Reserve Bank of Australia Officers' Superannuation Fund
Trust Deed
Allens Deutsche Bank Place Corner Hunter and Phillip Streets Sydney NSW 2000 Tel +61 2 9230 4000 Fax +61 2 9230 5333 www.allens.com.au © Copyright Allens, Australia 2015
Allens is an independent partnership operating in alliance with Linklaters LLP.
RBA Officers' Superannuation Fund Trust Deed
ANNEXURE A Reserve Bank of Australia Officers' Superannuation Fund Trust Deed 1.
Constitution of the Fund and Other Historical Matters
1.1
Fund Constitution history The: (a)
Trust Deed has replaced and varied the Pre-Revision Date Rules;
(b)
Fund has continued under, and has been governed by, the Trust Deed on and from the Revision Date; and
(c)
Board has given an election under SIS electing that SIS is to apply in relation to the Fund, and accordingly:
1.2
(i)
the Fund is a regulated superannuation fund (within the meaning of SIS); and
(ii)
the Trustee must administer and operate the Fund in accordance with SIS.
Fund purpose Unless the Trustee is a Constitutional Corporation, the primary purpose of the Fund is the provision of old-age pensions (within the meaning of paragraph 51(xxiii) of the Constitution of the Commonwealth of Australia) to Members.
1.3
Constitution of the Fund The assets of the Fund are vested in the Trustee and held on trust for the Members, and any other beneficiaries, to be applied and dealt with in accordance with this Deed.
2.
Definitions and Interpretation
2.1
Definitions
2.1.1
In this Deed, unless the contrary intention appears: Accumulation Account: (a)
in relation to an Accumulation Member – has the meaning given to it in Rule 2 of Benefit Schedule 1;
(b)
in relation to a Defined Benefit Member (including a Preserved Defined Benefit Member) – has the meaning given to it in Rule 2 of Benefit Schedule 2; and
(c)
in relation to a Retained Defined Benefit Member – has the meaning given to it in Rule 2 of Benefit Schedule 4. Page 1
RBA Officers' Superannuation Fund Trust Deed Accumulation Account Balance: (a)
in relation to an Accumulation Member's Accumulation Account – has the meaning given to it in Rule 2 of Benefit Schedule 1;
(b)
in relation to a Defined Benefit Member's (including a Preserved Defined Benefit Member's) Accumulation Account – has the meaning given to it in Rule 2 of Benefit Schedule 2; and
(c)
in relation to a Retained Defined Benefit Member's Accumulation Account – has the meaning given to it in Rule 2 of Benefit Schedule 4.
Accumulation Member has the meaning given to it in Rule 2 of Benefit Schedule 1. Actuary means the Actuary for the time being appointed under clause 8.8(a). Additional Pension in relation to a Pensioner, means a pension: (a)
to which: (i)
a Revision Date Pensioner became entitled before the Revision Date and which is not: (A)
an indexed pension for the purposes of this Deed as in force at the time the pension became payable; or
(B) (ii)
a pension to which Rule 3 of Benefit Schedule 3 applies;
an Eligible Pensioner (within the meaning of Rule 2 of Benefit Schedule 2) becomes entitled on or after the Revision Date under Rule 13 of Benefit Schedule 2;
(iii)
a Defined Benefit Spouse or Defined Benefit Child becomes entitled on or after the Revision Date under Rule 6 of Benefit Schedule 3 and which is not an Indexed Pension; and
(b)
which is payable, and to be paid, to the Pensioner under Benefit Schedule 3.
Appendix means any Appendix to this Deed. Approved Benefit Arrangement means: (a)
a regulated superannuation fund within the meaning of SIS;
(b)
a Complying Superannuation Fund;
(c)
an Eligible Rollover Fund;
(d)
a complying approved deposit fund within the meaning of the Tax Act;
(e)
an annuity which is issued on terms and conditions which comply with the requirements of Superannuation Law in relation to deferred annuities; or
(f)
any other superannuation fund, annuity, benefit arrangement or similar entity (other than the Fund): (i)
to which a payment may be made from the Fund, or from which a payment may be made to the Fund, without causing the Fund or the Trustee to be in breach of, or to fail to comply with, Superannuation Law; and
Page 2
RBA Officers' Superannuation Fund Trust Deed (ii)
which is approved by the Trustee for the purposes of this paragraph.
assets in relation to the Fund, means property of any kind held by the Trustee in relation to the Fund. Bank means the Reserve Bank of Australia. beneficiary means a beneficiary of the Fund within the meaning of SIS. benefit means any benefit payable from the Fund. Board means the Board of Trustees established under General Schedule 1 and General Schedule 2 as required by clause 6.1. Child in relation to a Member, means a SIS Child or a Defined Benefit Child of the Member, as applicable in the particular circumstances. clause means a clause of this Deed. Complying Superannuation Fund has the meaning given to it in the Tax Act. Corporations Act means the Corporations Act 2001 (Cth). Defined Benefit Child in relation to a deceased Member, means a SIS Child of the Member but not including: (a)
a child or stepchild of a Relationship entered into by the Member when the Member was a Pensioner and within 3 years of the Member's death;
(b)
a person who became a legally adopted child of the Member when the Member was a Pensioner and within 3 years of the Member's death;
(c)
a person who, in the opinion of the Trustee, was not dependent on the Member at the date of the Member's death;
(d)
a person who has attained 18 years and is not receiving full-time education at a school, college, university or other recognised tertiary institution; or
(e)
a person who has attained 25 years.
Defined Benefit Dependant in relation to a Member or a deceased Member, means any one or more of the following: (a)
a Defined Benefit Spouse of the Member (or in the case of a deceased Member a Defined Benefit Spouse of the Member at the time of the Member's death);
(b)
a Defined Benefit Child of the Member (or in the case of a deceased Member a Defined Benefit Child of the Member at the time of the Member's death which, to avoid doubt, includes a Defined Benefit Child of the Member conceived but unborn at the time of the Member's death);
(c)
any person with whom the person has an interdependency relationship (within the meaning of SIS) (or in the case of a deceased Member was in such an interdependency relationship at the time of the Member's death); and
(d)
any other person who, in the opinion of the Trustee, is wholly or partially dependent on the Member (or in the case of a deceased Member was so dependent at the time of the Member's death). Page 3
RBA Officers' Superannuation Fund Trust Deed Defined Benefit Member has the meaning given to it in Rule 2 of Benefit Schedule 2. Defined Benefit Spouse in relation to a Member or a deceased Member, means: (a)
another person who is legally married to the Member (or in the case of a deceased Member was legally married to them at the time of their death);
(b)
another person (whether of the same or a different sex) with whom the Member is in a relationship that is registered under a Prescribed Law as a prescribed kind of relationship (or in the case of a deceased Member was in such a registered relationship at the time of the Member's death); and
(c)
another person (whether of the same or a different sex) who, although not legally married to the Member, lives with the Member on a genuine domestic basis in a relationship as a couple for the purposes of SIS or, in the opinion of the Trustee, would have so lived with the Member but for a temporary absence or an absence resulting from illness or infirmity (or in the case of a deceased Member was in such a relationship at the time of the Member's death).
but not including: (d)
(e)
a person who, in the opinion of the Trustee, at the time of the Member's death: (i)
was not dependent upon, or in an interdependency relationship (within the meaning of SIS) with, the Member; and
(ii)
was permanently not living with the Member for a reason other than illness or infirmity; or
a person who had entered into a Relationship with the Member when the Member was a Pensioner and within 3 years of the Member's death.
Dependant in relation to a Member, means: (a)
a SIS Spouse or a Defined Benefit Spouse, as applicable in the particular circumstances, of the Member;
(b)
a SIS Child or a Defined Benefit Child, as applicable in the particular circumstances, of the Member (which, to avoid doubt, includes a SIS Child or Defined Benefit Child (as applicable) of the Member conceived but unborn at the time of the Member's death);
(c)
any person with whom the person has an interdependency relationship (within the meaning of SIS) (or in the case of a deceased Member was in such an interdependency relationship at the time of the Member's death); and
(d)
any other person who, in the opinion of the Trustee, is wholly or partially dependent on the Member (or in the case of a deceased Member was so dependent at the time of the Member's death).
Early Retired Member has the meaning given to it in Rule 2 of Benefit Schedule 2. Earning Rate in relation to the rate of return earned on the assets constituting the Fund (including, to avoid doubt, the assets representing a Member Account and the remaining assets of the Fund) for the period on and from the Revision Date, means the rate of earnings, or amount of earnings, determined by the Trustee (which may be positive or negative and may be reflected as a variation in unit price) arising from the Member Investment Options applicable to the relevant assets. Page 4
RBA Officers' Superannuation Fund Trust Deed Employee means: (a)
a person employed by an Employer; and
(b)
a director of an Employer,
and whom the Bank determines is eligible for membership of the Fund including (to avoid doubt) the Governor of the Bank and the Deputy Governor of the Bank. Employer means the Bank and each Nominated Employer, and when used in relation to a particular Member or Employee means the Employer by which that Member or Employee is or was employed or engaged. Expense means all costs and expenses (other than benefits) of the Fund including (without limitation) insurance premiums, legal costs, auditors' fees, actuarial fees, consultants' fees, fees payable to a custodian trustee, remuneration of and expenses incurred by committees, employees, officers, nominees, agents or delegates of the Trustee, commissions, brokerage fees, registration fees, fines, search and enquiry fees, management fees, any supervisory levy and any similar costs, fees, commissions, charges, outgoings and expenses. Family Law Legislation means the Family Law Act 1975. Family Law Requirements means any provision from time to time applying under the Family Law Legislation, SIS and the Tax Act and any other requirement (whether legislative or not) in relation to the potential or actual division of superannuation entitlements between parties to a marriage, or other relationship to which the Legislation, SIS, Tax Act or requirement (as applicable) applies, with which the Fund must comply in order to be a Complying Superannuation Fund. Former Fund means the Officers' Superannuation Fund of the Commonwealth Bank of Australia existing immediately before 14 January 1960. Fund means the Reserve Bank of Australia Officers' Superannuation Fund governed by this Deed (ABN 25 303 030 489). Fund's Eligible Rollover Fund means an Eligible Rollover Fund chosen by the Trustee for one or more purposes of the Fund. Governor means the Governor of the Bank. Ill-Health Retirement has the meaning given to it in Rule 2 of Benefit Schedule 2. Indexed Pension in relation to a Defined Benefit Member or Pensioner (as applicable), means a pension: (a)
to which a: (i)
(ii)
Revision Date Pensioner became entitled before the Revision Date and which is not: (A)
an additional pension for the purposes of this Deed as in force at the time the pension became payable; or
(B)
a pension to which Rule 3 of Benefit Schedule 3 applies;
Defined Benefit Member becomes entitled on or after the Revision Date under Rule 12 of Benefit Schedule 2; or
Page 5
RBA Officers' Superannuation Fund Trust Deed (iii)
Defined Benefit Spouse or Defined Benefit Child becomes entitled on or after the Revision Date under Rule 16 of Benefit Schedule 2 or Rule 6 of Benefit Schedule 3; and
(b)
which is payable, and to be paid, to the Pensioner under Benefit Schedule 3.
Invalid Member has the meaning given to it in Rule 2 of Benefit Schedule 2. Invalidity has the meaning given to it in Rule 2 of Benefit Schedule 2. Invalid Resigned Member has the meaning given to it in Rule 2 of Benefit Schedule 2. Member means a person admitted to membership of the Fund who has not died or ceased to be entitled to a benefit from the Fund. Member Account means: (a)
(b)
in relation to an Accumulation Member or a Retained Defined Benefit Member – the Accumulation Account; or in relation to a Defined Benefit Member (including a Preserved Defined Benefit Member) – means both the Accumulation Account and the Post Tax Member Contributions Account.
Member Account Balance means: (a)
in relation to an Accumulation Member or a Retained Defined Benefit Member – the Accumulation Account Balance; or
(b)
in relation to a Defined Benefit Member (including a Preserved Defined Benefit Member) – the total of the Accumulation Account Balance and the Post Tax Member Contributions Account Balance.
Member Investment Choice means the Member Investment Option, or combination of Member Investment Options, chosen by a Member under clause 11.2 or determined by the Trustee on behalf of a Member under clause 11.3. Member Investment Options means the investment options available to Members as determined by the Trustee. Nominated Employer means a body corporate other than the Bank which employs persons determined by the Bank to be eligible for membership of the Fund and which is: (a)
nominated by the Governor; and
(b)
admitted to participation in the Fund, and whose participation has not terminated, under clause 12.
Normal Retirement Age in relation to a Member, means the date on which the Member attains age 60. Notional Investment Pool means a pool of assets and liabilities established by the Trustee under clause 10 which has not been terminated. OSF Operational Rules has the meaning given to it in clause 4.1(a). Payment Period in relation to a Member or other beneficiary in relation to an occurrence or circumstance, means the period of 90 days from the occurrence or circumstance or another period determined by the Trustee. Page 6
RBA Officers' Superannuation Fund Trust Deed Pension in relation to a Pensioner, means: (a)
the annual rate of an Indexed Pension, and any Additional Pension, payable under this Deed to, or in relation to, that Pensioner; or
(b)
a pension payable under Rule 3 of Benefit Schedule 3.
Pensioner has the meaning given to it in Rule 2 of Benefit Schedule 3. Post Tax Member Contributions Account in relation to a Defined Benefit Member (including a Preserved Defined Benefit Member), has the meaning given to it in Rule 2 of Benefit Schedule 2. Post Tax Member Contributions Account Balance in relation to a Defined Benefit Member's (including a Preserved Defined Benefit Member's) Post Tax Member Contributions Account, has the meaning given to it in Rule 2 of Benefit Schedule 2. Pre–Revision Date Rules means the Rules of the Fund made under the Reserve Bank Act 1959 and operative from 14 January 1960 and amended from time to time up to the Revision Date. Prescribed Law means a law of a State or Territory prescribed for the purposes of section 22B of the Acts Interpretation Act 1901. Preservable Benefit in relation to a benefit payable to, or in relation to, a Member or other beneficiary means: (a)
in relation to an Accumulation Member, a Defined Benefit Member or a Retained Defined Benefit Member – the Member Account Balance;
(b)
in relation to a Retiring Defined Benefit Member's Retirement Benefit – any part of the Retirement Benefit paid to the Retiring Defined Benefit Member in the form of a lump sum under Rule 12.3.1 of Benefit Schedule 2;
(c)
in relation to a Defined Benefit Member – the Resignation Benefit (within the meaning of Rule 2 of Benefit Schedule 2) paid to the Defined Benefit Member under Rule 14 of Benefit Schedule 2;
(d)
in relation to a Provident Account Member – the Additional Accumulation Benefit within the meaning of Rule 2.1 of Benefit Schedule 5;
(e)
any part of the benefit which may not be paid to the Member or beneficiary as an immediate cash payment by reason of any Preservation Requirement, except to the extent the benefit is already covered under paragraph (a), (b), (c) or (d) of this definition.
Preserved Defined Benefit Member has the meaning given to it in Rule 2 of Benefit Schedule 2. Preservation Requirements means any requirement imposed under Superannuation Law which requires that a benefit not be paid to a Member or other person to whom a benefit may be paid: (a)
until the occurrence of certain events; or
(b)
only in a certain manner or form or to an Approved Benefit Arrangement.
Provident Account Member has the meaning given to it in Rule 2.1 of Benefit Schedule 5.
Page 7
RBA Officers' Superannuation Fund Trust Deed Relationship in relation to a Member or a deceased Member, means a relationship with another person of a kind described in paragraph (a), (b) or (c) of the definition of Defined Benefit Spouse in this clause where that relationship is not excluded by paragraph (d) of that definition. Resignation in relation to a Member who was admitted to the Fund as an Employee, means resignation from the employment or service of an Employer including (without limitation) by reason of redundancy, retrenchment or dismissal and Resigned has a corresponding meaning. Resigned Member has the meaning given to it in Rule 2 of Benefit Schedule 2. Retained Defined Benefit Member has the meaning given to it in Rule 2 of Benefit Schedule 4. Retired Member has the meaning given to it in Rule 2 of Benefit Schedule 2. Retired Resigned Member has the meaning given to it in Rule 2 of Benefit Schedule 2. Retirement in relation to a Member who was admitted to the Fund as an Employee, means retirement from the employment or service of an Employer and Retired has a corresponding meaning. Retirement Benefit has the meaning given to it in Rule 2 of Benefit Schedule 2. Retiring Defined Benefit Member has the meaning given to it in Rule 2 of Benefit Schedule 2. Retiring Defined Benefit Pensioner has the meaning given to it in Rule 2 of Benefit Schedule 3. Revision Date means 31 January 2013. Revision Date Pensioner has the meaning given to it in Rule 2 of Benefit Schedule 3. Rule means a Rule of a Schedule. Schedule means a Benefit Schedule or a General Schedule. Secretary means the Secretary to the Fund for the time being appointed under clause 8.7. SG Act means the Superannuation Guarantee (Administration) Act 1992. SIS means the Superannuation Industry (Supervision) Act 1993. SIS Child in relation to a Member, means: (a)
a child, an adopted child, a stepchild, an ex-nuptial child of the Member or (in the case of a deceased Member) a child conceived but unborn at the time of the Member's death;
(b)
a child of the Member's SIS Spouse; and
(c)
someone who is a child of the Member within the meaning of the Family Law Legislation.
SIS Dependant in relation to a Member, means any one or more of the following: (a)
a SIS Spouse of the Member (or in the case of a deceased Member a SIS Spouse of the Member at the time of the Member's death);
(b)
a SIS Child of the Member (or in the case of a deceased Member a SIS Child of the Member at the time of the Member's death which, to avoid doubt, includes a SIS Child of the Member conceived but unborn at the time of the Member's death);
(c)
any person with whom the Member has an interdependency relationship (within the meaning of SIS) (or in the case of a deceased Member was in such an interdependency relationship at the time of the Member's death); and Page 8
RBA Officers' Superannuation Fund Trust Deed (d)
any other person who, in the opinion of the Trustee, is wholly or partially dependent on the Member (or in the case of a deceased Member was so dependent at the time of the Member's death).
SIS Spouse in relation to a Member, means: (a)
another person who is legally married to the Member (or in the case of a deceased Member was legally married to them at the time of their death);
(b)
another person (whether of the same or a different sex) with whom the Member is in a relationship that is registered under a Prescribed Law as a prescribed kind of relationship (or in the case of a deceased Member was in such a registered relationship at the time of the Member's death); and
(c)
another person (whether of the same or a different sex) who, although not legally married to the Member, lives with the Member on a genuine domestic basis in a relationship as a couple for the purposes of SIS (or in the case of a deceased Member was in such a relationship at the time of the Member's death).
Spouse in relation to a Member, means a SIS Spouse or a Defined Benefit Spouse, as applicable in the particular circumstances. Superannuation Authority means any person or body appointed under any Superannuation Law who is empowered under that legislation or some other legislation to exercise any discretion, give any consent or approval or otherwise give effect to and administer any Superannuation Law. Superannuation Guarantee Charge Acts means the Superannuation Guarantee Charge Act 1992 and the SG Act and any other legislation in relation to the superannuation guarantee charge. Superannuation Law means: (a)
SIS;
(b)
the Tax Act;
(c)
the Superannuation Guarantee Charge Acts;
(d)
the Family Law Requirements;
(e)
the Corporations Act;
(f)
any other present or future law of the Commonwealth of Australia or any State or Territory of Australia which applies to the Fund, this Deed or the Trustee with the force of law; and
(g)
any other present or future law of the Commonwealth of Australia or any State or Territory of Australia which does not fall within the preceding paragraphs of this definition but which the Trustee and the Bank may determine to be a superannuation law for the purposes of the whole or any particular provision of this Deed,
and includes all other requirements (whether legislative or otherwise) including: (h)
administrative guidelines issued by a government regulatory authority; and
(i)
statements by government advising changes and proposed changes to superannuation law,
in each case with which the Fund must comply (or which, in the reasonable opinion of the Trustee, the Fund ought to comply) in order to be a Complying Superannuation Fund.
Page 9
RBA Officers' Superannuation Fund Trust Deed Tax means income tax (including any tax on the disposal of assets), contributions tax, withholding tax, stamp, financial institutions and other duties, and other taxes, levies, imposts, deductions, charges and surcharges of any kind (including, in relation to any duty imposed on receipts or liabilities of financial institutions, any amounts paid to another financial institution) together with any interest, penalties and other charges, fees or other amounts in relation to any such tax, duty, levy, impost, deduction or charge. Tax Act means the Income Tax Assessment Act 1936 and the Income Tax Assessment Act 1997. Trust Deed or Deed means this trust deed, its Schedules and Appendices operative on and from the Revision Date as varied in accordance with its terms from time to time. Trustee means the Trustee of the Fund appointed and holding office under this Deed. Where the Trustee is comprised of individuals holding office under this Deed, a reference to the Trustee means a reference to the Board except that in clauses 7 and 8.4 a reference to the Trustee also includes a reference to each Representative individually (within the meaning of Rule 2 of General Schedule 1). unit in relation to a Notional Investment Pool or Member Investment Option, means a measure of a notional interest in that Notional Investment Pool or Member Investment Option. 2.1.2
In this Deed, unless the contrary intention appears, a reference to employment includes holding office as a director whether or not that person is also an employee.
2.2
Definitions from Superannuation Law In this Deed, unless the contrary intention appears, the following terms have the same meaning as they have in SIS:
2.3
(a)
actuary;
(b)
Constitutional Corporation;
(c)
Disqualified Person;
(d)
Eligible Rollover Fund;
(e)
Legal Personal Representative;
(f)
Member Representative;
(g)
Splittable Contribution; and
(h)
year of income.
Definitions from Family Law Legislation In this Deed, unless the contrary intention appears: (a)
the following terms have the same meaning as they have in the Family Law Legislation: (i)
Appropriate Date;
(ii)
Flag Lifting Agreement;
(iii)
Member Spouse;
(iv)
Non-Member Spouse;
(v)
Relevant Date; Page 10
RBA Officers' Superannuation Fund Trust Deed
(b)
2.4
(vi)
Splitting Order;
(vii)
Superannuation Agreement;
(viii)
Superannuation Interest; and
Latest Retirement Age of a Member for the purposes of the Family Law Requirements is the Member's Normal Retirement Age.
Interpretation In this Deed, unless the contrary intention appears: (a)
the singular includes the plural, and the converse also applies;
(b)
a gender includes all genders;
(c)
if a word or phrase is defined, its other grammatical forms have a corresponding meaning;
(d)
a reference to a person includes a corporation, trust, partnership, an unincorporated body, or other entity, whether or not it comprises a separate legal entity;
(e)
a reference to a party to this Deed or another agreement or document includes the party's successors, permitted substitutes and permitted assigns (and, where applicable, the party's legal personal representatives);
(f)
a reference to a day is to a whole calendar day and a reference to a business day is to a day on which the Bank is open for normal business in Sydney;
(g)
a reference to an agreement or document is to the agreement or document as amended, supplemented, novated, or replaced; and
(h)
a reference to legislation or to a provision of legislation includes a modification or reenactment of it, a legislative provision substituted for it and a regulation or statutory instrument issued under it.
2.5
Headings In this Deed headings are for convenience and do not affect interpretation.
2.6
Exercise of powers, discretions and rights Where a power, discretion or right is conferred on the Trustee, the Bank, a Nominated Employer, an Employer or another person under this Deed, that power, discretion or right may, unless the contrary intention appears, be exercised: (a)
at any time and from time to time or not at all; and
(b)
generally or in relation to any particular category or case (including, without limitation, in relation to a particular Employee, Member or other beneficiary or any other person or in relation to a particular class of any one or more of them).
2.7
Severance of void provisions
2.7.1
Any provision of this Deed which is void, prohibited or unenforceable in a jurisdiction (whether by reason of Superannuation Law or otherwise) is ineffective in that jurisdiction to the extent only that the provision is void, prohibited or unenforceable in that jurisdiction.
Page 11
RBA Officers' Superannuation Fund Trust Deed 2.7.2
Any provision which is ineffective under this clause will not invalidate the remaining provisions of this Deed.
2.7.3
Subject to Superannuation Law and clause 2.8(b): (a)
where a provision is ineffective under this clause the Trustee will determine the effect and meaning of the remaining provisions of this Deed; and
(b)
the Trustee's determination will (to the extent permitted under Superannuation Law and any procedure established by the Trustee under Superannuation Law) be final and binding on all interested persons.
2.8
Deed interpretation issues Subject to Superannuation Law:
2.9
(a)
if any question arises as to the meaning or effect of this Deed (including, without limitation, any question which arises in relation to the operation of clauses 2.7 or 5) the decision of the Trustee will be final and binding on all interested persons unless paragraph (b) applies; and
(b)
if any question arises as to the meaning or effect of this Deed in relation to the powers of the Bank the decision of the Bank will be final and binding on all interested persons.
Governing law This Deed is governed by the laws of New South Wales.
3.
Membership and Deed Structure
3.1
Membership categories
3.1.1
The principal categories of membership of the Fund are: (a)
Accumulation Members;
(b)
Defined Benefit Members which includes Preserved Defined Benefit Members;
(c)
Pensioners;
(d)
Retained Defined Benefit Members; and
(e)
Provident Account Members.
3.1.2
A Member may be a Member of more than one category of membership of the Fund at any time.
3.1.3
Where a Member is a Member of more than one category of membership at the same time, the benefits, rights, obligations and provisions of this Deed applicable to the Member as a Member of a category will be determined solely in relation to the benefits, rights, obligations and provisions of this Deed applying to that particular category of membership.
3.1.4
The eligibility of any person to become a Member of the Fund, whether generally or in any particular category of membership, is determined by this Deed (including, to avoid doubt, clauses 3.4 and 12.1).
3.2
Application of Deed Subject to clause 3.3, the provisions of this Deed apply to, and in relation to, all Members. Page 12
RBA Officers' Superannuation Fund Trust Deed 3.3
Application of Benefit Schedules The Benefit Schedules apply as follows:
3.4
(a)
Benefit Schedule 1 applies to, and in relation to, Accumulation Members only;
(b)
Benefit Schedule 2 applies to, and in relation to, Defined Benefit Members (including Preserved Defined Benefit Members) only;
(c)
Benefit Schedule 3 applies to, and in relation to, Pensioners only;
(d)
Benefit Schedule 4 applies to, and in relation to, Retained Defined Benefit Members only; and
(e)
Benefit Schedule 5 applies to, and in relation to, Provident Account Members only.
Non-application of Deed provisions to certain Employees The Bank may determine that this Deed, or any one or more provisions of this Deed, will not apply to any Employee, or class of Employee, on and from the date on which the Employee or class becomes employed by an Employer.
4.
OSF Operational Rules
4.1
Power Subject to this clause, the Trustee may: (a)
make rules to be known as OSF Operational Rules setting out any procedures or other requirements that will apply in relation to the operation, management or administration of this Deed or any of its provisions; and
(b) 4.2
vary, or waive generally or in any particular case, any OSF Operational Rule.
Scope of OSF Operational Rules The OSF Operational Rules must be consistent with this Deed and Superannuation Law.
4.3
Effective date Any OSF Operational Rule, including any variation or waiver, will operate from the date specified by the Trustee or if no date is specified from the date it is made.
5.
Compliance with Superannuation Law
5.1
Trustee's Superannuation Law compliance powers The Trustee: (a)
may comply with any requirement of Superannuation Law it is required to comply with; and
(b)
may comply with any requirement of Superannuation Law which it is permitted, but not required, to comply with but no benefit or other amount will be paid from the Fund under this clause without the consent of the Bank. Page 13
RBA Officers' Superannuation Fund Trust Deed 5.2
Deed subject to overriding Superannuation Law compliance
5.2.1
The provisions of this Deed apply subject to Superannuation Law.
5.2.2
Accordingly, despite anything in this Deed: (a)
each provision of this Deed must be read and interpreted subject to the requirements of Superannuation Law which, to the extent required by Superannuation Law and as necessary to give full effect to any provision of this Deed, are taken to be incorporated into, or excluded from (as the case may be), the provision; and
(b)
5.2.3
in the exercise of any of its powers, discretions or obligations under this Deed, the Trustee must comply with the requirements of Superannuation Law.
Where a requirement of Superannuation Law is taken to be included in, or excluded from a provision of this Deed under clause 5.2.2(a), the requirement is taken to be: (a)
included only to the extent that, and for so long as, Superannuation Law continues to require its inclusion; and
(b)
excluded only to the extent that, and for so long as, Superannuation Law prohibits its inclusion.
6.
The Trustee
6.1
Board of Trustees During any period that the Trustee is comprised of individuals:
6.2
(a)
a Board will be established under General Schedule 1 and General Schedule 2; and
(b)
clauses 6.2, 6.3, 6.4 and 6.7 will not apply to the Board or any individual comprising the Trustee.
Appointment of Constitutional Corporation as Trustee Unless the Trustee is comprised of individuals under clause 6.1, the Trustee will be a Constitutional Corporation appointed by the Bank by deed.
6.3
Term of Trusteeship The Trustee will hold office until: (a)
it is a Disqualified Person or it is otherwise disqualified from that office by operation of law;
(b)
it is removed by the Bank giving it written notice which will take effect from the date specified in the notice; or
(c)
it retires from that office by giving 60 days written notice to the Bank (or such lesser period as the Bank may agree).
6.4
Vacancy of Trustee
6.4.1
If the office of Trustee becomes vacant the Bank must by deed appoint another Constitutional Corporation to act as Trustee in accordance with this clause. Page 14
RBA Officers' Superannuation Fund Trust Deed 6.4.2
Upon termination of office (whether under this Deed or otherwise), the Trustee will: (a)
be deemed to be discharged from the trusts of this Deed, and the duties and obligations of a Trustee under this Deed, as at the time and date of termination of office; and
(b)
(on the request of the new Trustee) do, deliver, sign and execute all things, papers, records, writings, documents, deeds and other property as may be necessary to give proper effect to the termination of office and the transfer or assignment to, or otherwise the vesting of the assets of the Fund in, the new Trustee.
6.5
Antecedent breach by Trustee Nothing in this Deed will relieve a trustee which ceases to be Trustee (including an individual Trustee who is a member of the Trustee) from liability for any antecedent breach of trust for which it would otherwise be liable.
6.6
Equal representation The Trustee must take steps so that that the Fund complies with the equal representation rules prescribed by Superannuation Law as are applicable to the Fund from time to time.
6.7
Proceedings of Trustee The Trustee may act by resolution of its board of directors, or by any person appointed for the purpose by resolution of its board of directors, whether or not the exercise of discretion is involved.
7.
Trustee's Indemnity
7.1
Limitation of liability for acts or omissions To the maximum extent permitted by Superannuation Law, neither the Trustee nor any director of a corporate trustee will be liable to the Fund, any beneficiary or any other person for any Expense or other cost, loss or damage arising from: (a)
any act or omission by the Trustee or any director (including any act or omission that constitutes a breach of trust or duty); or
(b)
any act or omission of any person acting on the Trustee's behalf or any advisor engaged by, or relied on, by the Trustee.
7.2
No liability for agents etc Subject to Superannuation Law, neither the Trustee nor any director of a corporate trustee will be liable for any neglect or default of any custodian trustee, investment manager, agent, barrister, solicitor, banker, stockbroker, accountant, consultant, actuary or other person or for allowing assets of the Fund to remain in the custody or control of any such person for any time.
7.3
Indemnification of the Trustee
7.3.1
The Trustee, and each director of a corporate trustee, will be indemnified from the Fund to the maximum extent permitted by Superannuation Law in relation to all liabilities (including all Expenses), losses and damage incurred or suffered by the Trustee or director in exercising and Page 15
RBA Officers' Superannuation Fund Trust Deed carrying out, or any failure to exercise or carry out, the trusts, powers, authorities and discretions under this Deed. 7.3.2
Without limitation, this indemnity will apply to any payment made to any person whom the Trustee or director bona fide believed to be entitled to the payment although the person was not entitled to some or all of the payment.
7.4
Lien The Trustee and each director of a corporate trustee will have a lien on, and may realise in whole or part, any assets of the Fund: (a)
for the purpose of the indemnity conferred by clause 7.3; and
(b)
generally for the payment of all proper legal and other costs, charges and Expenses incurred by the Trustee or the director,
to the maximum extent permitted by Superannuation Law. 7.5
Bank indemnity To the extent that the amount available from the Fund to meet the liabilities of the Fund is inadequate to indemnify and reimburse the Trustee and any director of a corporate trustee under this clause, the Trustee and each director of a corporate trustee will be so indemnified and reimbursed by the Bank.
7.6
Continuing nature of indemnities
7.6.1
Each indemnity conferred under this Deed is a continuing obligation and will survive the termination of this Deed.
7.6.2
It is not necessary for any person entitled to the benefit of an indemnity under this Deed to incur any expense or make payment before enforcing a right of indemnity conferred under this Deed.
8.
Trustee's Powers and Duties
8.1
General management and administration of the Fund The control, management and administration of the Fund are vested in the Trustee in accordance with this Deed.
8.2
General powers Subject to Superannuation Law and this Deed, the Trustee will have power to do all acts and things which it considers necessary, desirable or expedient for the administration, maintenance and preservation of the Fund or any part of it. In the exercise and performance of its powers and obligations under this Deed the Trustee may (without limitation): (a)
provide receipts, releases or discharges for money or other assets payable or transferable to the Fund or for claims by or against the Fund;
(b)
open and operate bank accounts or accounts with cash management trusts or other financial institutions and determine how and by whom such accounts are to be operated;
Page 16
RBA Officers' Superannuation Fund Trust Deed (c)
enter into and execute all contracts, deeds and documents and do all acts and things which it considers necessary or desirable for the purpose of carrying out the trusts, authorities, powers and discretions conferred on the Trustee by this Deed;
(d)
engage, replace or suspend agents, custodian trustees, investment managers, brokers, administrators and other contractors of the Fund to provide such services on such terms and conditions, for such remuneration and with such powers and duties as the Trustee thinks fit;
(e)
institute, conduct or defend, settle, compromise, submit to arbitration or abandon any legal proceedings or claims by or against the Fund or otherwise concerning the Fund and allow time for payment or satisfaction of any amount due to the Fund;
(f)
effect or take out at the expense of the Fund one or more term or other policies or contracts with one or more insurers to: (i)
secure in whole or part any benefits payable from the Fund; or
(ii)
protect the Fund, and the Trustee and (where applicable) each director and other officer of the Trustee in relation to liabilities incurred by them or any of them in relation to the Fund,
and continue, renew or vary all or any policies or contracts for such period or periods as the Trustee thinks fit; (g)
give undertakings, guarantees and indemnities, enter into contracts, arrangements or understandings and meet obligations in relation to the Fund or any contributions to or payments by the Fund as the Trustee sees fit;
(h)
act on, and pay for from the Fund, the advice or opinion of any consultant, accountant, actuary, barrister, solicitor or medical practitioner or other professional person, firm or expert (whether or not such advice or opinion has been obtained by it);
(i)
appoint, remove and replace as officers or employees of the Fund such persons as the Trustee requires for the proper administration of the Fund and pay from the Fund the remuneration and other Expenses properly attributable to their office or employment;
(j)
without limiting any other powers of the Trustee under this Deed or at law and except to the extent paid by an Employer, pay out of the Fund all costs, charges, Expenses and Taxes incurred by the Trustee in the administration of the Fund including the day-to-day running and administration costs of the Trustee; and
(k)
make regulations and adopt procedures in relation to the calculation and rounding of contributions, benefits, amounts debited or credited to any account, the valuation of assets or any other matter as the Trustee thinks fit.
8.3
Nature of Trustee's powers
8.3.1
The powers conferred on, or exercisable by, the Trustee under this Deed are additional to, and not in substitution for, the powers conferred on or exercisable by the Trustee at law (including, without limitation, under Superannuation Law).
8.3.2
The Trustee in the exercise of any power conferred on the Trustee under this Deed will have an absolute and uncontrolled discretion and may exercise or enforce all or any of its powers at any time or refrain from exercising all or any of them at any time or at all. Page 17
RBA Officers' Superannuation Fund Trust Deed 8.4
Trustee's Expenses All proper and reasonable Expenses incurred by the Trustee in the administration of the Fund will be paid: (a)
to the extent funds are available – from the Fund; and
(b)
where available funds are insufficient – by the Bank.
8.5
Delegation
8.5.1
The Trustee may delegate any trust or power exercisable by the Trustee (including one which the Trustee may have a duty to exercise or perform and the power of delegation) to any person in such manner and upon such terms and conditions as the Trustee thinks fit.
8.5.2
The Trustee may vary or revoke any delegation made under clause 8.5.1 as the Trustee thinks fit and may exercise any power in conjunction with, or to the temporary or permanent exclusion of, a delegate.
8.5.3
Subject to Superannuation Law, the Trustee will not be: (a)
liable or responsible for any act, omission, error of judgement, negligence or breach of trust of any delegate; or
(b)
bound to take proceedings against any delegate in respect of the matters referred to in paragraph (a).
8.6
Committees of the Trustee
8.6.1
Subject to Superannuation Law, the Trustee may appoint one or more committees on which the Trustee may confer such duties as the Trustee thinks fit.
