Version No. 010
Government Superannuation Act 1999
Act No. 8/1999
Version incorporating amendments as at 10 May 2001
table of provisions
SectionPage
1
SectionPage
PART 1—PRELIMINARY
1.Purpose
2.Commencement
3.Definitions
4.Interpretation and application of Act and governing
instruments
PART 2—GOVERNMENT SUPERANNUATION OFFICE
5.Government Superannuation Office
6.Objectives and duties of the Office
7.Functions and powers of the Office
8.VFMC is fund manager
9.Board of Directors
10.Appointment of Directors
11.Term of office
12.Deputies
13.Vacancies on Board
14.Removal or suspension of Directors
15.Payment of Directors
16.Procedures of Board
17.Resolutions without meetings
18.Improper use of information
19.Committees of the Board
20.Pecuniary interests of Directors
21.Chief Executive Officer
22.Staff of the Office
23.Additional powers of the Office
24.Delegation
25.Borrowing and investment powers
26.Common funds
27.Administration Account
PART 3—TRANSFER OF ADMINISTRATION OF STATE SUPERANNUATION FUND AND THE MTA
SUPERANNUATION FUND and related matters
28.Office is successor in law
29.Staff of Victorian Superannuation Board
30.Designated employees
31.Exemption from stamp duty or other tax
32.Transitional provision—Registrar of Titles
PART 4—TRANSFER OF ADMINISTRATION OF
DECLARED PUBLIC SECTOR SUPERANNUATION
SCHEMES
33.Application of this Part
34.Declaration of administered schemes
35.Office is successor in law
36.Conflict between duties, functions and powers
37.Staff of governing bodies
38.Matters which may be included in Order
39.General provisions relating to Orders
40.Exemption from stamp duty or other tax
41.Transitional provision—Registrar of Titles
PART 5—GENERAL
42.MTA Superannuation Fund
43.Provisions relating to SCES
44.Provisions relating to LASB
45.Provisions relating to HSF
46.Provisions relating to VSF
46A.Commencement of specified standards Order
47.Regulations
PART 6—Repealed40
48–54.Repealed40
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ENDNOTES
1. General Information
2. Table of Amendments
3. Explanatory Details
1
Version No. 010
Government Superannuation Act 1999
Act No. 8/1999
Version incorporating amendments as at 10 May 2001
1
Government Superannuation Act 1999
Act No. 8/1999
The Parliament of Victoria enacts as follows:
Part 1—Preliminary
1.Purpose
The purpose of this Act is to—
(a)establish the Government Superannuation Office;
(b)facilitate the transfer of the Victorian Superannuation Fund to Commonwealth supervision;
(c)repeal the Public Sector Superannuation (Administration) Act 1993 and consequentially amend the Borrowing and Investment Powers Act 1987, the State Employees Retirement Benefits Act 1979, the State Superannuation Act 1988, the Superannuation (Portability) Act 1989, the Transport Superannuation Act 1988 and the Victorian Funds Management Corporation Act 1994.
2.Commencement
(1)This Act (other than sections 30 and 48) comes into operation on 1 July 1999.
(2)Sections 30 and 48 come into operation on the day on which this Act receives the Royal Assent.
3.Definitions
s. 3
(1)In this Act—
"administered scheme" means—
(a)the State Superannuation Fund; and
(b)the MTA Superannuation Fund; and
(c)a public sector superannuation scheme which is declared under section 34 to be an administered scheme;
"appointed day", in respect of an administered scheme within the meaning of paragraph (c) of the definition of "administered scheme", means the appointed day specified in the Order in Council made under section 34 in respect of the transfer of the administered scheme;
"Board" means the Board of Directors of the Office;
"commencement of this Act" means 1 July 1999;
"common fund" means a common fund established under section 26;
"Director" means a Director of the Board appointed under section 10 and a deputy of a Director while acting as a Director;
"governing body" means the person or body administering a public sector superannuation scheme but does not include the Office;
"governing instrument" means the Act, regulations, by-law, trust deed or other document whatsoever or any combination of such documents by or under which a public sector superannuation scheme is established or maintained;
"Office" means the Government Superannuation Office established under section 5;
"public sector superannuation scheme" means a scheme for the payment of superannuation, retirement or death benefits which is established or maintained—
(a)by or under an Act; or
(b)by a public authority, statutory body, body corporate or other body constituted by or under an Act;
"State Superannuation Fund" means the Fund within the meaning of section 3(1) of the State Superannuation Act 1988;
"superannuation benefits" includes superannuation payments, annuities, pensions, allowances, lump sum payments or other benefits.
