Chapter 1 - Superannuation Bill 2005, Superannuation (Consequential Amendments) Bill 2005 and Superannuation Legislation Amendment (Choice of Superannuation Funds) Bill 2005

1.1       The Superannuation Bill 2005 and the Superannuation Consequential Amendments) Bill 2005 were introduced into the House of Representatives on 12 May 2005 by the Parliamentary Secretary to the Minister for Finance and Administration, the Hon Dr Sharman Stone, MP. The bills passed the House on 30 May 2005.

1.2       The Superannuation Legislation Amendment (Choice of Superannuation Funds) Bill 2005 was introduced into the House on 26 May 2005 by the Minister for Revenue and Assistant Treasurer, the Hon Mal Brough, MP, and passed the House on 1 June 2005.

1.3       All three bills were introduced into the Senate on 14 June 2005. On 15 June 2005, on the recommendation of the Selection of Bills Committee, the Senate referred the bills to the Economics Legislation Committee for inquiry and report by 21 June 2005.

1.4       The Superannuation Bill 2005 and the Superannuation Consequential Amendments) Bill 2005 establish the Public Sector Superannuation Accumulation Plan (PSSAP) as a scheme separate from the Public Sector Superannuation Scheme (PSS) for new Australian Government employees and office holders and certain other employees and office holders, who commence employment or appointment on or after 1 July 2005.

1.5       These bills also establish a framework for Australian Government employers to offer employees and office holders a choice of fund.

1.6       The Superannuation Legislation Amendment (Choice of Superannuation Funds) Bill 2005 introduces measures intended to ease the transition to superannuation choice for businesses and employees and to minimise the burden on employers in complying with the requirements of the Choice of Fund regime.

Conduct of the inquiry

1.7       The Committee contacted a number of government agencies and departments as well as various other organisations advising them of the inquiry and inviting them to make submissions. A list of submissions received appears at Appendix 1.

1.8       The Committee held a public hearing at Parliament House, Canberra on Monday, 20 June 2005.

1.9       Witnesses who appeared before the Committee at that hearing are listed in Appendix 2.

1.10      Due to the short time in which it was necessary to conduct this inquiry, it has not been possible to conduct any analysis of the bills or the evidence received. However, the Committee notes that all witnesses who gave evidence at the hearing supported the bills.

1.11      Copies of the Hansard transcript are tabled for the information of the Senate. They are also available through the internet at http://aph.gov.au/hansard.

Acknowledgment

1.12      The Committee wishes to thank all those who assisted with its inquiry, especially in the light of the very short notice given to those who were invited to give evidence.

Recommendation

The Committee recommends that the Senate pass the bills.

 

Senator George Brandis
Chair