8.6.2
The members of any committee: (a)
may be any person thought appropriate by the Trustee whether the person is a director, other officer or employee of the Trustee or not; and
(b) 8.6.3
will be removable from office by the Trustee at any time.
Any committee appointed under this clause will at all times be and remain subject to, and comply with, the directions of the Trustee.
8.6.4
Subject to Superannuation Law, the Trustee will not be: (a)
liable or responsible for any act, omission, error of judgement, negligence or breach of trust of any committee or any member of any committee; or
(b) 8.7
bound to take proceedings against any committee or any member of any committee.
Fund Secretary The Trustee must exercise its powers under this clause 8 to appoint a Secretary to the Fund.
8.8
Actuary The Trustee must exercise its powers under this clause 8 to appoint an actuary who satisfies the requirements for an actuary under Superannuation Law (Actuary) to:
Page 18
RBA Officers' Superannuation Fund Trust Deed (a)
conduct the investigations, and produce the recommendations and reports, required by Superannuation Law covering the matters, and within the time, required by Superannuation Law;
(b)
conduct at any time any other investigations in relation to the Fund the Trustee thinks fit; and
(c)
provide at any time advice to the Trustee on any matter in relation to the Fund the Trustee thinks fit.
8.9
Compliance with directions The Bank may give a direction to the Trustee which is a permissible direction under Superannuation Law and in that event the Trustee will comply with that direction.
9.
Investment of Fund
9.1
Authorised investments
9.1.1
Subject to Superannuation Law, the Trustee may invest all assets comprising the Fund in any form of investment.
9.1.2
Subject to Superannuation Law, the Trustee has full and absolute powers of: (a)
investing, selling and getting in the assets of the Fund; and
(b)
varying or transposing the investments and assets of the Fund for other investments or assets,
as if the Trustee were the absolute owner of, and beneficially entitled to, those assets. 9.2
Derivatives Subject to Superannuation Law, the Trustee has power: (a)
to enter into (whether or not for purposes including the hedging of the investments of the Fund) and carry out and perform obligations under agreements or arrangements relating to, or otherwise acquire rights in respect of, financial instruments, contracts and other derivative transactions of any kind including (without limitation) currency hedging arrangements, options, interest rate swaps, futures, any index traded on an options, futures or forward market and any other similar transactions of any kind; and
(b)
to give a charge or other security over, or in relation to, an asset of the Fund in relation to a financial instrument, contract or other derivative transaction of the type referred to in paragraph (a) for the purpose of securing the performance of the Trustee's obligations in relation to that financial instrument, contract or other derivative transaction.
9.3
Borrowing power Subject to Superannuation Law, the Trustee may borrow money, and secure its repayment, on such terms and conditions as the Trustee thinks fit.
Page 19
RBA Officers' Superannuation Fund Trust Deed 9.4
Investment on joint account Any investment of the assets of the Fund by the Trustee may be contributed to by, or made by or on behalf of the Trustee, alone, or the Trustee jointly, with any other person.
10.
Notional Investment Pools
10.1
Notional Investment Pools For the purpose of determining benefits (including benefits determined by reference to a Member Account), or managing the assets or liabilities of the Fund (including in relation to one or more Member Investment Options), the Trustee may: (a)
establish one or more pools of assets to be known as Notional Investment Pools referable to one or more Member Investment Options, and allocate the Fund's assets and liabilities to one or more Notional Investment Pools, wholly or jointly;
10.2
(b)
divide each Notional Investment Pool, or Member Investment Option, into notional units (including notional fractions of units) and determine the basis on which the notional units will be created and rounded, how they will be valued and how they rank with each other;
(c)
determine the basis on which the notional units will be notionally issued and redeemed by each Notional Investment Pool or Member Investment Option;
(d)
determine the basis for and timing of the valuation of assets and liabilities of the Fund, each Notional Investment Pool and each Member Investment Option;
(e)
within the books of the Fund, record or represent all or part of a Member's benefits (including benefits determined by reference to a Member Account), or any account or reserve maintained for the purposes of the Fund, in notional units; or
(f)
do such other things as may be necessary or convenient in relation to any of the matters covered by the preceding paragraphs.
Changing Notional Investment Pools The Trustee may: (a)
rename any Notional Investment Pool; or
(b)
with the approval of the Bank: (i)
combine two or more Notional Investment Pools;
(ii)
divide any Notional Investment Pool;
(iii)
establish new Notional Investment Pools;
(iv)
close any Notional Investment Pool;
(v)
vary the basis on which notional units are notionally issued or redeemed; or
(vi)
issue notional units out of a Notional Investment Pool.
Page 20
RBA Officers' Superannuation Fund Trust Deed 10.3
Notional Investment Pool investment policies Subject to clause 11, the Trustee may determine or vary the investment parameters or strategy for a Notional Investment Pool.
10.4
Transfer of assets Consistent with the investment parameters or strategy for each Notional Investment Pool the Trustee may transfer an asset from one Notional Investment Pool to another Notional Investment Pool or Member Investment Option on such basis as the Trustee may determine.
10.5
Allocation of notional units Within the books of the Fund, notional units of a Notional Investment Pool will be held as unallocated notional units until or unless they are notionally allocated to a Member Investment Option.
10.6
Income and Expenses The Trustee will: (a)
collect all income of each Notional Investment Pool and apply that income to the relevant Notional Investment Pool, or where assets are held by more than one Notional Investment Pool, allocate the income among those Notional Investment Pools; and
(b)
determine the losses, Expenses and Taxes to be allocated to each Notional Investment Pool.
10.7
Provisions
10.7.1
The Trustee may make provision for any loss, Expense or Tax it determines will or may become payable out of a Notional Investment Pool. The Trustee may apportion any provision between the Notional Investment Pools uniformly or in such other manner as the Trustee considers appropriate.
10.7.2
If the Trustee believes a particular tax benefit, credit or rebate has arisen in respect of assets of a particular Notional Investment Pool, the Trustee may apply the benefit, credit or rebate against the provision for Tax in respect of that Notional Investment Pool. Where the provision for Tax is less than the benefit, credit or rebate the Trustee may (but is not obliged to): (a)
apply any excess against any provision for Tax established in respect of any other Notional Investment Pools, or Member Investment Options, as the Trustee determines and on such terms as the Trustee determines; or
(b)
retain the negative provision.
10.8
Valuation of Member Accounts and other benefits
10.8.1
In this Deed, a reference to: (a)
the amount of a Member's benefit; or
(b)
the balance or amount standing to the credit of a Member's Member Account or any other account or a reserve maintained for the purposes of the Fund,
may be expressed in, or calculated by reference to, dollars or notional units or a combination of dollars and notional units.
Page 21
RBA Officers' Superannuation Fund Trust Deed 10.8.2
If all or part of a Member's Member Account is paid to, or in relation to, the Member under this Deed, the amount payable will be: (a)
where the value of the Member Account is determined by reference to the value of notional units in a Notional Investment Pool or Member Investment Option - at the most recent value of those notional units available to the Trustee at, or immediately prior to, the time of the payment; and
(b)
in any other case - by reference to the most recent value of the Member Account Balance available to the Trustee at, or immediately prior to, the time of the payment.
If for any reason the Trustee considers that a value cannot be determined, or cannot be fairly determined having regard to the interests of Members, then the Trustee may delay the payment until such time as it is satisfied it is able to determine or fairly determine that value. 10.8.3
If a Member dies and at the date of death there is a Member Account in relation to the Member then, despite any Member Investment Choice of the Member, any notional units representing that Member Account will be taken to have been redeemed on the next business day following the date of death and the proceeds reinvested in notional units in a Notional Investment Pool or Member Investment Option determined by the Trustee for this purpose.
10.9
Other Trustee powers The Trustee will do all things necessary under this clause to: (a)
establish Notional Investment Pools; and
(b)
notionally allocate the assets and liabilities of the Fund to the Notional Investment Pools and Member Investment Options.
11.
Member Investment Options
11.1
Application In this clause, Member means a Member listed below in relation to the Member Account Balance:
11.2
(a)
an Accumulation Member;
(b)
a Defined Benefit Member (including a Preserved Defined Benefit Member); or
(c)
a Retained Defined Benefit Member.
Member's own Member Investment Option choice Where applicable in relation to a Member, the Trustee will invest the Member's Member Account Balance in accordance with the Member Investment Option, or Member Investment Options, last chosen by the Member.
11.3
Default Member Investment Options Where a Member has not chosen a Member Investment Option, the amounts referred to in clause 11.2 will be invested by the Trustee in the Fund's default Member Investment Option determined in accordance with Superannuation Law.
Page 22
RBA Officers' Superannuation Fund Trust Deed 11.4
Changes to Member Investment Choice A Member may change his or her Member Investment Choice on terms and conditions determined by the Trustee.
12.
Nominated Employers
12.1
Admission to Fund participation
12.1.1
The Trustee with the consent of the Bank may enter into an agreement with any Nominated Employer for: (a)
that entity to become a Nominated Employer; and
(b)
the Nominated Employer, and its Employees, to participate in the Fund on terms and conditions approved by the Bank which may (without limitation) include the categories of Employees who are eligible to be admitted to, and remain in, membership of the Fund.
12.1.2
Subject to Superannuation Law, Employees of a Nominated Employer will only be eligible to be admitted to, and remain in, membership of the Fund on the terms and conditions (if any) approved by the Bank.
12.2
Termination of Fund participation The participation of a Nominated Employer (referred to in this clause as the Retiring Employer) in the Fund may be terminated by written notice:
12.3
(a)
from the Retiring Employer to the Trustee; or
(b)
from the Trustee, with the consent of the Bank, to the Retiring Employer.
Consequences of termination of Fund participation On notice of termination of participation under clause 12.2: (a)
the Trustee and the Retiring Employer must agree on the date on which the Retiring Employer will retire and cease participation in the Fund (Retirement Date);
(b)
the Retiring Employer must immediately pay any arrears of contributions, or other amounts, due to the Fund in relation to the period up to the Retirement Date;
(c)
benefits which have become payable to the Retiring Employer's Members on or before the Retirement Date will continue to be payable out of the Fund by the Trustee;
(d)
unless otherwise agreed by the Trustee, the Bank and the Retiring Employer, the Trustee must arrange for the Actuary to certify what proportion of the Fund (including any arrears of contributions, or other amounts, still due to the Fund under paragraph (b)) is properly attributable to the Retiring Employer's Members as at the Retirement Date having regard to the terms and conditions applicable to the Retiring Employer's participation in the Fund under clause 12.1; and
(e)
the Trustee may make such arrangements as it thinks fit for the provision of benefits in relation to the Retiring Employer's Members as at the Retirement Date in lieu of, and in full satisfaction of, the benefits which would or might have been or become payable from the Fund but for the operation of this clause. Page 23
RBA Officers' Superannuation Fund Trust Deed 12.4
Retiring Employer's Members In this clause, Retiring Employer's Members means: (a)
all Employees of the Retiring Employer who are Members of the Fund other than those who continue as an Employee of another Employer;
(b)
all Pensioners who immediately before becoming a Pensioner were an Employee or (where applicable) a Preserved Defined Benefit Member of the Retiring Employer;
(c)
all Preserved Defined Benefit Members who immediately before becoming a Preserved Defined Benefit Member, or the equivalent category of member under the Pre-Revision Date Rules, were an Employee of the Retiring Employer;
(d)
all Retained Defined Benefit Members who immediately before becoming a Retained Defined Benefit Member, or the equivalent category of member under the Pre-Revision Date Rules, were an Employee of the Retiring Employer; and
(e)
any other beneficiary associated with the Retiring Employer including (without limitation) a Defined Benefit Child, Defined Benefit Spouse, Defined Benefit Dependant, SIS Child, SIS Spouse, SIS Dependant or Legal Personal Representative of a Member referred to in any of the preceding paragraphs of this clause.
13.
Role and Powers of Employers
13.1
Decisions and powers of Employers
13.1.1
The giving, withholding or making of any decision, consent or approval, or the exercise of any right, power or duty, by the Bank, a Nominated Employer or an Employer for the purposes of this Deed: (a)
will be in the absolute discretion of the Bank, Nominated Employer or Employer (as applicable);
(b)
must be given, withheld, made or exercised by: (i)
in the case of the Bank (for any capacity under this Deed) – the Governor or another delegate of the Bank; or
(ii)
in the case of a Nominated Employer (whether as a Nominated Employer or an Employer) – the board of directors of the Nominated Employer, a delegate of the Nominated Employer or any other person or persons approved by the board for that purpose.
13.1.2
In the exercise, non-exercise or partial exercise of any power exercisable by the Bank, a Nominated Employer or an Employer under this Deed: (a)
the Bank, Nominated Employer or Employer has an absolute and uncontrolled discretion and is not required to give to any person any reason for, or explanation of, its exercise, nonexercise or partial exercise of that power; and
(b)
is not under any fiduciary or other duty and may act entirely in the Bank's, Nominated Employer's or Employer's interest without regard to the interests of any other person.
Page 24
RBA Officers' Superannuation Fund Trust Deed 13.2
Dealings with Employees Nothing in this Deed will be deemed to affect, prejudice or alter in any way the powers of an Employer in relation to the dismissal or remuneration of, or any dealings with, any of its Employees.
13.3
Benefits not to be used to claim damages Any benefits to which any Member may be, or may claim to be, entitled under this Deed will not be used or alleged or claimed as damages, or as grounds for increasing damages, in any action or claim by the Member, or by anyone claiming under or in relation to the Member, against any Employer in relation to any dismissal, dealings or otherwise.
13.4
Transfer of Employment
13.4.1
This clause applies subject to any agreement to the contrary between the Trustee, a Member and the Employer.
13.4.2
A Member who ceases to be in the employment of his or her Employer in order to: (a)
become employed by another Employer; or
(b)
otherwise transfer from the employment of one Employer to the employment of another Employer,
will be deemed not to have ceased to be a Member, or to have ceased to be in the employment of an Employer, for the purposes of this Deed to the intent that a Member will be deemed to have ceased to be in the employment of an Employer only if and when he or she is not employed by any Employer. 13.5
Other provisions relevant to the Bank's role and powers Other provisions of this Deed contain provisions relevant to the role and powers of the Bank for the purposes of this Deed and the Fund including (without limitation) clauses 2.8(b), 3.4, 6, 7.5 and 8.4 and 8.9.
14.
Member Contributions
14.1
General Member contribution rules
14.1.1
A Member:
14.1.2
(a)
may (but is not obliged to) contribute to the Fund to the extent (if any) permitted under this clause and the Benefit Schedule applicable to the Member; and
(b)
who makes contributions to the Fund must comply with any terms and conditions set by the Trustee with the consent of the Bank.
Without limiting the Trustee's powers under, or the operation of, any other provision of this Deed, the Trustee: (a)
may allow or require a Member to cease contributing to the Fund or to reduce the rate of contributions made to the Fund;
(b)
may refuse to accept any contribution to the Fund by, or in relation to, a Member; Page 25
RBA Officers' Superannuation Fund Trust Deed (c)
may refund any contribution made to the Fund by, or in relation to, a Member if permitted to do so under Superannuation Law; and
(d)
must refund any contribution made to the Fund by, or in relation to, a Member if required to do so under Superannuation Law.
14.1.3
All contributions payable to the Fund by, or in relation to, a Member must be paid wholly in cash.
14.1.4
To avoid doubt, this clause is subject to Superannuation Law in accordance with clause 5. Accordingly, the Trustee must only accept, refund and deal with any contribution of any kind paid or payable to the Fund in accordance with Superannuation Law.
14.2
Salary sacrifice contributions
14.2.1
In this clause Member means:
14.2.2
(a)
an Accumulation Member; or
(b)
a Defined Benefit Member other than a Preserved Defined Benefit Member.
In addition to the amounts (if any) otherwise contributed to the Fund by a Member, the Member will be deemed to contribute to the Fund the amount or amounts (if any) agreed by the Member, the Employer and the Trustee.
14.2.3
Where a Member is deemed to make contributions to the Fund under this clause, the amount deemed to have been contributed by the Member must: (a)
be paid to the Trustee by the Employer (in addition to any other contributions payable to the Trustee by the Employer); and
(b)
be credited to the Member's Accumulation Account by the Trustee in accordance with the applicable Benefit Schedule.
14.3
Deduction of contributions
14.3.1
Unless otherwise determined by the Employer, to the extent permitted by law every Member who is an Employee and who contributes to the Fund under this Deed on a periodic basis will be deemed to have authorised the Employer to deduct the required periodic contribution from his or her salary on each pay day.
14.3.2
Any amount deducted from a Member's salary under clause 14.3.1: (a)
is held on trust by the Employer for the benefit of the Fund; and
(b)
must be paid to the Trustee within the period required by Superannuation Law.
14.3.3
Where it is not permitted by law to deduct a Member's contribution from the Member's salary it will be the responsibility of the Member to pay his or her contributions to the Trustee in accordance with terms and conditions set by the Trustee under clause 14.1.1(b).
14.4
Government co-contributions
14.4.1
This clause applies to an Accumulation Member, a Defined Benefit Member (including a Preserved Defined Benefit Member) and a Retained Defined Benefit Member.
14.4.2
The Trustee may:
Page 26
RBA Officers' Superannuation Fund Trust Deed (a)
accept into the Fund in relation to a Member any co-contribution or similar payment and may credit or treat any co-contribution or similar payment as a contribution by the Member;
(b)
pay to the Australian Taxation Office or other applicable Superannuation Authority an amount determined by the Trustee in relation to any co-contribution or similar payment which has been received into the Fund in relation to the Member and which the Australian Taxation Office or other applicable Superannuation Authority considers has been paid incorrectly and the Trustee may adjust the account of the Member referred to in clause 14.4.3 on such basis as the Trustee determines having regard to the amount which the Trustee has paid to the Australian Taxation Office or other applicable Superannuation Authority under this clause; and
(c)
refuse to accept any co-contribution or similar payment in the circumstances determined by the Trustee.
14.4.3
The Trustee must credit a co-contribution or similar payment accepted into the Fund under this clause to: (a)
in the case of an Accumulation Member or a Retained Defined Benefit Member – the Accumulation Account; or
(b)
in the case of a Defined Benefit Member (including a Preserved Defined Benefit Member) – the Post Tax Member Contributions Account.
14.5
Splittable Contributions
14.5.1
In: (a)
clauses 14.5.2 and 14.5.3 Member means an Accumulation Member or Defined Benefit Member, Preserved Defined Benefit Member or Retained Defined Benefit Member in relation to his or her Accumulation Account Balance;
(b)
clauses 14.5.4 and 14.5.5 Member means an Accumulation Member or a Defined Benefit Member, other than a Preserved Defined Benefit Member, in relation to his or her Accumulation Account; or
(c)
clause 14.5.2(a) and 14.5.3(b) a reference to a Member who is the Member's SIS Spouse means a SIS Spouse who is an Accumulation Member or a Defined Benefit Member other than a Preserved Defined Benefit Member, and clause 14.5.2(a) and 14.5.3(b) apply in relation to his or her Accumulation Account; and
(d)
clause 14.5.4(a) and 14.5.5(b) and a reference to a Member who is the Member's SIS Spouse means a SIS Spouse who is an Accumulation Member or a Defined Benefit Member, Preserved Defined Benefit Member or Retained Defined Benefit Member, and Rule 14.5.4(a) and 14.5.5(b) apply in relation to the Accumulation Account Balance.
14.5.2
Subject to Superannuation Law, on receipt of an application by a Member the Trustee may: (a)
if the Member's SIS Spouse is also a Member – allot within the Fund; and/or
(b)
rollover or transfer from the Fund to an Approved Benefit Arrangement,
an amount of benefits, for the benefit of the Member's SIS Spouse, that is equal to the nominated amount of the Splittable Contributions made by, or on behalf of, the Member.
Page 27
RBA Officers' Superannuation Fund Trust Deed 14.5.3
Where the Trustee accepts a Member's application under clause 14.5.2, the Trustee must: (a)
debit the nominated amount of Splittable Contributions from the Member's Accumulation Account; and
(b)
where Rule 14.5.2(a) applies, credit the nominated amount of Splittable Contributions to the Accumulation Account of the Member's SIS Spouse.
14.5.4
14.5.5
Subject to Superannuation Law, the Trustee may accept for the benefit of a Member any Splittable Contributions: (a)
if the Member's SIS Spouse is also a Member to whom this clause applies– transferred within the Fund by the Member's SIS Spouse; and/or
(b)
rolled over or transferred to the Fund from an Approved Benefit Arrangement by the Member's SIS Spouse.
Where the Trustee accepts any Splittable Contributions in relation to a Member under clause 14.5.4, the Trustee must: (a)
credit the Splittable Contributions to the Member's Accumulation Account; and
(b)
where clause 14.5.4(a) applies, debit the nominated amount of Splittable Contributions from the Accumulation Account of the Member's SIS Spouse.
15.
Employer Contributions
15.1
General Employer contribution rules
15.1.1
An Employer must contribute to the Fund in accordance with this clause and applicable Benefit Schedules.
15.1.2
Without limiting the Trustee's powers under, or the operation of, any other provision of this Deed, the Trustee:
15.1.3
(a)
may refuse to accept any contribution to the Fund by an Employer in relation to a Member;
(b)
may refund any contribution made to the Fund by an Employer in relation to a Member if permitted to do so under Superannuation Law; and
(c)
must refund any contribution made to the Fund by an Employer in relation to a Member if required to do so under Superannuation Law.
All contributions payable to the Fund by, or on behalf of, an Employer must be paid wholly in cash.
15.1.4
To avoid doubt, this clause is subject to Superannuation Law in accordance with clause 5. Accordingly, the Trustee must only accept, refund and deal with any contribution of any kind paid or payable to the Fund in accordance with Superannuation Law.
15.2
Employer's contribution obligation
15.2.1
Each Employer must contribute to the Fund: (a)
the minimum amount (if any) required under Superannuation Law; or
Page 28
RBA Officers' Superannuation Fund Trust Deed (b)
the amount or rate of contributions (if any) greater than any minimum amount required under paragraph (a) which is determined by the Bank to be necessary or desirable to provide the benefits provided under this Deed (including, to avoid doubt, under clause 16.8) after considering the advice of the Actuary given under clause 8.8, Superannuation Law and otherwise.
15.2.2
15.2.3
The Bank: (a)
must make a determination under clause 15.2.1(b) at times necessary for the Fund to comply with Superannuation Law; and
(b)
may make a determination under clause 15.2.1(b) at any other time the Bank thinks fit.
As soon as practicable after the Bank makes a determination under clause 15.2.1: (a)
the Bank must provide details of its determination to the Trustee in writing; and
(b)
subject to receiving the notification required under paragraph (a), the Trustee must advise each Employer of the amount or rate of contributions payable by that Employer and of any change to that amount or rate.
15.3
Additional Employer contributions
15.3.1
The Trustee may accept into the Fund: (a)
any additional contribution which may be made by an Employer for the purpose of securing the solvency of the Fund or improving the provision of benefits provided under this Deed; and
(b)
in relation to a Member – any additional contributions which the Employer may agree with the Member to contribute to the Fund in relation to that Member.
15.3.2
Where an Employer makes additional contributions under clause 15.3.1(b) the Trustee must, subject to Superannuation Law, apply those contributions in relation to the relevant Member as the Employer directs or otherwise as determined by the Trustee.
16.
Benefits
16.1
Compliance with Superannuation Law (a)
To avoid doubt, this clause is subject to Superannuation Law in accordance with clause 5.
(b)
Accordingly, the Trustee must only pay and deal with any benefit payable from the Fund in accordance with Superannuation Law.
16.2
Member's information obligations
16.2.1
Without limiting clause 16.3, a Member or any other person claiming or in receipt of a benefit from the Fund must on request provide to the Trustee any information, documents and evidence and undergo any medical or other examinations (including blood tests) as the Trustee considers necessary or desirable for the purpose of properly administering the Fund.
16.2.2
Failure to comply with a request of the Trustee under this clause will entitle the Trustee to suspend payment of the benefit or consideration of any claim.
Page 29
RBA Officers' Superannuation Fund Trust Deed 16.3
Entitlement to benefits
16.3.1
Any person appearing, purporting or claiming to be qualified or entitled to any benefit under this Deed:
16.3.2
(a)
may lodge a claim for the benefit with the Trustee; and
(b)
must (without limiting clause 16.2) on request produce to the Trustee any evidence, and do any acts and execute any documents as the Trustee may require.
Until the Trustee determines that a claim for a benefit should be accepted, and that the person is entitled to the benefit claimed, the Trustee will not pay any benefit out of the Fund to that person.
16.3.3
The Trustee is not obliged to inform a Member, or any other person, entitled to a benefit from the Fund that the benefit is payable.
16.4
Proofs Whenever it is necessary for the Trustee to decide questions of fact the Trustee may act upon such evidence as the Trustee may deem satisfactory.
16.5
Benefit payments
16.5.1
All benefits payable from the Fund to a person will be paid wholly in cash.
16.5.2
To avoid doubt, in this Deed, a payment to, or in relation to, a Member or other person entitled to a benefit under this Deed includes a payment from the Fund in satisfaction of any obligation to, or in relation to, the Member or person and (without limitation) includes a payment:
16.5.3
(a)
to, or for the benefit of, the Member or person;
(b)
to, or for the benefit of, a Dependant in relation to the Member or (if applicable) person;
(c)
to another person at the direction of the Member or person or the Legal Personal Representative of the Member or person; or
(d)
to, or for the benefit of, the Legal Personal Representative of the Member or person.
The receipt by any of the following people will be a complete discharge to the Trustee in relation to the amount paid to that person and the Trustee will not be bound to see to the application of that amount: (a)
a Member or other person entitled to a benefit from the Fund; or
(b)
a Legal Personal Representative, or any other person acting on behalf of, under or in relation to, a Member or other person entitled to a benefit from the Fund.
16.5.4
Subject to Superannuation Law, where the Trustee must dispose of any assets of the Fund and convert them to cash in order to pay a benefit the Trustee may delay payment of the benefit for any period the Trustee sees fit in order to facilitate the orderly disposal of the assets.
16.5.5
Where the payment, or commencement of the payment, of any benefit payable under this Deed is delayed or postponed for any reason, the Trustee may, subject to Superannuation Law, determine that the benefit will accrue interest at a rate or rates (which may be positive or negative), and on the basis, determined by the Trustee.
16.5.6
If the Trustee determines that a benefit has been overpaid to a person and the overpayment should be recouped: Page 30
RBA Officers' Superannuation Fund Trust Deed (a)
the person must, on demand, repay such amount as constitutes the overpayment together with interest on that amount at the rate determined by the Trustee; or
(b)
the Trustee may set off the amount (together with interest) overpaid against any future payment to that person.
16.6
Invalidity and Ill-Health Retirement and related benefits
16.6.1
This clause applies where: (a)
the Trustee is satisfied, based on information from the Bank, that a Member: (i)
(ii)
(b)
has in relation to a medical examination or other examination or interview conducted for purposes including in relation to admission to the Fund: (A)
made a false or misleading statement as to the Member's age, state of health or other relevant matter; or
(B)
failed to disclose any relevant fact, matter or information; and
based on that statement or omission was accepted for, and admitted to, the Fund; or
the Trustee is of the opinion that a Defined Benefit Member (including after the Member has become a Pensioner): (i)
(ii)
has in relation to a medical examination or other examination or interview: (A)
made a false or misleading statement as to the Defined Benefit Member's age, state of health or other relevant matter; or
(B)
failed to disclose any relevant fact, matter or other information; and
by reason of that statement or omission, the Defined Benefit Member, and any Defined Benefit Spouse and/or Defined Benefit Child in relation to the Defined Benefit Member, has been, or may become entitled to be, treated as an Invalid Member or an Invalid Resigned Member and consequently has obtained, or may in the future seek to obtain, a Pension or other benefit from the Fund.
16.6.2
Subject to Superannuation Law, where this clause applies: (a)
in the case of a Member who is not a Pensioner as at the date of the determination and opinion of the Trustee for the purposes of clause 16.6.1 - the Trustee may determine that all or part of any Pension or other benefits payable or contingently payable from the Fund to, or in relation to, the Member will cease and/or, subject to paragraph (c), will be adjusted on terms and conditions determined by the Trustee;
(b)
in the case of a Pensioner as at the date of the determination and opinion of the Trustee for the purposes of clause 16.6.1: (i)
the Pension will cease on and from the date determined by the Trustee; and
(ii)
subject to paragraph (c), the Trustee will determine whether, and (if applicable) the circumstances in which and terms and conditions on which, any further benefits will be payable to the Pensioner having regard to the amount of the Pension paid to date and any other matters the Trustee thinks fit; and
Page 31
RBA Officers' Superannuation Fund Trust Deed (c)
if all or part of any Pension or other benefits cease or are adjusted under this clause: (i)
the Member or Pensioner (and any person claiming under, or in relation to, the Member or Pensioner) will not have any right, claim or entitlement to the Pension or other benefits which have ceased, and will only have any right, claim or entitlement to benefits which have not ceased which may include benefits adjusted under this clause; and
(ii)
Rule 7 of Benefit Schedule 3 will not apply in relation to any Indexed Pension.
16.7
Preservable Benefits
16.7.1
This clause applies where a Preservable Benefit forms all or part of a benefit payable to a Member or other beneficiary under this Deed.
16.7.2
Despite any other provision of this Deed, a Preservable Benefit will not be paid to the Member as an immediate cash payment until a condition of release permitting immediate cash payment is satisfied for the purposes of the Preservation Requirements. For this purpose, where a Member including an Accumulation Member but excluding an Invalid Member or an Invalid Resigned Member seeks the release of a Preservable Benefit on the grounds of permanent incapacity for the purposes of the Preservation Requirements, the Preservable Benefit will not be paid as an immediate cash payment unless the Trustee is reasonably satisfied that the Member is unlikely, because of ill-health (whether physical or mental), ever again to engage in gainful employment for which the Member is reasonably qualified by education, training or experience or unless Superannuation Law otherwise requires.
16.7.3
The Trustee may, in relation to a Preservable Benefit: (a)
at the request of the Member or beneficiary pay the Preservable Benefit to an Approved Benefit Arrangement;
(b)
where, and to the extent, this Deed expressly permits – retain or preserve (as applicable) the Preservable Benefit in the Fund on the terms and conditions provided in the relevant provision of this Deed; or
(c)
if the Member or beneficiary has not made a request to transfer the Preservable Benefit to an Approved Benefit Arrangement within the Payment Period and paragraph 16.7.3(b) is not applicable – transfer the Preservable Benefit to the Fund's Eligible Rollover Fund as soon as practicable after the end of the Payment Period and otherwise in accordance with Superannuation Law.
16.8
Minimum Superannuation Guarantee benefits
16.8.1
Where a: (a)
Commonwealth, State or Territory law (Minimum Benefits Law) requires an Employer to provide a minimum level of superannuation benefits in relation to a Member in relation to a period; or
(b)
Minimum Benefits Law imposes a Tax on an Employer if the minimum superannuation benefit in relation to the period is not provided to the Member by the Fund,
the Employer may by written notice to the Trustee under this clause require that the benefit of that Member be increased so that the benefit (together with any other superannuation benefit provided Page 32
RBA Officers' Superannuation Fund Trust Deed in relation to that Member by the Employer) is not less than the minimum superannuation benefit (including, to avoid doubt, any minimum benefit applicable in relation to the death of the Member) required by the Minimum Benefits Law in relation to that or any future period. 16.8.2
A notice under clause 16.8.1 must set out any information required by the Trustee for the purpose of adjusting the benefit of the Member.
16.8.3
A notice under clause 16.8.1 may be revoked or amended by written notice to the Trustee prior to a benefit being adjusted.
16.8.4
Following receipt of a notice under clause 16.8.1 and despite any provision of this Deed to the contrary: (a)
the Trustee must calculate the amount of the adjusted benefit including (to avoid doubt) the benefit to be paid if the Member dies; and
(b)
the benefit of the Member is adjusted accordingly for the purposes of the Fund.
16.8.5
The Trustee must pay the amount of any adjusted benefit under this clause as a lump sum.
16.9
No access to benefits by Employee-Members No Member will be entitled, and the Trustee will not pay, any benefit to, or in relation to, any Member while the Member is an Employee except: (a)
as expressly provided in this Deed; or
(b)
where Superannuation Law requires a benefit to be paid.
16.10
Early release of benefits
16.10.1
Subject to Superannuation Law, in the case of: (a)
the severe financial hardship (within the meaning of Superannuation Law) of the Member;
(b)
compassionate grounds (within the meaning of Superannuation Law) arising in relation to the Member for the purposes of Superannuation Law; or
(c)
any other circumstances permitted under Superannuation Law in relation to the Member,
the Trustee will have power (but will not be obliged) to pay to, or in relation to, the Member all or part of the Member's entitlement in the Fund at the time of making the determination, and such amount may be provided in such form and by way of such arrangements and conditions as the Trustee thinks fit. 16.10.2
Where a benefit paid to a Defined Benefit Member (including a Preserved Benefit Member) under clause 16.10.1 includes all or part of the Defined Benefit Member's entitlement in the Fund other than the Defined Benefit Member's entitlement in relation to the Member Account Balance, the Trustee may adjust the amount of any benefit which subsequently becomes payable to, or in relation to, the Defined Benefit Member by the amount the Trustee thinks fit (having regard to the advice of the Actuary) to take account of the amount paid which does not include the Member Account Balance.
16.10.3
This clause does not apply to a Pensioner.
Page 33
RBA Officers' Superannuation Fund Trust Deed 16.11
Insured benefits
16.11.1
This clause applies where: (a)
the Trustee has entered into any insurance arrangement to provide some or all of the benefits payable from the Fund to, or in relation to, a Member; and
(b)
the insurer either declines cover or reduces the amount payable to, or in relation to, the Member.
Where this clause applies then, despite any provision of this Deed but subject to Superannuation Law, the Trustee must reduce the amount of the benefits otherwise payable to, or in relation to, the Member by the amount which the insurer declines or refuses unless the Employer enters into an arrangement acceptable to the Trustee to reimburse the Fund in relation to the amount of insurance declined or refused. 16.11.2
This clause applies where the Trustee, with the consent of the Bank, is of the opinion that had the Trustee entered into an insurance arrangement under clause 16.11.1 the insurer under the arrangement would have declined cover or reduced the amount otherwise payable to, or in relation to, the Member. Where this clause applies then, despite any provision of this Deed but subject to Superannuation Law, the Trustee must reduce the amount of the benefit otherwise payable to, or in relation to, the Member by the amount which the Trustee believes the insurer would have declined or refused unless the Employer enters into an agreement acceptable to the Trustee to reimburse the Fund for the cost of providing the benefit over and above the reduced benefit which would have otherwise been provided to, or in relation to, the Member.
16.11.3
In forming an opinion under clause 16.11.2 the Trustee may (but is not obliged to) rely on a certificate from a proper officer of an insurer selected by the Trustee as to whether or not an insurer would have declined or reduced cover in the relevant circumstances.
16.11.4
Any benefit which is adjusted under this clause will be in lieu of, and in full satisfaction of, the benefits which would or might have been or become payable from the Fund but for the operation of this clause.
16.12
Ascertaining Dependants In ascertaining the Dependants of a deceased Member: (a)
the Trustee will not be under any legal obligation to locate, establish or identify all the persons who might qualify as Dependants of the Member; and
(b)
the Trustee may act upon the information it thinks fit to locate, establish and identify persons as a Dependant or Dependants of the Member.
16.13
Death benefits payable where there are multiple Spouses Despite any provision of this Deed, where a deceased Member is survived by more than one person who qualifies as his or her Spouse: (a)
the benefit payable under this Deed in relation to the Member will be at the rate, or of such amount (as the case may be), as would be applicable if the deceased Member were survived by one Spouse;
Page 34
RBA Officers' Superannuation Fund Trust Deed (b)
the benefit will be payable to the Spouses, or to one or more of the Spouses, to the exclusion of the others or either of them, or in the proportions between them, as the Trustee determines having regard to the needs of each Spouse and to any other matters the Trustee considers relevant;
(c)
the part of any Pension which may be payable to a Defined Benefit Spouse of a deceased Defined Benefit Member or a deceased Retiring Defined Benefit Pensioner for, and in relation to, a Defined Benefit Child or Defined Benefit Children (as applicable) under this Deed will have effect only in relation to that Defined Benefit Spouse and such Defined Benefit Child or Defined Benefit Children as the Trustee determines; and
(d)
16.14
any election made by a Spouse under this Deed will have effect only in relation to that Spouse and such Children as the Trustee determines.
Anti-detriment death benefits The Trustee may (but is not obliged) to increase the amount of any benefit payable from the Fund on the death of a Member by the amount that would accrue to the Fund if a deduction under section 295-485 of the Tax Act were allowed.
16.15
Member under legal disability
16.15.1
This clause applies if it appears to the Trustee that a Member or other beneficiary is: (a)
a minor or otherwise under any legal disability or incapacity of any nature;
(b)
suffering from any physical or mental sickness, injury, deterioration or disorder; or
(c)
unable for any other reason to satisfactorily deal with any amount payable to the Member or beneficiary from the Fund.
