Commonwealth: Superannuation Act (No. 2) 1965 (Cth)

Superannuation (No. 2) No. 154 of 1965 An Act to amend the law relating to Superannuation in connexion with Decimal Currency. [Assented to 18 December, 1965] BE it enacted by the Queen's Most Excellent Majesty, the Senate, and the House of Representatives of the Commonwealth of Australia, as follows:— Part I.—Preliminary. Short title end citation. 1.—(1.) This Act may be cited as the Superannuation Act (No. 2) 1965. (2.) The Superannuation Act 1922–1963, as amended by the Superannuation Act 1965, is in this Act referred to as the Principal Act. (3.) Section 1 of the Superannuation Act 1965 is amended by omitting sub-section (3.) (4.) The Principal Act, as amended by this Act, may be cited as the Superannuation Act 1922–1965. Commencement. 2. This Act shall come into operation on the fourteenth day of February, One thousand nine hundred and sixty-six. Parts. 3. This Act is divided into Parts, as follows:— Part I.—Preliminary (Sections 1–3). Part II.—Amendments of the Principal Act (Sections 4–5). Part III.—Miscellaneous (Sections 6–11). Part II.—Amendments of the Principal Act. Schedules to Principal Act. 4. The Third, Fourth, Fifth and Sixth Schedules to the Principal Act are repealed and the Schedules set out in the First Schedule to this Act are inserted in their stead. Additional amendments of the Principal Act. 5. The Principal Act, as amended by the last preceding section, is amended as set out in the Second Schedule to this Act. Part III.—Miscellaneous. Definitions. 6. In this Part— "decimal currency" means the currency provided for by the Currency Act 1965; "the commencing date" means the date of commencement of this Act; "the Fund" means the Superannuation Fund; "the previous currency" means the currency provided for by the Coinage Act 1909–1947. Calculations of currency equivalents. 7.—(1.) For the purposes of this Part, the amount of money in decimal currency that corresponds to an amount of money in the previous currency shall, subject to the next succeeding sub-section, be calculated on the basis of the equivalents specified in sub-section (4.) of section 8 of the Currency Act 1965. (2.) Where an amount of money in the previous currency is an amount of pounds, shillings and pence, pounds and pence, shillings and pence or pence, the corresponding amount in decimal currency shall be calculated on the basis that an amount of pence specified in the first column of the table set out in sub-section (3.) of section 11 of the Currency Act 1965 corresponds to the amount of cents specified in the second column of that table opposite to that amount of pence. Conversion of certain contributions to decimal currency. 8. Where— (a) a person was, immediately before the commencing date, required— (i) to make contributions to the Fund under sub-section (4.) of section 26 of the Principal Act; or (ii) to make contributions to the Fund calculated otherwise than by reference to any of the tables in the Schedules to the Principal Act; and (b) he is, after the commencement of this Act, required to continue to make contributions of that kind to the Fund, the rate in decimal currency of those contributions shall, notwithstanding anything contained in the Principal Act as amended by this Act, be the rate corresponding to the rate in the previous currency that would, but for the enactment of the Currency Act 1965 and this Act, have been the rate of those contributions. Payment of existing pensions in decimal currency. 9. Where a pension was payable under the Principal Act to or in respect of a person immediately before the commencing date, the amount of any payment of that pension in decimal currency after the commencement of this Act shall be the amount that corresponds to the amount in the previous currency that would, but for the enactment of the Currency Act 1965 and this Act, have been payable. Employees paid in sterling. 10.