Superannuation Legislation Amendment Act 1996 (NSW)
New South Wales
Superannuation Legislation
Amendment Act 1996 No 92
Contents
Page
| 1 | N a m e of Act | 2 |
| 2 | C o m m en cem en t | 2 |
| 3 | A m endm ent of A cts | 2 |
| 4 | A m endm ent of P o lice S u p e ra n n u a tio n R egu la tion | |
| 1 9 9 5 | 2 |
| S c h e d u le 1 | A m endm ent of A cts | 3 |
New South Wales
Superannuation Legislation
Amendment Act 1996 No 92
Act No 92, 1996
An Act to amend various public sector superannuation Acts and the Police Superannuation Regulation 1995 in relation to the provision of death or invalidity or incapacity benefits, the transfer of benefits to or from other superannuation schemes, benefits payable to spouses, benefits paid to senior executives and the adjustment of reserves; and for other purposes. [Assented to 25 November 1996]
| Section 1 | Superannuation Legislation Amendment Act 1996 No 92 |
The Legislature of New South Wales enacts:
1 Name of Act
This Act is the Superannuation Legislation Amendment Act 1996.
2 Commencement
| (1) | This Act commences on the date of assent, except as provided by subsections (2) and (3). |
| (2) | Schedule 1.2 [ l ] is taken to have commenced on 1 March 1996. |
| (3) | Schedule 1.4 [16] and [1 7 ] are taken to have commenced on 1 January 1996. |
3 Amendment of Acts
The Acts specified in Schedule 1 are amended as set out in
Schedule 1.
4 Amendment of Police Superannuation Regulation 1995
The Police Superannuation Regulation 1995 is amended by omitting Part 3.
Superannuation Legislation Amendment Act 1996 No 92
| Amendment of Acts | Schedule 1 |
| S c h e d u l e 1 | A m e n d m e n t o f | A c t s |
(Section 3 )
| 1 .1 | Coal and Oil Shale Mine Workers (Superannuation) Act 1941 N o 4 5 |
| [ 1 ] | Section 19AC Information to be provided to Corporate Trustee |
| Insert at the end of the section: |
| (2) | Not later than 3 months after the end of the financial year applicable in respect of a coal or oil shale mine, the owner must provide to the Corporate Trustee a certificate by an auditor certifying that, in respect of each mine worker employed by the owner, the owner has contributed the amounts required under this Act (including under the COALSUPER Rules). |
| Maximum penalty: 5 penalty units. |
[2 ] Schedule 2 Savings and transitional provisions
Insert at the end of clause 2 (1):
Superannuation Legislation Amendment Act 1996
[3 ] Schedule 2, clause 6A
Insert after clause 6:
6A Payments under section 14L (Lump sum benefit payable
for incapacity of mine worker)
| (1) | This clause applies to a person to whom a lump sum benefit was paid under section 14L (2) or (3) of this Act, as inserted by the Coal and Oil Shale Mine Workers (Superannuation) Amendment Act I992 and repealed by the Coal and Oil Shale Mine Workers (Superannuation) Further Amendment Act 1994. |
Superannuation Legislation Amendment Act 1996 No 92
| Schedule 1 | Amendment of Acts |
| (2) | Any such person is taken to be entitled to, and to have been entitled to be paid, a benefit equivalent to the greater amount of the amounts of benefit calculated in accordance with section 14L (4) and (5), as so inserted and repealed. |
| 1.2 | First State Superannuation Act 1992 No 100 |
| [ 1 ] | Sections 13 and 14 |
| Omit the sections. Insert instead: | |
| 13 Basic death or invalidity cover |
| (1) | A full member is to be covered for the basic death or invalidity benefit if the balance of the member's account is equal to or greater than the amount determined by FTC for the purposes of this section. The cover is to commence on the first day of the month succeeding the month when the balance is first equal to or greater than that amount. |
| (2) | If the account balance of a full member is less than the amount determined by FTC under subsection ( l) , the member may elect to provide for the basic death or invalidity benefit and, on the election taking effect, the member is to be covered for the basic death or invalidity benefit. |
| (3) | A full member's cover for the basic death or invalidity benefit ceases to be in force on election made by the member to FTC that the member is to cease to provide for the cover or on the member ceasing to be a full member. |
| (4) | A full member who is covered for the basic death or invalidity benefit does not cease to be so covered merely because the balance of the member's account is less than the amount determined by FTC under subsection (1). |
Superannuation Legislation Amendment Act 1996 No 92
| Amendment of Acts | Schedule 1 |
| (5) | Despite any other provision of this section, a full member is not entitled to be covered for the basic death or invalidity benefit: | |||||
| ||||||
| ( 6 ) | FTC may make rules for or with respect to the following: | |||||
|
14 Payment of basic death or invalidity premiums
| (1) | Payment of the basic death or invalidity premium for a member covered for the basic death or invalidity benefit is to be made in respect of the member at such times as may be determined by FTC and is to be made by transfer from that part of the member's account attributable to compulsory employer contributions. |
| (2) | Payment is not to be made from the account of a full member who is not covered, or who has ceased to be covered, under this Act for the basic death or invalidity benefit. |
Superannuation Legislation Amendment Act 1996 No 92
| Schedule 1 | Amendment of Acts |
[2] Section 36
Omit the section. Insert instead:
36 When is a benefit or preserved benefit payable?
| (1) | The benefit (including a preserved benefit) payable under this Act is payable by FTC to or in respect of a member: | |||
|
| of | the | Commonwealth | for | a | regulated |
superannuation fund, or
| (c) | in any other circumstances in which a benefit is |
payable to comply with any such requirements. The whole or part of a benefit may be paid under subsection ( l) , if such a payment is permitted under the Superannuation Industry (Supervision) Act 1993 of the Commonwealth in the same circumstances in respect of a regulated superannuation fund.
(2)
| (3) | The whole or part of a benefit must be paid by FTC under this section if it is required, under the Superannuation Industry (Supervision) Act 1993 of the Commonwealth, to be paid by a trustee in the same circumstances in respect of a regulated superannuation fund. |
[3] Section 37 When is a death or invalidity benefit payable under this Act?
Insert “covered for the benefit” after “full member” in section
37 (1).
Superannuation Legislation Amendment Act 1996 No 92
| Amendment of Acts | Schedule 1 |
[4] Section 41 Rules to be made by FTC
Omit “ , and the variation of the circumstances under this Act in which benefits may be paid or preserved, for the purpose only of compliance with applicable Commonwealth occupational superannuation standards”.
[5] Section 55 Death or Invalidity Benefit Management Reserve
Insert “or any management costs associated with the provision of basic death or invalidity cover or additional death or invalidity cover'' after “benefits” where secondly occurring in section 55 (3).
[6] Section 61 How other costs may be paid
Insert at the end of the section:
| (2) | Management costs associated with the provision of basic death or invalidity cover or additional death or invalidity cover must not be paid from the accounts of members who are not covered for the benefit concerned. |
| (3) | FTC may require an employer to pay to the Fund the management costs, as determined by FTC, arising out of the failure of the employer to provide information or evidence required to be provided under this Act, or the failure of the employer to provide accurate information required to be provided under this Act. |
[7] Schedule 3 Savings, transitional and other provisions
Insert at the end of clause 1 (1):
Superannuation Legislation Amendment Act 1996
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| Schedule 1 | Amendment of Acts |
[8] Schedule 3, clause 3
Insert after clause 2:
3 Basic death or invalidity premiums
A person who, before the commencement of sections 13 and 14, as replaced by the Superannuation Legislation Amendment Act 1996, was entitled to a zero amount of basic death or invalidity cover because of the balance of the person's account, is taken not to have been liable to pay basic death or invalidity premiums during any part of the period commencing on 1 March 1996 and ending on the date of assent to that Act.