16.15.2
Where this clause applies, the Trustee may, subject to Superannuation Law, pay or apply the whole or any part of the benefit payable to, or in relation to, the Member or beneficiary in any one or more of the following ways as the Trustee thinks fit: (a)
to any Dependant of the Member or (if applicable) beneficiary;
(b)
for or towards the maintenance, education, advancement or benefit of the Member or beneficiary in the form and manner, and on the terms and conditions, as the Trustee thinks fit; or
(c)
without limiting paragraph (b), to a person who appears to the Trustee to be: (i)
a trustee for the relevant Member or beneficiary (including a trustee appointed under a separate trust established by the Trustee);
(ii)
a Legal Personal Representative or other representative, Spouse, Child, parent or guardian of the Member or beneficiary; or
(iii)
16.15.3
a person who has the care or custody of, or is responsible for, the Member or beneficiary.
The Trustee may exercise any of the powers specified in clause 16.15.2 whether or not: (a)
there is any other money or funds available for any of the purposes referred to in clause 16.15.2; or Page 35
RBA Officers' Superannuation Fund Trust Deed (b)
16.15.4
there is any person bound by law or otherwise to provide for the maintenance, education, advancement or benefit of the Member or beneficiary.
The Trustee is not bound to have recourse to this clause, or to consider whether recourse should be had to this clause, even if the Trustee may have actual notice of any disability or incapacity or other relevant matter referred to in this clause.
16.16
Family Law superannuation splitting
16.16.1
Where a Non-Member Spouse becomes entitled to an amount under a Superannuation Agreement, Flag Lifting Agreement or Splitting Order, the Trustee will pay a lump sum amount to the NonMember Spouse of the total value of the entitlement as at the Relevant Date, adjusted in relation to any period between the Relevant Date and the date of payment in accordance with the Family Law Requirements.
16.16.2
This clause applies where: (a)
the Member Spouse is not a Pensioner; and
(b)
the Non-Member Spouse’s lump sum entitlement exceeds the relevant Member Spouse’s lump sum benefit payable under Rule 12 of Benefit Schedule 2 if the Member Spouse had voluntarily ceased service on the Relevant Date.
Where this clause applies, the Trustee will make lump sum payments to the Non-Member Spouse in accordance with the Family Law Requirements. 16.16.3
This clause applies where: (a)
the Member Spouse is a Pensioner; and
(b)
the Non-Member Spouse’s lump sum entitlement exceeds the lump sum value of the Pensioner’s Pension as advised by the Actuary.
The Trustee will make a lump sum payment to the Non-Member Spouse equal to the lump sum value of the Pension and the Pensioner’s Superannuation Interest will be reduced under Rule 4.4 of Benefit Schedule 3 to nil. 16.16.4
Subject to clause 16.16.6 and 16.16.8, when an amount becomes payable to a Non-Member Spouse in accordance with the Family Law Requirements it will be transferred to the Approved Benefit Arrangement nominated by the Non-Member Spouse.
16.16.5
If the Non-Member Spouse fails to give a nomination under clause 16.16.4 within 90 days of an amount becoming payable, the Trustee will transfer the amount to the Fund's Eligible Rollover Fund.
16.16.6
Where an amount becomes payable to a Non-Member Spouse aged at least 65 years, or otherwise where Superannuation Law or the Family Law Requirements provide, the Trustee may pay the amount directly to the Non-Member Spouse.
16.16.7
Where an amount payable to a Non-Member Spouse in accordance with clause 16.16.6 is unclaimed money (within the meaning of Superannuation Law) the Trustee will pay the benefit to the Superannuation Authority in accordance with Superannuation Law.
16.16.8
Despite anything to the contrary in this clause, where an amount becomes payable from the Fund to a Non-Member Spouse who is an Accumulation Member or a Defined Benefit Member the Page 36
RBA Officers' Superannuation Fund Trust Deed Trustee will credit the amount to the Accumulation Account unless the Member makes a valid request within the Payment Period for the amount to:
16.16.9
(a)
be paid to, or at the direction of, the Member as a lump sum;
(b)
be transferred or rolled over to the Member's nominated Approved Benefit Arrangement; or
(c)
paid partly under paragraph (a) and partly under paragraph (b).
Subject to the Family Law Requirements, the Trustee may: (a)
allocate or impose on a Member Spouse or Non-Member Spouse any fees or charges it considers appropriate in relation to compliance with, or administration of, the Family Law Requirements in relation to the Member Spouse's Superannuation Interest; and
(b)
deduct those fees and charges from the person's entitlement in the Fund or require payment in the form, and at the times, the Trustee considers appropriate in any particular case.
16.16.10 Upon payment by a person of any fees or charges applicable under clause 16.16.9 the Trustee will provide any information in relation to a Superannuation Interest in the Fund as it is required to provide to the person under the Family Law Requirements. 16.16.11 Where an amount is paid to a Non-Member Spouse in relation to the Member's Superannuation Interest under the preceding provisions of this clause, the Trustee must reduce the Member's benefits in the Fund by: (a)
in the case of an Accumulation Member or a Retained Defined Benefit Member – debiting the amount, or another amount the Trustee considers appropriate in the circumstances having regard to the Family Law Requirements, to the Accumulation Account as from the date determined by the Trustee;
(b)
in the case of a Defined Benefit Member (including a Preserved Defined Benefit Member): (i)
debiting the amount (if any) the Trustee considers appropriate in the circumstances having regard to the Family Law Requirements as from the date determined by the Trustee to either or both of the Accumulation Account and the Post Tax Member Contributions Account as determined by the Trustee (as applicable); and/or
(ii) (c)
making the adjustment specified in Rule 12.2.1(a)(ii) of Benefit Schedule 2; or
in the case of a Pensioner – commuting all or part of the annual Pension payable to the Pensioner under Rule 4.4 of Benefit Schedule 3.
16.17
Overseas transfers The Trustee may, with the approval of the Bank and the agreement of a Member, vary any provision of this Deed, and its application to that Member, when the Member is transferred to employment outside Australia.
17.
Taxes
17.1
Power to deduct and pay Taxes
17.1.1
The Trustee may, in the manner it thinks fit, deduct from: (a)
moneys paid into the Fund; Page 37
RBA Officers' Superannuation Fund Trust Deed (b)
payment made from the Fund; or
(c)
income or capital of the Fund,
any amount in relation to any Taxes (including, without limitation, any levy payment of any nature or description whether under the Superannuation Law or otherwise) which in the opinion of the Trustee are or may be payable in relation to the payment or the Fund generally by the Trustee or a Member in relation to contributions made to the Fund or any Complying Superannuation Fund by, or in relation to, that Member. 17.1.2
The Trustee may remit the amount deducted under clause 17.1.1 or such other amount as the Trustee thinks fit, to the Commissioner of Taxation, a Superannuation Authority or other relevant authority (as the case may be) in accordance with the requirements of the applicable legislation.
17.2
Tax provision Subject to Superannuation Law, the Trustee may as it thinks fit:
17.3
(a)
deduct or set aside and make provision for any Taxes;
(b)
debit any account in the books of the Fund with any Taxes;
(c)
credit any account in the books of the Fund upon receipt of a tax refund; or
(d)
allocate all or part of the Taxes or provisions as it determines between sections of the Fund, the Member Investment Options or Notional Investment Pools.
Tax benefits, credits and rebates Subject to the Tax Act, if an income tax benefit, taxation credit or rebate (whether an imputation credit or rebate, or a foreign tax credit, under the Tax Act or otherwise) arises in relation to any income, profit or gain in relation to the Fund, the Trustee may: (a)
offset the benefit, credit or rebate against any provision for Tax established under this Deed; and
(b)
despite the time at which any benefit, credit or rebate is received by the Trustee, apply the benefit, credit or rebate to any relevant year of income as the Trustee thinks fit and will not be required to adjust any credited Earning Rate, Accumulation Account, Post Tax Member Contributions Account or any other account or payment in relation to the benefit, credit or rebate.
17.4
Tax deductions from benefits
17.4.1
Without limiting clause 17.1, the Trustee must deduct from any benefit payable from the Fund the amount the Trustee considers is appropriate in relation to any Taxes payable in relation to the benefit and in relation to which no adjustment has been made under other provisions of this Deed.
17.4.2
Upon payment to the Commissioner of Taxation, the Superannuation Authority or other relevant authority (as the case may be) the Trustee will be released and discharged in relation to the amount deducted and paid.
Page 38
RBA Officers' Superannuation Fund Trust Deed 17.5
Surcharge
17.5.1
If the Trustee becomes liable for a payment of the Surcharge in relation to a Member the Trustee must adjust the Member's benefits in a way it considers equitable to allow as far as possible for the cost of the Surcharge.
17.5.2
17.5.3
Despite clause 17.5.1, the Trustee must not adjust a Member's benefits in a way that: (a)
is contrary to Superannuation Law; or
(b)
would cause the inclusion of this clause to be invalid.
In this clause Surcharge means the superannuation contributions tax, and any advance instalment of the superannuation contributions tax, whenever paid or payable by the Trustee under the Superannuation Contributions Tax (Assessment and Collection) Act 1997 and the Superannuation Contributions Tax Imposition Act 1997 and any similar or replacement tax, charge, surcharge, levy or duty.
18.
Benefit Transfers from Other Approved Benefit Arrangements
18.1
Application In this clause, a reference to a Member means: (a)
an Accumulation Member: or
(b)
a Defined Benefit Member other than a Preserved Defined Benefit Member,
and, where relevant, includes a person whose application for, or admission to, membership of the Fund as an Accumulation Member or a Defined Benefit Member has been accepted. 18.2
Eligible transfers into the Fund The Trustee may accept into the Fund by way of transfer or otherwise any moneys: (a)
from the trustees or other controlling body of an Approved Benefit Arrangement in relation to a Member's benefits or interest in that Approved Benefit Arrangement; or
(b)
18.3
any other source permitted by Superannuation Law in relation to moneys or an interest of the Member.
Application of transferred benefits Where the Trustee has accepted moneys in relation to a Member under clause 18.2 the Trustee must credit the amount received (less any applicable Expenses and Taxes) to the Member's Accumulation Account.
19.
Benefit Transfers to Other Approved Benefit Arrangements
19.1
Portability of benefits
19.1.1
In this clause 19.1, Member means a Member listed below in relation to the Member Account Balance: (a)
an Accumulation Member; Page 39
RBA Officers' Superannuation Fund Trust Deed (b)
a Defined Benefit Member including a Preserved Defined Benefit Member; or
(c)
a Retained Defined Benefit Member,
unless Superannuation Law requires the Trustee to transfer other benefits payable from the Fund in relation to a beneficiary in the circumstances provided for in this clause. 19.1.2
The Trustee: (a)
must, upon the request of a Member, comply with Superannuation Law in relation to the transfer of all or part of a Member's benefits and interest in the Fund to an Approved Benefit Arrangement;
(b)
may, subject to Superannuation Law, charge a fee to cover the costs associated with a transfer made under this clause and, unless the Member pays the fee by another payment method acceptable to the Trustee, deduct the fee from the amount to be transferred in relation to the Member; and
(c)
must, subject to Superannuation Law, debit the amount transferred together with any fee to: (i)
in the case of a Defined Benefit Member – either or both the Accumulation Account and the Post Tax Member Contributions Account as agreed by the Trustee and the Defined Benefit Member; or
(ii)
in the case of any other Member – the Accumulation Account.
19.2
Superannuation Law transfers without beneficiary consent generally
19.2.1
Despite any provision of this Deed, the Trustee: (a)
may transfer the benefits or interest in the Fund of a Member or other beneficiary to an Approved Benefit Arrangement in the circumstances permitted by Superannuation Law; and
(b)
must transfer the benefits or interest in the Fund of a Member or other beneficiary to an Approved Benefit Arrangement in the circumstances, and on the terms, required by Superannuation Law,
and the Trustee will not be required to obtain the consent of the Member or other beneficiary to effect the transfer unless Superannuation Law requires. 19.2.2
If the Trustee exercises its power under clause 19.2.1(a) in respect of all Members and other beneficiaries, then, without limiting its powers under clause 8.2, the Trustee may also: (a)
transfer to the Approved Benefit Arrangement any assets of the Fund that were not, immediately before the transfer, allocated to the benefits and interests of the Members and other beneficiaries; and
(b)
terminate and wind-up the Fund and do anything else it considers necessary, desirable or expedient in connection with the termination and winding-up of the Fund.
19.3
Rollovers of certain benefits
19.3.1
The Trustee must comply with any requirement of Superannuation Law in relation to: (a)
dealing with unclaimed money of a superannuation fund; and
(b)
the automatic rollover of benefits to Eligible Rollover Funds. Page 40
RBA Officers' Superannuation Fund Trust Deed 19.3.2
The Trustee may, in accordance with Superannuation Law and as otherwise determined by the Trustee consistently with Superannuation Law, transfer the benefits and interest in the Fund of a Member or other beneficiary to the Fund's Eligible Rollover Fund.
19.4
Discharge of the Trustee Where all or part of the benefits or interest in the Fund of a Member or other beneficiary is transferred to an Approved Benefit Arrangement by the Trustee under this Deed: (a)
the Member's or beneficiary's (and that of any person claiming under, or in relation to, the Member or beneficiary) right or claim to that benefit or interest or part against the Fund or the Trustee will cease in relation to the amount transferred; and
(b)
the receipt by the trustee or other controlling body of the Approved Benefit Arrangement in relation to the amount transferred in relation to the Member or beneficiary will be a complete discharge to the Trustee in relation to that amount.
20.
Amendments
20.1
Bank's amending power Subject to clause 20.3 the Bank may at any time by deed or written resolution amend, add to, revoke or replace any provision of this Deed (including this clause) in the circumstances permitted by Superannuation Law.
20.2
General amending power Subject to clauses 20.1 and 20.3, the Bank, with the prior written consent of the Trustee, may at any time by deed or written resolution amend, add to, revoke or replace any provision of this Deed (including this clause)
20.3
Limitations on amending powers An amendment, addition to, revocation or replacement of or to this Deed must not: (a)
have the effect of reducing benefits accrued or payable under this Deed if, and to the extent that, by making the amendment, addition, revocation or replacement the Fund or the Trustee would fail to comply with Superannuation Law; or
(b)
have the effect of permitting a natural person to be appointed as a trustee of the Fund unless, after the amendment, addition, revocation or replacement is made, the Fund will have as its sole or primary purpose the provision of old-age pensions within the meaning of paragraph 51(xxiii) of the Constitution of the Commonwealth of Australia.
20.4
Effective date of amendments Subject to the preceding provisions of this clause, any amendment, addition, revocation or replacement made under this clause: (a)
will come into force when the amending deed is executed or the resolution is passed and will take effect from that date or from such earlier or later date as may be specified for that purpose in the amending deed or resolution; and
Page 41
RBA Officers' Superannuation Fund Trust Deed (b)
so made and for the time being in force will be of the same validity as if it had been originally contained in this Deed and may in like manner be amended.
21.
Residual Assets
21.1
Residual Assets Once all of the benefits and interests in the Fund of the Members and other beneficiaries under this Deed and any other assets have been paid or transferred in accordance with this Deed: (a)
subject to Superannuation Law, the Trustee must transfer to the Bank, on demand, any remaining assets held by the Trustee; and
(b)
the Bank must: (i)
use all reasonable endeavours to determine a share of the assets it receives from the Trustee as being properly attributable to the contributions to, and participation in, the Fund by a Nominated Employer or former Nominated Employer; and
(ii)
to the extent it is able to determine such a share in respect of a Nominated Employer or former Nominated Employer, transfer that share to that other entity.
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RBA Officers' Superannuation Fund Trust Deed
Benefit Schedule 1 Accumulation Members
1.
Application This Benefit Schedule applies to, and in relation to, each Accumulation Member.
2.
Definitions In this Benefit Schedule, unless the contrary intention appears: Accumulation Account in relation to an Accumulation Member, means the account (including any sub-accounts) established and maintained by the Trustee under Rule 5.1. Accumulation Account Balance in relation to an Accumulation Member as at any particular date, means the amount (if any) standing to the credit of the Accumulation Account (or the total balance of the sub-accounts) as at that date (after all applicable credits and debits have been made under Rule 5). Accumulation Member means: (a)
a Revision Date Member, and the Member is an Accumulation Member under this Benefit Schedule on and from the Revision Date; or
(b)
an Employee admitted to the Fund by the Trustee on or after the Revision Date and categorised by the Employer as an Accumulation Member.
Administration Fee in relation to an Accumulation Member for a period, means the amount (if any) agreed by the Trustee and the Bank having regard to the costs incurred in administering the Fund in relation to that period except to the extent that the cost is taken into account in determining the Insurance Premium (if any) applicable in relation to the Accumulation Member or the Employer agrees to meet the Administration Fee in relation to the Accumulation Member for the period. Fund Choice Withdrawal Date in relation to an Accumulation Member, has the meaning given to it in Rule 8.1.2. Insurance Cover in relation to an Accumulation Member, means cover for an insured benefit payable on the death or permanent incapacity of the Accumulation Member (in addition to any other benefits payable in relation to the Accumulation Member under this Deed). Insurance Premium in relation to an Accumulation Member for a period, means the amount (if any) payable by the Trustee for Insurance Cover in relation to an Accumulation Member for the period except to the extent that the cost is taken into account in determining the Administration Fee (if any) applicable in relation to the Accumulation Member or the Employer agrees to meet the cost in relation to the Accumulation Member for the period.
Page 43
RBA Officers' Superannuation Fund Trust Deed Revision Date Credit in relation to a Revision Date Member, means the total amount of the entitlement (if any) of the Revision Date Member under the Fund immediately before the Revision Date under Division 5 of Part V of the Pre-Revision Date Rules. Revision Date Member means a member of the Fund immediately before the Revision Date who had been placed, and was then in, 'Category B' under the Pre-Revision Date Rules. Rule means a Rule of this Benefit Schedule. Superannuation Guarantee Contributions in relation to an Accumulation Member in relation to a period, means the amount which the Employer determines, and notifies the Trustee, is sufficient for the Employer to avoid liability for the period in relation to the Accumulation Member for any charge imposed under the Superannuation Guarantee Charge Acts.
3.
Contributions
3.1
Accumulation Member's voluntary contributions
3.1.1
An Accumulation Member may, but is not required, to contribute to the Fund.
3.1.2
Any contributions made by an Accumulation Member must be made in accordance with clause 14.
3.2
Employer contributions The Employer must contribute to the Fund for an Accumulation Member: (a)
(b)
either: (i)
Superannuation Guarantee Contributions; or
(ii)
the amounts, or the rate of contributions, agreed by the Employer and the Accumulation Member; and
additional amounts (if any) as the Employer determines.
4.
Insurance Cover
4.1
Insurance Cover
4.1.1
Insurance Cover will be provided from the Fund for an Accumulation Member on and from the date the person becomes an Accumulation Member unless:
4.1.2
(a)
the Employer determines otherwise in relation to the Accumulation Member and notifies the Trustee in writing of its determination; or
(b)
the Trustee determines otherwise.
Where the Employer gives the Trustee a determination under Rule 4.1.1(a), the determination will take effect as soon as practicable (as determined by the Trustee) after the written notification is received by the Trustee.
Page 44
RBA Officers' Superannuation Fund Trust Deed 4.2
External insurance The Trustee may (but is not required to) effect insurance under the provisions of this Deed to cover the liabilities of the Fund under Rule 4.1.
5.
Accumulation Account
5.1
Accumulation Member's Accumulation Account The Trustee must:
5.2
(a)
establish and maintain an Accumulation Account for each Accumulation Member; and
(b)
maintain a record of the amount standing to the credit of each Accumulation Account (referred to in this Deed as the Accumulation Account Balance).
Credits to Accumulation Account The Trustee must credit each Accumulation Member's Accumulation Account with the following amounts to the extent applicable in relation to the Accumulation Member: (a)
in the case of a Revision Date Member – the Revision Date Credit;
(b)
any contribution made to the Fund by, or on behalf of, the Employer in relation to the Accumulation Member under Rule 3.2;
(c)
any contribution deemed to be made to the Fund by the Accumulation Member under clause 14.2;
(d)
any contribution made to the Fund by the Accumulation Member under Rule 3.1;
(e)
the amount of any co-contributions accepted into the Fund in relation to the Accumulation Member under clause 14.4;
(f)
the amount of any Splittable Contributions accepted by the Trustee in relation to the Accumulation Member under clause 14.5;
(g)
the amount of any benefit entitlement of the Accumulation Member as a Non-Member Spouse which is to be credited to the Accumulation Account under clause 16.16.8;
(h)
any amount paid, rolled over or transferred to the Fund from an Approved Benefit Arrangement in relation to the Accumulation Member under clause 18;
(i)
an amount that is, or is referable to, an amount received by the Trustee from an insurer in connection with Insurance Cover that relates to the Accumulation Member;
(j)
any positive earnings at the Earning Rate; and
(k)
any other amounts which: (i)
are expressly or (in the opinion of the Trustee) impliedly required to be credited to the Accumulation Account under this Deed; or
(ii)
the Trustee considers is appropriate or equitable to credit to the Accumulation Account.
Page 45
RBA Officers' Superannuation Fund Trust Deed 5.3
Debits from Accumulation Account The Trustee must debit each Accumulation Member's Accumulation Account with the following amounts to the extent applicable in relation to the Accumulation Member: (a)
the Administration Fee (if any);
(b)
the Insurance Premium (if any);
(c)
any amount which the Trustee may determine to debit from the Accumulation Account in relation to Taxes;
(d)
the amount of any Splittable Contributions to be debited under clause 14.5 because of a valid Splittable Contribution application in favour of the SIS Spouse of the Accumulation Member;
(e)
the amount of any benefit entitlement of the Non-Member Spouse of the Accumulation Member which is to be debited from the Accumulation Account under clause 16.16.11;
(f)
any amount paid, rolled over or transferred from the Fund to an Approved Benefit Arrangement in relation to the Accumulation Member under clause 19;
(g)
any benefit paid from the Accumulation Account to, or in relation to, the Accumulation Member under this Deed;
(h)
any negative earnings at the Earning Rate; and
(i)
any other amounts which: (i)
are expressly or (in the opinion of the Trustee) impliedly required to be debited from the Accumulation Account under this Deed; or
(ii)
the Trustee considers is appropriate or equitable to debit from the Accumulation Account.
5.4
Operation of Accumulation Account
5.4.1
The Trustee may establish and operate sub-accounts in any Accumulation Account in the manner it thinks fit.
5.4.2
The Trustee: (a)
must make the credits and debits required to an Accumulation Account under Rules 5.2 and 5.3 at the time or times necessary, or (in the opinion of the Trustee) desirable, to comply with Superannuation Law or this Deed;
(b)
subject to paragraph (a), must make the credits required to an Accumulation Account under Rule 5.2(b) in accordance with any arrangements made between the Trustee and the Employer for this purpose; and
(c)
5.4.3
subject to Rule 5.4.3, may otherwise credit and debit an Accumulation Account at the time or times the Trustee thinks fit.
To avoid doubt: (a)
the Revision Date Credit relates to a Revision Date Member's membership of the Fund for the period of membership up to immediately before the Revision Date, and the Trustee must make the Revision Date Credit as at the Revision Date; and Page 46
RBA Officers' Superannuation Fund Trust Deed (b)
the other credits and debits specified in Rules 5.2 and 5.3 relate to an Accumulation Member's membership of the Fund for the period on and from the Revision Date, and the Trustee must make those credits and debits for the applicable period of the Accumulation Member's membership of the Fund on and from the Revision Date.
5.4.4
To the extent that entries to an Accumulation Account are recorded by reference to, or represented by, notional units in accordance with this Deed, a credit or debit required by the provisions of this Rule 5.4 will be satisfied where it is reflected by a variation in the applicable unit price.
6.
Accumulation Member's Benefits
6.1
Leaving service benefit
6.1.1
The Trustee must pay or apply a benefit to, or in relation to, an Accumulation Member who ceases to be an Employee in accordance with this Rule (whether on account of permanent incapacity or otherwise) other than where Rule 6.2 applies.
6.1.2
The Accumulation Member's Accumulation Account Balance must be paid as instructed by the Accumulation Member in the following manner: (a)
to the Approved Benefit Arrangement nominated by the Accumulation Member;
(b)
to, or at the direction of, the Accumulation Member in a cash lump sum payment, but only to the extent (if at all) permitted under Superannuation Law; or
(c)
in part to the Approved Benefit Arrangement nominated by the Accumulation Member and the remainder to, or at the direction of, the Accumulation Member in a cash lump sum payment, but only to the extent (if at all) a cash payment is permitted under Superannuation Law.
6.1.3
If the Trustee does not receive instructions from an Accumulation Member for the purposes of Rule 6.1.2 within the Payment Period, the Trustee must transfer the Accumulation Account Balance to the Fund's Eligible Rollover Fund as soon as practicable after the end of the Payment Period and otherwise in accordance with Superannuation Law.
6.2
Death benefit
6.2.1
On the death of an Accumulation Member while an Employee the Trustee must pay or apply from the Fund to the person or persons entitled under Rule 6.2.2 a lump sum benefit of an amount equal to the total of the Accumulation Member's Accumulation Account Balance.
6.2.2
The benefit payable under Rule 6.2.1 must be paid by the Trustee to: (a)
a SIS Spouse, a SIS Child or SIS Children of the Accumulation Member in accordance with Rule 6.2.3;
(b)
if the Trustee has not found any SIS Spouse or SIS Child of the Accumulation Member after making reasonable enquiries – the Legal Personal Representative of the Accumulation Member; or
(c)
if the Trustee has not found any SIS Spouse, SIS Child or Legal Personal Representative of the Accumulation Member after making reasonable enquiries – any other person to
Page 47
RBA Officers' Superannuation Fund Trust Deed whom the benefit may be paid under Superannuation Law but only on any terms and conditions applicable under Superannuation Law. 6.2.3
Where an Accumulation Member is survived by more than one person who qualifies as either a SIS Spouse or SIS Child for the purposes of Rule 6.2.2(a), the benefit payable to the SIS Spouse and SIS Children of the Accumulation Member will be paid or applied by the Trustee to, or for the benefit of, one or more of the SIS Spouse and SIS Children to the exclusion of the other or others of them and in the manner and proportions, and on the terms and conditions, as the Trustee determines.
7.
Choice of Fund
7.1
Application
7.1.1
This Rule applies to an Accumulation Member whom the Employer notifies the Trustee in writing has selected a fund other than the Fund as the chosen fund under the SG Act on and from the Fund Choice Withdrawal Date.
7.1.2
The Fund Choice Withdrawal Date in relation to an Accumulation Member means: (a)
the effective date specified by the Employer in the notice given to the Trustee in relation to the Accumulation Member under Rule 7.1.1; or
(b)
in the absence of the Employer specifying the effective date as envisaged by paragraph (a) or otherwise specifying the date within the period considered reasonable by the Trustee – the date the Trustee thinks fit in the circumstances.
7.2
Consequences of choice of fund selection
7.2.1
As from an Accumulation Member's Fund Choice Withdrawal Date:
7.2.2
(a)
the Accumulation Member's membership of the Fund will cease; and
(b)
subject to Superannuation Law, the Trustee must not accept into the Fund any contributions or other amounts by, or in relation to, the Accumulation Member including any amounts transferred to the Fund under clause 18.
The Trustee must pay the Accumulation Member's Accumulation Account Balance as follows: (a)
to the Approved Benefit Arrangement nominated by the Accumulation Member;
(b)
to, or at the direction of, the Accumulation Member in a cash lump sum payment, but only to the extent (if at all) permitted under Superannuation Law; or
(c)
in part to the Approved Benefit Arrangement nominated by the Accumulation Member and the remainder to, or at the direction of, the Accumulation Member in a cash lump sum payment, but only to the extent (if at all) a cash payment is permitted under Superannuation Law.
7.2.3
If the Trustee does not receive instructions from an Accumulation Member for the purposes of Rule 7.2.2 within the Payment Period, the Trustee must transfer the Accumulation Account Balance to the Fund's Eligible Rollover Fund as soon as practicable after the end of the Payment Period and otherwise in accordance with Superannuation Law.
Page 48
RBA Officers' Superannuation Fund Trust Deed 7.2.4
To avoid doubt, where the Trustee receives notice under Rule 8.1 that an Accumulation Member has selected a chosen fund and that Accumulation Member subsequently selects the Fund as his or her chosen fund and is re-admitted to the Fund as an Accumulation Member, that membership will be a new membership for all purposes of the Fund and this Deed.
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RBA Officers' Superannuation Fund Trust Deed
Benefit Schedule 2 Defined Benefit Members and Preserved Defined Benefit Members
1.
Application This Benefit Schedule applies to, and in relation to, each Defined Benefit Member including each Preserved Defined Benefit Member.
2.
Definitions In this Benefit Schedule, unless the contrary intention appears: Accumulated Additional Pension Payments in relation to a Defined Benefit Member, means the total (if any) of the amounts of Additional Pensions paid to, or in relation to, the Defined Benefit Member from the Fund or the Former Fund. Accumulation Account in relation to a Defined Benefit Member (including a Preserved Defined Benefit Member), means the account (including any sub-accounts) established and maintained by the Trustee under Rule 6.1(a)(i). Accumulation Account Balance in relation to a Defined Benefit Member (including a Preserved Defined Benefit Member) as at any particular date, means the amount (if any) standing to the credit of the Accumulation Account (or the total balance of the sub-accounts) as at that date (after all applicable credits and debits have been made under Rules 5 and 7). Accumulation Benefit in relation to a Defined Benefit Member or a deceased Defined Benefit Member, means: (a)
in the case of an Eligible Pensioner who elects, or for whom an election is made, to be paid the Additional Pension available under Rule 13 instead of a benefit equal to the amount of the relevant Defined Benefit Member's Post Tax Member Contributions Account Balance – the Defined Benefit Member's Accumulation Account Balance; or
(b)
in any other case – the Defined Benefit Member's Member Account Balance,
less any Accumulated Additional Pension Payments where the benefit payable to, or in relation to, the Defined Benefit Member under the Defined Benefit Section became payable under Rule 14. Accumulation Benefit Section means Rules 4 to 10. Additional Employer Credits in relation to a Defined Benefit Member for a period, means the amount (if any) specified by the Employer in relation to the Defined Benefit Member for the period in a notice to the Trustee. Administration Fee in relation to a Defined Benefit Member (including a Preserved Defined Benefit Member) for a period, means the amount (if any) agreed by the Trustee and the Bank having regard to the costs incurred in administering the Fund in relation to that period except to the
Page 50
RBA Officers' Superannuation Fund Trust Deed extent that the Employer agrees to meet the Administration Fee in relation to the Defined Benefit Member for the period. Age at Entry in relation to a Defined Benefit Member, means whichever of the following paragraphs is applicable: (a)
the Defined Benefit Member's age on the day before he or she became a Defined Benefit Member or a member of the Fund in 'Category M' or 'Category X' before the Revision Date;
(b)
the varied age applicable in relation to the Defined Benefit Member under Rule 15.5; or
(c)
the varied age applicable in relation to the Defined Benefit Member under this Deed as in force immediately before 1 January 1987.
Appendix means an Appendix to this Benefit Schedule. Assumed Membership in relation to a Defined Benefit Member has the meaning given to it in Rule 12.2.2(a). Assumed Service in relation to a Defined Benefit Member has the meaning given to it in Rule 12.2.2(b). Category M Member means a Defined Benefit Member who for the time being is categorised as a Category M Member under Rule 3.2. Category X Member means a Defined Benefit Member who for the time being is categorised as a Category X Member under Rule 3.2. Choice Affected Member means a Defined Benefit Member who became a Defined Benefit Member, or member of the Fund in 'Category M' or 'Category X' before the Revision Date, more than three months after first becoming eligible to become a Defined Benefit Member unless the Defined Benefit Member and the Bank otherwise agree. Choice Final Date in relation to a Choice Final Member, means: (a)
in the case of paragraph (a) of the definition of Choice Final Member in this Rule – the date on which the Choice Final Member became a 'Choice Final Member' under the PreRevision Date Rules; or
(b)
in the case of paragraph (b) of the definition of Choice Final Member in this Rule: (i)
the effective date specified by the Employer in the notice given to the Trustee in relation to the Choice Final Member for the purposes of that paragraph (b); or
(ii)
in the absence of the Employer specifying the effective date as envisaged by paragraph (i) of this paragraph or otherwise specifying the date within the period considered reasonable by the Trustee – the date the Trustee thinks fit in the circumstances.
Choice Final Member in relation to a Defined Benefit Member, means: (a)
a Defined Benefit Member who was a 'Choice Final Member' within the meaning of Rule 4.(2) of the Pre-Revision Date Rules immediately before the Revision Date, and the Defined Benefit Member is also a Choice Final Member on and from the Choice Final Date; or Page 51
RBA Officers' Superannuation Fund Trust Deed (b)
a Choice Re-entry Member whom the Employer notifies the Trustee in writing has selected a fund other than the Fund as the chosen fund under the SG Act on and from the Choice Final Date, and the Choice Re-entry Member is also a Choice Final Member on and from the Choice Final Date,
and, where relevant, in relation to the period before the Revision Date includes a Defined Benefit Member who at any time before the Revision Date was a 'Choice Final Member' within the meaning of Rule 4.(2) of the Pre-Revision Date Rules. Choice Re-entry Date in relation to a Choice Re-entry Member, means: (a)
in the case of paragraph (a) of the definition of Choice Re-entry Member in this Rule – the date on which the Choice Re-entry Member became a 'Choice Re-Entry Member' under the Pre-Revision Date Rules; or
(b)
in the case of paragraph (b) of the definition of Choice Re-entry Member in this Rule: (i)
the effective date specified by the Bank in the notice given to the Trustee in relation to the Choice Re-entry Member for the purposes of that paragraph (b); or
(ii)
in the absence of the Bank specifying the effective date as envisaged by paragraph (i) of this definition or otherwise specifying the date within the period considered reasonable by the Trustee – the date the Trustee thinks fit in the circumstances.
Choice Re-entry Member in relation to a Defined Benefit Member, means: (a)
a Defined Benefit Member who was a 'Choice Re-Entry Member' within the meaning of Rule 4.(2) of the Pre-Revision Date Rules immediately before the Revision Date, and the Defined Benefit Member is also a Choice Re-entry Member on and from the Choice Reentry Date; or
(b)
a Choice Resigned Member whom the Bank notifies the Trustee in writing: (i)
is a Choice Re-entry Member; and
(ii)
ceases to be a Choice Resigned Member,
on and from the Choice Re-entry Date, and, where relevant, in relation to the period before the Revision Date includes a Defined Benefit Member who at any time before the Revision Date was a 'Choice Re-Entry Member' within the meaning of Rule 4.(2) of the Pre-Revision Date Rules. Choice Resigned Member in relation to a Defined Benefit Member, means: (a)
a Defined Benefit Member who was a 'Choice Resigned member' within the meaning of Rule 4.(2) of the Pre-Revision Date Rules immediately before the Revision Date, and the Defined Benefit Member is also a Choice Resigned Member on and from the First Choice Date; or
(b)
a Defined Benefit Member: (i)
who: (A)
was a member of the Fund in 'Category M' or 'Category X' as at 30 June 2005 under this Deed as in force as at 30 June 2005; or Page 52
RBA Officers' Superannuation Fund Trust Deed (B)
has been an Employee for not less than 12 months,
and who is not a Choice Re-entry Member or a Choice Final Member at the time of making the selection referred to in paragraph (ii); (ii)
whom the Employer notifies the Trustee in writing has selected a fund other than the Fund as the chosen fund under the SG Act on and from the First Choice Date; and
(iii)
who has not become a Choice Re-entry Member,
and the Defined Benefit Member is also a Choice Resigned Member on and from the First Choice Date, and, where relevant, in relation to the period before the Revision Date includes a Defined Benefit Member who at any time before the Revision Date was a 'Choice Resigned member' within the meaning of Rule 4.(2) of the Pre-Revision Date Rules. Defined Benefit Member means: (a)
a Revision Date Defined Benefit Member, and the Member is a Defined Benefit Member under this Benefit Schedule on and from the Revision Date; or
(b)
an Employee admitted to the Fund by the Trustee on or after the Revision Date and categorised by the Bank as a Defined Benefit Member (which categorisation may be made on or after admission of the Employee to the Fund),
and, to avoid doubt, continues to include a person referred to in paragraph (a) or (b) of this definition during any period the person is a Choice Affected Member, Choice Resigned Member, Choice Re-entry Member, Choice Final Member or Preserved Defined Benefit Member until the person ceases to be a Defined Benefit Member under this Deed. Defined Benefit Section means Rule 4 and 5 and Rules 11 to 16. Early Retired Member means a Defined Benefit Member who has Retired for reasons other than invalidity, or physical or mental incapacity, within 5 years before attaining the Normal Retirement Age, and, where relevant, in relation to the period before the Revision Date includes a Defined Benefit Member or Pensioner who immediately before the Revision Date was an 'early retired member' within the meaning of Rule 4.(2) of the Pre-Revision Date Rules. Eligible Defined Benefit Member has the meaning given to it in Rule 5.3. Eligible Pensioner has the meaning given to in Rule 13.1.1. Eligible Revision Date Defined Benefit Member means a Revision Date Defined Benefit Member who as at the Revision Date would have been eligible to elect to receive the additional pension provided under Rule 41.(1)(a) of the Pre-Revision Date Rules assuming that the Revision Date Defined Benefit Member was a Qualifying Defined Benefit Member as at the Revision Date. Final Salary in relation to a Defined Benefit Member, means: (a)
in the case of a Defined Benefit Member who has ceased to be an Employee - the annual rate of the Defined Benefit Member’s Salary on his or her last day as an Employee except that where the Defined Benefit Member’s final contribution to the Fund was calculated by reference to a higher Salary then Final Salary means that higher Salary;
Page 53
RBA Officers' Superannuation Fund Trust Deed (b)
in the case of a Choice Resigned Member - the annual rate of the Choice Resigned Member’s Salary on the day immediately before the First Choice Date; or
(c)
in the case of a Choice Final Member – the annual rate of the Choice Final Member's Salary on the day immediately before the Choice Final Date.