—(1.) Where— (a) a person was, immediately before the commencing date, required to make contributions to the Fund in respect of units of pension; (b) sub-section (1.) of section 144 of the Principal Act applied for the purpose of calculating those contributions; and (c) he is required to continue to make contributions to the Fund in sterling in respect of those units of pension after the commencement of this Act, the rate of those contributions shall, notwithstanding anything contained in the Principal Act as amended by this Act, be the rate that would, but for the enactment of the Currency Act 1965 and this Act, have been the rate of those contributions. (2.) Where— (a) a pension was payable under the Principal Act to or in respect of a person immediately before the commencing date; and (b) sub-section (1.) of section 144 of the Principal Act applied for the purpose of calculating that pension, the amount of any payment of that pension in sterling after the commencement of this Act shall be the amount that would, but for the enactment of the Currency Act 1965 and this Act, have been payable. Schedule to Superannuation Act 1963. 11.—(1.) The Schedule to the Superannuation Act 1963 is repealed and the Schedule set out in the Third Schedule to this Act is inserted in its stead. (2.) The Superannuation Act 1963, as amended by this Act, may be cited as the Superannuation Act 1963–1965. THE SCHEDULES —— FIRST SCHEDULE Section 4. "THIRD SCHEDULE Section 23 (1.). Rates of Contribution Table I. Rates of Contribution to be paid Fortnightly by Male Contributors for Units of Pension where the Obligation to Contribute for those Units existed on or before 2nd November, 1942, based on a Retiring Age of 65 years and the Age next Birthday of the Contributor when that Obligation came into existence. Column 1 Column 2 Column 3 Column 4 Column 5 Column 6 Age next Birthday Contribution for First Two Units Contribution for each Additional Two Units where Contributor is already a Contributor for Two or more Units Age next Birthday Contribution for First Two Units Contribution for each Additional Two Units where Contributor is already a Contributor for Two or more Units $ $ $ $ 15............ 0.22 0.20 41.............. 0.76 0.68 16............ 0.22 0.20 42.............. 0.80 0.72 17............ 0.24 0.22 43.............. 0.84 0.78 18............ 0.26 0.22 44.............. 0.88 0.82 19............ 0.26 0.24 45.............. 0.92 0.86 20............ 0.28 0.24 46.............. 0.98 0.92 21............ 0.30 0.26 47.............. 1.04 0.98 22............ 0.32 0.28 48.............. 1.12 1.08 23............ 0.32 0.28 49.............. 1.20 1.16 24............ 0.34 0.30 50.............. 1.30 1.24 25............ 0.36 0.32 51.............. 1.40 1.36 26............ 0.38 0.34 52.............. 1.52 1.48 27............ 0.40 0.36 53.............. 1.64 1.62 28............ 0.42 0.38 54.............. 1.80 1.78 29............ 0.44 0.38 55.............. 1.98 1.96 30............ 0.46 0.40 56.............. 2.20 2.18 31............ 0.48 0.42 57.............. 2.48 2.46 32............ 0.50 0.44 58.............. 2.84 2.80 33............ 0.52 0.46 59.............. 3.30 3.28 34............ 0.54 0.48 60.............. 3.96 3.92 35............ 0.56 0.50 61.............. 4.96 4.92 36............ 0.58 0.52 62.............. 6.62 6.58 37............ 0.62 0.56 63.............. 9.98 9.94 38............ 0.64 0.58 64.............. 20.16 20.08 39............ 0.68 0.62 65.............. 20.56 20.48 40............ 0.72 0.66 First Schedule—continued "Third Schedule—continued Table II. Rates of Contribution to be paid Fortnightly by Female Contributors for Units of Pension where the Obligation to Contribute for those Units existed on or before 2nd November, 1942, based on a Retiring Age of 65 years and the Age next Birthday of the Contributor when that Obligation came into existence. Column 1 Column 2 Column 3 Column 4 Age next Birthday Contribution for each Two Units Age next Birthday Contribution for each Two Units $ $ 15.......... 0.14 16.......... 0.14 41.............. 0.54 17.......... 0.14 42.............. 