Superannuation (Former Provident Account Contributors) Regulations (Amendment) (Cth)

Statutory Rules 1992

No. 269 1

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Superannuation (Former Provident Account Contributors) Regulations 2(Amendment)

I, The Governor-General of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, make the following Regulations under the Superannuation Act 1976.

 Dated 19 August 1992.

 BILL HAYDEN

 Governor-General

 By His Excellency’s Command,

RALPH WILLIS

Minister of State for Finance

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1.   Commencement

1.1   These Regulations are taken to have commenced on 2 September 1991.

2.   Amendment

2.1   The Superannuation (Former Provident Account Contributors) Regulations are amended as set out in these Regulations.

3. Schedule

(Modifications of the Act in the application of the Act in relation to certain persons to whom section 183 of the Act applies)

3.1   Modification of section 62:

Substituted subsection (2):

After “under subsection (1)”, insert “being a person who ceases to be an eligible employee before 1 July 2000,”.

3.2   Modification of section 62:

After the modification, insert:

 “Omit from paragraph (2A) (a), all the words from and including ‘the     sum of:’ to the end of the paragraph, substitute:

     the sum of the amount of the person’s accumulated supplementary     contributions (if any) and:

 (i) except where subparagraph (ii) applies—a lump sum benefit of the sum of an amount equal to 3times the amount of the person’s accumulated basic contributions; or

• (ii)

  if, in the circumstances in which the person ceased to be an eligible employee, the person would, for the purposes of section 82 of the superseded Act, have been regarded as having had his or her services terminated owing to retrenchment if that section had continued to apply to the person and he or she had not previously been paid a sum under subsection 82 (2) of the superseded Act—a lump sum benefit of an amount equal to whichever is the greater of:

  • (A)

    an amount calculated in accordance with subparagraph (i); or

  • (B)

    an amount calculated in accordance with subsection (3);

 or’

 “After subsection (2A), insert: ”.

3.3   Inserted subsection 62 (3):

Omit “subsection (2) (b) (ii)”, substitute:

“subparagraph 62 (2) (b) (ii) and sub-subparagraph 62 (2A) (a) (ii) (B)”.

3.4   Inserted subsection 80A (2):

Omit “sub-section 62 (2),”, substitute “subsection 62 (2), 62 (2A),”.

3.5  Inserted subsection 80A (3):

Omit “sub-section 62 (2),”, substitute “subsection 62 (2), 62 (2A),”.

3.6   After the modification of section 100, insert:

“109AB  Insert in subsection (1) ‘of this Part or Division 7 of Part XII’ after ‘Division 1, 2, 3 or 3A’

 ‘Insert in subsection (4) ‘of this Part or Division 7 of Part XII’ after ‘Division 1, 2, 3 or 3A”.

3.7   First modification of section 110:

Omit “Division 1, 2 or 3”, substitute “Division 1, 2, 3 or 3A of this Part”.

3.8   Second modification of section 110:

Omit “Division 1, 2 or 3”, substitute “Division 1, 2, 3 or 3A of this Part”.

3.9   Third modification of section 110:

Omit “Division 1, 2 or 3”, substitute “Division 1, 2, 3 or 3A of this Part”.

3.10   Fourth modification of section 110:

Omit “paragraph (a) of sub-section (8)”, substitute “paragraph (14) (a)”.

3.11   Fifth modification of section 110:

Omit “paragraph (b) of sub-section (8)”, substitute “paragraph 14 (b)”.

3.12   After the 5th modification of section 110, insert:

“Insert in subsection (15) ‘or Division 7 of Part XII’ after ‘108’”.

3.13   Modification of section 111:

Omit “paragraph (b) of sub-section (1)”, substitute “subsection (1)”.

3.14   Modification of section 115:

Omit the modification, substitute:

“Add ‘or Division 7 of Part XII’ at the end of paragraph (a) of the definition of ‘orphan benefit’ in subsection (4)”.

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NOTES

1. Notified in the Commonwealth of Australia Gazette on 26 August 1992.

2. Statutory Rules 1978 No. 227 as amended by 1991 Nos. 171 and 468.