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Nauru Superannuation (Amendment) Act 2019

REPUBLIC OF NAURU

NAURU SUPERANNUATION (AMENDMENT) ACT 2019

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No. 12 of 2019
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An Act to amend the Nauru Superannuation Act 2018.

Certified: 14^th June 2019

Table of Contents

1 Short title

2 Commencement

3 Amendment of the Nauru Superannuation Act 2018

4 Amendment of section 4

5 Amendment of section 7

6 Insert new sections 9A and 9B

Enacted by the Parliament of Nauru as follows:

1 Short title

This Act may be cited as the Nauru Superannuation (Amendment) Act 2019.

2 Commencement

This Act commences upon certification by the Speaker.

3 Amendment of the Nauru Superannuation Act 2018

The Nauru Superannuation Act 2018 is amended by the provisions of this Act.

4 Amendment of section 4

Section 4 is amended by inserting the following in alphabetical order:

‘parliament pension’ means the parliament pension provided for under the Parliamentary Pension Act 2008;

5 Amendment of section 7

Section 7 is amended by inserting a new subsection (2A) immediately after subsection (2):

‘(2A) The Nauru Super Scheme also consists of the parliament pension kept, maintained and managed for the benefit of persons entitled under the Parliamentary Pension Act 2008.’

6 Insert new sections 9A and 9B

The Act is amended by inserting the following new sections 9A and 9B immediately after section 9:

“9A Functions of the Nauru Super Scheme in relation to the Parliament Pension

The functions of the Nauru Super Scheme in relation to the parliament pension are to:

(a) manage and invest the parliament pension separately from the Fund;

(b) ensure investment of the parliament pension in secured investment;

(c) pay the money accruing from the investment under paragraphs (a) and (b) back into the parliament pension;

(d) pay the entitlements to the entitled persons in accordance with the Parliamentary Pension Act 2008; and

(e) keep and maintain accurate accounts and records of entitlements under the Parliamentary Pension Act 2008.

9B Relationship between this Act and the Parliamentary Pension Act 2008

(1) Persons entitled to a parliament pension do not by virtue of such entitlement become members of the Nauru Super Scheme.

(2) The parliament pension does not constitute any part of the Fund.”