First Choice Date in relation to a Choice Resigned Member, means: (a)
in the case of paragraph (a) of the definition of Choice Resigned Member in this Rule – the date on which the Choice Resigned Member became a 'Choice Resigned member' under the Pre-Revision Date Rules; or
(b)
in the case of paragraph (b) of the definition of Choice Resigned Member in this Rule: (i)
the effective date specified by the Employer in the notice given to the Trustee in relation to the Choice Resigned Member for the purposes of paragraph (b) of that definition; or
(ii)
in the absence of the Employer specifying the effective date as envisaged by paragraph (i) of this paragraph or otherwise specifying the date within the period considered reasonable by the Trustee – the date the Trustee thinks fit in the circumstances.
Fund Choice Period in relation to a Defined Benefit Member who is or was a Choice Affected Member, Choice Resigned Member, Choice Re-entry Member or Choice Final Member before, on or after the Revision Date, means: (a)
in the case of a Choice Affected Member – the period as an Employee before becoming a Defined Benefit Member or member of the Fund in 'Category M' or 'Category X' before the Revision Date;
(b)
any period, or the total periods (as the context requires), during which the Defined Benefit Member is or was a Choice Resigned Member or Choice Final Member; and
(c)
except to the extent (if any) already included under paragraph (b) of this definition - any period, or the total periods (as the context requires), during which the Defined Benefit Member was a 'Choice Resigned member', or 'Choice Final Member', within the meaning of those terms under Rule 4.(2) of the Pre-Revision Date Rules before the Revision Date.
Ill-Health Retirement in relation to a Defined Benefit Member, means ill-health, whether physical or mental but not temporary or caused by the Defined Benefit Member's own misconduct, where the Trustee is reasonably satisfied that the Defined Benefit Member is unlikely, because of the illhealth, ever again to engage in gainful employment for which the Defined Benefit Member is reasonably qualified by education, training or experience.
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RBA Officers' Superannuation Fund Trust Deed Indexed Final Salary in relation to the calculation of a Retirement Benefit, means: (a)
in the case of a Defined Benefit Member other than a Choice Resigned Member or a Choice Final Member - the amount of the Defined Benefit Member's Final Salary and, in the case of a Preserved Defined Benefit Member, as increased from the 1 July immediately after the last day as an Employee by the proportion of that amount, and further increased from the first day of each subsequent July by the proportion of the previously increased amount; or
(b)
in the case of a Choice Resigned Member or Choice Final Member - the amount of the Choice Resigned Member's or Choice Final Member’s Final Salary, as increased from the 1 July immediately after the Member became a Choice Resigned Member or Choice Final Member by a proportion of that amount, and further increased from the first day of each subsequent July by a proportion of the previously increased amount.
For the purposes of this definition, the proportion is the proportion (if any) by which the latest March Price Index Number exceeds the highest preceding March Price Index Number except that the first increase (if any) is to be reduced by a fraction of that increase equal to the fraction of a year ending on the 30 June which had elapsed on the: (c)
where paragraph (a) applies – last day as an Employee; or
(d)
where paragraph (b) applies – day the applicable Defined Benefit Member became a Choice Resigned Member or Choice Final Member (as applicable).
Invalid Member means a Defined Benefit Member (including, where applicable, a Defined Benefit Member who becomes a Pensioner but excluding a Preserved Defined Benefit Member) who ceases, or has ceased, to be an Employee before attaining the Normal Retirement Age by reason of Ill-Health Retirement, and, where relevant, in relation to the period before the Revision Date includes a Defined Benefit Member or Pensioner who immediately before the Revision Date was an 'invalid member' within the meaning of Rule 4.(2) of the Pre-Revision Date Rules. Invalidity in relation to a Resigned Member, means invalidity, whether physical or mental but not temporary or caused by the Resigned Member's own misconduct, where the Trustee is reasonably satisfied that the Resigned Member is unlikely, because of the invalidity, ever again to engage in gainful employment for which the Resigned Member is reasonably qualified by education, training or experience. Invalid Resigned Member means a Resigned Member other than a Category M Member (including, where applicable, a Resigned Member who becomes a Pensioner) who suffers Invalidity, and, where relevant, in relation to the period before the Revision Date includes a Resigned Member or Pensioner who immediately before the Revision Date was an 'invalid resigned member' within the meaning of Rule 4.(2) of the Pre-Revision Date Rules. Latest Preservation Age in relation to a Preserved Defined Benefit Member, means the Normal Retirement Age of the Preserved Defined Benefit Member. March Price Index Number means the All Groups Consumer Price Index Number for the weighted average of the eight capital cities of Australia for the March quarter of a calendar year as first officially published by the Australian Bureau of Statistics and as adjusted, where necessary, to a common reference base.
Page 55
RBA Officers' Superannuation Fund Trust Deed Minimum Post Tax Member Contribution in relation to a Defined Benefit Member for a period, means Post Tax Member Contributions of not less than 2% of the Defined Benefit Member's Salary for that period. Part-Time Affected Defined Benefit Member has the meaning given to it in Rule 11.3.1. Pension Commencement Date in relation to an Indexed Pension payable to a Retiring Defined Benefit Member under Rule 12 or a Defined Benefit Spouse or Defined Benefit Child under Rule 16 or an Additional Pension to which an Eligible Pensioner is entitled under Rule 13, means: (a)
in the case of a Retired Member or an Early Retired Member – the day after the date on which the Retired Member or Early Retired Member ceased to be an Employee;
(b)
in the case of a Retired Resigned Member who does not elect to become a Pensioner before attaining the Normal Retirement Age – the day after the date on which the Retired Resigned Member attains the Normal Retirement Age;
(c)
in the case of a Retired Resigned Member who has elected to become a Pensioner before attaining the Normal Retirement Age – the date determined by the Trustee in relation to the Retired Resigned Member;
(d)
in the case of an Invalid Member or an Invalid Resigned Member – the day after the date on which the Invalid Member or Invalid Resigned Member became an Invalid Member or an Invalid Resigned Member;
(e)
in the case of a Defined Benefit Spouse entitled to an Indexed Pension under Rule 16 and/or an Additional Pension under Rule 13: (i)
except to the extent paragraph (ii) of this paragraph (e) applies - the day after the date of death of the Defined Benefit Member; or
(ii)
in relation to the part of the Indexed Pension and/or Additional Pension (if any) that is payable for, and in relation to, a Defined Benefit Child who is conceived but unborn as at the date of the Defined Benefit Member's death due to the application of Rule 4.2 of Benefit Schedule 3 – the date determined by the Trustee in relation to that part; or
(f)
in the case of a Defined Benefit Child entitled to an Indexed Pension under Rule 16 and/or an Additional Pension under Rule 13 - the day after the death of the Defined Benefit Member.
Post Tax Member Contribution in relation to a Defined Benefit Member (other than a Preserved Defined Benefit Member), means any contribution made to the Fund by the Defined Benefit Member which is not a deemed contribution under clause 14.2 or an amount transferred from another Approved Benefit Arrangement or similar fund. Post Tax Member Contributions Account in relation to a Defined Benefit Member (including a Preserved Defined Benefit Member), means the Account established and maintained by the Trustee under Rule 6.1(a)(ii). Post Tax Member Contributions Account Balance in relation to a Defined Benefit Member (including a Preserved Defined Benefit Member) as at any particular date, means the amount (if any) standing to the credit of the Post Tax Member Contributions Account (or the total balance of
Page 56
RBA Officers' Superannuation Fund Trust Deed the sub-accounts) as at that date (after all applicable credits and debits have been made under Rule 8). Preserved Defined Benefit Member has the meaning given to it in Rule 15.2(a). Preserved Election Period in relation to a Preserved Defined Benefit Member, means 90 days or another period determined by the Trustee in relation to the Preserved Defined Benefit Member. Preserved Membership Date has the meaning given to it in Rule 15.2(b). Productivity Contributions in relation to a Defined Benefit Member for a period, means 3% of the Defined Benefit Member's Salary for that period. Qualifying Defined Benefit Member means an invalid member or invalid resigned member other than a choice affected member, choice resigned member, choice re-entry member, choice final member or portability member within the meaning of each of those terms under the Pre-Revision Date Rules. Resignation Benefit in relation to a Defined Benefit Member, means the benefit calculated and payable under Rule 14 as a lump sum. Resigned Member means a Defined Benefit Member (including a Revision Date Preserved Member) who has: (a)
Resigned before, on or after the Revision Date; and
(b)
elected to preserve his or her defined benefit membership in the Fund under Rule 15 of this Benefit Schedule or Rule 60 of the Pre-Revision Date Rules,
and, where relevant, in relation to the period before the Revision Date includes a Defined Benefit Member or Pensioner who immediately before the Revision Date was a 'resigned member' within the meaning of Rule 4.(2) of the Pre-Revision Date Rules. Retained Defined Benefit in relation to a Retiring Defined Benefit Member, has the meaning given to it in Rule 12.5.3(a). Retained Election Period in relation to a Retiring Defined Benefit Member, means 90 days or another period determined by the Trustee in relation to the Retiring Defined Benefit Member. Retained Membership Date in relation to a Retiring Defined Benefit Member who becomes a Retained Defined Benefit Member under Rule 12.5.3(b), means the date determined by the Trustee in relation to the Retiring Defined Benefit Member. Retired Member means a Defined Benefit Member who has Retired, or been Retired by the Employer, on or after attaining the Normal Retirement Age, and, where relevant, in relation to the period before the Revision Date includes a Defined Benefit Member or Pensioner who immediately before the Revision Date was a 'retired member' within the meaning of Rule 4.(2) of the Pre-Revision Date Rules. Retired Resigned Member means a Resigned Member upon attaining age 55 and, where relevant, in relation to the period before the Revision Date includes a Defined Benefit Member or Pensioner who immediately before the Revision Date was a 'retired resigned member' within the meaning of Rule 4.(2) of the Pre-Revision Date Rules.
Page 57
RBA Officers' Superannuation Fund Trust Deed Retirement Benefit in relation to a Retiring Defined Benefit Member (or any other Defined Benefit Member as if they were a Retiring Defined Benefit Member), means the benefit calculated and payable under Rule 12 as: (a)
an Indexed Pension;
(b)
a lump sum; or
(c)
in part as an Indexed Pension and the remainder as a lump sum.
Retiring Defined Benefit Member means: (a)
a Retired Member;
(b)
an Early Retired Member;
(c)
a Retired Resigned Member who has attained the Normal Retirement Age and has not elected to be paid the Retirement Benefit for the purposes of paragraph (d) of this definition;
(d)
a Retired Resigned Member who has elected to be paid the Retirement Benefit;
(e)
an Invalid Member; or
(f)
an Invalid Resigned Member.
Revision Date Credit in relation to a Revision Date Defined Benefit Member or Revision Date Preserved Member, means the total of the following amounts: (a)
in the case of an Eligible Revision Date Defined Benefit Member - the amount of the entitlement (if any) of the Eligible Revision Date Defined Benefit Member from the Fund immediately before the Revision Date under Division 5 of Part V of the Pre-Revision Date Rules including (to avoid doubt) any entitlement under Rule 65.(5)(b) of the PreRevision Date Rules in relation to the 'Transferred Amount' (within the meaning of that Rule); and
(b)
in the case of any other Revision Date Defined Benefit Member or any Revision Date Preserved Member: (i)
the amount of the entitlement (if any) of the Member from the Fund immediately before the Revision Date under Division 5 of Part V of the Pre-Revision Date Rules including (to avoid doubt) any entitlement under Rule 65.(5)(b) of the PreRevision Date Rules in relation to the 'Transferred Amount' (within the meaning of that Rule); and
(ii)
the amount of the Member's 'accumulated contributions' (within the meaning of Rule 4.(2) of the Pre-Revision Date Rules) in the Fund immediately before the Revision Date.
Revision Date Defined Benefit Member means: (a)
a Revision Date Category M Member; or
(b)
a Revision Date Category X Member.
Revision Date Category M Member means a member of the Fund immediately before the Revision Date who had been placed, and was then in, 'Category M' under the Pre-Revision Date Rules. Page 58
RBA Officers' Superannuation Fund Trust Deed Revision Date Category X Member means a member of the Fund immediately before the Revision Date who had been placed, and was then in, 'Category X' under the Pre-Revision Date Rules. Revision Date Post Tax Member Contributions Credit in relation to an Eligible Revision Date Defined Benefit Member, means the amount of the Eligible Revision Date Defined Benefit Member's 'accumulated contributions' (within the meaning of Rule 4.(2) of the Pre-Revision Date Rules) in the Fund immediately before the Revision Date. Revision Date Preserved Member means a member of the Fund immediately before the Revision Date under the Pre-Revision Date Rules whose membership was preserved in the Fund under Rule 60 of the Pre-Revision Date Rules. Rule means a Rule of this Benefit Schedule. Salary in relation to a Defined Benefit Member for a period, means: (a)
for the purposes of calculating the Defined Benefit Member's Productivity Contributions - the total of the following amounts paid to the Defined Benefit Member by the Employer for the period:
(b)
(i)
the amount of gross salary or wages; and
(ii)
the amount of any allowances which the Employer notifies the Trustee are to be included in the Defined Benefit Member's Salary; or
for any other purpose in relation to the Defined Benefit Member under this Benefit Schedule – the total of the following amounts for the period subject to Rule 11.6: (i)
the annual rate of the Defined Benefit Member's gross salary or wages; and
(ii)
the amount of any allowances which the Employer notifies the Trustee are to be included as gross salary or wages of the Defined Benefit Member.
3.
Defined Benefit Membership
3.1
Outline of Defined Benefit membership entitlements
3.1.1
This Rule:
3.1.2
(a)
outlines the entitlements of a Defined Benefit Member under this Benefit Schedule; and
(b)
does not override the express provisions of this Deed.
This Benefit Schedule is for convenience divided into the: (a)
Accumulation Benefit Section; and
(b)
Defined Benefit Section; and
3.1.3
Both the Accumulation Benefit Section, and the Defined Benefit Section, apply to, and in relation to, each Defined Benefit Member.
3.1.4
Subject to, and in accordance with, the provisions of this Benefit Schedule, a Defined Benefit Member may become entitled to receive: (a)
a defined benefit under the Defined Benefit Section in the form of: (i)
an Indexed Pension; Page 59
RBA Officers' Superannuation Fund Trust Deed
(b)
(ii)
a lump sum; or
(iii)
in part as an Indexed Pension and the remainder as a lump sum; and
the Defined Benefit Member's Member Account Balance arising principally from the Productivity Contributions and the Defined Benefit Member's own contributions.
3.1.5
The calculation of the benefits provided under this Benefit Schedule, and the manner in which they may be paid out of or retained in the Fund, in relation to a Defined Benefit Member depends on a number of matters including: (a)
whether, and in what circumstances, the Defined Benefit Member exercises choice of fund under the SG Act;
(b)
whether the Defined Benefit Member is a Category M Member or a Category X Member as at the date of becoming entitled to a benefit under this Benefit Schedule;
3.1.6
(c)
whether the Defined Benefit Member ceases to be an Employee by reason of Retirement, Resignation, death or ill-health; and
(d)
the age at which the Defined Benefit Member Resigns or Retires (where applicable).
In the circumstances set out in this Benefit Schedule: (a)
an Additional Pension may be payable in lieu of the Defined Benefit Member's Post Tax Member Contributions Account Balance; and
(b)
all or part of the benefits payable to, or in relation to, a Defined Benefit Member may be preserved or retained in the Fund, and in this case the Defined Benefit Member becomes a Preserved Defined Benefit Member or a Retained Defined Benefit Member (as applicable) in relation to the amount preserved or retained in the Fund.
3.1.7
Where a Defined Benefit Member elects to receive all or part of the defined benefit as an Indexed Pension, a reversionary benefit may be payable to the Defined Benefit Member's Defined Benefit Spouse and/or Defined Benefit Child on the Defined Benefit Member's death.
3.2 3.2.1
Defined Benefit Categories Each Defined Benefit Member will be categorised (and may be re-categorised) in accordance with this Rule as either a Category M Member or a Category X Member for and during the period of membership of the Fund as a Defined Benefit Member.
3.2.2
A Revision Date Category X Member will be categorised as a Category X Member on and from the Revision Date.
3.2.3
A Revision Date Category M Member will be categorised as a Category M Member on and from the Revision Date unless and until re-categorised as a Category X Member under this Rule.
3.2.4
A Defined Benefit Member who becomes a Defined Benefit Member of the Fund on or after the Revision Date will be categorised as a: (a)
Category X Member if he or she has attained age 55 as at the date of admission to the Fund, and the categorisation will apply on and from the date of admission to the Fund and for and during the period of membership as a Defined Benefit Member;
(b)
Category X Member if the Bank notifies the Trustee in connection with the Defined Benefit Member's admission to the Fund that the Bank is satisfied as to the health and Page 60
RBA Officers' Superannuation Fund Trust Deed physical fitness of the Defined Benefit Member based on such medical or other examination as the Bank determines, and the categorisation will apply on and from the date of admission and for and during the period of membership of the Fund as a Defined Benefit Member; (c)
Category M Member if he or she has not attained age 55 and the Bank notifies the Trustee in connection with the Defined Benefit Member's admission to the Fund that the Bank is not satisfied as to the health and physical fitness of the Defined Benefit Member based on such medical or other examination as the Bank determines, and the categorisation will apply on and from the date of admission and unless and until re-categorised as a Category X Member under this Rule; or
(d)
Category X Member if he or she is a Category M Member and has attained age 55, and the categorisation will apply on and from the date on which the Defined Benefit Member attains age 55.
3.2.5
Prior to, or in the absence of, the Trustee receiving notice from the Bank under Rule 3.2.4 in relation to a Defined Benefit Member not covered by Rule 3.2.4(a), a Defined Benefit Member will be categorised as a Category M Member.
3.2.6
A Category M Member will be categorised as a Category X Member: (a)
on the Defined Benefit Member attaining age 55, and the categorisation will apply on and from that age and during the remainder of the period of membership as a Defined Benefit Member; or
(b)
if the Bank notifies the Trustee that the Bank is now satisfied as to the health and physical fitness of the Defined Benefit Member, and the categorisation will apply on and from the date nominated by the Bank, or in the absence of a nomination, on and from the date determined by the Trustee.
4.
Choice of Fund
4.1
Accumulation Benefit Section implications Subject to Superannuation Law, the Trustee must not make any credits to a Defined Benefit Member's Accumulation Account under Rule 7.2(b) during, or in relation to, the Defined Benefit Member's Fund Choice Period (if any).
4.2
Short membership Defined Benefit Member
4.2.1
This Rule applies to, and in relation to, a Defined Benefit Member whom the Employer notifies the Trustee in writing has, within 12 months of becoming an Employee, selected a fund other than the Fund as the chosen fund under the SG Act on and from: (a)
the effective date specified by the Employer in the notice; or
(b)
in the absence of the Employer specifying the effective date as envisaged by paragraph (a) or otherwise specifying the date within the period considered reasonable by the Trustee – the date the Trustee thinks fit in the circumstances.
Page 61
RBA Officers' Superannuation Fund Trust Deed 4.2.2
Where this Rule applies, the Trustee must pay or apply the higher of the following amounts from the Fund to, or in relation to, the Defined Benefit Member under Rule 11.2: (a)
(b)
the total of the Defined Benefit Member's: (i)
Resignation Benefit; and
(ii)
Member Account Balance; or
the total of: (i)
the minimum amount that would have been sufficient for the Employer to avoid liability for the superannuation guarantee charge under the Superannuation Guarantee Charge Acts in relation to the period from the date the Defined Benefit Member commenced employment with the Employer until the date on which the Employer acted on the Defined Benefit Member's selection of a chosen fund as adjusted by the Earning Rate, except to the extent that this amount is already reflected in the Defined Benefit Member's Member Account Balance; and
(ii) 4.2.3
the Defined Benefit Member's Member Account Balance.
A Defined Benefit Member will cease to be a Member on payment of the amounts required under this Rule, and neither the Defined Benefit Member (nor any person claiming under, or in relation to, the Defined Benefit Member) will have any further right or claim against the Trustee or the Fund.
4.3
Outline of Defined Benefit Section implications
4.3.1
This Rule: (a)
outlines the implications for the membership of a Defined Benefit Member who selects a fund other than the Fund as the chosen fund under the SG Act: (i)
during any period of his or her membership of the Fund before, on or after the Revision Date; or
(ii)
4.3.2
before becoming a Defined Benefit Member or member of the Fund in 'Category M' or 'Category X' before the Revision Date;
(b)
does not override the express provisions of this Deed; and
(c)
does not apply to a Defined Benefit Member covered by Rule 4.2.
A Defined Benefit Member referred to in Rule 4.3.1: (a)
may become, and be affected by the provisions of this Deed applicable to, one or more of: (i)
a Choice Affected Member;
(ii)
a Choice Resigned Member;
(iii)
a Choice Re-entry Member;
(iv)
a Choice Final Member;
(v)
a Preserved Defined Benefit Member; or
(vi)
an Eligible Defined Benefit Member; and
Page 62
RBA Officers' Superannuation Fund Trust Deed (b)
does not cease to be a Defined Benefit Member by reason only of selecting a chosen fund other than the Fund or becoming a Member listed in paragraph (a).
5.
Defined Benefit Member Contributions
5.1
Contributions A Defined Benefit Member, other than a Preserved Defined Benefit Member, may make voluntary contributions to the Fund in accordance with clause 14 and this Rule.
5.2
Eligible Defined Benefit membership Post Tax Member Contributions
5.2.1
If a Defined Benefit Member (other than a Preserved Defined Benefit Member) is: (a)
an Eligible Revision Date Defined Benefit Member; or
(b)
a Member who becomes a Defined Benefit Member on or after the Revision Date other than a Choice Affected Member or a Preserved Defined Benefit Member,
then that Defined Benefit Member must contribute to the Fund the Minimum Post Tax Member Contribution or such higher amount of Post Tax Member Contributions as the Defined Benefit Member may elect from time to time. 5.2.2
A Defined Benefit Member to whom Rule 5.2.1 applies will cease to be required to make the Minimum Post Tax Member Contribution to the Fund if: (a)
the Defined Benefit Member notifies the Trustee that he or she elects not to make that contribution; or
(b) 5.2.3
the Defined Benefit Member otherwise ceases to be an Eligible Defined Benefit Member.
If a Defined Benefit Member to whom Rule 5.2.1 applies notifies the Trustee of an election not to make the Minimum Post Tax Member Contribution to the Fund, then that election will take effect on the date nominated in the notification which must be a date later than the time at which the notification is given.
5.2.4
If a Defined Benefit Member is required to make the Minimum Post Tax Member Contribution under Rule 5.2.1 and ceases to be required to make that contribution, then that Defined Benefit Member may, at a later date, make Post Tax Member Contributions to the Fund. Any such Post Tax Member Contributions do not entitle the Defined Benefit Member to become an Eligible Defined Benefit Member.
5.3
Eligible Defined Benefit Members
5.3.1
An Eligible Defined Benefit Member is a Defined Benefit Member other than a Choice Affected Member who has continuously made the Minimum Post Tax Member Contribution to the Fund during the whole of that person's membership of the Fund as a Defined Benefit Member and (where applicable) a member of the Fund in 'Category M' or 'Category X' before the Revision Date other than during any period in which the Defined Benefit Member is a Resigned Member or (where applicable in relation to the period before the Revision Date) a 'resigned member' within the meaning of Rule 4.(2) of the Pre-Revision Date Rules.
Page 63
RBA Officers' Superannuation Fund Trust Deed 5.3.2
Subject to Rule 5.3.3, a Defined Benefit Member ceases to be an Eligible Defined Benefit Member on the first to occur of any of the following: (a)
the person elects under Rule 5.2.2(a) to cease making the Minimum Post Tax Member Contribution to the Fund;
(b)
the person transfers all or any of the Post Tax Member Contributions Account Balance to another Approved Benefit Arrangement under this Deed;
(c)
the person is paid all or any part of the Post Tax Member Contributions Account Balance under clause 16.10;
(d)
the Non-Member Spouse of the person is paid, or has an entitlement to, all or part of the Defined Benefit Member's Post Tax Member Contributions Account Balance under clause 16.16; or
(e)
the Defined Benefit Member is or becomes a Choice Final Member, Choice Re-entry Member or Choice Resigned Member.
5.3.3
Despite anything to the contrary in Rule 5.3.2, a Defined Benefit Member will not cease to be an Eligible Defined Benefit Member if all or any part of the Post Tax Member Contributions Account Balance is paid to discharge a release authority or transitional release authority given under the Tax Act.
5.3.4
If a Defined Benefit Member ceases to be an Eligible Defined Benefit Member at any time, then that person cannot become an Eligible Defined Benefit Member at any future time.
6.
Defined Benefit Member Accounts
6.1
Accumulation Account and Post Tax Member Contributions Account The Trustee must: (a)
(b)
establish and maintain the following accounts for each Defined Benefit Member including each Preserved Defined Benefit Member: (i)
an Accumulation Account; and
(ii)
a Post Tax Member Contributions Account; and
maintain a record of the amount standing to the credit of each: (i)
Accumulation Account (referred to in this Deed as the Accumulation Account Balance); and
(ii)
6.2
Post Tax Member Contributions Account (referred to in this Deed as the Post Tax Member Contributions Account Balance).
Sub-Accounts The Trustee may establish and operate sub-accounts in any Accumulation Account, or Post Tax Member Contributions Account, in the manner it thinks fit.
6.3
Operation of Accounts
6.3.1
The Trustee: Page 64
RBA Officers' Superannuation Fund Trust Deed (a)
must make the credits and debits required to: (i)
an Accumulation Account under Rule 7; or
(ii)
a Post Tax Member Contributions Account under Rule 8,
at the time or times necessary, or (in the opinion of the Trustee) desirable, to comply with Superannuation Law or this Deed; (b)
subject to paragraph (a), must make the credits required to an Accumulation Account under Rules 7.2(b) and 7.2(c) in accordance with any arrangements made between the Trustee and the Employer for this purpose; and
(c)
6.3.2
subject to Rule 6.3.2, may otherwise credit and debit an Accumulation Account or a Post Tax Member Contributions Account at the time or times the Trustee thinks fit.
To avoid doubt: (a)
the Revision Date Credit relates to the membership of the Fund of a Revision Date Defined Benefit Member or Revision Date Preserved Member for the period of membership up to immediately before the Revision Date, and the Trustee must make the Revision Date Credit as at the Revision Date;
(b)
the Revision Date Post Tax Member Contributions Credit relates to an Eligible Revision Date Defined Benefit Member's membership of the Fund for the period of membership up to immediately before the Revision Date, and the Trustee must make the Revision Date Post Tax Member Contributions Credit as at the Revision Date; and
(c)
the other credits and debits specified in Rules 7 and 8 respectively relate to a Defined Benefit Member's or Preserved Defined Benefit Member's membership of the Fund for the period on and from the Revision Date, and the Trustee must make those credits and debits for the applicable period of membership of the Fund on and from the Revision Date.
6.3.3
To the extent that entries to an Accumulation Account or Post Tax Member Contributions Account are recorded by reference to, or represented by, notional units in accordance with this Deed, a credit or debit required by the provisions of this Rule 6.3 will be satisfied where it is reflected by a variation in the applicable unit price.
7.
Accumulation Account
7.1
Application In this Rule, unless the contrary intention appears, a Member includes a Preserved Defined Benefit Member.
7.2
Credits to Accumulation Account The Trustee must credit each Member's Accumulation Account with the following amounts to the extent applicable in relation to the Member: (a)
in the case of a Revision Date Defined Benefit Member or Revision Date Preserved Member – the Revision Date Credit;
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RBA Officers' Superannuation Fund Trust Deed (b)
subject to Rule 4 and except in the case of a Preserved Defined Benefit Member, Productivity Contributions;
(c)
except in the case of a Preserved Defined Benefit Member - Additional Employer Credits;
(d)
except in the case of a Preserved Defined Benefit Member - any contribution deemed to be made to the Fund by the Defined Benefit Member under clause 14.2;
(e)
except in the case of a Preserved Defined Benefit Member - the amount of any Splittable Contributions accepted by the Trustee in relation to the Defined Benefit Member under clause 14.5;
(f)
except in the case of Preserved Defined Benefit Member - the amount of any benefit entitlement of the Defined Benefit Member as a Non-Member Spouse which is to be credited to the Accumulation Account under clause 16.16.8;
(g)
in the case of a Defined Benefit Member who becomes a Retiring Defined Benefit Member – the amount of any part of the Retirement Benefit and/or Post Tax Member Contributions Account transferred to the Accumulation Account under Rule 12.5.3(a);
7.3
(h)
any amount paid, rolled over or transferred to the Fund from an Approved Benefit Arrangement in relation to the Defined Benefit Member under clause 18;
(i)
any positive earnings at the Earning Rate; and
(j)
any other amounts which: (i)
are expressly or (in the opinion of the Trustee) impliedly required to be credited to the Accumulation Account under this Deed; or
(ii)
the Trustee considers is appropriate or equitable to credit to the Accumulation Account.
Debits from Accumulation Account The Trustee must debit each Member's Accumulation Account with the following amounts to the extent applicable in relation to the Member: (a)
the Administration Fee (if any);
(b)
in the case of a Preserved Defined Benefit Member – any fees to be debited from the Accumulation Account under Rule 10.4;
(c)
any amount which the Trustee may determine to debit from the Accumulation Account in relation to Taxes;
(d)
the amount of any Splittable Contributions to be debited under clause 14.5 because of a valid Splittable Contribution application in favour of the SIS Spouse of the Member;
(e)
the amount of any benefit entitlement of the Non-Member Spouse of the Member which is to be debited from the Accumulation Account under clause 16.16.11;
(f)
any amount paid, rolled over or transferred from the Fund to an Approved Benefit Arrangement in relation to the Member under clause 19;
(g)
any benefit paid from the Accumulation Account to, or in relation to, the Member under this Deed; Page 66
RBA Officers' Superannuation Fund Trust Deed (h)
any negative earnings at the Earning Rate; and
(i)
any other amounts which: (i)
are expressly or (in the opinion of the Trustee) impliedly required to be debited from the Accumulation Account under this Deed; or
(ii)
the Trustee considers is appropriate or equitable to debit from the Accumulation Account.
8.
Post Tax Member Contributions Account
8.1
Credits to Post Tax Member Contributions Account The Trustee must credit each Defined Benefit Member's Post Tax Member Contributions Account with the following amounts to the extent applicable in relation to the Defined Benefit Member: (a)
in the case of an Eligible Revision Date Defined Benefit Member – the Revision Date Post Tax Member Contributions Credit;
8.2
(b)
any Post Tax Member Contribution made to the Fund by the Defined Benefit Member under Rule 5;
(c)
the amount of any co-contributions accepted into the Fund in relation to the Defined Benefit Member under clause 14.4;
(d)
any positive earnings at the Earning Rate; and
(e)
any other amounts which: (i)
are expressly or (in the opinion of the Trustee) impliedly required to be credited to the Post Tax Member Contributions Account under this Deed; or
(ii)
the Trustee considers is appropriate or equitable to credit to the Post Tax Member Contributions Account.
Debits from Post Tax Member Contributions Account The Trustee must debit each Defined Benefit Member's Post Tax Member Contributions Account with the following amounts to the extent applicable in relation to the Defined Benefit Member: (a)
any amount which the Trustee may determine to debit from the Post Tax Member Contributions Account in relation to Taxes;
(b)
the amount of any benefit entitlement of the Non-Member Spouse of the Defined Benefit Member which is to be debited from the Accumulation Account under clause 16.16.11;
(c)
in the case of a Defined Benefit Member who becomes a Retiring Defined Benefit Member - any amount transferred to the Accumulation Account under Rule 12.5.3(a);
(d)
the amount to be retained in the Fund under Rule 13.4(e)(i);
(e)
any amount paid, rolled over or transferred from the Fund to an Approved Benefit Arrangement in relation to the Defined Benefit Member under clause 19;
(f)
any benefit paid from the Post Tax Member Contribution Account to, or in relation to, the Defined Benefit Member under this Deed; Page 67
RBA Officers' Superannuation Fund Trust Deed (g)
any negative earnings at the Earning Rate; and
(h)
any other amounts which: (i)
are expressly or (in the opinion of the Trustee) impliedly required to be debited from the Post Tax Member Contributions Account under this Deed; or
(ii)
the Trustee considers is appropriate or equitable to debit from the Post Tax Member Contributions Account.
9.
Accumulation Benefit Section Benefits for Defined Benefit Members
9.1
Accumulation Benefit
9.1.1
Where a benefit becomes payable to a Defined Benefit Member under the Defined Benefit Section by reason of the Defined Benefit Member ceasing to be an Employee for any reason other than death the Accumulation Benefit:
9.1.2
(a)
becomes payable to the Defined Benefit Member; and
(b)
must be dealt with by the Trustee under this Rule.
Where this Rule applies to a Defined Benefit Member, the Trustee must pay a lump sum benefit from the Fund to the Defined Benefit Member under the following provisions of this Rule.
9.1.3
Except to the extent that Rule 10 or 12.5 applies to a Defined Benefit Member, the Trustee must pay the Defined Benefit Member's Accumulation Benefit under Rule 9.1.4 or 9.1.5 (as applicable).
9.1.4
For the purposes of Rule 9.1.3, the Defined Benefit Member's Accumulation Benefit must be paid as follows: (a)
to the Approved Benefit Arrangement nominated by the Defined Benefit Member;
(b)
to, or at the direction of, the Defined Benefit Member in a cash lump sum payment, but only to the extent (if at all) permitted under Superannuation Law; or
(c)
in part to the Approved Benefit Arrangement nominated by the Defined Benefit Member and the remainder to, or at the direction of, the Defined Benefit Member in a cash lump sum payment, but only to the extent (if at all) a cash payment is permitted under Superannuation Law.
9.1.5
If the Trustee does not receive instructions from a Defined Benefit Member for the purposes of Rule 9.1.4 within the Payment Period, the Trustee must transfer the Accumulation Benefit to the Fund's Eligible Rollover Fund as soon as practicable after the end of the Payment Period and otherwise in accordance with Superannuation Law.
9.2
Accumulation death benefit
9.2.1
On the death of a Defined Benefit Member while an Employee the Trustee must pay or apply a lump sum benefit from the Fund of an amount equal to the total of the Defined Benefit Member's Accumulation Benefit to: (a)
a SIS Spouse, a SIS Child or SIS Children of the Defined Benefit Member in accordance with Rule 9.2.2;
Page 68
RBA Officers' Superannuation Fund Trust Deed (b)
if the Trustee has not found any SIS Spouse or SIS Child of the Defined Benefit Member after making reasonable enquiries – the Legal Personal Representative of the Defined Benefit Member; or
(c)
if the Trustee has not found any SIS Spouse, SIS Child or Legal Personal Representative of the Defined Benefit Member after making reasonable enquiries – any other person to whom the benefit may be paid under Superannuation Law but only on any terms and conditions applicable under Superannuation Law.
9.2.2
Where a Defined Benefit Member is survived by more than one person who qualifies as either a SIS Spouse or SIS Child for the purposes of Rule 9.2.1(a) the Accumulation Benefit payable to the SIS Spouse and SIS Children of the Defined Benefit Member will be paid or applied by the Trustee to, or for the benefit of, one or more of the SIS Spouse and SIS Children to the exclusion of the other or others of them and in the manner and proportions, and on the terms and conditions, as the Trustee determines.
10.
Accumulation Benefit Section Benefits for Preserved Defined Benefit Members
10.1
Payment of preserved Accumulation Benefit on request Subject to Superannuation Law, on the request (in the form prescribed by the Trustee) of a Preserved Defined Benefit Member the Trustee must pay an amount equal to the nominated sum or percentage of the Preserved Defined Benefit Member's Accumulation Benefit in accordance with the payment request and any terms and conditions determined by the Trustee.