0.58 18.......... 0.16 43.............. 0.62 19.......... 0.16 44.............. 0.66 20.......... 0.18 45.............. 0.72 21.......... 0.18 46.............. 0.76 22.......... 0.18 47.............. 0.82 23.......... 0.20 48.............. 0.88 24.......... 0.22 49.............. 0.96 25.......... 0.22 50.............. 1.04 26.......... 0.24 51.............. 1.14 27.......... 0.24 52.............. 1.26 28.......... 0.26 53.............. 1.38 29.......... 0.28 54.............. 1.52 30.......... 0.28 55.............. 1.68 31.......... 0.30 56.............. 1.88 32.......... 0.32 57.............. 2.14 33.......... 0.34 58.............. 2.48 34.......... 0.36 59.............. 2.90 35.......... 0.38 60.............. 3.50 36.......... 0.40 61.............. 4.42 37.......... 0.42 62.............. 5.96 38.......... 0.44 63.............. 9.06 39.......... 0.48 64.............. 18.46 40.......... 0.52 65.............. 18.82 First Schedule—continued "Third Schedule—continued Table III. Rates of Contribution to be paid Fortnightly by Male Contributors for Units of Pension where the Obligation to Contribute for those Units existed on or before 2nd November, 1942, based on a Retiring Age of 60 years and the Age next Birthday of the Contributor when that Obligation came into existence. Column 1 Column 2 Column 3 Age next Birthday Contribution for First Two Units Contribution for each Additional Two Units where Contributor is already a Contributor for Two or more Units $ $ 15 0.26 0.24 16 0.26 0.24 17 0.28 0.26 18 0.30 0.26 19 0.32 0.28 20 0.32 0.30 21 0.34 0.32 22 0.36 0.32 23 0.38 0.34 24 0.40 0.36 25 0.42 0.38 26 0.46 0.40 27 0.48 0.42 28 0.50 0.44 29 0.52 0.48 30 0.54 0.50 31 0.58 0.52 32 0.60 0.54 33 0.64 0.58 34 0.68 0.62 35 0.70 0.64 36 0.74 0.68 37 0.80 0.72 38 0.84 0.78 39 0.88 0.82 40 0.94 0.88 41 1.00 0.94 42 1.08 1.00 43 1.14 1.08 44 1.24 1.18 45 1.34 1.28 46 1.44 1.38 47 1.58 1.52 48 1.72 1.66 49 1.90 1.84 50 2.12 2.06 51 2.38 2.32 52 2.70 2.64 53 3.12 3.06 54 3.68 3.62 55 4.48 4.42 56 5.66 5.60 57 7.64 7.56 58 11.62 11.52 59 23.60 23.44 60 24.08 23.92 First Schedule—continued "Third Schedule—continued Table IV. Rates of Contribution to be paid Fortnightly by Female Contributors for Units of Pension where the Obligation to Contribute for those Units existed on or before 2nd November, 1942, based on a Retiring Age of 60 years and the Age next Birthday of the Contributor when that Obligation came into existence. Column 1 Column 2 Column 3 Column 4 Age next Birthday Contribution for each Two Units Age next Birthday Contribution for each Two Units $ $ 15 0.18 41 0.80 16 0.18 42 0.86 17 0.20 43 0.92 18 0.20 44 1.00 19 0.22 45 1.10 20 0.22 46 1.20 21 0.24 47 1.32 22 0.24 48 1.46 23 0.26 49 1.62 24 0.28 50 1.82 25 0.30 51 2.08 26 0.32 52 2.38 27 0.32 53 2.78 28 0.34 54 3.30 29 0.36 55 4.04 30 0.38 56 5.14 31 0.42 57 7.00 32 0.44 58 10.72 33 0.46 59 21.92 34 0.50 60 22.28 35 0.52 36 0.56 37 0.60 38 0.64 39 0.68 40 0.74 First Schedule—continued "Third Schedule—continued Table V. Rates of Contribution to be paid Fortnightly by Male Contributors for Units of Pension based on a Retiring Age of 65 years and the Age next Birthday of the Contributor when the Obligation to Contribute for those Units came into existence. Column 1 Column 2 Column 3 Column 4 Age next Birthday Contribution for First Two Units, where the Obligation to Contribute For those Unit came into existence after 2nd November, 1942, and before 14th December, 1959 Contribution for each Additional Two Units where Contributor is already a Contributor for Two or more Units and the Obligation to Contribute for those Additional Units came into existence after 2nd November. 1942, and before 1st November, 1951 Contribution for each Additional Unit where Contributor is already a Contributor for Two or more Units and the Obligation to Contribute for that Additional Unit came into existence on or after 1st November. 