Andrew Robb (Goldstein, Liberal Party, Parliamentary Secretary to the Minister for Immigration and Multicultural Affairs) Share this | Hansard source

I move:

That the amendments be agreed to.

The amendments to the Superannuation Legislation Amendment (Superannuation Safety and Other Measures) Bill 2005 are necessary to ensure that all provisions of the bill remain prospective. The amendments relate to provisions that enable the trustees of the Commonwealth Superannuation Scheme and the Public Sector Superannuation Scheme to allocate actual fund earnings, including negative earnings, to members’ accounts. The bill had these provisions commencing on 1 January 2006. As this date has now passed, it is important to make these amendments to ensure that all provisions remain prospective. The amendments provide that the commencement date for the negative earnings provisions will be the first day, 1 July, of the next financial year following royal assent. If the bill completes its passage in this sitting period and royal assent is granted soon after, the new commencement date for the negative earnings provisions will therefore be 1 July 2007. These amendments will ensure that all provisions of the bill are prospective.

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