10.2
Death benefit
10.2.1
On the death of a Preserved Defined Benefit Member before the Accumulation Benefit is paid from the Fund, the Trustee must pay or apply a lump sum benefit from the Fund of an amount equal to the total of the Preserved Defined Benefit Member's Accumulation Benefit to: (a)
a SIS Spouse, a SIS Child or SIS Children of the Preserved Defined Benefit Member in accordance with Rule 10.2.2;
(b)
if the Trustee has not found any SIS Spouse or SIS Child of the Preserved Defined Benefit Member after making reasonable enquiries – the Legal Personal Representative of the Preserved Defined Benefit Member; or
(c)
if the Trustee has not found any SIS Spouse, SIS Child or Legal Personal Representative of the Preserved Defined Benefit Member after making reasonable enquiries – any other person to whom the benefit may be paid under Superannuation Law but only on any terms and conditions applicable under Superannuation Law.
10.2.2
Where a Preserved Defined Benefit Member is survived by more than one person who qualifies as either a SIS Spouse or SIS Child for the purposes of Rule 10.2.1(a), the Accumulation Benefit payable to the SIS Spouse and SIS Children of the Preserved Defined Benefit Member will be paid or applied by the Trustee to, or for the benefit of, one or more of the SIS Spouse and SIS Children to the exclusion of the other or others of them and in the manner and proportions, and on the terms and conditions, as the Trustee determines. Page 69
RBA Officers' Superannuation Fund Trust Deed 10.3
Compulsory payment of Preserved Defined Benefit Member's Accumulation Benefit
10.3.1
The Trustee must pay a lump sum benefit from the Fund to a Preserved Defined Benefit Member under Rule 10.3.2 or 10.3.3 (as applicable):
10.3.2
(a)
at the time the Resignation Benefit becomes payable to a Preserved Defined Benefit Member by operation of Rule 15;
(b)
on the Preserved Defined Benefit Member attaining the Latest Preservation Age; or
(c)
in any other circumstances determined by the Trustee.
Where Rule 10.3.1 applies and subject to Rule 10.3.3, the Trustee must pay the Preserved Defined Benefit Member's Accumulation Benefit as follows: (a)
to the Approved Benefit Arrangement nominated by the Preserved Defined Benefit Member;
(b)
to, or at the direction of, the Preserved Defined Benefit Member in a cash lump sum payment, but only to the extent (if at all) permitted under Superannuation Law; or
(c)
in part to the Approved Benefit Arrangement nominated by the Preserved Defined Benefit Member and the remainder to, or at the direction of, the Preserved Defined Benefit Member in a cash lump sum payment, but only to the extent (if at all) a cash payment is permitted under Superannuation Law.
10.3.3
If the Trustee does not receive instructions from a Preserved Defined Benefit Member for the purposes of Rule 10.3.2 within the Payment Period, the Trustee must transfer the Accumulation Benefit to the Fund's Eligible Rollover Fund as soon as practicable after the end of the Payment Period and otherwise in accordance with Superannuation Law.
10.4
Preserved Accumulation Benefit Section membership fees In addition to any Administration Fee applicable to Defined Benefit Members and Preserved Defined Benefit Members generally or any other costs or fees applicable under this Deed, the Trustee and the Bank may agree that one or more types of fees will apply to preserved Accumulation Benefits Section membership whether in relation to Preserved Defined Benefit Members generally or one or more particular Preserved Defined Benefit Members or class of Preserved Defined Benefit Members.
11.
Defined Benefit Section Membership Generally
11.1
Category M and Category X benefits
11.1.1
Rules 12, 13 and 16 apply to, and in relation to, a Category X Member only.
11.1.2
Rules 14 and 15 apply to, and in relation to, both a Category M Member and a Category X Member.
11.2
Payment of Defined Benefit Section benefits
11.2.1
Except to the extent that Rule 10 or 12.5 applies to a Defined Benefit Member, where a lump sum benefit becomes payable to a Defined Benefit Member under this Defined Benefit Section, the Trustee must pay the benefit under Rule 11.2.2 or 11.2.3 (as applicable). Page 70
RBA Officers' Superannuation Fund Trust Deed 11.2.2
For the purposes of Rule 11.2.1, the Defined Benefit Member's benefit must be paid as follows: (a)
to the Approved Benefit Arrangement nominated by the Defined Benefit Member;
(b)
to, or at the direction of, the Defined Benefit Member in a cash lump sum payment, but only to the extent (if at all) permitted under Superannuation Law; or
(c)
in part to the Approved Benefit Arrangement nominated by the Defined Benefit Member and the remainder to, or at the direction of, the Defined Benefit Member in a cash lump sum payment, but only to the extent (if at all) a cash payment is permitted under Superannuation Law.
11.2.3
If the Trustee does not receive instructions from a Defined Benefit Member for the purposes of Rule 11.2.2 within the Payment Period, the Trustee must transfer the benefit to the Fund's Eligible Rollover Fund as soon as practicable after the end of the Payment Period and otherwise in accordance with Superannuation Law.
11.3
Adjustments for part-time Employment
11.3.1
This Rule applies to a Defined Benefit Member who is employed or engaged by the Employer on a part-time basis (other than on a temporary part-time basis) during all or part of the Defined Benefit Member's membership of the Fund as a:
11.3.2
(a)
Defined Benefit Member; or
(b)
member of the Fund in 'Category M' or 'Category X' before the Revision Date (Part-Time Affected Defined Benefit Member).
The calculation of the defined benefits provided under this Defined Benefit Section in relation to a Part-Time Affected Defined Benefit Member must be adjusted by the Trustee in accordance with Appendix 1 in relation to each period of employment where the basis of employment is altered (other than temporarily) from: (a)
a full-time basis to a part-time basis;
(b)
a part-time basis to a full-time basis; or
(c)
one part-time basis to another part-time basis.
11.4
Consequences of a Defined Benefit Member's absence on leave
11.4.1
Subject to this Deed, where a Defined Benefit Member is not paid any Salary in relation to a period of absence from the Employer's employment or service: (a)
(b)
the Defined Benefit Member may elect: (i)
to contribute to the Fund during the period of absence: or
(ii)
not to contribute to the Fund during all or part of the period of absence; and
if the period of absence is greater than 84 continuous days, all of the Defined Benefit Member's period of absence will be deducted from the Defined Benefit Member's Assumed Membership and Assumed Service, unless the Employer notifies the Trustee otherwise.
11.4.2
If in accordance with Rule 11.4.1(b) a period of absence is to be deducted from a Defined Benefit Member's Assumed Membership then: Page 71
RBA Officers' Superannuation Fund Trust Deed (a)
for the purpose of determining the benefit accrual factor under Appendix 2 the period of absence shall not be counted towards: (i)
the period or periods of Assumed Membership specified in the column headings in Appendix 2 in which the period of absence actually occurred; and
(ii)
the accrual of the period of Assumed Membership specified in the relevant row headings in Appendix 2; and
(b)
if Rule 12.2.3 applies, the period of absence shall not be counted towards the accrual of the period of Assumed Membership specified in that Rule.
11.5
Post Graduate Study Award leave of absence
11.5.1
Where a Defined Benefit Member is absent from the Bank's employment or service on a post graduate study award or similar leave (as advised by the Bank to the Trustee), the Defined Benefit Member's membership of the Fund during the period of leave of absence will be varied as agreed by the Defined Benefit Member and the Bank unless the Bank notifies the Trustee that no variation is to apply to the Defined Benefit Member's membership of the Fund during the period of leave of absence.
11.5.2
Any agreement made under this Rule: (a)
must be in writing and must not, in the opinion of the Trustee, require the Trustee to contravene Superannuation Law or cause the Fund to cease to be a Complying Superannuation Fund;
(b)
may be amended, added to, revoked or replaced by the Defined Benefit Member and the Bank by agreement in writing in a way which does not, in the opinion of the Trustee, require the Trustee to contravene Superannuation Law or cause the Fund to cease to be a Complying Superannuation Fund; and
(c)
will operate to vary the Defined Benefit Member's membership of the Fund as set out in the agreement.
11.6
Consequences of a decrease in a Defined Benefit Member's Salary
11.6.1
This Rule applies where the annual rate of a Defined Benefit Member's Salary is reduced other than: (a)
temporarily; or
(b)
because the Defined Benefit Member is a Part-Time Affected Defined Benefit Member whose Salary is reduced to reflect a reduction in the ordinary time hours worked by the Defined Benefit Member.
11.6.2
Where this Rule applies in relation to a Defined Benefit Member, his or her Salary will for the purposes of calculation of benefits under the Defined Benefit Section be the Salary at its highest rate unless the Defined Benefit Member elects that the reduced rate of Salary is to apply.
11.6.3
For the purposes of Rule 11.6.2, an election must be made by notice to the Bank and the Trustee not later than 90 days after the date the reduction in Salary takes effect.
Page 72
RBA Officers' Superannuation Fund Trust Deed 12.
Retirement Benefit
12.1
Entitlement to Retirement Benefit The Trustee must pay or apply a Retirement Benefit to, or in relation to, a Retiring Defined Benefit Member under this Rule.
12.2
Calculation of Retirement Benefit
12.2.1
The Retirement Benefit payable to, or in relation to, a Retiring Defined Benefit Member is the amount calculated by multiplying the appropriate proportion of the Retiring Defined Benefit Member's Indexed Final Salary by: (a)
the benefit accrual factor: (i)
unless paragraph (ii) applies in relation to the Retiring Defined Benefit Member - applicable in relation to the Retiring Defined Benefit Member under Appendix 2 having regard to the Retiring Defined Benefit Member's Assumed Membership; or
(ii)
if clause 16.16.11(b)(ii) applies in relation to the Retiring Defined Benefit Member - applicable in relation to the Retiring Defined Benefit Member under Appendix 2 having regard to the Retiring Defined Benefit Member's Assumed Membership multiplied by a benefit adjustment factor determined by the Trustee having regard to the advice of the Actuary;
12.2.2
(b)
in relation to an Indexed Pension – the percentage specified in Appendix 3 having regard to the Retiring Defined Benefit Member's age on becoming a Pensioner; and
(c)
except in the case of an Invalid Member – the ratio that the Retiring Defined Benefit Member's Assumed Service bears to his or her Assumed Membership.
In this Rule: (a)
Assumed Membership in relation to a Retiring Defined Benefit Member, means, subject to Rule 12.2.3, the difference between the Retiring Defined Benefit Member's Age at Entry and the Retiring Defined Benefit Member's age on the date as at which the Retirement Benefit became payable under this Rule (less any period of absence to which Rule 11.4.1(b) applies) except to the extent Assumed Membership is adjusted by one or more of the following paragraphs: (i)
subject to paragraphs (ii) and (iii), Assumed Membership will not be less than the difference between: (A)
in the case of an Invalid Member – the Invalid Member's Age at Entry and the Normal Retirement Age; or
(B)
in the case of an Invalid Resigned Member – the Invalid Resigned Member's Age at Entry and 55 years,
less any period of absence to which Rule 11.4.1(b) applies; (ii)
for the purpose of determining the percentage applicable to an Invalid Member or an Invalid Resigned Member under Rule 12.2.1(a) – Assumed Membership will not be more than the greater of 30 years and Assumed Service; and Page 73
RBA Officers' Superannuation Fund Trust Deed (iii)
for the purpose of determining the ratio applicable to a Retired Resigned Member under Rule 12.2.1(c) – Assumed Membership will not be more than the Retired Resigned Member's Age at Entry and 55 years.
(b)
Assumed Service in relation to a Retiring Defined Benefit Member, means, subject Rule 12.2.3: (i)
except where paragraph (ii) applies - the difference between the Retiring Defined Benefit Member's Age at Entry and the Retiring Defined Benefit Member's age on the date he or she ceases to be an Employee less any period of absence to which Rule 11.4.1(b) applies; or
(ii)
in the case where it is necessary to calculate a Retiring Defined Benefit Member's accrued benefit multiple under the Family Law Requirements – the difference between the Retiring Defined Benefit Member's Age at Entry and: (A)
in the case of a Resigned Member – the Resigned Member's age on the day he or she ceases to be an Employee; and
(B)
in the case of any other Retiring Defined Benefit Member – the Retiring Defined Benefit Member's age on the Appropriate Date,
less any period of absence to which Rule 11.4.1(b) applies. 12.2.3
In this Rule, Member means a Choice Affected Member, Choice Resigned Member, Choice Reentry Member or Choice Final Member. For the purposes of calculating the benefits of a Member under this Defined Benefit Section: (a)
the total Fund Choice Period will be deducted from the Member's Assumed Membership and Assumed Service; and
(b)
all periods of the Member's Assumed Membership that occur more than 20 years from the day on which the Member became eligible to join the Fund as a Defined Benefit Member or member of the Fund in 'Category M' or 'Category X' before the Revision Date and was not a Preserved Defined Benefit Member will count as Assumed Membership at an annual accrual factor of 0.85 for Indexed Pensions and at an annual accrual factor of 8.5 for lump sums.
12.2.4
Where it is necessary to calculate a Defined Benefit Member's accrued benefit multiple for the purposes of the Family Law Requirements, the Trustee will calculate the accrued benefit multiple as follows: (a)
in relation to the Defined Benefit Member's prospective entitlement in the Fund to a Retirement Benefit paid as a lump sum – a lump sum benefit calculated under Rule 12.2.1 using 100% of Indexed Final Salary; or
(b)
in relation to the Defined Benefit Member's entitlement in the Fund to an Indexed Pension Retirement Benefit – an Indexed Pension calculated under Rule 12.2.1 using 100% of Indexed Final Salary,
divided by the Defined Benefit Member's Indexed Final Salary at the Appropriate Date.
Page 74
RBA Officers' Superannuation Fund Trust Deed 12.3
Form of Retirement Benefit
12.3.1
A Retiring Defined Benefit Member's Retirement Benefit must be paid as instructed by the Retiring Defined Benefit Member in the following manner:
12.3.2
(a)
as an Indexed Pension;
(b)
as a lump sum; or
(c)
in part as an Indexed Pension and the remainder as a lump sum.
If the Trustee does not receive instructions from a Retiring Defined Benefit Member for the purposes of Rule 12.3.1 within 90 days or such longer period permitted by the Trustee of the Retirement Benefit becoming payable, the Retirement Benefit will be paid to the Retiring Defined Benefit Member in the form of an Indexed Pension.
12.3.3
If a Retiring Defined Benefit Member dies within 90 days or such longer period permitted by the Trustee of the Retirement Benefit becoming payable and the Trustee has not received instructions from the Retiring Defined Benefit Member for the purposes of Rule 12.3.1 as at the date of death: (a)
the Retiring Defined Benefit Member will be deemed to have elected to receive the Retirement Benefit in the form of an Indexed Pension, and to be a Retiring Defined Benefit Pensioner, as at the date of death;
(b)
the Indexed Pension will be dealt with by the Trustee under Rule 6 of Benefit Schedule 3; and
(c)
where the Retiring Defined Benefit Member was an Eligible Defined Benefit Member as at the date of death: (i)
the Retiring Defined Benefit Member will be deemed not to have elected to receive the Additional Pension under Rule 13 instead of a benefit equal to the amount of the Post Tax Member Contributions Account Balance; and
(ii)
Rule 13 will apply in relation to any Defined Benefit Spouse or Defined Benefit Child (as applicable) of the Retiring Defined Benefit Member as if the Retiring Defined Benefit Member had died while still an Employee provided that an election is not made by, or in relation to, any such Defined Benefit Spouse or Defined Benefit Child under Rule 6.5 of Benefit Schedule 3 to receive all of the death benefit payable to that person under Rule 6 of that Benefit Schedule as a lump sum instead of as an Indexed Pension.
12.4
Payment of Indexed Pension to Pensioner Where a Retiring Defined Benefit Member becomes entitled to an Indexed Pension under this Rule: (a)
the Retiring Defined Benefit Member will become a Pensioner on and from the Pension Commencement Date in relation to the Indexed Pension; and
(b)
the Indexed Pension will be payable under, and otherwise governed by, Benefit Schedule 3 on and from the Pension Commencement Date.
Page 75
RBA Officers' Superannuation Fund Trust Deed 12.5
Retained Defined Benefit membership
12.5.1
A Retiring Defined Benefit Member, other than a Retired Resigned Member or an Invalid Resigned Member, may elect to retain in the Fund all or part of the following amounts which together are not less than the Minimum Retained Benefit (within the meaning of Benefit Schedule 4) instead of receiving an immediate payment from the Fund:
12.5.2
(a)
all or part of the lump sum Retirement Benefit payable under the preceding provisions of this Rule; and
(b)
all or part of the Accumulation Benefit payable under Rule 9.1.
For the purposes of this Rule, an election: (a)
must be made by the Retiring Defined Benefit Member in the form prescribed by the Trustee within the Retained Election Period; and
(b) 12.5.3
is irreversible.
Where a Retiring Defined Benefit Member makes an election under this Rule: (a)
the amount the Retiring Defined Benefit Member has elected to retain in the Fund will either be transferred to, or remain in (as applicable), the Accumulation Account as the Retained Defined Benefit, on and from the Retained Membership Date and until, and to the extent, paid or otherwise dealt with under Benefit Schedule 4; and
(b)
the Retiring Defined Benefit Member will become a Retained Defined Benefit Member on and from the Retained Membership Date in relation to the Retained Defined Benefit; and
(c)
the Retained Defined Benefit will be payable under, and otherwise governed by, Benefit Schedule 4 on and from the Retained Membership Date.
12.6
Certain Category X Preserved Defined Benefit Members - Invalidity or death
12.6.1
Where a Preserved Defined Benefit Member who is a Category X Member covered by Rule 15.2(a)(i) or 15.2(a)(ii) suffers Invalidity, or dies, the benefit will be calculated on the basis of the greater of the following two benefits: (a)
a benefit calculated on the basis that the cap on Assumed Membership under Rule 12.2.2(a)(ii) applies; and
(b)
a benefit calculated as if the cap on Assumed Membership under Rule 12.2.2(a)(ii) did not apply but as if discounting, if any, at the compound rate of 1.5% per annum under Rule 14.3 did apply.
13.
Additional Pension
13.1
Application
13.1.1
This Rule applies to: (a)
an Invalid Member or Invalid Resigned Member who:
Page 76
RBA Officers' Superannuation Fund Trust Deed (i)
is an Eligible Defined Benefit Member as at the date on which the Invalid Member or Invalid Resigned Member becomes entitled to the Retirement Benefit under Rule 12; and
(ii)
(b)
elects to receive all or part of the Retirement Benefit as an Indexed Pension under Rule 12.3;
if a deceased Eligible Defined Benefit Member who was an Employee as at the date of death has a Defined Benefit Spouse as at the date of death – the Defined Benefit Spouse of the deceased Eligible Defined Benefit Member if the Defined Benefit Spouse will receive all or part of his or her death benefit as an Indexed Pension under Rule 16;
(c)
if a deceased Resigned Member who was an Eligible Defined Benefit Member as at the date of death has a Defined Benefit Spouse as at the date of death – the Defined Benefit Spouse of the deceased Resigned Member if the Defined Benefit Spouse will receive all or part of his or her death benefit as an Indexed Pension under Rule 16; or
(d)
if the Trustee has not found a Defined Benefit Spouse of a deceased Eligible Defined Benefit Member or deceased Resigned Member as at the date of death for the purposes of paragraph (b) or paragraph (c) after making reasonable enquiries and the Defined Benefit Member has a Defined Benefit Child or Defined Benefit Children as at the date of death – the Defined Benefit Child or Defined Benefit Children determined by the Trustee if the Trustee accepts one or more applications referred to in this paragraph and in each case the relevant Defined Benefit Child will receive all or part of his or her death benefit as an Indexed Pension under Rule 16: (i)
a Defined Benefit Child who has attained age 18 applies to the Trustee for the Additional Pension; or
(ii)
the guardian of, or other person within the meaning of clause 16.15.2(c) in relation to, a Defined Benefit Child who has not attained age 18 determined by the Trustee applies to the Trustee for the Additional Pension,
(Eligible Pensioner). 13.1.2
In this Rule: (a)
P% in relation to the calculation of the Additional Pension payable to, or in relation to, an Eligible Pensioner who is a Defined Benefit Spouse or Defined Benefit Child and in respect of whom an election is made under Rule 16.3.2 or 16.4.2 of this Benefit Schedule or Rule 6.5 of Benefit Schedule 3, means the percentage of the Member's Pension (within the meaning of Rule 16.2(a)) or Member's Indexed Pension (within the meaning of Rule 6.2(a) of Benefit Schedule 3) (as applicable) payable to, or in relation to, the Eligible Pensioner after allowing for the election.
(b)
Post Tax Member Contributions Account in relation to an Eligible Pensioner means: (i)
in the case of an Invalid Member or Invalid Resigned Member - the Invalid Member's or Invalid Resigned Member's Post Tax Member Contributions Account; or
(ii)
in the case of any other Eligible Pensioner the Post Tax Member Contributions Account of the deceased Eligible Defined Benefit Member, Page 77
RBA Officers' Superannuation Fund Trust Deed and Post Tax Member Contributions Account Balance in relation to an Eligible Pensioner has a corresponding meaning; and (c)
Indexed Pension Proportion in relation to the calculation of the Additional Pension payable to, or in relation to, an Eligible Pensioner who is a Defined Benefit Spouse or a Defined Benefit Child, means 40% of the Indexed Pension which would have been payable to the deceased Defined Benefit Member in relation to the Defined Benefit Spouse or Defined Benefit Child under Rule 12 if he or she had become an Invalid Member or Invalid Resigned Member as at the date of death and had been eligible to elect to receive the Retirement Benefit as an Indexed Pension under Rule 12.
13.2
Additional Pension option
13.2.1
An Eligible Pensioner within the meaning of Rule 13.1.1(a), 13.1.1(b) or 13.1.1(c) may elect to receive the Additional Pension under this Rule instead of a benefit equal to the amount of the Post Tax Member Contributions Account Balance.
13.2.2
For the purposes of: (a)
Rule 13.2.1 an election must be made by an Eligible Pensioner: (i)
in the form prescribed by the Trustee; and
(ii)
within 90 days of: (A)
in the case of an Invalid Member or an Invalid Resigned Member - the Retirement Benefit becoming payable; or
(B)
in the case of an Eligible Pensioner who is a Defined Benefit Spouse of a deceased Eligible Defined Benefit Member or a deceased Resigned Member – the Member's death; and
(b)
Rule 13.1.1(d) an application must be made by, or on behalf of, a Defined Benefit Child within 90 days of the death of the relevant Defined Benefit Member.
13.3
Calculation of Additional Pension
13.3.1
The Additional Pension payable to a person who is an Eligible Pensioner within the meaning of Rule 13.1.1(a) is equal to 40% of the Indexed Pension payable to that Eligible Pensioner under Rule 12.
13.3.2
The Additional Pension payable to a person who is an Eligible Pensioner within the meaning of Rule 13.1.1(b) or 13.1.1(c) is equal to: (a)
in the case where the Trustee has not found any Defined Benefit Child of the Defined Benefit Member as at the date of death – the amount calculated in accordance with the following formula: X x IPP Where: 'X%' is 67% or the lesser of 67% and P% (as applicable) 'IPP' is the Indexed Pension Proportion; or
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RBA Officers' Superannuation Fund Trust Deed (b)
in the case where the Trustee has found a Defined Benefit Child or Defined Benefit Children of the Defined Benefit Member as at the date of death – the amount calculated in accordance with the following formula: X x IPP Where: 'X' is: (i)
in the case where there is a Defined Benefit Spouse and 1 Defined Benefit Child – 78% or the lesser of 78% and P% (as applicable)
(ii)
in the case where there is a Defined Benefit Spouse and 2 Defined Benefit Children – 89% or the lesser of 89% and P% (as applicable)
(iii)
in the case where there is a Defined Benefit Spouse and 3 or more Defined Benefit Children – 100% or the lesser of 100% and P% (as applicable)
'IPP' is the Indexed Pension Proportion. 13.3.3
The Additional Pension payable to, or in relation to, a person who is an Eligible Pensioner within the meaning of Rule 13.1.1(d) is equal to the amount calculated in accordance with the following formula: CP x IPP Where: 'CP' is (a)
in the case where there is 1 Defined Benefit Child – 45% or the lesser of 45% and P% (as applicable)
(b)
in the case where there are 2 Defined Benefit Children – 80% or the lesser of 80% and P% (as applicable)
(c)
in the case where there are 3 Defined Benefit Children – 90% or the lesser of 90% and P% (as applicable)
(d)
in the case where there are 4 or more Defined Benefit Children – 100% or the lesser of 100% and P% (as applicable)
'IPP' is the Indexed Pension Proportion. 13.4
Payment of Additional Pension to Pensioner Subject to this Deed, where an Eligible Pensioner is to receive the Additional Pension (instead of the amount of the Post Tax Member Contributions Account Balance) under this Rule: (a)
the Eligible Pensioner will become entitled to, and will become a Pensioner in relation to, the Additional Pension on and from the Pension Commencement Date;
(b)
in the case of a Defined Benefit Child who has not attained age 18 – the Trustee may pay or apply that Defined Benefit Child's Additional Pension as the Trustee thinks fit including by payment to the guardian of, or other person within the meaning of Clause 16.5.2(c), in relation to that Defined Benefit Child or otherwise deal with that Additional Pension in accordance with clause 16.15; Page 79
RBA Officers' Superannuation Fund Trust Deed (c)
the Additional Pension will be payable under, and otherwise governed by, Benefit Schedule 3 on and from the Pension Commencement Date;
(d)
any right or claim of the Eligible Pensioner (and that of any person claiming under, or in relation to, the Eligible Pensioner) to all or any part of the Post Tax Member Contributions Account Balance against the Fund or the Trustee will cease on from the date the Trustee receives the Eligible Pensioner's election under Rule 13.2 and no part of the Post Tax Member Contributions Account Balance will be payable to, or in relation to, the Eligible Pensioner or any other person on or after that date; and
(e)
the Trustee must: (i)
retain the Post Tax Member Contributions Account Balance in the Fund for application for the general purposes of the Fund; and
(ii)
close the Post Tax Member Contributions Account.
14.
Resignation Benefit
14.1
Application In this Rule, Member means: (a)
a Category M Member who ceases to be an Employee for any reason including death, IllHealth Retirement or Invalidity;
(b)
a Category X Member who Resigns and is not entitled to the Retirement Benefit under Rule 12; or
(c)
a Preserved Defined Benefit Member where Rule 15.3.1, 15.3.2, 15.3.3, 15.3.4 or 15.3.6(a) apply in relation to the Preserved Defined Benefit Member.
14.2
Entitlement to Resignation Benefit The: (a)
Resignation Benefit becomes payable to, or in relation to, a Member when he or she becomes a Member within the meaning of Rule 14.1; and
(b)
14.3
Trustee must pay or apply the Resignation Benefit to, or in relation to, the Member as a lump sum.
Calculation of Resignation Benefit The Resignation Benefit payable to, or in relation to, a Member is the amount calculated under Rule 12 and then discounted at the compound rate of 1.5% per annum in relation to the difference in days between: (a)
unless paragraph (b) applies – the Member's age at Resignation; or
(b)
in the case of a Resigned Member – the Resigned Member's age as at the date of payment of the Resignation Benefit,
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RBA Officers' Superannuation Fund Trust Deed and age 55. The approximate proportion of the Resignation Benefit payable after application of the discount factor is shown in Appendix 4 based on the difference in years between the ages applicable under this Rule rather than the difference in days. 14.4
Payment of Category M Member's death benefit
14.4.1
On the death of a Category M Member (including a Category M Member who is a Preserved Defined Benefit Member as at the date of death) the Trustee must pay or apply the Resignation Benefit to or in relation to: (a)
a Defined Benefit Spouse of the Category M Member;
(b)
if the Trustee has not found any Defined Benefit Spouse of the Category M Member after making reasonable enquiries – the Defined Benefit Child or Defined Benefit Children of the Category M Member in accordance with Rule 14.4.2;
(c)
if the Trustee has not found any Defined Benefit Spouse or Defined Benefit Child of the Category M Member after making reasonable enquiries – the Legal Personal Representative of the Category M Member; or
(d)
if the Trustee has not found any Defined Benefit Spouse, Defined Benefit Child or Legal Personal Representative of the Category M Member after making reasonable enquiries – any other person to whom the benefit may be paid under Superannuation Law but only on any terms and conditions applicable under Superannuation Law.
14.4.2
Where a Category M Member is survived by more than one person who qualifies as a Defined Benefit Child for the purposes of Rule 14.4.1(b), the benefit payable to the Defined Benefit Children of the Category M Member will be paid or applied by the Trustee to, or for the benefit of, one or more of the Defined Benefit Children to the exclusion of the other or others of them and in the manner and proportions, and on the terms and conditions, as the Trustee determines.
15.
Preserved Defined Benefit Membership
15.1
Application This Rule applies to, and in relation to, a Preserved Defined Benefit Member on and from the Preserved Membership Date unless and until the person ceases to be a, and this Rule ceases to apply to the, Preserved Defined Benefit Member.
15.2
Meaning of Preserved Defined Benefit Member and Preserved Membership Date In this Deed: (a)
Preserved Defined Benefit Member means: (i)
a Revision Date Preserved Member, and the Member is a Preserved Defined Benefit Member under this Benefit Schedule on and from the Revision Date;
(ii)
a Defined Benefit Member who: (A)
Resigns on or after the Revision Date;
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RBA Officers' Superannuation Fund Trust Deed (B)
as at the date of Resignation has completed not less than 5 years membership of the Fund as a Defined Benefit Member or a member of the Fund in 'Category M' or 'Category X' before the Revision Date; and
(C)
has given the Trustee an election, in the form prescribed by the Trustee and within the Preserved Election Period, to preserve the Resignation Benefit within the Fund instead of being paid the Resignation Benefit immediately under Rule 14;
(iii)
a Defined Benefit Member who becomes a Choice Resigned Member on or after the Revision Date; or
(iv)
a Choice Re-entry Member who: (A)
becomes a Choice Final Member on or after the Revision Date; and
(B)
as at the date of becoming a Choice Final Member has completed not less than 5 years membership of the Fund as a Defined Benefit Member or a member of the Fund in 'Category M' or 'Category X' before the Revision Date.
(b)
Preserved Membership Date in relation to a Preserved Defined Benefit Member, means: (i)
in the case of a Revision Date Preserved Member – the Revision Date;
(ii)
in the case of a Preserved Defined Benefit Member under Rule 15.2(a)(ii) – the date on which the Preserved Defined Benefit Member Resigned;
(iii)
in the case of Preserved Defined Benefit Member under Rule 15.2(a)(iii) – the First Choice Date; or
(iv)
in the case of Preserved Defined Benefit Member under Rule 15.2(a)(iv) – the Choice Final Date.
15.3
Payment of preserved defined benefit
15.3.1
A Preserved Defined Benefit Member who has Resigned and is under age 55 may elect, in the form prescribed by the Trustee, to be paid the Resignation Benefit at any time, and the Trustee will pay the Resignation Benefit to the Preserved Defined Benefit Member under Rule 14.
15.3.2
Where a Choice Resigned Member becomes a Choice Re-entry Member and later becomes a Choice Final Member who is not covered by Rule 15.2(a)(iv), the Resignation Benefit will become payable to the Choice Final Member as at the date of becoming a Choice Final Member.
15.3.3
Where a Choice Resigned Member: (a)
Resigns before attaining age 55; and
(b)
as at the date of Resignation has completed less than 5 years Assumed Service (within the meaning of Rule 12.2.2(b)),
the Resignation Benefit will become payable to the Choice Resigned Member as at the date of Resignation. 15.3.4
Where a Preserved Defined Benefit Member who is a Category M Member suffers Invalidity on or after ceasing to be an Employee the Resignation Benefit will be paid to the Preserved Defined Benefit Member under Rule 14. Page 82
RBA Officers' Superannuation Fund Trust Deed 15.3.5
15.3.6
A Resigned Member becomes: (a)
a Retired Resigned Member on attaining age 55; and
(b)
entitled to the Retirement Benefit under Rule 12.
Where a Preserved Defined Benefit Member dies a death benefit will be payable in relation to the Preserved Defined Benefit Member: (a)
in the case where the Preserved Defined Benefit Member is a Category M Member as at the date of death – under Rule 14; or
(b)
15.4
in the case where the Preserved Defined Benefit Member is a Category X Member - under Rule 16.
Cessation of Preserved Defined Benefit membership A Defined Benefit Member will cease to be a Preserved Defined Benefit Member, and this Rule will cease to apply to the Preserved Defined Benefit Member, on the first to occur of the following:
15.5
(a)
on a benefit being paid as contemplated by Rule 15.3;
(b)
in the case of a Choice Resigned Member – on becoming a Choice Re-entry Member; or
(c)
in the case of a Resigned Member – on re-employment by the Employer as an Employee who is eligible for membership as a Defined Benefit Member.
Age at Entry Adjustment for re-employed Resigned Members Where Rule 15.4(c) applies in relation to a Resigned Member, the Age at Entry will be advanced by the total of:
15.6
(a)
the period during which the Resigned Member was a Resigned Member; and
(b)
if the Resigned Member was a Choice Resigned Member immediately before becoming a Resigned Member – the Fund Choice Period.
Implications of Preserved Defined Benefit membership for Accumulation Section Benefits
15.6.1
This Rule applies to: (a)
a Preserved Defined Benefit Member within the meaning of Rule 15.2(a)(ii): (i)
to whom a benefit has become payable under Rule 9.1 arising from the Preserved Defined Benefit Member's Resignation; and
(ii)
who has elected to preserve all or part of the Accumulation Benefit in the Fund instead of being paid a benefit, or the full benefit, under Rule 9.1 at the time of making the election referred to in Rule 15.2(a)(ii)(C); and
(b) 15.6.2
any other Preserved Defined Benefit Member.
Where this Rule applies to a Preserved Defined Benefit Member: (a)
in the case of Rule 15.6.1(a) – the amount the Preserved Defined Benefit Member has elected to preserve in the Fund; or
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RBA Officers' Superannuation Fund Trust Deed (b)
in the case of Rule 15.6.1(b) – the Preserved Defined Benefit Member's Accumulation Account Balance and/or Post Tax Member Contributions Account Balance (as applicable),
will remain in the Accumulation Account and/or Post Tax Member Contributions Account (as applicable) on and from the Preserved Membership Date until and to the extent: (c)
paid under Rule 10; or
(d)
otherwise paid or dealt with under this Deed.
16.
Death Benefit of Defined Benefit Member who is an Employee or Preserved Defined Benefit Member
16.1
Application of this Rule
16.1.1
Subject to this Deed, on the death of a Defined Benefit Member who is an Employee or a Preserved Defined Benefit Member (whether or not an Employee) as at the date of death, the Trustee must pay or apply a death benefit from the Fund as follows: (a)
in the case where the Defined Benefit Member has a Defined Benefit Spouse as at the date of death – to, or in relation to, the Defined Benefit Spouse under Rule 16.3;
(b)
in the case where the Trustee has not found a Defined Benefit Spouse of the Defined Benefit Member for the purposes of paragraph (a) after making reasonable enquiries and the Defined Benefit Member has a Defined Benefit Child or Defined Benefit Children as at the date of death – to, or in relation to, the Defined Benefit Child or Defined Benefit Children under Rule 16.4; or
(c)
in the case where the Trustee has not found any Defined Benefit Spouse or Defined Benefit Child of the Defined Benefit Member for the purposes of paragraphs (a) and (b) after making reasonable enquiries – to the Legal Personal Representative or other person entitled under Rule 16.5.
16.1.2
This Rule does not apply where Rule 14 applies in relation to the death of a Defined Benefit Member (including a Preserved Defined Benefit Member).
16.1.3
This Rule applies despite any provision of this Deed to the contrary. Where a Defined Benefit Child is conceived but unborn as at the date of the death of a Defined Benefit Member (within the meaning of Rule 16.1.1 and 16.1.2), upon the birth of the Defined Benefit Child and a claim being submitted to, and accepted by, the Trustee by, or on behalf of, the Defined Benefit Spouse in relation to that Defined Benefit Child (as determined under clause 16.13(c)), or a guardian or other person within the meaning of clause 16.15.2(c) in relation to the Defined Benefit Child (as applicable) the benefit payable to the Defined Benefit Spouse, guardian or other person (including any Additional Pension payable under Rule 13) will be increased to take account of the birth so that the total benefit payable after the increase is the same amount as would have been payable to the Defined Benefit Spouse, guardian or other person immediately after the death if the Defined Benefit Child had been born as at the date of death.
16.2
Rule 16 definitions In this Rule, subject to this Deed: Page 84
RBA Officers' Superannuation Fund Trust Deed (a)
Member's Pension in relation to the calculation of Indexed Pension benefits in relation to a deceased Defined Benefit Member, means the Indexed Pension which would have been payable to the Defined Benefit Member if he or she had not died but instead had become: (i)
in the case where the Defined Benefit Member is an Employee (other than an Employee who is a Preserved Defined Benefit Member) as at the date of death - an Invalid Member; or
(ii)
(b)
in the case where the Defined Benefit Member is a Preserved Defined Benefit Member as at the date of death – an Invalid Resigned Member; and
Member's Lump Sum Benefit in relation to the calculation of Lump Sum Benefits in relation to a deceased Defined Benefit Member, means the lump sum benefit which would have been payable to the Defined Benefit Member if he or she had not died but instead had become: (i)
in the case where the Defined Benefit Member is an Employee (other than an Employee who is a Preserved Defined Benefit Member) as at the date of death - an Invalid Member; or
(ii)
in the case where the Defined Benefit Member is a Preserved Defined Benefit Member as at the date of death – an Invalid Resigned Member.
