AGY-1083 | State Provident Fund Management Board (July - December 1919) / State Superannuation Board (December 1919 - 1985)

Full description

The superannuation provisions of the Civil Service Act, 1884 and all matters relating to the payment of gratuities and to the refund of contributions under the Public Service Acts of 1895-1902 were administered by the Public Service Board until the Superannuation Act, 1916, came into operation. The Superannuation Act, 1916 (Act No. 28 1916), provided that, with the exception of four Sections dealing with officers of 60 years of age and over, the Act should not become operative until six months after the signing of peace. An amending Act passed during 1918 (assented to 19 December 1918) provided for the Act to take effect on 1 July 1919. This legislation constituted the State Provident Fund Management Board, which was renamed the State Superannuation Board under the provisions of the Superannuation (Amendment) Act, 1919 (assented to 12 December 1919). The main function of the State Superannuation Board was to provide benefits, through the State Superannuation Fund, for salaried employees of the New South Wales Public Service, the Teaching Service and various statutory authorities of the State. Provision was made for commuting the existing pension and gratuity rights of public officers and merging them into rights under the Superannuation Act, 1916. It was arranged that all such matters be transferred to the Board, but the transfer was not completed until the end of January 1920. The State Superannuation Fund was closed to new members on 1 July 1985. (1) The State Public Service Superannuation Board was constituted with effect from 30 April 1985 in order that the State Public Service Fund could be opened effectively from 1 July 1985. (2) FOOTNOTES (1) State Superannuation Board Annual Report for the year ended 30 June 1986 page 5. (2) New South Wales State Public Service Superannuation Board Annual Report for the year ended 30 June 1986 page 63 published in a joint volume also containing the Annual Report of the State Superannuation Board for the year ended 30 June 1986.