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Superannuation (General Provisions) (Amendment) Act 2001

PAPUA NEW GUINEA

Superannuation (General Provisions) (Amendment) Act 2001.

No. 27 of 2001.
Certified on: 11/11/02

ARRANGEMENT OF SECTIONS.

1 Repeal and replacement of Section 78.

"TIME WHEN CONTRIBUTIONS TO BE REMITTED TO ASF."

2. New Schedule 9.

AN ACT

Entitled

Superannuation (General Provisions) (Amendment) Act 2001

Being an Act to amend the Superannuation (General Provisions) Act 2000,

MADE by the National Parliament to come into operation on the coming into operation of the Principal Act.

1. REPEAL AND REPLACEMENT OF SECTION 78.

Section 78 of the Principal Act is repealed and is replaced with the following:-

"78. TIME WHEN CONTRIBUTIONS TO BE REMITTED TO ASF.
(1) Subject to Subsection (3), an employer shall remit its employer contributions to the ASF within 14 days of the end of each calendar month.
"(2) Subject to Subsection (3), where an employer deducts employee contributions from pay, the employer shall remit those contributions to the ASF within 14 days of the date of deduction.
"(3) Where the State is the employer and —

• (a) the fund to which the contributions are to be paid is DFRBF, the provisions of Subsections (1) and (2) do not apply; and
• (b) the fund to which the contributions are to be paid is POSF, the provisions of Subsections (1) and (2) do not apply, and the State shall make contributions to POSF in accordance with Schedule 9.

"(4) An entity, who fails to comply with Subsection (1) or (2), is guilty of an offence.".

2. NEW SCHEDULE 9.

The Principal Act is amended by adding the following new Schedule 9.

"SCHEDULE 9.
Sec. 78.
Payment by the State of employer's contributions to POSF.
1. The State shall make all contributions in accordance with the Regulations.
2. The following table shows the percentage of the State contributions that shall be paid by the State to POSF within 14 days of the end of each calendar month.
3. The remainder of the State contributions shall be made on retirement of the employee.
4. State contributions accruing before the coming into operation of this Act shall be paid on retirement.
4. The POSF shall keep an account of the amounts contributed in accordance with Paragraph 2.
5. POSF shall keep an account of the amounts outstanding for payment on retirement, which shall include interest accrued at the rate interest as accrued to contributions paid in accordance with Paragraph 2.
6. POSF shall keep an account of the amounts outstanding for payment on retirement, which shall include interest accrued at the rate interest as accrued to contributions paid in accordance with Paragraph 2.

I hereby certify that the above is a fair print of the Superannuation (General Provisions) (Amendment) Act 2001 which has been made by the National Parliament.

Clerk of the National Parliament.

I hereby certify that the Superannuation (General Provisions) (Amendment) Act 2001 was made by the National Parliament on 5 December 2001.

Speaker of the National Parliament.