Chris Pearce (Aston, Liberal Party, Parliamentary Secretary to the Treasurer) Share this | Hansard source

I thank all those honourable members who contributed to the debate on the Superannuation Legislation Amendment (Trustee Board and Other Measures) (Consequential Amendments) Bill 2007. In summing up, I will bring the debate back to what the legislation is all about rather than talk about what we have just been listening to. The main purpose of this bill is to update a range of legislation as a consequence of other legislative changes. The bill amends a number of Commonwealth acts as a consequence of the establishment of the Public Sector Superannuation Accumulation Plan, otherwise known as the PSSAP, by trust deed under the Superannuation Act 2005. The PSSAP was established on 1 July 2005 and replaced the Public Sector Superannuation Scheme, otherwise known as the PSS, as the main superannuation scheme for new Australian government employees and other office holders. The bill proposes amendments to a number of Commonwealth acts that deal with terms and conditions of employment and it includes references to the PSSAP where appropriate.

The bill also amends a number of acts to reflect the consolidation of the governance arrangements for the three major superannuation schemes for Australian government employees. They are the Commonwealth Superannuation Scheme, known as the CSS, the PSS and the PSSAP. Since 1 July 2006, the Australian Reward Investment Alliance, known as ARIA, has been the trustee for the three schemes. From 1 July 2008, all employers will be required to calculate their superannuation guarantee liability for an employee using the employee’s ordinary time earnings.

The bill will amend the Superannuation Act 1976, which provides for the CSS, and the Superannuation (Productivity Benefit) Act 1988 as a consequence of this change. The amendments will enable minimum benefits paid under those acts to comply with the superannuation guarantee requirements following the change to the earnings base from 1 July 2008. I commend the bill to the House.

Question agreed to.

Bill read a second time.

Ordered that this bill be reported to the House without amendment.

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