributions from concurrent non-Commonwealth employment.
- Lets CSS eligible employees or PSS members establish a PSSAP account for concessional contributions from non-Commonwealth employment.
- Repeals the old term 'former Commonwealth ordinary employer-sponsored member' and replaces it with 'eligible PSSAP member'.
- Inserts new subsection 18(8A) to create a fifth sub-category of ordinary employer-sponsored member.
- Removes the employer's obligation to make contributions under the PSSAP Trust Deed for eligible PSSAP members and eligible CSS/PSS members.
Former and current Commonwealth employees who are members of the Public Sector Superannuation Accumulation Plan, the Commonwealth Superannuation Scheme, or the Public Sector Superannuation scheme, and their employers.
Sources
em
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frl act