| 1.3 | Local Government and Other Authorities (Superannuation) Act 1927 No 35 |
| [ 1 ] | Section 15CDA Definitions |
| Omit the definition of gratuity. Insert instead: |
gratuity, in relation to a servant of a council, means:
| (a) | if the servant's service was terminated, or the servant died, before 1 July 1 9 9 3 - a gratuity under section 97 of the Local GovernmentAct 1919, and |
| (b) | if the servant's service was terminated, or the servant died, on or after that d a t e - a similar gratuity, being a gratuity paid or to be paid by the council as an act of grace on the death or termination of service of a servant of the council and calculated by reference to the period of the servant's service with the council. |
Superannuation Legislation Amendment Act 1996 No 92
| Amendment of Acts | Schedule 1 |
[2] Schedule H Savings and transitional provisions
Insert at the end of clause 1 (1):
Superannuation Legislation Amendment Act 1996
[3] Schedule H, Part 3
Insert after Part 2:
|
3 Gratuities paid from 1 July 1993
Despite Division 7 of Part 3D, the board may, but need
not:
| (a) | recover any excess employer-financed benefit paid in respect of a person who received a gratuity after 1 July 1993 and before the commencement of Schedule 1.3 to the Superannuation Legislation Amendment Act 1996, or |
| (b) | pay the person's employer any amount under section 15CJ in respect of the excess benefit. |
| 1.4 | Parliamentary Contributory Superannuation Act 1971 No 53 |
| [ 1 ] | Section 3 Definitions |
| Insert in alphabetical order in section 3 (1): |
spouse of a member, or former member, who has died
means:
| (a) | the widow or widower, as the case may be, of the member or former member, or |
| (b) | if the member or former member was a man and, at the time of his death, he was living with a woman as her husband on a bona fide domestic b asis-th e woman with whom he was so living, or |
Superannuation Legislation Amendment Act 1996 No 92
| Schedule 1 | Amendment of Acts |
| (c) | if the member or former member was a woman and, at the time of her death, she was living with a man as his wife on a bona fide domestic basis- |
the man with whom she was so living.
Section 19A Variation of certain annual pensions
Omit “widow or widower” wherever occurring in section 19A (2).
Insert instead “spouse”.
Section 22A Contributors not entitled to pension
Insert “or, if that person died on or after the commencement of Schedule 1.4 [3] to the Superannuation Legislation Amendment Act 1996, by a spouse” after “widower” in section 22A (4) (b).
Section 22B Preservation of minimum benefits under superannuation guarantee legislation
Omit “widow or widower” wherever occurring in section 22B (5).
Insert instead “spouse”.
Section 23 Pension for spouses
Omit “widow or widower” wherever occurring (subsection (6 )
excepted).
Insert instead “spouse”.
Section 23 (1)
Omit “married”. Insert instead “became the spouse of”.
Section 23 (6)
Omit the subsection.
Superannuation Legislation Amendment Act 1996 NO 92
| Amendment of Acts | Schedule 1 |
Section 23 (7 )
Omit “under subsection (6)”. Insert instead “under this section”.
Section 23 (7)
Omit “(subsection (6) excepted)”.
Section 23 (10)
Insert “before the commencement of Schedule 1.4 [5] to the Superannuation Legislation Amendment Act 1996'' after “dies” where secondly occurring.
Section 23 (10) (a)
Omit “widow”. Insert instead “widower”.
Section 23 (10) (b)
Omit “that commencement”.
Insert instead “the commencement of the Parliamentary
Contributory Superannuation (Amendment) Act 1979”.
Section 23 (11)
Insert after section 23 (10):
| (11) | Where a former member who had ceased to be a member before the commencement of the Parliamentary Contributory Superannuation (Amendment) Act 1979 dies on or after the commencement of Schedule 1.4 [5] to the Superannuation Legislation Amendment Act 1996: | |
|
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| Schedule 1 | Amendment of Acts |
a pension is payable to the spouse if the spouse became the spouse of the former member before the former member became entitled to a pension, being the pension to which a widow of the former member was or would have been entitled under this section, as in force immediately before the commencement of the Parliamentary Contributory Superannuation (Amendment) Act 1979.
[ 1 4 ] Section 23A Right of certain spouses to convert part of pension entitlement to lump sum entitlement
| Omit “widow or widower” from section 23A (1). Insert instead “spouse”. |
[ 1 5 ] Sections 23B, 26 (1) and 27 (1)
| Omit “widow or widower” wherever occurring. Insert instead “spouse”. |
[1 6 ] Section 26 Suspension of pension where another parliamentary pension received
Insert after section 26 (4):
| (5) | This section does not apply so as to suspend a person's rights under this Part on account of the person's entitlement to a retiring allowance under the Parliamentary Contributory Superannuation Act 1948 of the Commonwealth if the person pays an amount under section 26B in respect of the commuted value of the retiring allowance. |
Superannuation Legislation Amendment Act 1996 No 92
| Amendment of Acts | Schedule 1 |
[1 7 ] Sections 26B and 26C
Insert after section 26A:
26B Payment of benefit to Fund by former federal members
This section applies to a member:
| (a) | who is entitled to, or has received, a retiring allowance or other benefit under a superannuation scheme applicable to federal members, and |
(b) who became a member on or after 1 January 1996. A member may elect, not later than 3 months after the date of becoming a member, or within such further period as the trustees may determine in respect of the member, to pay to the Fund an amount of lump sum benefit received by the member as a federal member under a superannuation scheme applicable to federal members. The amount must be paid within the period of 3 months or the further period determined by the trustees.
