EXPLANATORY STATEMENT

 

 

Select Legislative Instrument 2007 No. 295

 

 

Issued by the Authority of the Attorney-General

 

 

Judges’ Pensions Act 1968

Judges’ Pensions Amendment Regulations 2007 (No. 1)

 

 

Subsection 21(1) of the Judges’ Pensions Act 1968 (the Act) provides that the Governor-General may make regulations prescribing matters required or permitted by the Act to be prescribed, or necessary or convenient to be prescribed for carrying out or giving effect to the Act.

 

The Judges’ Pensions Amendment Act 2007 amended the Act to provide judges with the option to commute a portion of their pensions to pay any outstanding superannuation surcharge debt they have when they retire.

 

In calculating the pension reduction percentage under of the Act where a judge elects for commutation, the judge’s surcharge debt is divided by the relevant age factor contained in the regulations. The Regulations set out these factors.

 

Details of the Regulations are set out in the Attachment.

 

The Regulations are a legislative instrument for the purposes of the Legislative Instruments Act 2003.

 

The Regulations are taken to have commenced on 1 July 2007 (the same date as the relevant provisions in the Judges’ Pensions Amendment Act 2007).

 

The Office of Legislative Drafting and Publishing has confirmed that subsection 12 (2) of the Legislative Instruments Act 2003 does not prevent the Regulations from being taken to have commenced retrospectively as they neither affect any person’s rights as at the date of registration so as to disadvantage that person nor impose liabilities on any person in respect of anything done, or omitted to be done, before the date of registration.

 

Only the Australian Government Actuary has been consulted in relation to this legislative instrument. This limited consultation was appropriate as the instrument is in the nature of an adjunct to the Judges’ Pensions Amendment Act 2007, consultation for which included those affected by the introduction of the Act.

 

Neither a Business Cost Calculator Report nor a Regulation Impact Statement is required as the Regulations have no direct impact on business, individuals or the economy.

ATTACHMENT

 

 

Details of the proposed Judges’ Pensions Amendment Regulations 2007 (No. 1)

 

Regulation 1 - Name of Regulations

 

This regulation provides that the name of the Regulations is the Judges’ Pensions Regulations 2007 (No. 1).

 

Regulation 2 - Commencement

 

This regulation provides that the Regulations are taken to have commenced on 1 July 2007.

 

Regulation 3 - Amendment of Judges’ Pensions Regulations 1998

 

This regulation provides that Schedule 1 to the Regulations amends the Judges’ Pensions Regulations 1998 (the Principal Regulations).

 

Schedule 1 Amendments

 

Item 1 - After Part 1

 

Item 1 inserts new Part 1A into the Principal Regulations, which comprises new regulation 3A. This regulation provides a formula for calculating the age factor in relation to a particular judge.

 

Item 2 - Before Schedule 1

 

Item 2 inserts new Schedule 1A into the Principal Regulations specifying numerical age factors to be used in the formula in regulation 3A.