May 2001 Volume 82 Number 5
"serving the protectors"
| May 2001 Volume 82 Number 5 "serving the protectors" |
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| By Michael Hogg |
Legislative Changes – Police Superannuation Act, 1990
The Police Superannuation (Miscellaneous) Amendment Bill 2000 is currently before Parliament and the proposed amendments to the Police Superannuation Act, 1990, in this bill include:
- The merging of the benefits of the Police Occupational Superannuation Scheme (POSS) into the Police Superannuation Scheme. The amalgamation of the POSS benefits will simplify the superannuation arrangements, while at the same time maintaining the existing level of superannuation benefits payable.
- The restructure of the invalidity provisions in the Police Pension Scheme so members can retire on the grounds of invalidity at any age up to age 60. In addition members of the Pension Scheme will also be able to apply for a temporary disability pension at any age up to age 60. Under the current provisions invalidity benefits for members of the Pension Scheme are provided to age 55.
- The introduction of a facility to enable members to make additional voluntary member contributions to the Police Superannuation Scheme. This facility will provide an option under which members may invest money in order to accumulate a separate additional lump sum superannuation benefit for retirement.
Other amendments being proposed in the bill deal with technical changes to enhance the efficiency of the administration of the Police Superannuation Scheme. These technical changes include:- The provision of a minimum lump sum payment of 4.5 years of pension (less the value of any commutation lump sum) to the estate of a person who passes away a short period after retirement.
- It is anticipated that the proposed changes will come into operation before the end of the financial year.
Member Information
For information on superannuation contact the Police Superannuation Office. Group information sessions can be arranged upon request. Phone: 8204 2964 or 8204 2965. Fax: 8204 2303.
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