Superannuation (Former Eligible Employees) Regulations (Amendment) (Cth)

Statutory Rules 1989 No. 3061

Superannuation (Former Eligible Employees)

Regulations2 (Amendment)

I, THE GOVERNOR-GENERAL of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, hereby make the following Regulations under the Superannuation Act 1976.

Dated 13 November 1989.

BILL HAYDEN

Governor-General

By His Excellency’s Command,

Peter Walsh

Minister of State for Finance

Commencement

1. These Regulations commence on 20 November 1989.

Principal Regulations

2. In these Regulations, "Principal Regulations" means the Superannuation (Former Eligible Employees) Regulations.

3. After regulation 6 of the Principal Regulations the following regulation is inserted:

Application of the Act to certain employees of AIDC Ltd.

"7. The Act and the provisions of the Act specified in Schedule 4 apply subject to the modifications specified in that Schedule to or in respect of those persons to whom section 126a of the Act applies who:

(a) were, immediately before 20 November 1989, employed by AIDC Ltd; and

(S.R. 346/89) Cat. No. 14/26.10.1989

(b) on or after that 20 November 1989 but before 22 December 1989, become members of either of the following superannuation schemes, namely:

(i) The Australian Industry Development Corporation Executive Superannuation Plan; or

(ii) The Australian Industry Development Corporation Staff Superannuation Plan.".

Schedule 4

4. The Principal Regulations are amended by adding at the end the following Schedule:

SCHEDULE 4Regulation 7

MODIFICATIONS—EMPLOYEES OF AIDC LTD.

Section

Modifications

137

Omit subsections (3) and (4).

138

Omit the section.

139

Omit subsection (1), substitute the following subsection:

"(1) Where a person:

(a) who was, immediately before 20 November 1989, an eligible employee, being employed by AIDC Ltd; and

(b) who, on or after that date but before 22 December 1989, becomes a member of either of the following superannuation schemes, namely:

(i) The Australian Industry Development Corporation Executive Superannuation Plan; or

(ii) The Australian Industry Development Corporation Staff Superannuation Plan;

and thereby ceases to be an eligible employee;

makes an election under section 137 as a consequence of so ceasing to be an eligible employee, deferred benefits are, subject to this Division, applicable in respect of the person if, at the time when the person so ceased to be an eligible employee, he or she had completed one year of eligible employment.".

Insert in subsection (2) "referred to in subsection (1)" after "a person".

Omit paragraph (2) (b), substitute the following paragraph:

"(b) the date of his or her death;".

Insert in paragraph (2) (c) "when the person has ceased to be employed by AIDC Ltd. and" after "being a date".

Omit paragraph (2) (d), substitute the following paragraphs:

"(d) if the person is not employed by AIDC Ltd. on the day on which he or she attains the age of 65 years—the day on which the person attains that age; or

(e) if the person is employed by AIDC Ltd. on the day on which he or she attains the age of 65 years—the day immediately following the day on which he or she ceases to be so employed.".

Omit subsections (3), (4), (6) and (7).

141

Omit the section.

NOTES

1. Notified in the Commonwealth of Australia Gazette on 17 November 1989.

2. Statutory Rules 1986 No. 266 as amended to dale. For previous amendments see Note 2 to Statutory Rules 1989 No. 16 and see also Statutory Rules 1989 No. 16.

                                                       

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