Committee Details

COMMITTEE’S REPORT

The committee tabled its Report No. 15, 57^th Parliament – Superannuation (State Public Sector) (Scheme Administration) Amendment Bill 2021 on 15 October 2021. The Bill was passed with amendment on 26 October 2021.

ABOUT THE BILL

On 1 September 2021, the Superannuation (State Public Sector) (Scheme Administration) Amendment Bill 2021 (Bill) was introduced into the Queensland Parliament by the Hon Cameron Dick MP, Treasurer and Minister for Investment, and referred to the Economics and Governance Committee for detailed consideration. 

Objectives of the Bill

The objectives of the Bill are to support the merger of QSuper and Sunsuper, 2 large Queensland based superannuation funds (the former of which was established by the Queensland Government to provide superannuation benefits for Queensland’s state public sector entities), by amending the Superannuation (State Public Sector) Act 1990 to:

• retire the board of QSuper and provide for the superannuation scheme to be administered by a corporate trustee
• provide for the scheme’s trust deed (the Superannuation (State Public Sector) Deed 1990), which sets out the scheme’s rules, to be moved out of legislation (through its conversion to a non-statutory instrument, in keeping with the new status of the trustee as a proprietary company)
• ensure the merged superannuation entity continues to be based in Queensland
• maintain public sector employees’ defined benefit protections within legislation
• retain a statutory framework for state public sector employees’ superannuation contribution arrangements.

CALL FOR SUBMISSIONS

Submissions are now closed. Submissions are available under the “View Submissions” tab.

TIMELINE