16.3
Death benefit for Defined Benefit Spouse of Defined Benefit Member
16.3.1
Subject to Rules 16.3.2 and 16.3.3, the death benefit payable to the Defined Benefit Spouse is an Indexed Pension equal to: (a)
in the case where the Trustee has not found any Defined Benefit Child of the Defined Benefit Member as at the date of death – 67% of the Member's Pension; or
(b)
in the case where the Defined Benefit Member has a Defined Benefit Child or Defined Benefit Children as at the date of death – the total of: (i)
67% of the Member's Pension; and
(ii)
11% of the Member's Pension in relation to each Defined Benefit Child,
up to a maximum of 100% of the Defined Benefit Member's Retirement Benefit. 16.3.2
A Defined Benefit Spouse may elect (in the form prescribed by the Trustee) within 90 days of the death of the Defined Benefit Member to receive all or part of the death benefit payable to him or her as a lump sum calculated by reference to the Member's Lump Sum Benefit under this Rule instead of an Indexed Pension under Rule 16.3.1.
16.3.3
16.3.4
Where a Defined Benefit Spouse makes an election under Rule 16.3.2 to receive part of the death benefit payable to him or her as a lump sum, the Trustee will: (a)
pay the benefit in accordance with the election of the Defined Benefit Spouse; and
(b)
make an adjustment to the Indexed Pension payable to the Defined Benefit Spouse to reflect the part of the benefit payable as a lump sum.
Where a Defined Benefit Spouse makes an election under Rule 16.3.2 to receive the whole of the death benefit payable to him or her as a lump sum: (a)
the Trustee will pay the benefit in accordance with the election; and Page 85
RBA Officers' Superannuation Fund Trust Deed (b) 16.4
no other benefits will be payable to, or in relation to, that Defined Benefit Spouse.
Death Benefit for Defined Benefit Children of Defined Benefit Member who dies without any Defined Benefit Spouse
16.4.1
16.4.2
Subject to Rule 16.4.4, the death benefit payable to, or in relation to, each Defined Benefit Child is an Indexed Pension equal to a percentage of the Member's Pension depending on the total number of Defined Benefit Children of the Defined Benefit Member as at the date of death as listed below: (a)
in the case where there is 1 Defined Benefit Child – 45%;
(b)
in the case where there are 2 Defined Benefit Children – 80%;
(c)
in the case where there are 3 Defined Benefit Children – 90%
(d)
in the case where there are 4 or more Defined Benefit Children – 100%.
An election (in the form prescribed by the Trustee) may be made within 90 days of the death of the Defined Benefit Member by: (a)
any Defined Benefit Child who has attained age 18 or, if clause 16.15 applies in relation to the Defined Benefit Child, the guardian or other person within the meaning of clause 16.15.2(c) applicable to that Defined Benefit Child; or
(b)
the guardian of, or other person within the meaning of clause 16.15.2(c) in relation to, any Defined Benefit Child who has not attained age 18 determined by the Trustee,
to receive all or part of the death benefit payable to, or in relation to, that Defined Benefit Child as a lump sum calculated by reference to the Member's Lump Sum Benefit under this Rule instead of the Indexed Pension payable under Rule 16.4.1. 16.4.3
Where an election is made by, or on behalf of, a Defined Benefit Child under Rule 16.4.2 to receive part of the death benefit payable to, or in relation to, him or her as a lump sum, the Trustee will:
16.4.4
(a)
pay the benefit in accordance with the election; and
(b)
make an adjustment to the Indexed Pension payable to, or in relation to, that Defined Benefit Child to reflect the part of the benefit payable as a lump sum.
Where an election is made by, or on behalf of, a Defined Benefit Child under Rule 16.4.2 to receive the whole of the death benefit payable to, or in relation to, him or her as a lump sum, the Trustee will:
16.4.5
(a)
pay the benefit in accordance with the election; and
(b)
no other benefits will be payable to, or in relation to, that Defined Benefit Child.
Where there is more than one Defined Benefit Child the death benefit payable to, or in relation to, the Defined Benefit Children collectively under this Rule will be divided between them equally unless the Trustee determines otherwise having regard to the circumstances of each Defined Benefit Child and such other matters as the Trustee thinks fit.
16.4.6
Without limiting the Trustee's powers under clause 16.15, where a death benefit is payable in relation to a Defined Benefit Child who has not attained age 18 the Trustee may pay or apply that benefit for and on behalf of the Defined Benefit Child as the Trustee thinks fit including by
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RBA Officers' Superannuation Fund Trust Deed payment to the guardian of, or other person within the meaning of clause 16.15.2(c) in relation to, that Defined Benefit Child or otherwise deal with that benefit in accordance with clause 16.15. 16.4.7
The maximum total benefits payable in relation to a deceased Defined Benefit Member under this Rule is 100% of the Defined Benefit Member's Retirement Benefit.
16.5
Death Benefit where Defined Benefit Member dies without any Defined Benefit Spouse or Defined Benefit Child The death benefit payable for the purposes of Rule 16.1.1(c): (a)
is a lump sum benefit of an amount equal to the Retirement Benefit which would have been payable: (i)
in the case of a deceased Defined Benefit Member who was not a Preserved Defined Benefit Member as at the date of death - to the deceased Defined Benefit Member if he or she had not died but instead had become an Invalid Member; or
(ii)
in the case of a deceased Preserved Defined Benefit Member – to the deceased Preserved Defined Benefit Member if he or she had not died but instead had become an Invalid Resigned Member; and
(b)
will be paid to: (i)
the Legal Personal Representative of the deceased Defined Benefit Member; or
(ii)
if the Trustee has not found a Legal Personal Representative after making reasonable enquiries – to any other person to whom the benefit may be paid under Superannuation Law but only on terms and conditions applicable under Superannuation Law.
16.6
Payment of death benefit Indexed Pensions Where a Defined Benefit Spouse or Defined Benefit Child of a deceased Defined Benefit Member becomes entitled to an Indexed Pension under this Rule: (a)
the Defined Benefit Spouse or Defined Benefit Child will become a Pensioner on and from the Pension Commencement Date in relation to the Indexed Pension; and
(b)
the Indexed Pension will be payable under, and otherwise governed by, Benefit Schedule 3 on and from the Pension Commencement Date.
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RBA Officers' Superannuation Fund Trust Deed
Benefit Schedule 2 Appendix 1 – Part-Time Employment (Rule 11.3) For the purposes of Rule 11.3, the provisions set out in this Appendix apply to, and in relation to, a Part-Time Affected Defined Benefit Member in relation to each period of employment where the basis of employment is altered (other than temporarily) from: (a)
a full-time basis to a part-time basis;
(b)
a part-time basis to a full-time basis; or
(c)
one part-time basis to another part-time basis.
1.
Definitions
1.1
In this Benefit Schedule, unless the contrary intention appears: Average Time-Weighted Employment Ratio in relation to a Part-Time Affected Defined Benefit Member, means the average calculated in accordance with the following formula:
TER D
Where: 'TER' is the total of each X where X is to be calculated in relation to each period of employment by the Part-Time Affected Defined Benefit Member in accordance with the following formula: X = ER x DPTE, where: ER relates to a period of the Part-Time Affected Defined Benefit Member's employment and is the Employment Ratio for that period of employment. DPTE relates to the same period of employment as the corresponding ER and is the number of days in that period of employment. 'D' is the total number of days the Part-Time Affected Defined Benefit Member is a Defined Benefit Member, and for the avoidance of doubt, the total number of days is to be reduced by any period of absence to which Rule 11.4.1(b) applies. Employment Ratio means: (a)
in relation to a period of Part-Time Employment by a Part-Time Affected Defined Benefit Member - means the ratio of ordinary time hours worked by the Part-Time Affected Defined Benefit Member in that period of Part Time Employment to the ordinary time hours which would have been worked by the Part-Time Affected Defined Benefit Member if he or she had been employed full-time in the same period; and
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RBA Officers' Superannuation Fund Trust Deed (b)
in relation to a period of full-time employment by a Part-Time Affected Defined Benefit Member – means an employment ratio of 1.
Equivalent Full-Time Salary in relation to any period during which the Part-Time Affected Defined Benefit Member is in Part-Time Employment, means the annual rate of the Part-Time Affected Defined Benefit Member's part-time salary paid during the period of Part-Time Employment or, if his or her final contribution to the Fund was calculated by reference to a higher part-time salary, that higher part-time salary divided by the Employment Ratio applicable to the Part-Time Affected Defined Benefit Member at the time of the higher contribution. Final Salary in relation to a Part-Time Affected Defined Benefit Member who was or is in PartTime Employment at the relevant calculation date, means the annual rate of the Part-Time Affected Defined Benefit Member's Equivalent Full-Time Salary. Part-Time Employment in relation to a Part-Time Affected Defined Benefit Member, means a period of employment of the Part-Time Affected Defined Benefit Member for a lesser number of hours than would have been worked by him or her if he or she had been employed full-time in the same period. Rule means a Rule of this Appendix. 1.2
Where: (a)
a Part-Time Affected Defined Benefit Member's employment basis changes throughout employment - the Employment Ratio will be calculated separately for each period of PartTime Employment; and
(b)
2.
a Part-Time Affected Defined Benefit Member's hours of Part-Time Employment change throughout employment - the Trustee must keep a record of the number of days to which each Employment Ratio relates.
Adjustment for Part-Time Employment For the purposes of calculating any benefit in relation to a Part-Time Affected Defined Benefit Member, each period of Part-Time Employment which forms part of Assumed Membership will be multiplied by the Employment Ratio for that period and, where applicable, Rule 3, 4, 5 or 6 apply.
3.
Deceased Part-Time Affected Defined Benefit Member's Benefit For the purposes of calculating a benefit in relation to a deceased Part-Time Affected Defined Benefit Member who was in Part-Time Employment during any period of Assumed Service, the period of Assumed Membership from the date of death to the Normal Retirement Age will be multiplied by the Average Time-Weighted Employment Ratio of the Part-Time Affected Defined Benefit Member over the period of membership of the Fund as a Defined Benefit Member or as a member of the Fund in Category M or Category X before the Revision Date to the date of his or her death.
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RBA Officers' Superannuation Fund Trust Deed 4.
Invalid Member's Benefit For the purposes of calculating a benefit in relation to an Invalid Member who was a Part-Time Affected Defined Benefit Member during any period of Assumed Service, the period of Assumed Membership from his or her last day as an Employee to the Normal Retirement Age will be multiplied by the Average Time-Weighted Employment Ratio of the Invalid Member over the period of membership of the Fund as a Defined Benefit Member or as a member of the Fund in Category M or Category X before the Revision Date to his or her last day as an Employee.
5.
Resignation Benefit For the purposes of calculating a Resignation Benefit under Rule 14 in relation to a Defined Benefit Member who was a Part-Time Affected Defined Benefit Member during any period of Assumed Service, the period of Assumed Membership from the date of his or her last day as an Employee to age 55 will be multiplied by the Average Time-Weighted Employment Ratio of the Part-Time Affected Defined Benefit Member over the period of membership of the Fund as a Defined Benefit Member or as a member of the Fund in Category M or Category X before the Revision Date to his or her last day as an Employee.
6.
Resigned Member's and Invalid Resigned Member's Benefit For the purposes of calculating a benefit in relation to a Resigned Member or an Invalid Resigned Member who was a Part-Time Affected Defined Benefit Member during any period of Assumed Service, the period of Assumed Membership from his or her last day as an Employee to age 55 will be multiplied by the Average Time-Weighted Employment Ratio of the Resigned Member or Invalid Resigned Member over the period of membership of the Fund as a Defined Benefit Member or as a member of the Fund in Category M or Category X before the Revision Date to his or her last day as an Employee.
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RBA Officers' Superannuation Fund Trust Deed
Benefit Schedule 2 Appendix 2 – Benefit Accrual Factors (Rule 12.2.1(a))
For the purposes of Rule 12.2.1(a): (a)
Assumed Membership is measured in days; and
(b)
the daily accrual factors for the calculation of benefits are derived from the annual accrual factors set out in the following Table: Assumed Membership
Assumed Membership from
Assumed Membership from
before 18 September 1990
18 September 1990 and before 3 September 2002
3 September 2002
Indexed
Lump Sum
Indexed
Lump Sum
Indexed
Lump Sum
Pension
Pension
Pension
(percentage per annum of
(percentage per annum of
(percentage per annum of
Indexed Final Salary)
Indexed Final Salary)
Indexed Final Salary)
Up to 20 years
2.0
20.0
1.7
17
1.7
17
Over 20 years and up to
1.0
10.0
0.85
8.5
0.85
8.5
0.25
2.5
0.2125
2.125
0.85
8.5
30 years Over 30 years
Percentages for the lump sum benefit are 10 times the Indexed Pension percentages.
Page 91
RBA Officers' Superannuation Fund Trust Deed
Benefit Schedule 2 Appendix 3 – Indexed Pension Percentage Factors (Rule 12.2.1(b))
For the purposes of Rule 12.2.1(b), the percentage is 85% increased by 1% multiplied by the period in years (including a part year as a fraction based on days) by which the Defined Benefit Member’s age exceeds age 55 up to a maximum increase of 5%, and further increased by 2% multiplied by the period in years (including a part year as a fraction based on days) by which the Defined Benefit Member’s age exceeds the Normal Retirement Age. The percentage so determined is subject to: (a)
a maximum of 100% in relation to a Defined Benefit Member aged 65 years or more on becoming a Pensioner;
(b)
a minimum of 90% in relation to an Invalid Member regardless of the Invalid Member’s age on becoming a Pensioner; and
(c)
a minimum of 85% in relation to an Invalid Resigned Member regardless of the Invalid Resigned Member’s age on becoming a Pensioner.
The Table below shows the percentages applicable at exact ages between 55 and 65 for a Defined Benefit Member who is not an Invalid Member.
Defined Benefit Member's Age in Years on becoming a Pensioner
Percentage Factor to be used for calculating Indexed Pension
65
100
64
98
63
96
62
94
61
92
60
90
59
89
58
88
57
87
56
86
55
85
Page 92
RBA Officers' Superannuation Fund Trust Deed
Benefit Schedule 2 Appendix 4 – Resignation Benefit (Rule 14)
Difference in Years between Defined Benefit Member's Age on receiving Lump Sum
Approximate Proportion (%) of Resignation Benefit payable after application of Discount
Resignation Benefit and attaining Age 55
Factor
35 34 33 32 31
59.39 60.28 61.18 62.10 63.03
30 29 28 27 26
63.98 64.94 65.91 66.90 67.90
25 24 23 22 21
68.92 69.95 71.00 72.07 73.15
20 19 18 17 16
74.25 75.36 76.49 77.64 78.80
15 14 13 12 11
79.99 81.18 82.40 83.64 84.89
10 9 8 7 6
86.17 87.46 88.77 90.10 91.45
5 4 3 2 1
92.83 94.22 95.63 97.07 98.52
Page 93
RBA Officers' Superannuation Fund Trust Deed
Benefit Schedule 3 Pensioners
1.
Application This Benefit Schedule applies to, and in relation to, each Pensioner.
2.
Definitions In this Benefit Schedule, unless the contrary intention appears: Appendix means an Appendix to this Benefit Schedule. Defined Benefit Child in relation to a deceased Member: (a)
unless paragraph (b) applies – has the meaning given to it in clause 2.1; or
(b)
in the case where the Member was a pensioner of the Fund on 18 September 1990 under this Deed as in force on 18 September 1990 and for the purposes of Rule 6 and provisions of this Deed relevant to the application of Rule 6 – means a SIS Child of the Member but not including: (i)
a child or step-child of a Relationship entered into by the Member when the Member was a pensioner of the Fund who had attained the Normal Retirement Age;
(ii)
a person who became a legally adopted child of the Member when the Member was a pensioner of the Fund who had attained the Normal Retirement Age;
(iii)
a person who, in the opinion of the Trustee, was not dependent on the Member at the time of the Member's death;
(iv)
a person who has attained 18 years and is not receiving full-time education at a school, college, university or other recognised tertiary institution; or
(v)
a person who has attained 25 years.
Index means the Male Total Average Weekly Earnings figure as first officially published by the Australian Bureau of Statistics or any other index nominated by the Trustee, subject to the following: (a)
in relation to any application of this definition after the date that a back-cast or recast revision to the index takes effect - regard will be had only to the movement in the index by reference to the back-cast or recast figure referable to the same date as the date by reference to which the last indexation adjustment was made; and
(b)
in relation to any application of this definition after the date that an adjustment to a previously published figure takes effect (and the index itself is not back-cast or
Page 94
RBA Officers' Superannuation Fund Trust Deed recast) - regard will be had only to the movement in the index based on the first published figure for the relevant period and the first published figure for the following period. Indexation Date means: (a)
20 March 2012;
(b)
each subsequent 20 September and 20 March; and
(c)
any other date nominated by the Trustee.
Pension Commencement Date in relation to a Pensioner, means: (a)
in the case of a Revision Date Pensioner – the date on which the Pension commenced before the Revision Date;
(b)
in the case of a Retiring Defined Benefit Member, Defined Benefit Spouse or Defined Benefit Child who becomes entitled to a Pension under Benefit Schedule 2 – the Pension Commencement Date applicable to the Pensioner within the meaning of Rule 2 of Benefit Schedule 2;
(c)
in the case of a Defined Benefit Spouse of a deceased Retiring Defined Benefit Pensioner entitled to a Pension under Rule 6: (i)
except to the extent paragraph (ii) of this paragraph (c) applies - the day after the date of death of the Retiring Defined Benefit Pensioner; or
(ii)
in relation to the part of the Pension (if any) that is payable for, and in relation to, a Defined Benefit Child who is conceived but unborn as at the date of the Retiring Defined Benefit Pensioner's death due to the application of Rule 4.2 – the date determined by the Trustee in relation to that part; or
(d)
in the case of a Defined Benefit Child of a deceased Retiring Defined Benefit Pensioner entitled to a Pension under: (i)
Rule 6 – the day after the date of death of the Retiring Defined Benefit Pensioner; or
(ii)
Rule 4.1.6 – the day after the date of death of the Defined Benefit Spouse referred to in Rule 4.1.6.
Pensioner means: (a)
a Revision Date Pensioner, and the Member is a Pensioner under this Benefit Schedule on and from the Revision Date; and
(b)
a Retiring Defined Benefit Member, or Defined Benefit Spouse or Defined Benefit Child of a deceased Defined Benefit Member or deceased Retiring Defined Benefit Pensioner, who has become entitled on or after the Revision Date, and who has not ceased to be entitled, to receive a Pension under this Deed including, to avoid doubt, a person who has become entitled to a Pension under Rule 12, 13 or 16 of Benefit Schedule 2 or Rule 4.1.6 or 6 of this Benefit Schedule.
Page 95
RBA Officers' Superannuation Fund Trust Deed Retiring Defined Benefit Pensioner means a Pensioner who: (a)
in the case of a Revision Date Pensioner – was a member of the Fund in 'Category M' or 'Category X' immediately before becoming a pensioner under this Deed as in force at the time of becoming a pensioner; or
(b)
in any other case - was a Retiring Defined Benefit Member immediately before becoming a Pensioner.
Revision Date Pensioner means a person who was a pensioner of the Fund immediately before the Revision Date under the Pre-Revision Date Rules, and the Member is a Pensioner under this Benefit Schedule on and from the Revision Date. Rule means a Rule of this Benefit Schedule.
3.
Certain Pre-Revision Date Pensions in Payment
3.1
Pre-1 January 1987 Pensions
3.1.1
A pension payable to a Member which commenced before 1 January 1987: (a)
will be calculated under, and governed by, the 31 December 1986 Rules except that: (i)
the definition of 'price index number' in Rule 4 of the 31 December 1986 Rules is replaced with the following: 'price index number means the Index;';
(ii)
the definition of 'cost of living review period' in Rule 4 of the 31 December 1986 Rules is replaced with the following: 'cost of living review period means: (A)
in relation to the year ending on 19 March 2013 - the period commencing on 20 March 2012 and ending on 19 September 2012 and the period commencing on 20 September 2012 and ending on 19 March 2013; and
(B)
in relation to each subsequent year ending on 19 March – the period commencing on 20 March of the previous year and ending on 19 September of the previous year and the period commencing on 20 September of the previous year and ending on 19 March of the year;'; and
(iii)
the definition of 'pension review period' in Rule 4 of the 31 December 1986 Rules is replaced with the following: 'pension review period means the period determined by the Trustee;'; and
(b)
the provisions applicable to Pensions in this Deed will not apply to the extent inconsistent with the provisions referred to in paragraph (a).
3.1.2
In this Rule, 31 December 1986 Rules means the provisions of this Deed as in force immediately before 1 January 1987.
Page 96
RBA Officers' Superannuation Fund Trust Deed 3.2
Pensions which commenced between 1 January 1987 and 17 September 1990
3.2.1
A pension payable to a Member which commenced after 31 December 1986 and before 18 September 1990: (a)
will be calculated under, and governed by, the 17 September 1990 Rules except that the pension will be indexed under Rule 5 and not the provisions of the 17 September 1990 Rules; and
(b)
the provisions applicable to Pensions in this Deed will not apply to the extent inconsistent with the provisions referred to in paragraph (a).
3.2.2
In this Rule, 17 September 1990 Rules means the provisions of this Deed as in force immediately before 18 September 1990.
4.
Pension Payments Generally
4.1
Duration of Pensions
4.1.1
Subject to this Deed: (a)
an indexed pension, and any additional pension, payable to a Revision Date Pensioner immediately before the Revision Date will continue to be paid as, and subject to the provisions of this Deed in relation to, an Indexed Pension or Additional Pension (as the case may be); and
(b)
4.1.2
a Pension payable to a Pensioner under this Deed commences on the Pension Commencement Date and will be paid during the life of the Pensioner.
Where a Retiring Defined Benefit Pensioner who became entitled to a Pension by reason of being an Invalid Member is re-employed by an Employer:
4.1.3
(a)
the Pension will cease on and from the date of re-employment;
(b)
Rule 7 will not apply in relation to the Indexed Pension.
Subject to clause 16.6, where a Retiring Defined Benefit Pensioner who became entitled to a Pension by reason of being an Invalid Member: (a)
is requested to return to employment, and fails to return on the date specified, by the Employer; and
(b)
has ceased to suffer Ill-Health Retirement in the opinion of the Trustee,
then: (c)
the Pension will cease on and from the date determined by the Trustee;
(d)
Rule 7 will not apply in relation to the Indexed Pension;
(e)
subject to paragraph (d), the Trustee will determine whether, and (if applicable) the circumstances in which and terms and conditions on which, any further benefits will be payable to the Retiring Defined Benefit Pensioner having regard to the amount of the Pension paid to date and any other matters the Trustee thinks fit.
Page 97
RBA Officers' Superannuation Fund Trust Deed 4.1.4
Subject to clause 16.6, where in the opinion of the Trustee a Retiring Defined Benefit Pensioner who became entitled to a Pension by reason of being an Invalid Resigned Member has ceased to suffer Invalidity: (a)
the Pension will cease on and from the date determined by the Trustee;
(b)
Rule 7 will not apply in relation to the Indexed Pension;
(c)
subject to paragraph (b), the Trustee will determine whether, and (if applicable) the circumstances in which and terms and conditions on which, any further benefits will be payable to the Retiring Defined Benefit Pensioner having regard to the amount of the Pension paid to date and any other matters the Trustee thinks fit.
4.1.5
The Pension, or part (if any) of a Pension (as applicable), payable to: (a)
a Defined Benefit Child; or
(b)
a Defined Benefit Spouse, or a guardian or other person within the meaning of clause 16.15.2(c), for, and in relation to, a Defined Benefit Child,
will cease on and from the earlier of the date the Defined Benefit Child ceases to be a Defined Benefit Child and the date of death of the Defined Benefit Child. 4.1.6
Where a Pension is payable to a Defined Benefit Spouse in part under Rule 16.3.1(b)(ii) and (if applicable) Rule 13 of Benefit Schedule 2, or Rule 6.3(b)(i)(B) and (if applicable) Rule 6.3(b)(ii)(B), in relation to one or more Defined Benefit Children and the Defined Benefit Spouse predeceases them the following will apply: (a)
the part of the Pension payable to the Defined Benefit Spouse in relation to the Defined Benefit Child or Defined Benefit Children (as applicable) will cease on the date of death of the Defined Benefit Spouse; and
(b)
on and from the day after the date of death of the Defined Benefit Spouse a Pension will be paid to the surviving Defined Benefit Child or Defined Benefit Children (as applicable), or a guardian or other person within the meaning of clause 16.15.2(c) in relation to the relevant Defined Benefit Child or Defined Benefit Children (as applicable): (i)
in the case where the entitlement of the Defined Benefit Spouse arose under Benefit Schedule 2 – a Pension will be payable for the surviving Defined Benefit Child or Defined Benefit Children from the day after the date of death of the Defined Benefit Spouse on the same basis as applies under Rule 16.4 (other than Rules 16.4.2, 16.4.3 and 16.4.4) and (if applicable) Rule 13 of Benefit Schedule 2 but based on the number of Defined Benefit Children who survive the death of the Defined Benefit Spouse and subject to adjustment for indexation on the same basis as applies under Rule 5 of Benefit Schedule 3 for the period between the date of death of the relevant Defined Benefit Member and the date of death of the Defined Benefit Spouse; or
(ii)
in the case where the entitlement of the Defined Benefit Spouse arose under this Benefit Schedule – a Pension will be payable for the surviving Defined Benefit Child or Defined Benefit Children from the day after the date of death of the Defined Benefit Spouse on the same basis as applies under Rule 6.4 but based on the number of Defined Benefit Children who survive the death of the Defined Page 98
RBA Officers' Superannuation Fund Trust Deed Benefit Spouse and subject to adjustment for indexation on the same basis as applies under Rule 5 of Benefit Schedule 3 for the period between the date of death of the relevant Retiring Defined Benefit Pensioner and the date of death of the Defined Benefit Spouse, until that part of the Pension ceases in accordance with the provisions of this Deed. 4.2
Pension variations for Defined Benefit Children born after death
4.2.1
This Rule applies where a Defined Benefit Child is conceived but unborn as at the date of the death of the relevant Pensioner in relation to that Defined Benefit Child despite any provision of this Deed to the contrary.
4.2.2
Upon the birth of the Defined Benefit Child and a claim being submitted to, and accepted by, the Trustee by, or on behalf of, the Defined Benefit Spouse in relation to that Defined Benefit Child (as determined under clause 16.13(c)), or a guardian or other person within the meaning of clause 16.15.2(c) in relation to the Defined Benefit Child (as applicable): (a)
the Pension payable to the Defined Benefit Spouse, guardian or other person will be increased to take account of the birth so that the total Pension payable after the increase is the same amount as would have been payable to the Defined Benefit Spouse, guardian or other person immediately after the death if the Defined Benefit Child had been born as at the date of death unless Rule 16.1.3 of Benefit Schedule 2 applies to the Pension; and
(b)
the calculations of the lump sums required by Rule 7 must be adjusted by the Trustee to take account of any increase in the total Pension payable to the Defined Benefit Spouse, guardian or other person due to the application of paragraph 4.2.2(a) of this Rule or Rule 16.1.3 of Benefit Schedule 2.
4.3
Payment date A Pension will be payable to the Pensioner in fortnightly instalments in the manner determined by the Bank and notified to the Trustee.
4.4
Family Law Act superannuation splitting benefit reductions
4.4.1
Subject to Rule 4.4.2, where clause 16.16 applies in relation to a Pensioner the amount of the annual Pension to be commuted for the purposes of clause 16.16.11(c) is equal to: (a)
the amount paid to the Non-Member Spouse of the Pensioner under clause 16.16, divided by:
(b)
the commutation factor the Trustee determines to be applicable to the Pensioner having regard to the advice of the Actuary.
4.4.2
If a Pensioner's Superannuation Interest is to be reduced to nil under clause 16.16.3, then that clause will apply instead of Rule 4.4.1.
5.
Indexation of Indexed Pensions
5.1
Application Each Indexed Pension payable to a Pensioner under this Deed will be indexed under this Rule. Page 99
RBA Officers' Superannuation Fund Trust Deed 5.2
Indexation methodology
5.2.1
Subject to Rule 5.2.2 and 5.2.3, the amount of an Indexed Pension payable to, or in relation to, a Pensioner on the day before any Indexation Date will be increased on the Indexation Date by the percentage (if any) by which the Index for the previous half year exceeds the Index for the last indexation half year.
5.2.2
Where at any Indexation Date the Index for the previous half year is less than the Index for the last indexation half year (nil indexation date): (a)
the Indexed Pension amount payable will not be indexed and changed as at that Indexation Date but instead will be subject to indexation under paragraph (b);
(b)
where this paragraph applies, at each Indexation Date after the nil indexation date (subsequent indexation date) the percentage increase in Indexed Pension payments will be calculated by comparing the Index at the previous half year for the subsequent indexation date to the Index for the last indexation half year at the nil indexation date until the result is a positive percentage. Such a positive percentage will be applied to the Indexed Pension from that subsequent indexation date, and from then on indexation will be determined as described in Rule 5.2.1 until any later nil indexation date occurs, in which case this Rule will again apply.
5.2.3
At the first Indexation Date after an Indexed Pension commences the percentage increase applied to that Indexed Pension at that first Indexation Date will be multiplied by the ratio of the number of days since the Indexed Pension commenced to the number of days since the preceding Indexation Date. In the case of an Indexed Pension payable to another person after the death of a Pensioner, the date the Indexed Pension commenced for the purposes of this Rule is the Pension Commencement Date of the Indexed Pension paid to the deceased Pensioner.
5.2.4
For the purposes of this Rule: (a)
the previous half year means: (i)
in relation to a 20 March Indexation Date - the November half year of the previous calendar year;
(ii)
in relation to a 20 September Indexation Date - the May half year in the same calendar year; or
(iii)
in relation to any other Indexation Date nominated by the Trustee for the purposes of paragraph (c) of the definition of Indexation Date in Rule 2 - the completed half year immediately preceding that Indexation Date; and
(b)
the last indexation half year in relation to an Indexation Date, means the previous half year at the preceding Indexation Date.
5.3
Application of indexation to fortnightly Indexed Pension payments An increase applicable to an Indexed Pension payment on an Indexation Date under this Rule will apply from the beginning of the fortnightly instalment period which includes that Indexation Date.
Page 100
RBA Officers' Superannuation Fund Trust Deed 6.
Death Benefit of Retiring Defined Benefit Pensioner
6.1
Application of this Rule
6.1.1
On the death of a Retiring Defined Benefit Pensioner, the Trustee must pay or apply a death benefit from the Fund as follows: (a)
in the case where the Retiring Defined Benefit Pensioner has a Defined Benefit Spouse as at the date of death – to, or in relation to, the Defined Benefit Spouse under Rule 6.3; or
(b)
in the case where the Trustee has not found a Defined Benefit Spouse of the Retiring Defined Benefit Pensioner for the purposes of paragraph (a) after making reasonable enquiries and the Retiring Defined Benefit Pensioner has a Defined Benefit Child or Defined Benefit Children as at the date of death – to, or in relation to, the Defined Benefit Child or Defined Benefit Children under Rule 6.4.
6.1.2
To avoid doubt, in the case where the Trustee has not found any Defined Benefit Spouse or Defined Benefit Child of a Retiring Defined Benefit Pensioner for the purposes of Rule 6.1.1 no further benefits will be payable to any person in relation to the deceased Retiring Defined Benefit Pensioner except any benefit payable under Rule 7.5.
6.1.3
This Rule is subject to this Deed including Rules 7 and 8.
6.2
Rule 6 definitions In this Rule, subject to this Deed: (a)
Member's Indexed Pension in relation to the calculation of Indexed Pension benefits in relation to a deceased Retiring Defined Benefit Pensioner, means the Indexed Pension which would have been payable to the Retiring Defined Benefit Pensioner if he or she had not died but instead had continued to be a Retiring Defined Benefit Pensioner;
(b)
Member's Additional Pension in relation to the calculation of Additional Pension benefits (if applicable) in relation to a deceased Retiring Defined Benefit Pensioner, means the Additional Pension (if any) which would have been payable to the Retiring Defined Benefit Pensioner if he or she had not died but instead had continued to be a Retiring Defined Benefit Pensioner; and
(c)
Retirement Benefit: (i)
in the case of a Retiring Defined Benefit Pensioner who is a Revision Date Pensioner – means the retirement benefit of the Retiring Defined Benefit Member under the Deed as in force at the time he or she became a pensioner of the Fund; or
(ii)
6.3
in the case of any other Retiring Defined Benefit Pensioner – has the meaning given to it in Rule 2 of Benefit Schedule 2.
Death benefit for Defined Benefit Spouse of Retiring Defined Benefit Pensioner Subject to Rule 8.1, the benefit payable to the Defined Benefit Spouse is: (a)
in the case where the Trustee has not found any Defined Benefit Child or Defined Benefit Children of the Retiring Defined Benefit Pensioner as at the date of death: (i)
an Indexed Pension equal to 67% of the Member's Indexed Pension; and Page 101
RBA Officers' Superannuation Fund Trust Deed (ii)
(b)
(if applicable) an Additional Pension equal to 67% of the Member's Additional Pension; or
in the case where the Retiring Defined Benefit Pensioner has a Defined Benefit Child or Defined Benefit Children as at the date of death: (i)
an Indexed Pension equal to the total of: (A)
67% of the Member's Indexed Pension; and
(B)
11% of the Member's Indexed Pension in relation to each Defined Benefit Child,
up to a maximum of 100% of the Retiring Defined Benefit Pensioner's Retirement Benefit; and (ii)
an Additional Pension equal to the total of: (A)
67% of the Member's Additional Pension; and
(B)
11% of the Member's Additional Pension in relation to each Defined Benefit Child,
up to a maximum of 100% of the Member's Additional Pension. 6.4
Death Benefit for Defined Benefit Children of Retiring Defined Benefit Pensioner who dies without any Defined Benefit Spouse
6.4.1
The benefit payable to, or in relation to, each Defined Benefit Child is: (a)
an Indexed Pension equal to a percentage of the Member's Indexed Pension; and
(b)
(if applicable) an Additional Pension equal to a percentage of the Member's Additional Pension,
depending on the total number of Defined Benefit Children of the Retiring Defined Benefit Pensioner as at the date of death as listed below:
6.4.2
(c)
in the case where there is 1 Defined Benefit Child – 45%;
(d)
in the case where there are 2 Defined Benefit Children – 80%;
(e)
in the case where there are 3 Defined Benefit Children – 90%
(f)
in the case where there are 4 or more Defined Benefit Children – 100%.
Where there is more than one Defined Benefit Child, the relevant percentage of the Member's Indexed Pension and (if applicable) the Member's Additional Pension payable to, or in relation to, the Defined Benefit Children collectively will be divided between them equally unless the Trustee determines otherwise having regard to the circumstances of each Defined Benefit Child and such other matters as the Trustee thinks fit.
6.4.3
Without limiting the Trustee's powers under clause 16.15, where an Indexed Pension and (if applicable) an Additional Pension is payable in relation to a Defined Benefit Child who has not attained age 18 the Trustee may pay or apply that benefit or those benefits (as applicable) for and on behalf of that Defined Benefit Child as the Trustee thinks fit including by payment to the guardian of, or other person within the meaning of clause 16.15.2(c) in relation to, that Defined Benefit Child or otherwise deal with that benefit or those benefits in accordance with clause 16.15. Page 102
RBA Officers' Superannuation Fund Trust Deed 6.4.4
The maximum total: (a)
Indexed Pension benefits payable in relation to a deceased Retiring Defined Benefit Pensioner under this Rule is 100% of the Retiring Defined Benefit Pensioner's Retirement Benefit; and
(b)
Additional Pension benefits payable in relation to a deceased Retiring Defined Benefit Pensioner under this Rule is 100% of the Member's Additional Pension.
6.5
Deceased Retiring Defined Benefit Pensioners with unclaimed Retirement Benefit
6.5.1
This Rule applies where a deceased Retiring Defined Benefit Pensioner became a Retiring Defined Benefit Pensioner under Rule 12.3.3 of Benefit Schedule 2.