(2)A reference in this Act to the administration of a public sector superannuation scheme includes a reference to the management and control of the policies of that scheme.
4.Interpretation and application of Act and governing instruments
s. 4
(1)If there is any inconsistency between this Act and any other Act or the governing instrument of any public sector superannuation scheme, the provisions of this Act prevail.
(2)If there is any inconsistency between a provision which by virtue of this Act is deemed to form part of or is to be read and construed as forming part of a governing instrument and any other provision of the governing instrument, the first-mentioned provision prevails.
______
Part 2—Government Superannuation Office
5.Government Superannuation Office
s. 5
(1)There is established a body corporate called the Government Superannuation Office.
(2)The Office—
(a)has perpetual succession;
(b)has a common seal;
(c)may sue and be sued in its corporate name;
(d)is capable of taking, purchasing, leasing, holding, selling, exchanging and disposing of real and personal property for the purposes of this Act;
(e)may do and suffer all acts and things which a body corporate may by law do and suffer and which are necessary or convenient for the purposes of this Act.
(3)The common seal of the Office must be kept in such custody as the Office directs and must not be used except as authorised by the Board.
6.Objectives and duties of the Office
(1)The Office must—
(a)have regard to the interests of persons entitled to benefits from an administered scheme;
(b)ensure that the assets of each administered scheme are administered in accordance with this Act and with those provisions of the governing instrument under which the administered scheme is constituted which continue to apply to an administered scheme by virtue of this Act;
(c)ensure that the decisions and operations of the Office are directed towards achieving its objectives;
(d)ensure that the Office has, or has access to, the skills, facilities and resources required to ensure that the Office conducts its operations and carries out its duties in an efficient manner;
(e)ensure that each administered scheme is administered in accordance with the Commonwealth Superannuation Contributions Tax (Assessment and Collection) Act 1997 and the Commonwealth Superannuation Contributions Tax Imposition Act 1997 and any regulations under those Acts.
(2)It is the duty of the Office to—
s. 6
(a)establish policies in respect of the administration of each administered scheme and the investment of money standing to the credit of each administered scheme and to adopt strategies designed to achieve those policies;
(b)determine, authorise or approve programs for the administration of each administered scheme and the investment of money standing to the credit of each administered scheme;
(c)subject to sub-section (3), inform members of an administered scheme about the management and investment of the administered scheme including making available to members of the administered scheme at least once in each year a summary of information relating to the management and investment of the administered scheme.
(3)In performing its duties under sub-section (2)(c) the Office must have regard to the need to protect information the disclosure of which could adversely affect the financial position or the commercial or other operations of the Office.
(4)If the Minister at any time gives the President of the Board a statement of government policy on any matter that is relevant to the performance of the duties of the Office, together with a request that the Office considers that policy in the performance of its duties, the Office must ensure that consideration is given to that policy.
(5)If the Minister gives a statement to the President of the Board under sub-section (4), the Office must publish that statement in its next annual report.
s. 6
(6)If any provision of the Commonwealth Superannuation Contributions Tax (Assessment and Collection) Act 1997 or the Commonwealth Superannuation Contributions Tax Imposition Act 1997 or of any regulations under those Acts is inconsistent with this Act or any regulations under this Act, the Office is to be taken to have complied with this Act or the regulations if the Office has complied with the provision of the Commonwealth Superannuation Contributions Tax (Assessment and Collection) Act 1997 or the Commonwealth Superannuation Contributions Tax Imposition Act 1997 or of the regulations under those Acts.
(7)The Office must within 2 years of the commencement of this Act conduct a contestability review of the administrative operations and activities of the Office.
(8)Subject to the review under sub-section (7), the Office must put out to public tender the administrative operations and activities of the Office.
