Attorney-General Robert McClelland and Minister for Superannuation and Corporate Law Senator Nick Sherry today welcomed new superannuation reforms marking a significant step forward in the recognition of same-sex relationships.
The Same-Sex Relationships (Equal Treatment in Commonwealth Laws-Superannuation) Act 2008 received Royal Assent on 4 December 2008.
The Act also amends the Superannuation Industry (Supervision) Act 1993, making it easier for regulated superannuation funds to recognise same-sex relationships from 1 July 2008.
A recent survey by the Australian Institute of Superannuation Trustees of its members found there were a considerable number of funds that did already recognise same-sex relationships as interdependent couples. Results suggested that most, if not all, not-for-profit super funds are able to pay death benefits to same-sex partners and about half the funds have done this.
"We encourage all superannuation funds across Australia to make provision for same-sex couples and their children so that this discrimination is completely removed from the superannuation industry," Senator Sherry said.
The final decision on whether to pay superannuation death benefits to a deceased member's same-sex spouse or dependent children rests with the fund's trustee, subject to the fund's governing rules.
A number of Commonwealth civilian and military superannuation schemes, including the judicial pension schemes, will be amended, making death benefits available to same-sex de facto partners and children of a same-sex relationship.
It is expected that from 1 January 2009 same-sex de facto couples will be treated the same as opposite-sex de facto couples for the purposes of these schemes.
The Act will also amend related taxation legislation affecting superannuation death benefits and other Acts that regulate the superannuation industry.
"These changes are an important step forward in ensuring the future financial security of same-sex de facto couples and their children," Mr McClelland said.
"This landmark reform has been long overdue and it has taken a Labor Government to do it."
A list of Commonwealth superannuation and pension laws that are amended by the legislation is attached.10 December 2008
Attachment A
Commonwealth superannuation and pension laws amended by the legislation
- Defence Force Retirement and Death Benefits Act 1973
- Defence Forces Retirement Benefits Act 1948
- Federal Magistrates Act 1999
- Governor-General Act 1974
- Income Tax (Transitional Provisions) Act 1997
- Judges’ Pensions Act 1968
- Law Officers Act 1964
- Parliamentary Contributory Superannuation Act 1948
- Retirement Savings Accounts Act 1997
- Small Superannuation Accounts Act 1995
- Superannuation (Government Co-contribution for Low Income Earners) Act 2003
- Superannuation Act 1922
- Superannuation Act 1976
- Superannuation Industry (Supervision) Act 1993