Lindsay Tanner (Melbourne, Australian Labor Party, Minister for Finance and Deregulation) Share this | Link to this | Hansard source

I move:

That this bill be now read a second time.

The Superannuation Legislation (Consequential Amendments and Transitional Provisions) Bill 2010 supports significant reforms to the governance of Commonwealth superannuation that are included in the Governance of Australian Government Superannuation Schemes Bill 2010 and the ComSuper Bill 2010 respectively.

The bill makes consequential amendments to a range of other Commonwealth acts of parliament to take account of the changes to governance arrangements for Commonwealth superannuation schemes.

The bill makes the management of the superannuation scheme established by the Superannuation Act 1922and the Papua New Guinea Scheme the responsibility of the Commonwealth Superannuation Corporation (CSC), the single trustee body for the main civilian and military superannuation schemes from 1 July 2010.

It also puts in place transitional arrangements necessary for the reforms. The transitional provisions will facilitate the transfer of assets and liabilities of the Military Superannuation and Benefits Board (MSB Board) and the Defence Force Retirement and Death Benefits Authority (DFRDB Authority) to CSC. These provisions will also ensure that references to the MSB Board, the DFRDB Authority and the Commissioner for Superannuation in legislation and instruments will be read as CSC, where this is appropriate.

The bill will also enable CSC to transfer the assets of the Military Superannuation and Benefits Fund to the existing ARIA Investments Trust without creating a situation whereby capital gains tax would be payable. This is provided the transfer occurs on or before 1 July 2011. The ARIA Investments Trust is a pooled superannuation trust which currently holds the assets of the main civilian superannuation funds, that is, the assets relating to the Commonwealth Superannuation Scheme, the Public Sector Superannuation Scheme and the Public Sector Superannuation Accumulation Plan.

The bill also amends the Superannuation Act 2005 to facilitate public sector employees being able to consolidate their superannuation savings under the management of one trustee.

I commend the bill to the House.

Debate (on motion by Mr Coulton) adjourned.