7.Functions and powers of the Office
s. 7
(1)The functions of the Office are—
(a)to administer the administered schemes and collect contributions;
(b)to manage and invest the assets of the administered schemes so as to maximise the return earned on the administered schemes having regard to—
(i)the need to provide for payments out of an administered scheme; and
(ii)the need to exercise reasonable care and prudence so as to maintain the integrity of the administered schemes;
(c)to administer the payment of benefits from the administered schemes;
(d)to make any other payments required to be made in respect of the administered schemes;
(e)to perform such other functions as are conferred or imposed on the Office by this Act or any other Act or a governing instrument.
(2)Subject to this Act, the Office has power to do all things necessary or convenient to be done for or in connection with the performance of its functions and duties and to enable it to achieve its objectives.
8.VFMC is fund manager
(1)The Victorian Funds Management Corporation is the fund manager of the administered schemes.
(2)Section 9A of the Victorian Funds Management Corporation Act 1994 applies for the purposes of this section.
(3)For the purposes of this section, the Office is deemed to be a participating body within the meaning of the Victorian Funds Management Corporation Act 1994.
(4)The Office must review the service delivery of the Victorian Funds Management Corporation—
(a)within 2 years of the commencement of this Act; and
(b)thereafter at the end of each 2 year period—
having regard to the objectives and duties of the Office specified in section 6.
(5)The Office must give a copy of each review under this section to the Minister and may make any recommendations to the Minister arising out of the review as the Office considers appropriate.
(6)The Minister may, after considering any recommendations made by the Office, request the Treasurer to give a direction to the Victorian Funds Management Corporation under section 10 of the Victorian Funds Management Corporation Act 1994.
9.Board of Directors
s. 9
(1)There is to be a Board of Directors of the Office consisting of 7 Directors (including an independent Director) appointed by the Governor in Council.
(2)The Board—
(a)is responsible for the management of the affairs of the Office;
(b)may exercise the powers of the Office.
10.Appointment of Directors
s. 10
(1)Of the persons appointed to the Board—
(a)1 must be a person nominated by the Minister as an independent Director and be the President of the Board; and
(b)3 must be nominated by the Minister; and
(c)3 must be persons elected by and from persons who are voters.
(2)Despite sub-section (1), the first Directors appointed under paragraph (c) of sub-section (1)—
(a)are to be nominated by the Commissioner for Public Employment; and
(b)are to be Directors until 31 December 1999, unless section 13 applies.
(3)For the purposes of this section, "voter" means a person who is eligible to make and be the subject of contributions to an administered scheme by—
(a)an employing authority under the State Superannuation Act 1988; or
(b)an employer under the State Employees Retirement Benefits Act 1979; or
(c)a Transport Authority under the Transport Superannuation Act 1988.
(4)Elections for the purposes of this section must be held in accordance with procedures determined by the Office.
(5)If there is no candidate at an election or no person is elected at an election, the Governor in Council may appoint a person to be a Director although that person has not been elected.
(6)A Director is not, in respect of the office of Director, subject to the provisions of the Public Sector Management and Employment Act 1998.
(7)A Director is not personally liable for anything done or omitted to be done in good faith—
(a)in the exercise of a power or the discharge of a duty under this Act; or
(b)in the reasonable belief that the act or omission was in the exercise of a power or the discharge of a duty under this Act.
S. 10(8) amended by No. 29/2000 s.7.
(8)Any liability resulting from an act or omission that would but for sub-section (7) attach to a Director attaches instead to the Office.
11.Term of office
s. 11
(1)A Director is to be appointed for a term not exceeding 3 years as is specified in the Director's instrument of appointment.
(2)A Director is eligible for re-appointment.
(3)Despite sub-section (1), the term of office of a Director may exceed 3 years but not 4 years if the Director is elected to fill a casual vacancy in respect of a Director who had an unexpired term of less than 1 year.
12.Deputies
(1)Each Director is to have a deputy nominated or elected in the same manner as the Director and appointed by the Governor in Council.
(2)The deputy of a Director is to act in the case of illness, suspension or absence of that Director.
