Explanatory Memorandum
Circulated by authority of the Minister for Superannuation and Corporate Law, Senator the Hon Nick SherrySCHEDULE 3 - REPEAL OF SCHEDULE TO SUPERANNUATION ACT 1990
159. Section 4 of the 1990 Act provided for the Minister for Finance to establish an occupational superannuation scheme by deed in the form set out in the Schedule to the Act. On 21 June 1990 the then Minister for Finance, to satisfy the requirements of subsection 4(1) of the 1990 Act, made the PSS Trust Deed, in the form set out by the Schedule to the 1990 Act, to establish the PSS. The PSS Trust Deed has been amended on twenty-seven occasions since 21 June 1990 in accordance with the authority given to the Minister under section 5 of the 1990.
160. Items 1 to 3 of Schedule 3 repeal the Schedule to the 1990 Act and remove the references to the Schedule in section 4 of the 1990 Act. This will ensure that the original form of the deed is not mistaken for the amended deed as applying from time to time