A member who was a member on the commencement of this section may elect, not later than 3 months after that commencement, or within such further period as the trustees may determine in respect of the member, to pay to the Fund an amount of lump sum benefit received by the member as a federal member under a superannuation scheme applicable to federal members. The amount must be paid within the period of 3 months or the further period determined by the trustees.
The election must be in writing and given to the trustees.
26C Calculation of benefits for former federal members
| (1) | On payment of an amount under section 26B, the trustees must determine, after receiving actuarial advice and, for the purposes of paragraph (b), after obtaining the advice of the trustees of the member's former superannuation scheme: |
| P age | 13 |
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| Schedule 1 | Amendment of Acts |
| (a) | the additional period of service as a member attributable to the member in respect of the amount paid, and |
| (b) | the amounts attributable to employee-financed and employer-financed components of the amount paid for the purposes of this Act. |
| (2) | For the purposes of this Act, the period of service of the member is taken to be increased by the additional period attributable to the member under this section. | |||
| (3) | For the purposes of section 19: | |||
| ||||
| (4) | For the purposes of section 22A, a member to whom section 26B applies who is entitled to a benefit under section 22A or any other person to whom the benefit in respect of the member is payable: | |||
|
in respect of any amount paid under section 26B,
but
| (b) | is entitled to be refunded the whole of any amount paid under section 26B. |
[ 1 8 ] Section 30B
Insert after section 30A:
30B Competing claims for spouses' benefits
| (1) | This section applies to a benefit (including a pension) under this Act that is payable to the spouse of a deceased person. |
| P age | 14 |
Superannuation Legislation Amendment Act 1996 No 92
| Amendment of Acts | Schedule 1 |
| (2) | Where, but for this subsection, a benefit to which this section applies would be payable to more than one person (because a deceased person has left more than one spouse): | |||
| ||||
| (3) | For the purposes of subsection (2) (a), the trustees may determine in relation to a benefit to which this section applies: | |||
| ||||
| (4) | The trustees may withhold the payment of the whole or any part of a pension to which this section applies by reason of the death of a person or, if any such pension is commuted, withhold the payment of the whole or any part of the amount commuted: | |||
|
Superannuation Legislation Amendment Act 1996 No 92
| Schedule 1 | Amendment of Acts |
| (5) | If, after the expiration of 30 days following the death of a person, a pension to which this section applies is paid in respect of any period to a spouse of the deceased person, a pension to which this section applies is not payable to any other spouse of the deceased person in respect of that period. | |||
| (6) | If, after the expiration of 30 days following the death of a person, the whole or part of a pension to which this section applies is commuted by a spouse of the deceased person: | |||
| ||||
| (7) | For the purposes of subsections (5) and (6), an amount paid in good faith by the trustees to a person purporting to be the spouse of a deceased person is taken to have been paid to such a spouse. | |||
| (8) | If, after the expiration of 30 days following the death of a person, any amount is paid under this Act to the person's personal representatives or to such other persons as the trustees may determine, any pension to which this section applies that is payable to the spouse of the deceased person is to be reduced, in the prescribed manner, by the amount so paid. |
Superannuation Legislation Amendment Act 1996 No 92
| Amendment of Acts | Schedule 1 |
| ( 9 ) | For the purposes of subsection (8), the prescribed | |||
| manner of reducing a pension to which this section applies by a particular amount is: | ||||
|
[1 9 ] Section 34
Insert after section 33:
34 Savings and transitional provisions consequent on
Superannuation Legislation Amendment Act 1996
The amendments made by Schedule 1.4 to the Superannuation Legislation Amendment Act 1996 do not confer a right to a benefit under this Act on a person in relation to the death of a person that occurred before the commencement of this section.