6.5.2
An election (in the form prescribed by the Trustee) may be made within 90 days of the death of the Retiring Defined Benefit Pensioner by: (a)
in the case where Rule 6.3 applies – a Defined Benefit Spouse of the deceased Retiring Defined Benefit Pensioner; or
(b)
in the case where Rule 6.4 applies: (i)
a Defined Benefit Child of the deceased Retiring Defined Benefit Pensioner who has attained age 18 or, if clause 16.15 applies in relation to the Defined Benefit Child, the guardian or other person within the meaning of clause 16.15.2(c) in relation to that Defined Benefit Child; or
(ii)
the guardian of, or other person within the meaning of clause 16.15.2(c) in relation to, a Defined Benefit Child of the deceased Retiring Defined Benefit Pensioner who has not attained age 18 determined by the Trustee,
to receive all or part of the death benefit payable to, or in relation to, that Defined Benefit Spouse or Defined Benefit Child (as applicable) as a lump sum under this Rule instead of the Indexed Pension payable under Rule 6.3 or 6.4 (as applicable). For this purpose, the lump sum will be calculated by reference to the lump sum benefit which would have been payable to the deceased Retiring Defined Benefit Pensioner if he or she had not died but instead had elected to receive the Retirement Benefit as a lump sum as at the date of death. 6.5.3
Where an election is made by, or on behalf of, a Defined Benefit Spouse or Defined Benefit Child (as applicable) under Rule 6.5.2 to receive part of the death benefit payable to him or her as a lump sum, the Trustee will: (a)
pay the benefit in accordance with the election; and
(b)
make an adjustment to the Indexed Pension payable to, or in relation to, the Defined Benefit Spouse or Defined Benefit Child to reflect the part of the benefit payable as a lump sum.
6.5.4
Where an election is made by, or on behalf of, a Defined Benefit Spouse or Defined Benefit Child (as applicable) under Rule 6.5.2 to receive the whole of the death benefit payable to him or her as a lump sum, the Trustee will: (a)
pay the benefit in accordance with the election; and
Page 103
RBA Officers' Superannuation Fund Trust Deed (b)
no other benefits will be payable to, or in relation to, that Defined Benefit Spouse or Defined Benefit Child arising from the deceased Retiring Defined Benefit Pensioner's status as a Pensioner.
6.6
Payment of death benefit Indexed Pensions and Additional Pensions Where a Defined Benefit Spouse or Defined Benefit Child of a deceased Retiring Defined Benefit Pensioner becomes entitled to an Indexed Pension and (if applicable) an Additional Pension under this Rule: (a)
the Defined Benefit Spouse or Defined Benefit Child will become a Pensioner on and from the Pension Commencement Date in relation to the Indexed Pension and (if applicable) Additional Pension; and
(b)
the Indexed Pension and (if applicable) Additional Pension will be payable under, and otherwise governed by, this Benefit Schedule on and from the Pension Commencement Date.
7.
Pension Guarantee
7.1
Application
7.1.1
In this Rule: (a)
Deceased Defined Benefit Member means a deceased Defined Benefit Member who was an Employee or a Preserved Defined Benefit Member as at the date of death; and
(b)
Guarantee Period means the 10 years immediately following the Pension Commencement Date of an Indexed Pension payable to or in relation to: (i)
a Retiring Defined Benefit Pensioner; or
(ii)
a Defined Benefit Spouse and/or Defined Benefit Child of a deceased Defined Benefit Member.
7.1.2
This Rule does not apply where clause 16.6, Rule 4.1.2, Rule 4.1.3 or Rule 4.1.4 applies.
7.2
Calculation of additional lump sum benefit on cessation or reduction of Indexed Pension
7.2.1
Where an Indexed Pension payable to, or in relation to, a Pensioner ceases or reduces under this Deed within the Guarantee Period, a lump sum benefit equal to that part of the Indexed Pension which has ceased or been reduced will be payable in relation to the unexpired part of the Guarantee Period by the Trustee from the Fund under Rule 7.3, 7.4 or 7.5 (as applicable).
7.2.2
For the purposes of this Rule: (a)
where a Retiring Defined Benefit Pensioner dies and an Indexed Pension then becomes payable to the Defined Benefit Spouse under Rule 6.3 or one Defined Benefit Child under Rule 6.4.1(c) the Retiring Defined Benefit Pensioner's Indexed Pension will be deemed to be reduced and the lump sum benefit will be calculated by reference to the difference between the Retiring Defined Benefit Pensioner's Indexed Pension and the Indexed Pension payable under Rule 6.3 or 6.4.1(c) (as applicable); Page 104
RBA Officers' Superannuation Fund Trust Deed (b)
where a Retiring Defined Benefit Pensioner dies and an Indexed Pension then becomes payable to more than one Defined Benefit Child under Rule 6.4 the Retiring Defined Benefit Pensioner's Indexed Pension will be deemed to be reduced and the lump sum benefit will be calculated by reference to the difference between the Retiring Defined Benefit Pensioner's Indexed Pension and the total of the Indexed Pensions payable to the Defined Benefit Children under Rule 6.4;
(c)
subject to paragraph (d), where a Pensioner dies and an Indexed Pension does not become payable under Rule 6 on that death the Pensioner's Indexed Pension will be deemed to have ceased and the lump sum will be calculated by reference to the Pensioner's Indexed Pension;
(d)
where Rule 4.1.6 applies in relation to a deceased Defined Benefit Spouse, a lump sum will only be payable on the death of the Defined Benefit Spouse under this Rule 7 to the extent (if any) that the Indexed Pension payable to the Defined Benefit Spouse under Rule 16.3.1(b) of Benefit Schedule 2 or Rule 6.3(b)(i), exceeds the Indexed Pension or total Indexed Pensions (as applicable) payable to the Defined Benefit Child or Defined Benefit Children (as applicable), as at the date of death of the Defined Benefit Spouse; and
(e)
7.3
the unexpired part of the Guarantee Period will be calculated in completed years and pro rata for each day of an incomplete year.
Application of Pension Guarantee relating to Deceased Defined Benefit Member benefits
7.3.1
Where a Defined Benefit Spouse or Defined Benefit Child of a deceased Defined Benefit Member becomes entitled to an Indexed Pension under Rule 16 of Benefit Schedule 2, the Trustee will also pay or apply to, or in relation to, the Defined Benefit Spouse or Defined Benefit Child a lump sum benefit from the Fund equal to 10 times the difference (if any) between the amount of the Member's Pension within the meaning of Rule 16.2(a) of Benefit Schedule 2 and the amount of the Defined Benefit Spouse's and/or Defined Benefit Child's Indexed Pension assuming for this purpose that no election was made under Rule 16.3.2 or 16.4.2 of Benefit Schedule 2 (as the case may be).
7.3.2
Where a Defined Benefit Spouse or Defined Benefit Child of a deceased Defined Benefit Member: (a)
becomes entitled to an Indexed Pension under Rule 16 of Benefit Schedule 2 or became entitled to an indexed pension before the Revision Date under this Deed as in force at the time; and
(b)
the Defined Benefit Spouse or Defined Benefit Child dies, or the Defined Benefit Child becomes ineligible to continue receiving the Indexed Pension, within the Guarantee Period,
the lump sum benefit payable under Rule 7.2 will be paid to or in relation to: (c)
in the case of the death of the Defined Benefit Spouse or Defined Benefit Child: (i)
the Legal Personal Representative of the Defined Benefit Spouse or Defined Benefit Child; or
Page 105
RBA Officers' Superannuation Fund Trust Deed (ii)
if the Trustee has not found a Legal Personal Representative after making reasonable enquiries – to any other person to whom the benefit may be paid under Superannuation Law but only on terms and conditions applicable under Superannuation Law; or
(d)
7.4
in the case of ineligibility of the Defined Benefit Child: (i)
the Defined Benefit Spouse (if any) in relation to that Defined Benefit Child as determined under clause 16.13(c); or
(ii)
if paragraph (i) does not apply – the Defined Benefit Child.
Additional lump sum benefit for Defined Benefit Spouse Pensioner or Defined Benefit Child Pensioner of deceased Retiring Defined Benefit Pensioner
7.4.1
This Rule applies where a Retiring Defined Benefit Pensioner dies within the Guarantee Period and has a Defined Benefit Spouse or Defined Benefit Child or Defined Benefit Children as at the date of death.
7.4.2
Where this Rule applies, the lump sum benefit immediately payable in relation to the death of the Retiring Defined Benefit Pensioner under Rule 7.2, and any lump sum benefits which subsequently become payable on the subsequent application of Rule 7.2, will be paid to or in relation to: (a)
in the case of the death of the Retiring Defined Benefit Pensioner - the Defined Benefit Spouse or, if the Retiring Defined Benefit Pensioner does not have a Defined Benefit Spouse as at the date of death, the Defined Benefit Child or Defined Benefit Children; or
(b)
in the case of the subsequent death within the Guarantee Period of a Defined Benefit Spouse or Defined Benefit Child who is a Pensioner: (i)
the Legal Personal Representative of the deceased Defined Benefit Spouse or Defined Benefit Child; or
(ii)
if the Trustee has not found a Legal Personal Representative after making reasonable enquiries – any other person to whom the benefit may be paid under Superannuation Law but only on terms and conditions applicable under Superannuation Law.
7.5
Lump sum benefit for estate of deceased Retiring Defined Benefit Pensioner Where a Retiring Defined Benefit Pensioner dies within the Guarantee Period and the Trustee has not found any Defined Benefit Spouse or Defined Benefit Child of the Retiring Defined Benefit Pensioner after making reasonable enquiries, the lump sum benefit payable in relation to the death of the Retiring Defined Benefit Pensioner under Rule 7.2 will be payable to or in relation to: (a)
the Legal Personal Representative of the deceased Retiring Defined Benefit Pensioner; or
(b)
if the Trustee has not found a Legal Personal Representative after making reasonable enquiries – to any other person to whom the benefit may be paid under Superannuation Law but only on terms and conditions applicable under Superannuation Law.
Page 106
RBA Officers' Superannuation Fund Trust Deed 7.6
Allocation of additional lump sum benefits between Defined Benefit Children Where a lump sum benefit becomes payable under this Rule 7 in relation to more than one Defined Benefit Child, the lump sum benefit will be divided between the Defined Benefit Children equally unless the Trustee determines otherwise having regard to the circumstances of each Defined Benefit Child and such other matters as the Trustee thinks fit.
7.7
Payment of additional lump sum benefits Where a lump sum benefit becomes payable to, or in relation to, a Pensioner under this Rule the lump sum benefit will be paid by the Trustee to the Pensioner with the next Indexed Pension payment to the Pensioner or as otherwise determined by the Trustee.
8.
Post-Retirement Spousal Relationships of Retiring Defined Benefit Pensioners
8.1
Reduced Pension
8.1.1
In this Rule 8 and Appendix 1 and Appendix 2: (a)
Member's Pension in relation to a Retiring Defined Benefit Pensioner: (i)
in the case of Rule 8.1.2 – means the Retiring Defined Benefit Pensioner's Pension as at the date which is 3 years after the date of the Relationship Commencement; or
(ii) (b)
in the case of Rule 8.1.3 - has the meaning given to it in Rule 6.2(a) and 6.2(b);
Reduced Pension in relation to a Retiring Defined Benefit Pensioner, means the amount determined by multiplying the Retiring Defined Benefit Pensioner's Pension as at the date of the Relationship Commencement after becoming a Pensioner by the percentage specified in Appendix 1 for the applicable age difference between the Retiring Defined Benefit Pensioner and his or her Defined Benefit Spouse having regard to their respective ages; and
(c)
8.1.2
Relationship Commencement in relation to a deceased Retiring Defined Benefit Pensioner, means the date of the commencement of a Relationship with another person.
Subject to Rule 8.2 and 8.3, a Retiring Defined Benefit Pensioner who commences a Relationship with a Defined Benefit Spouse of a lesser age than the Retiring Defined Benefit Pensioner may elect, in the form prescribed by the Trustee and within 2 years after the date of the Relationship Commencement, to receive the Reduced Pension instead of the full Pension which would otherwise continue to be payable to the Retiring Defined Benefit Pensioner. Where a Retiring Defined Benefit Pensioner elects to receive the Reduced Pension under this Rule: (a)
the Retiring Defined Benefit Pensioner's Pension will be the Reduced Pension from the first Pension payment date which is 3 years after the date of the Relationship Commencement; and
(b)
the Pension payable to the Defined Benefit Spouse is determined and payable under Rule 6.
Page 107
RBA Officers' Superannuation Fund Trust Deed 8.1.3
Subject to Rule 8.2 and 8.3, where a Retiring Defined Benefit Pensioner who commences a Relationship with a Defined Benefit Spouse of a lesser age than the Retiring Defined Benefit Pensioner and does not make an election to receive the Reduced Pension under Rule 8.1.2, then the Pension payable to the Defined Benefit Spouse will be the amount determined by multiplying the Member's Pension by the percentage specified in Appendix 2 for the applicable age difference between the Retiring Defined Benefit Pensioner and their Defined Benefit Spouse having regard to their respective ages instead of the amount which would otherwise have been payable under Rule 6.3(a) or 6.3(b) (as applicable).
8.2
Certain pre-18 September 1990 Retiring Defined Benefit Pensioners Where a deceased Retiring Defined Benefit Pensioner who was a member of the Fund immediately before 18 September 1990 commenced a Relationship after Retirement but before attaining the Normal Retirement Age: (a)
Rule 8.1 will not apply to, or in relation to, the deceased Retiring Defined Benefit Pensioner; and
(b)
the Pension (if any) payable to the Defined Benefit Spouse of the deceased Retiring Defined Benefit Pensioner will be as provided under this Deed as in force immediately before 18 September 1990.
8.3
Certain 18 September 1990 Retiring Defined Benefit Pensioners
8.3.1
Where a deceased Retiring Defined Benefit Pensioner who was a pensioner of the Fund on 18 September 1990 commenced a Relationship before, on or after 18 September 1990, Rule 8.1 will not apply to, or in relation to, the deceased Retiring Defined Benefit Pensioner or his or her Defined Benefit Spouse.
8.3.2
In this Rule 8.3, Defined Benefit Spouse in relation to a deceased Retiring Defined Benefit Pensioner, means another person who was in a Relationship with the deceased Retiring Defined Benefit Pensioner at the time of their death where the deceased Retiring Defined Benefit Pensioner: (i)
was a pensioner of the Fund on 18 September 1990 and on the date of the Relationship Commencement; and
(ii)
had not attained the Normal Retirement Age as at the date of the Relationship Commencement,
but not including a person who, in the opinion of the Trustee, at the time of the Retiring Defined Benefit Pensioner's death: (iii)
was not dependent upon the Retiring Defined Benefit Pensioner; and
(iv)
was not living permanently with the Retiring Defined Benefit Pensioner for a reason other than illness or infirmity.
Page 108
RBA Officers' Superannuation Fund Trust Deed
Benefit Schedule 3
Page 109
RBA Officers' Superannuation Fund Trust Deed Appendix 1 – Male Retiring Defined Benefit Pensioners: Member Pension as a Percentage of Original Pension Member's age at Relationship Commencement
Age Difference of Spouse (years): 0 1 2 3 4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75
100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100
98 98 98 98 98 97 97 97 97 97 97 97 96 96 96 96 96 95 95 95 95 94 94 94 94 93 93 93 92 92 92 91 91 91 90 90
98 97 97 97 97 97 97 97 96 96 96 96 96 96 95 95 95 95 94 94 94 93 93 93 92 92 92 91 91 91 90 90 89 89 88 88
97 97 97 97 97 96 96 96 96 96 95 95 95 95 95 94 94 94 93 93 93 92 92 92 91 91 90 90 90 89 89 88 88 87 87 86
97 97 96 96 96 96 96 96 95 95 95 95 94 94 94 94 93 93 92 92 92 91 91 91 90 90 89 89 88 88 87 87 86 85 85 84
96 96 96 96 96 95 95 95 95 95 94 94 94 93 93 93 92 92 92 91 91 90 90 89 89 88 88 87 87 86 86 85 84 84 83 82
96 96 96 95 95 95 95 95 94 94 94 93 93 93 92 92 92 91 91 90 90 89 89 88 88 87 87 86 85 85 84 84 83 82 81 81
96 96 95 95 95 95 94 94 94 93 93 93 92 92 92 91 91 90 90 90 89 89 88 87 87 86 86 85 84 84 83 82 81 81 80 79
95 95 95 95 94 94 94 94 93 93 93 92 92 91 91 91 90 90 89 89 88 88 87 86 86 85 84 84 83 82 82 81 80 79 78 77
95 95 95 94 94 94 93 93 93 92 92 92 91 91 90 90 89 89 88 88 87 87 86 85 85 84 83 83 82 81 80 79 79 78 77 76
95 94 94 94 94 93 93 93 92 92 92 91 91 90 90 89 89 88 88 87 87 86 85 85 84 83 82 82 81 80 79 78 77 76 75 74
94 94 94 94 93 93 93 92 92 91 91 91 90 90 89 89 88 88 87 86 86 85 84 84 83 82 81 81 80 79 78 77 76 75 74 73
94 94 93 93 93 93 92 92 91 91 91 90 90 89 89 88 88 87 86 86 85 84 84 83 82 81 80 80 79 78 77 76 75 74 73 72
94 93 93 93 92 92 92 91 91 91 90 90 89 89 88 88 87 86 86 85 84 84 83 82 81 80 79 79 78 77 76 75 74 72 71 70
93 93 93 92 92 92 91 91 91 90 90 89 89 88 88 87 86 86 85 84 84 83 82 81 80 79 79 78 77 76 75 74 72 71 70 69
93 93 93 92 92 91 91 91 90 90 89 89 88 88 87 86 86 85 84 84 83 82 81 80 80 79 78 77 76 75 74 73 71 70 69 68
93 93 92 92 91 91 91 90 90 89 89 88 88 87 86 86 85 85 84 83 82 81 81 80 79 78 77 76 75 74 73 72 70 69 68 67
100 100 100 100 100 99 99 99 99 99 99 99 99 99 99 99 99 99 99 99 99 99 99 99 99 99 99 99 98 98 98 98 98 98 98 98
99 99 99 99 99 99 99 99 99 99 99 99 99 98 98 98 98 98 98 98 98 98 98 98 97 97 97 97 97 97 97 96 96 96 96 96
99 99 99 99 99 98 98 98 98 98 98 98 98 98 98 97 97 97 97 97 97 97 96 96 96 96 96 96 95 95 95 95 95 94 94 94
98 98 98 98 98 98 98 98 98 97 97 97 97 97 97 97 96 96 96 96 96 96 95 95 95 95 94 94 94 94 93 93 93 92 92 92
Percentage to be determined by the Actuary if the age difference of Defined Benefit Spouse and/or the Member's age at Relationship Commencement is not included in this Appendix.
Page 110
RBA Officers' Superannuation Fund Trust Deed Appendix 1 – Female Retiring Defined Benefit Pensioners: Member Pension as a Percentage of Original Pension Member's age at Relationship Commencement
Age Difference of Spouse (years): 0 1 2 3 4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75
100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100
99 99 99 99 98 98 98 98 98 98 98 98 98 98 98 98 97 97 97 97 97 97 97 97 96 96 96 96 96 96 95 95 95 95 95 94
98 98 98 98 98 98 98 98 98 98 98 98 97 97 97 97 97 97 97 96 96 96 96 96 96 95 95 95 95 95 94 94 94 94 94 93
98 98 98 98 98 98 98 98 97 97 97 97 97 97 97 97 96 96 96 96 96 95 95 95 95 95 94 94 94 94 93 93 93 93 92 92
98 98 98 98 98 97 97 97 97 97 97 97 96 96 96 96 96 96 95 95 95 95 95 94 94 94 94 93 93 93 92 92 92 91 91 91
98 98 97 97 97 97 97 97 97 96 96 96 96 96 96 95 95 95 95 95 94 94 94 94 93 93 93 92 92 92 91 91 91 90 90 89
97 97 97 97 97 97 97 96 96 96 96 96 95 95 95 95 95 94 94 94 94 93 93 93 92 92 92 91 91 91 90 90 89 89 89 88
97 97 97 97 96 96 96 96 96 96 95 95 95 95 95 94 94 94 93 93 93 93 92 92 92 91 91 90 90 90 89 89 88 88 87 87
97 97 96 96 96 96 96 96 95 95 95 95 95 94 94 94 93 93 93 93 92 92 92 91 91 90 90 90 89 89 88 88 87 87 86 86
97 96 96 96 96 96 95 95 95 95 95 94 94 94 93 93 93 93 92 92 91 91 91 90 90 89 89 89 88 88 87 87 86 85 85 84
96 96 96 96 95 95 95 95 95 94 94 94 94 93 93 93 92 92 92 91 91 90 90 90 89 89 88 88 87 87 86 85 85 84 84 83
96 96 96 95 95 95 95 94 94 94 94 93 93 93 92 92 92 91 91 90 90 90 89 89 88 88 87 87 86 86 85 84 84 83 82 82
96 95 95 95 95 95 94 94 94 93 93 93 93 92 92 91 91 91 90 90 89 89 88 88 87 87 86 86 85 85 84 83 83 82 81 80
95 95 95 95 94 94 94 94 93 93 93 92 92 92 91 91 91 90 90 89 89 88 88 87 87 86 85 85 84 84 83 82 81 81 80 79
95 95 95 94 94 94 94 93 93 93 92 92 92 91 91 90 90 89 89 89 88 87 87 86 86 85 85 84 83 83 82 81 80 80 79 78
95 95 94 94 94 94 93 93 93 92 92 91 91 91 90 90 89 89 88 88 87 87 86 86 85 84 84 83 82 82 81 80 79 78 78 77
95 94 94 94 93 93 93 93 92 92 91 91 91 90 90 89 89 88 88 87 87 86 85 85 84 84 83 82 81 81 80 79 78 77 76 75
100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 99 99 99 99 99 99 99 99 99 99 99 99 99 99 99 99 99 99
100 99 99 99 99 99 99 99 99 99 99 99 99 99 99 99 99 99 99 99 99 99 99 99 99 99 99 98 98 98 98 98 98 98 98 98
99 99 99 99 99 99 99 99 99 99 99 99 99 99 99 99 99 98 98 98 98 98 98 98 98 98 98 98 98 97 97 97 97 97 97 97
99 99 99 99 99 99 99 99 99 99 98 98 98 98 98 98 98 98 98 98 98 98 97 97 97 97 97 97 97 97 96 96 96 96 96 96
Percentage to be determined by the Actuary if the age difference of Defined Benefit Spouse and/or the Member's age at Relationship Commencement is not included in this Appendix.
Page 111
RBA Officers' Superannuation Fund Trust Deed Appendix 2 – Male Retiring Defined Benefit Pensioners: Spouse Pension as a Percentage of Deceased Retiring Defined Benefit Member's Pension Member's age at Relationship Commencement
Age Difference of Spouse (years): 0 1 2 3 4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75
67 67 67 67 67 67 67 67 67 67 67 67 67 67 67 67 67 67 67 67 67 67 67 67 67 67 67 67 67 67 67 67 67 67 67 67
55 55 55 55 55 55 55 55 55 55 55 54 54 54 54 54 54 53 53 53 53 53 52 52 52 52 51 51 51 50 50 50 49 49 49 48
54 53 53 53 53 53 53 53 53 53 53 53 52 52 52 52 52 51 51 51 51 50 50 50 50 49 49 49 48 48 48 47 47 46 46 46
52 52 52 52 51 51 51 51 51 51 51 51 51 50 50 50 50 50 49 49 49 48 48 48 47 47 47 46 46 46 45 45 44 44 44 43
50 50 50 50 50 50 50 50 49 49 49 49 49 49 48 48 48 48 47 47 47 47 46 46 45 45 45 44 44 44 43 43 42 42 41 41
49 49 49 48 48 48 48 48 48 48 48 47 47 47 47 47 46 46 46 46 45 45 44 44 44 43 43 43 42 42 41 41 40 40 39 39
47 47 47 47 47 47 47 47 46 46 46 46 46 46 45 45 45 45 44 44 44 43 43 42 42 42 41 41 40 40 40 39 39 38 38 37
46 46 46 46 46 46 45 45 45 45 45 45 44 44 44 44 44 43 43 43 42 42 41 41 41 40 40 39 39 38 38 37 37 37 36 35
45 45 45 45 44 44 44 44 44 44 44 43 43 43 43 43 42 42 42 41 41 40 40 40 39 39 38 38 37 37 36 36 35 35 34 34
44 44 44 43 43 43 43 43 43 43 42 42 42 42 42 41 41 41 40 40 40 39 39 38 38 38 37 37 36 36 35 35 34 34 33 33
43 43 43 42 42 42 42 42 42 42 41 41 41 41 40 40 40 40 39 39 39 38 38 37 37 36 36 35 35 34 34 33 33 32 32 31
42 42 42 41 41 41 41 41 41 41 40 40 40 40 39 39 39 39 38 38 37 37 37 36 36 35 35 34 34 33 33 32 32 31 31 30
41 41 41 40 40 40 40 40 40 40 39 39 39 39 38 38 38 38 37 37 36 36 36 35 35 34 34 33 33 32 32 31 31 30 30 29
40 40 40 40 39 39 39 39 39 39 38 38 38 38 38 37 37 37 36 36 36 35 35 34 34 33 33 32 32 31 31 30 30 29 29 28
39 39 39 39 39 39 38 38 38 38 38 37 37 37 37 36 36 36 35 35 35 34 34 33 33 32 32 31 31 30 30 29 29 28 28 27
38 38 38 38 38 38 38 37 37 37 37 37 36 36 36 36 35 35 35 34 34 33 33 33 32 32 31 31 30 30 29 28 28 27 27 26
38 38 37 37 37 37 37 37 37 36 36 36 36 35 35 35 35 34 34 34 33 33 32 32 31 31 30 30 29 29 28 28 27 27 26 25
64 64 64 64 64 64 64 64 64 64 64 64 64 64 64 64 64 64 64 64 64 64 64 63 63 63 63 63 63 63 63 63 63 63 63 62
62 62 62 62 62 62 62 62 62 61 61 61 61 61 61 61 61 61 61 61 61 60 60 60 60 60 60 60 60 59 59 59 59 59 59 58
59 59 59 59 59 59 59 59 59 59 59 59 59 59 59 58 58 58 58 58 58 58 57 57 57 57 57 56 56 56 56 56 55 55 55 55
57 57 57 57 57 57 57 57 57 57 57 57 56 56 56 56 56 56 56 55 55 55 55 55 54 54 54 54 53 53 53 53 52 52 52 51
Percentage to be determined by the Actuary if the age difference of Defined Benefit Spouse and/or the Member's age at Relationship Commencement is not included in this Appendix
Page 112
RBA Officers' Superannuation Fund Trust Deed Appendix 2 – Female Retiring Defined Benefit Pensioners: Spouse Pension as a Percentage of Deceased Retiring Defined Benefit Member's Pension Member's age at Relationship Commencement
Age Difference of Spouse (years): 0 1 2 3 4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75
67 67 67 67 67 67 67 67 67 67 67 67 67 67 67 67 67 67 67 67 67 67 67 67 67 67 67 67 67 67 67 67 67 67 67 67
51 51 51 50 50 50 50 50 50 49 49 49 49 49 48 48 48 48 48 48 48 47 47 47 47 47 47 46 46 46 46 46 45 45 45 45
48 48 48 48 48 48 47 47 47 47 47 46 46 46 46 46 45 45 45 45 45 45 44 44 44 44 44 43 43 43 43 42 42 42 42 41
46 46 46 45 45 45 45 45 44 44 44 44 44 43 43 43 43 43 42 42 42 42 42 42 41 41 41 41 40 40 40 40 39 39 39 39
44 44 43 43 43 43 43 42 42 42 42 42 41 41 41 41 40 40 40 40 40 39 39 39 39 39 38 38 38 38 37 37 37 37 36 36
42 42 41 41 41 41 41 40 40 40 40 39 39 39 39 38 38 38 38 38 37 37 37 37 37 36 36 36 36 35 35 35 34 34 34 34
40 40 40 39 39 39 39 38 38 38 38 37 37 37 37 36 36 36 36 36 35 35 35 35 35 34 34 34 34 33 33 33 32 32 32 32
38 38 38 38 37 37 37 37 36 36 36 36 35 35 35 35 34 34 34 34 34 33 33 33 33 32 32 32 32 31 31 31 31 30 30 30
37 37 36 36 36 36 35 35 35 35 34 34 34 33 33 33 33 32 32 32 32 32 31 31 31 31 30 30 30 30 29 29 29 28 28 28
35 35 35 35 34 34 34 34 33 33 33 33 32 32 32 31 31 31 31 30 30 30 30 30 29 29 29 29 28 28 28 27 27 27 27 26
34 34 33 33 33 33 32 32 32 32 31 31 31 31 30 30 30 30 29 29 29 29 28 28 28 28 27 27 27 27 26 26 26 25 25 25
33 32 32 32 32 31 31 31 31 30 30 30 30 29 29 29 28 28 28 28 28 27 27 27 27 26 26 26 26 25 25 25 24 24 24 23
31 31 31 31 31 30 30 30 29 29 29 29 28 28 28 28 27 27 27 27 26 26 26 26 25 25 25 25 24 24 24 23 23 23 23 22
30 30 30 30 29 29 29 29 28 28 28 28 27 27 27 26 26 26 26 25 25 25 25 24 24 24 24 23 23 23 23 22 22 22 21 21
29 29 29 29 28 28 28 28 27 27 27 27 26 26 26 25 25 25 25 24 24 24 24 23 23 23 23 22 22 22 22 21 21 21 20 20
28 28 28 28 27 27 27 27 26 26 26 26 25 25 25 24 24 24 24 23 23 23 23 23 22 22 22 21 21 21 21 20 20 20 20 19
28 27 27 27 27 26 26 26 26 25 25 25 24 24 24 24 23 23 23 23 22 22 22 22 21 21 21 21 20 20 20 19 19 19 19 18
63 63 63 63 63 63 63 63 63 63 63 63 63 63 63 63 63 62 62 62 62 62 62 62 62 62 62 62 62 62 62 62 62 62 62 61
60 60 60 60 59 59 59 59 59 59 59 59 59 59 59 58 58 58 58 58 58 58 58 58 58 58 58 57 57 57 57 57 57 57 57 57
57 56 56 56 56 56 56 56 56 56 55 55 55 55 55 55 55 55 54 54 54 54 54 54 54 54 54 53 53 53 53 53 53 52 52 52
54 53 53 53 53 53 53 53 52 52 52 52 52 52 52 51 51 51 51 51 51 51 51 50 50 50 50 50 50 49 49 49 49 49 48 48
Percentage to be determined by the Actuary if the age difference of Defined Benefit Spouse and/or the Member's age at Relationship Commencement is not included in this Appendix.
Page 113
RBA Officers' Superannuation Fund Trust Deed
Benefit Schedule 4 Retained Defined Benefit Members
1.
Application This Benefit Schedule applies to, and in relation to, each Retained Defined Benefit Member.
2.
Definitions In this Benefit Schedule, unless the contrary intention appears: Accumulation Account in relation to a Retained Defined Benefit Member, means the Account maintained by the Trustee under Rule 3.1(a). Accumulation Account Balance in relation to a Retained Defined Benefit Member as at any particular date, means the amount (if any) standing to the credit of the Accumulation Account (or the total balance of the sub-accounts) as at that date (after all applicable credits and debits have been made under Rule 3). Administration Fee in relation to a Retained Defined Benefit Member for a period, means the amount (if any) agreed by the Trustee and the Bank having regard to the costs incurred in administering the Fund in relation to that period except to the extent that the Employer agrees to meet the Administration Fee in relation to the Retained Defined Benefit Member for the period. Minimum Retained Benefit in relation to a Retained Defined Benefit Member, means the amount (if any) determined by the Trustee in relation to the Retained Defined Benefit Member. Minimum Withdrawal Benefit in relation to a Retained Defined Benefit Member, means the amount (if any) determined by the Trustee in relation to the Retained Defined Benefit Member. Retained Defined Benefit in relation to a Retained Defined Benefit Member within the meaning of paragraph (b) of the definition of Retained Defined Benefit Member, means the amount referred to in Rule 12.5.3(a) of Benefit Schedule 2 in relation to the Retained Defined Benefit Member. Retained Defined Benefit Member means: (a)
a Revision Date Retained Defined Benefit Member, and the Member is a Retained Defined Benefit Member under this Benefit Schedule on and from the Revision Date; or
(b)
a Retiring Defined Benefit Member who elects under Rule 12.5 of Benefit Schedule 2 to retain in the Fund all or part of the benefits payable to him or her under Benefit Schedule 2.
Retained Membership Date in relation to a Retained Defined Benefit Member within the meaning of paragraph (b) of the definition of Retained Defined Benefit Member, means the date determined by the Trustee in relation to the Retained Defined Benefit Member. Revision Date Credit in relation to a Revision Date Retained Defined Benefit Member, means the amount of the entitlement of the Revision Date Retained Defined Benefit Member under the Fund Page 114
RBA Officers' Superannuation Fund Trust Deed immediately before the Revision Date under Rule 42 of the Pre-Revision Date Rules including any part of the lump sum retirement benefit rolled over within the Fund and deemed to be included in accumulated contributions under Rule 39.(3) of the Pre-Revision Date Rules. Revision Date Retained Defined Benefit Member means a retired member (within the meaning of Rule 4.(2) of the Pre-Revision Date Rules) or early retired member (within the meaning of Rule 4.(2) of the Pre-Revision Date Rules) for whom an amount of accumulated contributions (within the meaning of the Pre-Revision Date Rules) is held in the Fund immediately before the Revision Date under Rule 42 of the Pre-Revision Date Rules including any part of the lump sum retirement benefit rolled over within the Fund and deemed to be included in accumulated contributions under Rule 39.(3) of the Pre-Revision Date Rules. Rule means a Rule of this Benefit Schedule.
3.
Accumulation Account
3.1
Retained Defined Benefit Member's Accumulation Account The Trustee must:
3.2
(a)
maintain each Retained Defined Benefit Member's Accumulation Account established for him or her as a Defined Benefit Member under Benefit Schedule 2; and
(b)
maintain a record of the amount standing to the credit of each Accumulation Account (referred to in this Deed as the Accumulation Account Balance).
Credits to Accumulation Account The Trustee must credit each Retained Defined Benefit Member's Accumulation Account with the following amounts to the extent applicable in relation to the Retained Defined Benefit Member: (a)
in the case of a Revision Date Retained Defined Benefit Member – the Revision Date Credit;
(b)
in the case of a Retained Defined Benefit Member within the meaning of paragraph (b) of the definition of Retained Defined Benefit Member in Rule 2 – the Retained Defined Benefit;
(c)
the amount of any co-contributions accepted into the Fund in relation to the Retained Defined Benefit Member under clause 14.4;
3.3
(d)
any positive earnings at the Earning Rate; and
(e)
any other amounts which: (i)
are expressly or (in the opinion of the Trustee) impliedly required to be credited to the Accumulation Account under this Deed; or
(ii)
the Trustee considers is appropriate or equitable to credit to the Accumulation Account.
Debits from Accumulation Account The Trustee must debit each Retained Defined Benefit Member's Accumulation Account with the following amounts to the extent applicable in relation to the Retained Defined Benefit Member: Page 115
RBA Officers' Superannuation Fund Trust Deed (a)
the Administration Fee (if any);
(b)
any fees to be debited from the Accumulation Account under Rule 4;
(c)
any amount which the Trustee may determine to debit from the Accumulation Account in relation to Taxes;
(d)
the amount of any Splittable Contributions to be debited under clause 14.5 because of a valid Splittable Contribution application in favour of the SIS Spouse of the Retained Defined Benefit Member;
(e)
the amount of any benefit entitlement of the Non-Member Spouse of the Retained Defined Benefit Member which is to be debited from the Accumulation Account under clause 16.16.11;
(f)
any amount paid, rolled over or transferred from the Fund to an Approved Benefit Arrangement in relation to the Retained Defined Benefit Member under clause 19;
(g)
any benefit paid from the Accumulation Account to, or in relation to, the Retained Defined Benefit Member under this Deed;
(h)
any negative earnings at the Earning Rate; and
(i)
any other amounts which: (i)
are expressly or (in the opinion of the Trustee) impliedly required to be debited from the Accumulation Account under this Deed; or
(ii)
the Trustee considers is appropriate or equitable to debit from the Accumulation Account.
3.4
Operation of Accumulation Account
3.4.1
The Trustee may establish and operate sub-accounts in any Accumulation Account in the manner it thinks fit.
3.4.2
The Trustee: (a)
must make the credits and debits required to an Accumulation Account under Rules 3.2 and 3.3 at the time or times necessary, or (in the opinion of the Trustee) desirable, to comply with Superannuation Law or this Deed;
(b)
in the case of a Retained Defined Benefit Member within the meaning of paragraph (b) of the definition of Retained Defined Benefit Member – must credit the Retained Defined Benefit as at the Retained Membership Date; and
(c)
subject to Rule 3.4.3, may otherwise credit and debit an Accumulation Account at the time or times the Trustee thinks fit.
3.4.3
To avoid doubt, the: (a)
Revision Date Credit relates to a Revision Date Retained Defined Benefit Member's membership of the Fund for the period of membership up to immediately before the Revision Date, and the Trustee must make the Revision Date Credit as at the Revision Date; and
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RBA Officers' Superannuation Fund Trust Deed (b)
other credits and debits specified in Rules 3.2 and 3.3 relate to a Retained Defined Benefit Member's membership of the Fund for the period on and from the Revision Date, and the Trustee must make those credits and debits for the applicable period of the Retained Defined Benefit Member's membership of the Fund on and from the Revision Date.
3.4.4
To the extent that entries to an Accumulation Account are recorded by reference to, or represented by, notional units in accordance with this Deed, a credit or debit required by Rule 3.2 or 3.3 will be satisfied where it is reflected by a variation in the applicable unit price.