1951, and before 14th December, 1959 $ $ $ 15 0.22 0.20 0.10 16 0.22 0.20 0.10 17 0.24 0.22 0.11 18 0.24 0.22 0.11 19 0.26 0.24 0.12 20 0.28 0.26 0.13 21 0.30 0.28 0.14 22 0.30 0.30 0.15 23 0.32 0.32 0.16 24 0.34 0.32 0.16 25 0.36 0.34 0.17 26 0.38 0.36 0.18 27 0.40 0.38 0.19 28 0.42 0.40 0.20 29 0.42 0.40 0.20 30 0.44 0.42 0.21 31 0.46 0.44 0.22 32 0.50 0.48 0.24 33 0.52 0.50 0.25 34 0.54 0.52 0.26 35 0.56 0.54 0.27 36 0.58 0.56 0.28 37 0.60 0.58 0.29 38 0.64 0.62 0.31 39 0.68 0.66 0.33 40 0.72 0.70 0.35 41 0.76 0.74 0.37 42 0.82 0.78 0.39 43 0.86 0.82 0.41 44 0.92 0.88 0.44 45 0.96 0.94 0.47 46 1.04 1.02 0.51 47 1.12 1.10 0.55 48 1.20 1.18 0.59 49 1.32 1.28 0.64 50 1.42 1.38 0.69 First Schedule—continued "Third Schedule—continued Table V.—continued Column 1 Column 2 Column 3 Column 4 $ $ $ 51 1.52 1.50 0.75 52 1.68 1.66 0.83 53 1.86 1.82 0.91 54 2.06 2.02 1.01 55 2.30 2.26 1.13 56 2.58 2.56 1.28 57 2.96 2.92 1.46 58 3.42 3.40 1.70 59 4.06 4.02 2.01 60 4.92 4.88 2.44 61 6.16 6.12 3.06 62 8.18 8.14 4.07 63 12.26 12.20 6.10 64 24.24 24.12 12.06 65 24.50 24.40 12.20 First Schedule—continued "Third Schedule—continued Table VI. Rates of Contribution to be paid Fortnightly by Female Contributors for Units of Pension based on a Retiring Age of 65 years and the Age next Birthday of the Contributor when the Obligation to Contribute for those Units came into existence. Column 1 Column 2 Column 3 Age next Birthday Contribution for First Two Units where the Obligation to Contribute for those Units came into existence after 2nd November, 1942, and before 14th December, 1959; and Contribution for each Additional Two Units where Contributor is already a Contributor for Two or more Units and the Obligation to Contribute for those Additional Units came into existence after 2nd November, 1942, and before 1st November, 1951 Contribution for each Additional Unit where Contributor is already a Contributor for Two or more Units and the Obligation to Contribute for that Additional Unit came into existence on or after 1st November, 1951, and before 14th December, 1959 $ $ 15 0.20 0.10 16 0.20 0.10 17 0.22 0.11 18 0.22 0.11 19 0.24 0.12 20 0.26 0.13 21 0.28 0.14 22 0.30 0.15 23 0.32 0.16 24 0.34 0.17 25 0.36 0.18 26 0.38 0.19 27 0.38 0.19 28 0.40 0.20 29 0.42 0.21 30 0.44 0.22 31 0.48 0.24 32 0.50 0.25 33 0.52 0.26 34 0.54 0.27 35 0.58 0.29 36 0.60 0.30 37 0.64 0.32 38 0.68 0.34 39 0.72 0.36 40 0.76 0.38 41 0.80 0.40 42 0.86 0.43 43 0.90 0.45 44 0.96 0.48 45 1.02 0.51 46 1.10 0.55 47 1.18 0.59 48 1.28 0.64 49 1.38 0.69 50 1.50 0.75 First Schedule—continued "Third Schedule—continued Table VI.—continued Column 1 Column 2 Column 3 $ $ 51 1.66 0.83 52 1.82 0.91 53 2.02 1.01 54 2.26 1.13 55 2.56 1.28 56 2.92 1.46 57 3.40 1.70 58 3.98 1.99 59 4.76 2.38 60 5.84 2.92 61 7.28 3.64 62 9.46 4.73 63 13.20 6.60 64 25.08 12.54 65 25.36 12.68 First Schedule—continued "Third Schedule—continued Table VII. Rates of Contribution to be paid Fortnightly by Male Contributors for Units of Pension based on a Retiring Age of 60 years and the Age next Birthday of the Contributor when the Obligation to Contribute for those Units came into existence. Column 1 Column 2 Column 3 Column 4 Age next Birthday Contribution for First Two Units, where the Obligation to Contribute for those Units came into existence after 2nd November, 1942, and before 14th December, 1959 Contribution for each Additional Two Units where Contributor is already a Contributor for Two or more Units and the Obligation to Contribute for those Additional Units came into existence after 2nd November, 1942, and before 1st November, 1951 Contribution for each Additional Unit where Contributor is already a Contributor for Two or more Units and the Obligation to Contribute for that Additional Unit came into existence on or after 1st November, 1951, and before 14th December, 1959 $ $ $ 15 0.28 0.28 0.14 16 0.28 0.28 0.14 17 0.30 0.28 0.14 18 0.32 0.30 0.15 19 0.34 0.32 0.16 20 0.36 0.34 0.17 21 0.38 0.36 0.18 22 0.38 0.36 0.18 23 0.40 0.38 0.19 24 0.42 0.40 0.20 25 0.44 0.42 0.21 26 0.48 0.46 0.23 27 0.50 0.48 0.24 28 0.52 0.50 0.25 29 0.54 0.52