(3)A deputy has while acting as a Director the powers and authority of the Director.
(4)A person may act as the deputy of more than one Director except for the purposes of forming a quorum or voting on a resolution, provided that the deputy is nominated or elected in the same manner as all of those Directors.
13.Vacancies on Board
s. 13
(1)A person ceases to be a Director if that person—
(a)becomes bankrupt; or
(b)is absent, without leave first granted by the Board, from 3 consecutive meetings of which reasonable notice has been given to that Director personally or by post; or
(c)resigns office by writing signed and addressed to the Governor in Council; or
(d)becomes permanently incapable of performing the duties of office; or
(e)is convicted of an offence against a law of the State of Victoria or a law of the Commonwealth or of another State or of a Territory, being an offence in respect of dishonest conduct; or
(f)is elected under section 10 and ceases to be qualified as a voter as required by that section.
(2)If a Director dies or otherwise ceases to be a Director—
(a)in the case of an elected Director, the deputy of that Director is to be appointed by the Governor in Council to fill the vacancy; or
(b)in the case of a Director (other than an elected Director), the Governor in Council is to appoint a person nominated by the Minister to fill the vacancy or, if the Minister does not nominate a person to fill the vacancy within 28 days, the deputy of that Director; or
(c)if there is no deputy, the Governor in Council may appoint a person nominated or elected in the same manner as that Director was nominated or elected to fill the vacancy.
(3)A vacancy in the office of a Director must be filled within 60 days of the vacancy occurring.
14.Removal or suspension of Directors
s. 14
(1)A Director may be removed or suspended from office by the Governor in Council—
(a)in the case of a Director appointed under section 10(1)(a) or 10(1)(b), at any time without cause; or
(b)in the case of a Director elected under section 10(1)(c), for misbehaviour or incompetence while performing the duties of a Director.
(2)A Director removed from office under this section is not entitled to any remuneration or compensation for loss of office.
15.Payment of Directors
Each Director is entitled to be—
(a)paid such remuneration as the Governor in Council fixes from time to time; and
(b)reimbursed for expenses incurred in the course of performing the duties of office which are expenses approved by the Board.
16.Procedures of Board
s. 16
(1)Except as otherwise provided, all duties, functions and powers of the Board may be performed or exercised at any meeting of the Board at which not less than 5 of the Directors in office for the time being are present.
(2)During any vacancy in the Board the continuing Directors may subject to there being a quorum act as if there were no vacancy.
(3)The Board may hold its meetings at any time and place it appoints and may adjourn a meeting.
(4)The Board may transact any of its business at a meeting at which the Directors or any of the Directors participate by telephone, closed-circuit television or in any other similar way.
(5)The President of the Board must preside at all meetings of the Board at which the President is present.
(6)If the President of the Board is not present at a meeting of the Board, the Directors present at the meeting must elect one of the Directors appointed under section 10(1)(b) to act as the President at the meeting.
(7)The President or the Director presiding at any meeting of the Board has a deliberative vote only.
(8)The independent Director is not entitled to vote on any matter relating to a benefit entitlement provided for under an administered scheme.
(9)A matter arising at a meeting of the Board relating to a benefit entitlement provided for under an administered scheme can only be determined by a resolution passed by not less than 4 of the Directors in office for the time being.
(10)A matter other than a matter to which sub-section(9) applies arising at a meeting of the Board can only be determined by a resolution passed by not less than a majority of the Directors in office for the time being.
(11)The Board must keep minutes of each meeting of the Board.
(12)Subject to this Act, the Board may regulate its own procedure.
(13)An act or decision of the Board is not invalid by reason only—
(a)of a vacancy in the office of a Director; or
(b)of any defect or irregularity in or in connection with the appointment of a Director; or
(c)in the case of a person appointed to act as President or as a Director, that the occasion for so acting has not arisen or has ceased.
17.Resolutions without meetings
s. 17
(1)If all of the Directors for the time being sign a document containing a statement that they are in favour of a resolution in terms set out in the document, a resolution in those terms shall be taken to have been passed at a meeting of the Board held on the day on which the document is signed or, if the Directors do not sign it on the same day, on the day on which the last Director signs the document.