4.
Retained Defined Benefit Membership Fees In addition to any Administration Fee applicable to Retained Defined Benefit Members generally or any other costs or fees applicable under this Deed, the Trustee and the Bank may agree that one or more types of fees will apply to retained membership whether in relation to Retained Defined Benefit Members generally or one or more particular Retained Defined Benefit Members or class of Retained Defined Benefit Members.
5.
Benefits
5.1
Payment of retained Accumulation Account benefit on request
5.1.1
Subject to Superannuation Law and Rule 5.1.2, on the request (in the form prescribed by the Trustee) of a Retained Defined Benefit Member the Trustee must pay all, or the nominated amount, of the Retained Defined Benefit Member's Accumulation Account Balance in accordance with the payment request and any terms and conditions determined by the Trustee.
5.1.2
A request for a partial payment of the Accumulation Account Balance under Rule 5.1.1 must not be less than the Minimum Withdrawal Benefit.
5.2
Death benefit
5.2.1
On the death of a Retained Defined Benefit Member before the Accumulation Account Balance is paid from the Fund, the Trustee must pay a lump sum benefit from the Fund of an amount equal to the total of the Retained Defined Benefit Member's Accumulation Account Balance to: (a)
a SIS Spouse, a SIS Child or SIS Children of the Retained Defined Benefit Member in accordance with Rule 5.2.2;
(b)
if the Trustee has not found any SIS Spouse or SIS Child of the Retained Defined Benefit Member after making reasonable enquiries – the Legal Personal Representative of the Retained Defined Benefit Member; or
(c)
if the Trustee has not found any SIS Spouse, SIS Child or Legal Personal Representative of the Retained Defined Benefit Member after making reasonable enquiries – any other person to whom the benefit may be paid under Superannuation Law but only on any terms and conditions applicable under Superannuation Law.
5.2.2
Where a Retained Defined Benefit Member is survived by more than one person who qualifies as either a SIS Spouse or SIS Child for the purposes of Rule 5.2.1(a), the benefit payable to the SIS Spouse and SIS Children of the Retained Defined Benefit Member will be paid or applied by the Page 117
RBA Officers' Superannuation Fund Trust Deed Trustee to, or for the benefit of, one or more of the SIS Spouse and SIS Children to the exclusion of the other or others of them and in the manner and proportions, and on the terms and conditions, as the Trustee determines. 5.3
Compulsory payment of Retained Defined Benefit Member's Accumulation Account Balance
5.3.1
5.3.2
The Trustee must pay a lump sum benefit from the Fund to a Retained Defined Benefit Member under Rule 5.3.2 or 5.3.3 (as applicable): (a)
on the Accumulation Account Balance falling below the Minimum Retained Benefit unless the Trustee determines otherwise; or
(b)
in any other circumstances determined by the Trustee.
Where Rule 5.3.1 applies and subject to Rule 5.3.3, the Trustee must pay the Retained Defined Benefit Member's Accumulation Account Balance as follows: (a)
to the Approved Benefit Arrangement nominated by the Retained Defined Benefit Member;
(b)
to, or at the direction of, the Retained Defined Benefit Member in a cash lump sum payment, but only to the extent (if at all) permitted under Superannuation Law; or
(c)
in part to the Approved Benefit Arrangement nominated by the Retained Defined Benefit Member and the remainder to, or at the direction of, the Retained Defined Benefit Member in a cash lump sum payment, but only to the extent (if at all) a cash payment is permitted under Superannuation Law.
5.3.3
If the Trustee does not receive instructions from a Retained Defined Benefit Member for the purposes of Rule 5.3.2 within the Payment Period, the Trustee must transfer the Accumulation Account Balance to the Fund's Eligible Rollover Fund as soon as practicable after the end of the Payment Period and otherwise in accordance with Superannuation Law.
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Benefit Schedule 5 Provident Account Members 1.
Application This Benefit Schedule applies to, and in relation to, each Provident Account Member.
2.
Definitions and Interpretation
2.1
Definitions In this Benefit Schedule, unless the contrary intention appears: Accumulation Account Balance in relation to a Provident Account Member, means the amount standing to the credit of the Member Account maintained for the Provident Account Member as a Defined Benefit Member under Benefit Schedule 2 on the Eligibility Date as adjusted by the Trustee to take account of any transactions in relation to the Member Account between the Eligibility Date and the date of the applicable payment under this Benefit Schedule. Additional Accumulation in relation to a Provident Account Member, means the total amount of: (a)
in relation to membership of the Fund and the Former Fund for the period from the commencement of the Provident Account Member's membership until the date immediately before the Revision Date - the total accumulated contributions together with compound interest of the Provident Account Member immediately before the Revision Date within the meaning of, and calculated under, Rule 68.(6) and 68(7) of the PreRevision Date Rules; and
(b)
in relation to membership of the Fund for the period from the Revision Date until the Eligibility Date – the amount which is 5% of the Provident Account Member's salary (within the meaning of Rule 4.(2) of the Pre-Revision Date Rules),
as adjusted by the Trustee in accordance with this Deed to take account of the Earning Rate on that amount for the period on and from the Revision Date until the date of the payment of a benefit in relation to that Provident Account Member under this Benefit Schedule. Additional Accumulation Benefit in relation to a Provident Account Member, means the Provident Account Member's Additional Accumulation multiplied by 2. Children's Representative in relation to a SIS Child of a deceased Provident Account Member who has not attained age 18 as at the date of the Provident Account Member's death, means the guardian of, or other person within the meaning of clause 16.15.2(c) in relation to, the SIS Child determined by the Trustee.
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RBA Officers' Superannuation Fund Trust Deed Eligibility Date means: (a)
in relation to an Eligible Provident Account Member for the purposes of Rule 3 - the date on which he or she becomes an Eligible Provident Account Member; and
(b)
in relation to a deceased Provident Account Member for the purposes of Rule 4 – the date of the Provident Account Member's death.
Eligible Provident Account Member means a Provident Account Member who becomes: (a)
an Early Retired Member;
(b)
a Retired Member;
(c)
a Retired Resigned Member;
(d)
an Invalid Member; or
(e)
an Invalid Resigned Member.
Provident Account Member means a member of the Fund who was a Provident Account member immediately before the Revision Date under the Pre-Revision Date Rules, and the Member is a Provident Account Member under this Benefit Schedule on and from the Revision Date. Rule means a Rule of this Benefit Schedule. 2.2
Interpretation To avoid doubt, in this Benefit Schedule a reference to a Rule, Division, Part or other provision of the Pre-Revision Date Rules includes a reference to any provision which applies for the purposes of that Rule, Division, Part or provision.
3.
Provident Account Member's Election and Benefits
3.1
Election An Eligible Provident Account Member may, within 90 days of the Eligibility Date, elect (in the form prescribed by the Trustee) to be paid the benefits specified in Rule 3.2 instead of the benefits which would otherwise be payable to, or in relation to, the Eligible Provident Account Member under other provisions of this Deed.
3.2
Benefits The Trustee will pay the following benefits from the Fund to an Eligible Provident Account Member who has made an election under Rule 3.1: (a)
the amount equal to the Accumulation Account Balance; and
(b)
the amount equal to the Additional Accumulation Benefit.
4.
Elections and Benefits at Provident Account Member's Death
4.1
SIS Spouse's election and benefits
4.1.1
A SIS Spouse (if any) of a deceased Provident Account Member may, within 90 days of the Eligibility Date, elect (in the form prescribed by the Trustee) to be paid the benefits specified in Page 120
RBA Officers' Superannuation Fund Trust Deed Rule 4.1.2 instead of the benefits which would otherwise be payable in relation to the deceased Provident Account Member under other provisions of this Deed. 4.1.2
The Trustee will pay the following benefits from the Fund to the SIS Spouse of a deceased Provident Account Member who has made an election under Rule 4.1.1: (a)
the deceased Provident Account Member's Accumulation Account Balance; and
(b)
the Additional Accumulation Benefit.
4.2
SIS Children's election and benefits if no surviving SIS Spouse
4.2.1
This Rule applies where a deceased Provident Account Member did not have a SIS Spouse as at the date of death but has a SIS Child or SIS Children.
4.2.2
The Children's Representative may, within 90 days of the Eligibility Date, elect (in the form prescribed by the Trustee) that the SIS Child or SIS Children be paid the benefits specified in Rule 4.2.3 instead of the benefits which would otherwise be payable in relation to the deceased Provident Account Member under other provisions of this Deed.
4.2.3
4.3
The Trustee will pay the following benefits from the Fund for, and on behalf of, the deceased Provident Account Member's SIS Child or SIS Children to the Children's Representative who has made an election under Rule 4.2.2: (a)
the deceased Provident Account Member's Accumulation Account Balance; and
(b)
the Additional Accumulation Benefit.
Legal Personal Representative's election and benefits if no surviving SIS Spouse or SIS Children
4.3.1
Where a deceased Provident Account Member did not have any SIS Spouse or SIS Children as at the date of death, the Legal Personal Representative of the deceased Provident Account Member may, within 90 days of the Eligibility Date, elect (in the form prescribed by the Trustee) to be paid the benefits specified in Rule 4.3.2 instead of the benefits which would otherwise be payable in relation to the deceased Provident Account Member under other provisions of this Deed.
4.3.2
The Trustee will pay the following benefits from the Fund to the Legal Personal Representative of a deceased Provident Account Member who has made an election under Rule 4.3.1: (a)
the deceased Provident Account Member's Accumulation Account Balance; and
(b)
the Additional Accumulation Benefit.
5.
Non-Duplication of Benefits
5.1
Provident Account Benefit election Subject to Superannuation Law and any express provision of this Deed to the contrary: (a)
on the payment of benefits to, or in relation to, a Provident Account Member under Rule 3 or 4 no other benefits will be payable from the Fund to, or in relation to, that Provident Account Member; and
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RBA Officers' Superannuation Fund Trust Deed (b)
on the payment of benefits to a Provident Account Member under Rule 3 the Provident Account Member will cease to be a Member.
5.2
No Provident Account Benefit election
5.2.1
This Rule applies where:
5.2.2
(a)
a Provident Account Member is entitled to, but does not, make an election under Rule 3; or
(b)
a person in relation to a deceased Provident Account Member is entitled to, but does not, make an election under Rule 4.
Where this Rule applies: (a)
the benefits which are available or payable to, or in relation to, the Provident Account Member or deceased Provident Account Member under the provisions of this Deed other than this Benefit Schedule will be available and payable in accordance with the relevant provisions of this Deed;
(b)
the provisions of this Deed other than this Benefit Schedule which apply to, or in relation to, the Provident Account Member or deceased Provident Account Member will apply; and
(c)
in the case of a Provident Account Member who has not died – the Provident Account Member will not cease to be a Member by reason only of this Benefit Schedule.
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RBA Officers' Superannuation Fund Trust Deed
General Schedule 1 Board of Trustees 1.
Board of Trustees A Board will be established under this General Schedule and General Schedule 2.
2.
Definitions In this General Schedule and General Schedule 2, unless the contrary intention appears: Bank Representative means a member of the Board appointed under Rule 4. Chairperson means the Chairperson of the Board. Member Representative means a person elected as a member representative in accordance with General Schedule 2. OSF Fit and Proper Trustee Policy means the policy adopted by the Board to enable the Board to meet the fit and proper standard specified under Superannuation Law. Representative means a Bank Representative or a Member Representative. Rule means a Rule of this General Schedule.
3.
Number of Representatives The Board will consist of 8 Representatives.
4.
Appointment and removal of Bank Representatives
4.1
Subject to this General Schedule, the Governor will from time to time appoint, by written notice to the Secretary, 4 persons to represent the Bank on the Board for a term of 3 years.
4.2
A person will be eligible to be a Bank Representative if, at the time of appointment and at all times whilst holding office, the person:
4.3
(a)
is an Employee of the Bank;
(b)
is a Member;
(c)
is not a Disqualified Person; and
(d)
meets the OSF Fit and Proper Trustee Policy.
The Governor may at any time by written notice to the Secretary remove any Bank Representative from office.
Page 123
RBA Officers' Superannuation Fund Trust Deed 5.
Appointment and removal of Member Representatives Subject to Superannuation Law, Member Representatives are elected and removed under General Schedule 2.
6.
Vacancy of Bank Representatives' office
6.1
The office of a Bank Representative will become vacant: (a)
on the expiry of the term of office (if any) applicable to that person;
(b)
if the person resigns by written notice signed by the person and delivered to the Secretary;
(c)
if the person ceases to be an Employee of the Bank;
(d)
if the person ceases to be a Member;
(e)
if the person dies;
(f)
if the person:
(g)
6.2
(i)
becomes bankrupt;
(ii)
applies to take the benefit of any laws for the relief of bankruptcy or insolvent debtors; or
(iii)
makes an assignment to, or composition with, the person's creditors;
if the person becomes: (i)
of unsound mind; or
(ii)
a person whose person or estate is liable to be dealt with under the laws relating to mental health;
(h)
if the person is convicted of any offence involving fraud or dishonesty;
(i)
if the person is prohibited from acting as a director of any public company under the legislation of the Commonwealth or of any State or Territory of the Commonwealth;
(j)
if the person is removed from office in accordance with this General Schedule;
(k)
if the person ceases to meet the OSF Fit and Proper Trustee Policy; or
(l)
if the person is: (i)
a Disqualified Person; or
(ii)
otherwise ineligible under any relevant legislation or regulation.
Any vacancy in the office of a Bank Representative will be filled by the Governor making an appointment of a new Bank Representative in the manner specified in Rule 4.1.
6.3
A new Bank Representative appointed under Rule 6.2 will hold office as a Bank Representative for the remainder of the former Bank Representative's term.
6.4
Any vacancy in the office of a Bank Representative must be filled within 90 days of the date on which the vacancy occurred but the failure to fill a vacancy within that period will not invalidate any subsequent appointment. Page 124
RBA Officers' Superannuation Fund Trust Deed 7.
Meetings
7.1
The Bank Representatives and Member Representatives may as they see fit:
7.2
(a)
meet together and exercise the powers and functions conferred on them under this Deed; and
(b)
adjourn and otherwise regulate their meetings and proceedings.
Meetings of the Board may be constituted by separate meetings of the Representatives (whether held simultaneously or at different times or at different locations and whether in person or by simultaneous telephone link up or video) which will for the purposes of this Deed be deemed to constitute one meeting of the Board.
7.3
A quorum at any meeting of the Board will comprise at least two thirds of the total number of Representatives.
7.4
A resolution of the Board will only be valid and binding if at least two thirds of the total number of Representatives have voted in favour of it.
7.5
A resolution in writing, signed by at least two thirds of the total number of Representatives, will have the same effect and validity as a resolution of the Board passed at a duly convened meeting. In this Rule, the reference to in writing includes any method of representing or reproducing words, figures, drawings or symbols in a visible and tangible form.
7.6
Any resolution may consist of several documents in like form each signed by one or more Representatives. A facsimile transmission or other document produced by mechanical or electronic means under the name of a Representative with the Representative's authority is considered a document in writing signed by the Representative and is deemed to be signed when received in legible form.
7.7
The Representatives must appoint one of their number to be the Chairperson and may remove any appointee. The term of office of the Chairperson will be one year and there is no limit on the number of reappointments possible.
7.8
The Chairperson must preside at each meeting of the Board and in the case of the absence, refusal or incapacity to act of the Chairperson then the Representatives must choose another of their number to act as Chairperson of that meeting.
7.9
The Board must cause proper minutes of all meetings to be kept in a permanent record provided for the purpose which at least record the matters specified below and are confirmed by those Representatives present at the meeting: (a)
the names of the Representatives present at each meeting of the Board and all disclosures under Rule 8;
(b)
all decisions made by the Board;
(c)
all notices of appointment and removal given under Rules 4 and 6 and declarations of results of elections under Rule 12.1 of General Schedule 2;
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RBA Officers' Superannuation Fund Trust Deed
7.10
(d)
all resolutions and proceedings of meetings of the Board including any resolution under Rule 7.5; and
(e)
any other matters required by this Deed.
The minutes of any meeting of the Board will be receivable as prima facie evidence of the matters contained in the minutes if purporting to be signed by the Chairperson of the meeting or by the Chairperson of the succeeding meeting of the Board.
7.11
The Chairperson will not have a casting vote.
7.12
Subject to Superannuation Law, the exercise of the rights, powers, authorities or functions, or the performance of the duties or obligations, of the Board is not affected by reason only of:
7.13
(a)
there being a vacancy in the office of any Representative; or
(b)
any defect in, or in connection with, the appointment of any Representative.
The Secretary is entitled to receive notice of, and to attend, all meetings of the Board and of any committee of the Board.
7.14
The procedures specified in this Rule also apply to all meetings of any committee of the Board.
8.
Disclosure of interests
8.1
A Representative who has a direct or indirect interest (whether pecuniary or otherwise) in a matter that is being, or about to be, considered by the Board that could reasonably be expected to conflict with the proper performance by that person of that person's duties as a Representative must, as soon as possible after the relevant facts have come to the person's knowledge, disclose the nature of the interest at a meeting of the Board.
8.2
A disclosure under this Rule must be recorded in the minutes of the Board.
8.3
A Representative who has made disclosure of an interest in a matter that is being, or is about to be, considered by the Board under this Rule may, unless the Board otherwise determines, be present during any deliberations of the Board and, subject to Rule 8.4, take part in any decisions of the Board in relation to the matter.
8.4
8.5
Where a Representative has made a disclosure of a direct or indirect pecuniary interest under this Rule, that Representative must not: (a)
be present during any deliberations of the Board for the purpose of the making of the determination referred to in Rule 8.3; or
(b)
take part in the making by the Board of the determination.
Rule 8.1 does not apply to an interest of a Representative arising as a result of the Representative being a Member or an Employee of a Nominated Employer. Nothing in this General Schedule will prevent the Representatives exercising, or concurring in exercising, any power or discretion given to the Board under this Deed or by law notwithstanding that any such interest exists in relation to any of them but provided that any person so interested must (although deriving such interest) act in Page 126
RBA Officers' Superannuation Fund Trust Deed connection with the exercise of such power or discretion in a fiduciary relationship of utmost good faith to all Members.
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RBA Officers' Superannuation Fund Trust Deed
General Schedule 2 Rules Governing the Election and Removal of Member Representatives 1.
Definitions
1.1
In this General Schedule, unless the contrary intention appears, terms defined in General Schedule 1 have the same meaning in this General Schedule.
1.2
In this General Schedule, unless the contrary intention appears: Appendix means an Appendix of this General Schedule. Ballot Paper means a ballot paper substantially in the form of Appendix 3 or in any other form determined by the Board with the approval of the Bank. Nomination Paper means a form substantially in the form of Appendix 1 or in any other form determined by the Returning Officer. Prescribed Form means a certification substantially in the form of Appendix 2 or in any other form determined by the Board. Prescribed Removal Event in relation to a Member Representative, means an event specified in Rule 15.2. Returning Officer means the person appointed by the Board to conduct elections, and procedures relating to resolutions for removal, of Member Representatives under this General Schedule. Rule means a Rule of this General Schedule.
2.
Eligibility
2.1
As at the time of nomination, election and declaration, and at all times whilst holding office, a candidate or an elected Member Representative (as the case may be) must:
2.2
(a)
be a Member;
(b)
subject to Rule 2.4, be an Employee of the Bank or a Nominated Employer;
(c)
not be a Disqualified Person or otherwise ineligible under any relevant legislation or regulation;
(d)
meet the OSF Fit and Proper Trustee Policy;
(e)
not be the Returning Officer; and
(f)
in the case of a candidate, satisfy the requirements specified in Rule 6.
If a candidate or Member Representative no longer satisfies the requirements of Rule 2.1 then, subject to Rule 2.3, that person ceases to be a candidate or elected Member Representative.
2.3
Subject to Rule 2.1, a Member Representative is eligible for re-election at any election. Page 128
RBA Officers' Superannuation Fund Trust Deed 2.4
Regardless of Rule 2.1(b), a Member Representative may remain in office to complete their term if they retire from employment with the Bank or a Nominated Employer during their term.
3.
Vacancies and Term of Office
3.1
If one or more Member Representatives will (or will be deemed to) have held office for three or more years then on a date determined by the Board on or about the third anniversary on which they were declared elected there shall be a Member's Representative election and: (a)
the offices of the Member Representatives who have or will have held office for three years on or about that anniversary date, or,
(b)
subject to the Superannuation Law, such other number of offices of Member Representatives as may be determined by the Board,
will be subject to the Member Representative election on that date. 3.2
3.3
A person appointed to fill a vacancy under Rule 3.4 will: (a)
hold office as a Member Representative for a period equal to the remainder of the term of office of the Member Representative the person replaced; and
(b)
for the purposes of Rule 3.1, be taken to have held office since the start of the term of office of the Member Representative that that person replaced.
The term of office of a candidate elected to hold office as a Member Representative under this General Schedule will commence on and from the date the Returning Officer declares the result of the election under Rule 12 or such other date declared by the Board for this purpose.
3.4
In the event of a casual vacancy occurring between elections due to an elected Member Representative: (a)
resigning from the Board;
(b)
being removed from office under Rule 15;
(c)
ceasing to meet the OSF Fit and Proper Trustee Policy; or
(d)
being ineligible to continue in office for any reason,
that vacancy must be filled through invitation by a two-thirds majority of all of the remaining Board, on the nomination of the Member Representatives.
4.
Period and Place for Lodging Nominations
4.1
The Returning Officer must determine the times and dates of the commencement and close of the period for lodging nominations of candidates for election having regard to: (a)
the required frequency of Member Representative elections under Rule 3;
(b)
the term of office of existing Member Representatives;
(c)
the time required to lodge nominations; and
(d)
the time required to complete the election. Page 129
RBA Officers' Superannuation Fund Trust Deed 4.2
The Returning Officer must determine the place for lodging nominations of candidates for election.
5.
Calling for Nominations
5.1
At least 14 days before the date of closure of the nominations period the Returning Officer must: (a)
advise Members of the following details: (i)
the fact that there is to be an election;
(ii)
the number of vacancies for which the election is to be held;
(iii)
the proposed date to commence issuing Ballot Papers and the proposed date of the close of the ballot, but the proposed date of the close of the ballot must not be less than 4 weeks after the Returning Officer advises Members in accordance with this Rule;
(b) 5.2
(iv)
that nominations must be made in the form of the Nomination Paper;
(v)
the address at which the Returning Officer will receive nominations;
(vi)
the time and date of the closure of the period for lodging nominations; and
(vii)
the name of the Returning Officer; and
subject to Rule 2, invite Members to stand as candidates for election.
The details to be provided to Members in accordance with Rule 5.1 will be provided in the form and manner the Returning Officer in his or her discretion considers appropriate.
6.
Nominations
6.1
A person is not eligible for election unless: (a)
the person is eligible for election under Rule 2;
(b)
the person has attained the age of 18 years;
(c)
the Nomination Paper:
(d)
(i)
is signed by the person (being a Member) nominating the candidate and by one other Member; and
(ii)
contains a statement signed by the candidate that the candidate consents to the nomination;
the Nomination Paper is lodged at the place, and within the period, determined by the Returning Officer;
6.2
(e)
the person certifies in the Prescribed Form that they are not a Disqualified Person; and
(f)
the person gives any declarations and certifications, and accepts any conditions of office, as may be required by the OSF Fit and Proper Trustee Policy.
A Member may not nominate, or sign the Nomination Paper for, more than one candidate. Page 130
RBA Officers' Superannuation Fund Trust Deed 6.3
A Nomination Paper may have attached to it a photograph of the candidate and a statement of not more than 250 words by the candidate.
6.4
The Returning Officer must, subject to Rule 6.5, include a copy of the statement (if any) supplied by a candidate under Rule 6.3 in the envelope to be issued to Members under Rule 9.2.
6.5
The Returning Officer has an absolute discretion to exclude from any statement provided by a candidate for inclusion in the sealed envelopes issued to Members under Rule 9.2 any material to the extent that, in the opinion of the Returning Officer, the material is or may be defamatory, irrelevant, misleading or otherwise inappropriate.
6.6
Upon request, the Returning Officer must issue a receipt for a Nomination Paper lodged with the Returning Officer.
6.7
A person nominated as a candidate for an election may withdraw consent to the nomination at any time not later than 12 noon on the day specified by the Returning Officer under Rule 5.1 as the closing day for nominations in relation to the election. A withdrawal of consent must be made by written notice addressed to the Returning Officer at the place at which nominations for the election are received in accordance with Rule 5.1.
7.
Partly or Uncontested Elections
7.1
Where on expiry of the nomination period the number of candidates is equal to or less than the number of vacancies, the Returning Officer must declare that the candidate or candidates has or have been elected.
7.2
Where the declared number of candidates is less than the number of vacancies the remaining positions will be filled through invitation by a two-thirds majority of all of the Board (including the declared candidates), on the nomination of the Member Representatives.
8.
Roll of Voters
8.1
The names of Members recorded in the books of the Fund will form the roll of voters for an election. To avoid doubt, Members means all Members of the Fund including, without limitation, Pensioners.
8.2
The Returning Officer: (a)
must prepare a roll of voters who are entitled to vote in the election; and
(b)
may take whatever steps the Returning Officer deems necessary to satisfy himself or herself that the roll is correct.
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Form of Election and Issue of Ballot Papers
9.1
Where there are more candidates than vacancies for election, the Returning Officer must determine the date of commencement of issuing Ballot Papers, and the time and date of the close of the ballot, having regard to:
9.2
(a)
the time required to send and return Ballot Papers; and
(b)
the time required to complete the election.
As soon as practicable after the date determined under Rule 9.1 for the commencement of issuing Ballot Papers in relation to an election, the Returning Officer must issue, to each person whose name is on the roll of voters, a Ballot Paper in a sealed envelope.
9.3
The envelope referred to in Rule 9.2 must bear an instruction that, if it is not delivered to the addressee, it should be returned to the Returning Officer.
9.4
The envelope referred to in Rule 9.2 must contain: (a)
a Ballot Paper showing the time and date of the close of the ballot and including written instructions to the voter on how to mark the Ballot Paper in order to record a formal vote in accordance with Rule 9.6, being a Ballot Paper initialled or signed by the Returning Officer or bearing a facsimile of those initials or signature;
(b)
an envelope addressed to the Returning Officer;
(c)
subject to Rule 6.5, a copy of the statement and photograph (if any) provided to the Returning Officer by a candidate under Rule 6.3; and
(d)
9.5
any other material or document required in the opinion of the Returning Officer for the conduct of the election.
Immediately after the close of nominations the Returning Officer must determine the order of surnames on the Ballot Paper by lot.
9.6
The Returning Officer must include on the Ballot Paper instructions to the voter that are substantially in accordance with the following form: (1)
Place a tick, cross (/) or other mark in the box of each candidate you wish to vote for.
(2)
There are [#number of candidates] candidates to fill [#number of vacancies] vacancies.
(3)
You may vote for up to [# number of vacancies] candidates. You may vote for fewer candidates than [# number of vacancies] if you want. But do not vote for more than [# number of vacancies] candidates. If you vote for more than [# number of vacancies] your vote will be invalid.
(4)
If you identify yourself on this Ballot Paper by any mark or writing your vote will be invalid.
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9.7
(5)
Place the Ballot Paper in the envelope supplied to you that is addressed to the Returning Officer and seal the envelope.
(6)
Please forward the return envelope to the Returning Officer so that it reaches the Returning Officer before the time of the close of the ballot, being [# time and date].
When a Member has marked a vote on a Ballot Paper the Member must: (a)
place it in the return envelope addressed to the Returning Officer; and
(b)
deliver it, or cause it to be delivered, to the Returning Officer in time to reach the Returning Officer not later than the time and date of the close of the ballot as specified in the Ballot Paper.
10.
Duplicate Ballot Papers and Return Envelopes
10.1
Where, on application before the time of the close of the ballot in an election, the Returning Officer is satisfied that a Ballot Paper or return envelope issued to a person whose name is on the roll of voters has not been received or has been lost, destroyed or spoilt, and that the person has not already voted in the election, the Returning Officer must issue to that person a duplicate Ballot Paper or return envelope (as the case may be).
10.2
An application under Rule 10.1 by a person for a duplicate Ballot Paper, or a return envelope, for an election must: (a)
be in writing setting out the grounds on which the application is made and stating that the person has not voted in the election; and
(b)
if practicable, be accompanied by any evidence that is available for that non-receipt, loss, destruction or damage.
10.3
The Returning Officer may request an applicant to provide a statutory declaration in support of an application under Rule 10.1.
11.
Scrutiny
11.1
As soon as practicable after the time of the close of a ballot, the Returning Officer must: (a)
produce unopened all envelopes containing Ballot Papers received up to the time of the close of the ballot;
(b)
examine each envelope, and if it complies with this General Schedule, accept the vote for further scrutiny;
(c)
if an envelope does not comply with this General Schedule, reject the vote without opening the envelope;
(d)
open each envelope which has not been rejected, withdraw the Ballot Paper and deposit it in the ballot box; and
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RBA Officers' Superannuation Fund Trust Deed (e)
11.2
11.3
when all Ballot Papers have been deposited in the ballot box, open the ballot box, withdraw the Ballot Papers and count the votes.
The Returning Officer must reject a Ballot Paper as informal which: (a)
does not bear the initials or signature of the Returning Officer or the facsimile of those initials or signature that is referred to in Rule 9.4;
(b)
is not enclosed in the appropriate envelope; or
(c)
is not marked substantially in accordance with the instructions referred to in Rule 9.6.
The decision of the Returning Officer as to the validity or invalidity of any vote or Ballot Paper is final.
12.
Declaration of Result of Election
12.1
As soon as practicable after the counting of votes under Rule 11.1 is completed, the Returning Officer must declare the result of the election (which will include declaring the Member Representatives who will hold office from the date of declaration (or such other date declared by the Board for this purpose) and the Member Representatives who will no longer hold office from the date of declaration (or such other date declared by the Board for this purpose)).
12.2
The election will be determined by the Returning Officer declaring as elected Member Representatives the number of candidates equal in number to the number of contested offices who receive the highest number of formal votes in the manner described in Rule 9.6 but where (if applicable) in relation to the last vacancy two or more candidates receive an equal number of formal votes the Returning Officer will determine the successful candidate by lot.
13.
Disposal of Ballot Papers and Envelopes
13.1
Subject to Rule 13.2, the Returning Officer must, at the expiration of 7 days after declaration of the results of any election, cause all Ballot Papers and envelopes used at the election to be destroyed.
13.2
Where the Returning Officer has received written notice from a Member of a doubt or dispute as to the validity of any vote or election before the expiry of the period specified in Rule 13.1, the Returning Officer must cause all Ballot Papers and envelopes used for the relevant election to be retained until the doubt or dispute has been resolved to the satisfaction of the Returning Officer.
14.
Prevention of Irregularities
14.1
The Returning Officer may take such actions, and give such directions, as the Returning Officer considers necessary in order to: (a)
ensure the secrecy of ballot;
(b)
ensure that no irregularities occur in, or in connection with, an election; or
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RBA Officers' Superannuation Fund Trust Deed (c)
14.2
remedy any inconsistency or inadequacy that arises in the application of this General Schedule.
Despite anything in this General Schedule, failure (other than a deliberate failure) to: (a)
advise or notify a Member of, or in relation to, any aspect of an election; or
(b)
forward a Ballot Paper to a Member,
will not render the election, or any appointment under it, void, voidable or unenforceable. 14.3
If any doubt or dispute arises as to the validity of any vote or any election, the decision of the Returning Officer will be final and binding on all interested persons.
15.
Removal of Member Representatives
15.1
Upon a Prescribed Removal Event, the Returning Officer must within 30 days of receipt of the notice referred to in Rule 15.2 in relation to that Prescribed Removal Event send to each Member on the roll of voters: (a)
a voting form in relation to the resolution following the same procedures as those specified in Rule 9; and
(b)
a notice providing such written information concerning the resolution as is provided by the Members requiring that the resolution be put, and the Member Representative concerned, as the Returning Officer thinks fit.
15.2
A Prescribed Removal Event occurs if the Returning Officer receives at the place where the functions of the Returning Officer are carried out: (a)
a notice in writing signed by 20 Members requesting that a resolution removing a Member Representative be put to Members; or
(b)
notification from the Board that a Member Representative has been absent without the consent of the Board from each Board meeting held during a period of 6 months immediately before the giving of the notice.
15.3
The Returning Officer has an absolute discretion as to what material is included in a notice given under Rule 15.1(b). In particular (but without limitation), the Returning Officer may exclude any material to the extent that, in the opinion of the Returning Officer, the material is or may be defamatory, irrelevant, misleading or otherwise inappropriate.
15.4
In conducting the vote in relation to a resolution given under this Rule, the Returning Officer, as far as practicable and in the opinion of the Returning Officer appropriate, must follow the procedures specified in this General Schedule in relation to Duplicate Ballot Papers and Return Envelopes Rule 10, Scrutiny Rule 11, Disposal of Ballot Papers and Envelopes Rule 13 and Prevention of Irregularities Rule 14.
15.5
A resolution under this Rule will only be passed if: (a)
at least 5% of the number of Members entitled to vote on the resolution do vote on the resolution; and Page 135
RBA Officers' Superannuation Fund Trust Deed (b)
15.6
more than two thirds of the number of Members who do vote on the resolution, vote in favour of the resolution to remove the Member Representative.
As soon as practicable after the counting of votes is completed the Returning Officer must declare whether the resolution is passed or not.
15.7
If the resolution is passed: (a)
the person ceases to be a Member Representative on the declaration by the Returning Officer under Rule 15.6; and
(b)
a casual vacancy arises as contemplated in Rule 3.4.
16.
Construction of this General Schedule
16.1
If any question arises in relation to the meaning or effect of any Rule of this General Schedule the Board will determine that question.
16.2
Any determination made by the Board will, to the extent permitted by Superannuation Law, be final and binding on all interested persons.
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General Schedule 2 Appendix 1 – Nomination Paper
Reserve Bank of Australia Officers' Superannuation Fund (OSF) Nomination Paper TO: the Returning Officer We, the undersigned persons, being Members of the OSF who are entitled to vote at the present election of Member Representatives for the OSF Board of Trustee nominate:
[insert full name of Candidate]
As a candidate for the office of a Member Representative Dated: First Nominator Full Name: Employer: Signature:
Second Nominator Full Name: Employer: Signature:
I
[insert full name of Candidate]
of
[insert full address]
consent to the above nomination. Signature: Dated: A photograph of the candidate and a statement of not more than 250 words may be attached to this Nomination Paper. Page 137
RBA Officers' Superannuation Fund Trust Deed
General Schedule 2 Appendix 2 – Prescribed Form Reserve Bank of Australia Officers' Superannuation Fund (OSF) Declaration by Candidate for Election as a Member Representative OSF Board of Trustees I of DECLARE that: 1.
I am an employee of of the OSF.
2.
I am not a disqualified person within the meaning of the Superannuation Industry (Supervision) Act 1993 in that I: (a)
[insert Employer name] and a Member
have not at any time: (i)
been convicted of an offence against, or arising out of, a law of the Commonwealth of Australia or a State or Territory of the Commonwealth of Australia or a foreign country, being an offence in respect of dishonest conduct; or
(ii)
had a civil penalty order (within the meaning of the Superannuation Industry (Supervision) Act 1993) made in relation to me; or
(b)
am not an insolvent under administration (within the meaning of the Superannuation Industry (Supervision) Act 1993); or
(c)
have not at any time been disqualified by the Federal Court of Australia under section 126H of the Superannuation Industry (Supervision) Act 1993.
3.
I have read the Rules relating to the election of Member Representatives in General Schedule 2 of the OSF Trust Deed and believe that I am eligible to stand for election.
4.
If elected as a Member Representative I consent to be appointed as a Member Representative of the Board.
Date:
Signature:
Print Name:
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General Schedule 2 Appendix 3 – Ballot Paper Reserve Bank of Australia Officers' Superannuation Fund (OSF) Ballot Paper Candidate Names
• •
There are [#] vacancies on the OSF Board of Trustees to be filled by Member Representatives. Each term is for a period of approximately 3 years. The following persons are candidates for the present election of Member Representatives: [full given and surnames of Candidates to be inserted by the Returning Officer in an order to be determined by the Returning Officer by ballot in accordance with Rule 9.5 of General Schedule 2 of the OSF Trust Deed]
Initials of Returning Officer: Instructions to Voters 1.
Place a tick, cross (/) or other mark in the box of each Candidate you wish to vote for.
2.
There are [number of Candidates #] Candidates to fill [number of vacancies #] vacancies.
3.
You may vote for up to [# number of vacancies] Candidates. You may vote for fewer Candidates than [# number of vacancies] if you want. But do not vote for more than [# number of vacancies] Candidates. If you vote for more than [# number of vacancies] your vote will be invalid.
4.
If you identify yourself on this Ballot Paper by any mark or writing your vote will be invalid.
5.
Place the Ballot Paper in the envelope supplied to you that is addressed to the Returning Officer and seal the envelope.
6.
Please forward the return envelope to the Returning Officer so that it reaches the Returning Officer before the time of the close of the ballot, being [# name and date].
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