Military Superannuation and Benefits (Delayed Payment of Benefit) Determination 2004 (Cth)

Military Superannuation and Benefits (Delayed Payment of Benefits) Determination 2004

The MILITARY SUPERANNUATION AND BENEFITS BOARD OF TRUSTEES NO. 1 makes this Determination under paragraph 3 (1) (c) of the  Trust Deed made

under Part 2 of the Military Superannuation and Benefits Act 1991.

Dated   16 June  2004

Charles Kiefel C. F. Kiefel Chairperson	R. Swanwick WOFF R. C. Swanwick Trustee	M. Sharpe M. J. Sharpe, AO Trustee
L. C. Roberts AIRCDRE L. C. Roberts Trustee	P. J. Charley P. J. Charley Trustee

Section 1

1. Name of Determination

This Determination is the Military Superannuation and Benefits (Delayed Payment of Benefits) Determination 2004.

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1. Commencement

This Determination is taken to have commenced on 18 May 2004.

1. Revocation

The Military and Superannuation Act Benefits 1991 (Delayed Payment of Benefit) Determination No. 1 and each determination that amends that determination are revoked.

1. Interpretation

(1)      In this Determination:

Act means the Military Superannuation and Benefits Act 1991.

Board means the Military Superannuation and Benefits Board of Trustees No. 1 established by section 18 of the Act.

ComSuper means the Commissioner for Superannuation established under section 17 of the Superannuation Act 1976 and the staff mentioned in section 26 of that Act.

finally process, in relation to a lump sum benefit, means the giving of approval by the Board of the payment of the lump sum benefit.

lump sum benefit means an amount, made up of any of the following benefits, that is payable as a lump sum under the Rules:

(a)            member benefit;

(b)            employer benefit;

(c)            preserved benefit;

(d)            associate A benefit;

(e)            associate B benefit.

required documentation and information means the documentation and information required, by ComSuper or the Board, to be provided by the person entitled to payment of the lump sum benefit to enable the Board to finally process the lump sum benefit.

Rules means the Military Superannuation and Benefits Rules set out in the Schedule to the Trust Deed made under Part 2 of the Act.

working day, in relation to the processing of a lump sum benefit or the rate of interest applicable to a lump sum benefit, means a day other than a Saturday or a Sunday or a day that is a public holiday in the place where the processing takes place.

2 Military Superannuation and Benefits (Delayed Payment of Benefits) Determination 2004

Section 6

(2)         Words and expressions used in this Determination that are defined in the Act or the Rules have the same meaning in this Determination as in the Act or the Rules.

1. Calculation of interest

(1) For paragraph 69 (4) (a) of the Rules, and subject to subsection (2), interest is calculated over the period beginning on:

(a) if, under the Rules, the lump sum benefit is payable after a period of preservation — the day the lump sum benefit becomes payable; or

(b) for an associate A benefit — the day the benefit becomes payable; or

(c) in any other case — the day after the day the person ceases to be a member;

and ending on the day on which the lump sum benefit is finally processed.

Note   The definition of lump sum benefit includes associate A benefit and associate B benefit.  Associate A benefit is not payable after a period of preservation.

(2) Interest is calculated in relation to a lump sum benefit only if the processing period is greater than 15 working days.

(3) For subsection (2):

(a) the processing period is the period commencing on the day the Board receives all required documentation and information, and ending on the day the lump sum benefit is finally processed; and

(b) the Board is taken to have received all required documentation and information only when the last part of the required documentation and information is received by the Board; and

(c) an action performed by ComSuper in relation to the processing of a lump sum benefit is taken to have been performed by the Board.

1. Rate of interest

For a period mentioned in subsection 5 (1), interest is payable at the rate that     represents the 10 year Treasury Bond yield declared by the Reserve Bank on     the last working day of December immediately preceding the day the lump             sum benefit is finally processed.

Military Superannuation and Benefits (Delayed Payment of Benefits) Determination 2004 3