| 1 .5 | Police Association Employees (Superannuation) Act 1 9 6 9 N o 3 3 |
| [ 1 ] | Section 3 Employees of Association transferring from employment as police officers |
| Insert after section 3 (7A): |
(7B) Section 9B of the Police Regulation (Superannuation) Act 1906 applies to a person who becomes entitled to a lump sum benefit under subsection (5) as if the person had been a member of the police force and:
| (a) | in the case of a person who has reached the age of 55 years or more at the time of entitlem ent-as if the person had been entitled to a superannuation |
allowance under section 7AA of that Act, or
Superannuation Legislation Amendment Act 1996 No 92
| Schedule 1 | Amendment of Acts |
| (b) | in the case of a person under the age of 55 years at the time of entitlem ent-as if the person had been entitled to a payment under section 17 of that Act. |
[2 ] Section 3 (11D)
Omit the subsection.
| 1 .6 | Police Regulation (Superannuation) Act 1 9 06 No 2 8 |
| [ 1 ] | Section 5B Contributor eligible for membership or a member of the Public Sector Executives Superannuation Scheme |
| Omit section 5B (5) (d). Insert instead: |
| (d) | is not entitled to be paid the benefit provided by section 9B (6) or (6AA) until on or after first ceasing to be employed in the police service after making the election and unless there exist the circumstances set out in section 9B (3) or paragraph (e), and |
| (e) | may elect at any time before the benefit is paid to have the benefit paid to the credit of the contributor in the Public Sector Executives Superannuation Scheme. |
[2] Section 5B (6) and (7)
Omit “(5) (d)” wherever occurring. Insert instead “(5) (e)”.
[3 ] Section 5B (6) (a)
Insert “subsection (5) (d),” before “this subsection”.
| P age | 18 |
Superannuation Legislation Amendment Act 1996 No 92
| Amendment of Acts | Schedule 1 |
[4] Section 9B Preserved benefit
Insert after section 9B (3):
| (3A) | The benefit provided by subsection (6) or (6AA) is not payable under subsection (3) to a person who elected to provide for the benefit under section 5B unless the additional requirements of section 5B (5) (d) are satisfied. |
[5] Section 11C Grant of superannuation allowance to widower whose spouse died before 20 March 1989
| Omit “subsections (3), (4) and (7)” from subsection (1). Insert instead ‘‘subsection (3)”. |
[6] Section 11C (3)-(7)
Omit the subsections. Insert instead:
| (3) | A superannuation allowance under this section: | |||||
|
| 1.7 | Public Sector Executives Superannuation Act 1989 No 106 |
| [ 1 ] | Section 3 Definitions |
| Omit the definition of spouse from section 3 (1). Insert instead: |
spouse of a deceased member or deceased former
member means:
Superannuation Legislation Amendment Act 1996 No 92
| Schedule 1 | Amendment of Acts |
the widow or widower, as the case may be, of the
member or former member, or
if the member or former member was a man and, at the time of his death, he was living with a woman as her husband on a bona fide domestic basis-the woman with whom he was so living, or
if the member or former member was a woman and, at the time of her death, she was living with a man as his wife on a bona fide domestic basis-
the man with whom she was so living.
Section 52B
Insert after section 52A:
52B Competing claims for spouses' benefits
| (1) | This section applies to a benefit that is payable to the spouse of a deceased member or deceased former member. | |||
| (2) | If a benefit would be payable to more than one person because a deceased member or deceased former member has left more than one spouse, then, despite any other provision of this Act: | |||
| ||||
| (3) | For the purposes of subsection (2) (a), FTC may determine in relation to a benefit: | |||
|
Superannuation Legislation Amendment Act 1996 No 92
| Amendment of Acts | Schedule 1 |
| (b) | that the amount of the benefit is to be apportioned between the persons concerned in such manner as it specifies. |
| (4) | FTC may withhold the payment of any part of a benefit: | |||
| ||||
| (5) | If, after 30 days from the death of a member or former member, the whole or part of a benefit is paid to a spouse of the deceased member or deceased former member: | |||
| ||||
| (6) | For the purposes of subsection (5), an amount paid in good faith by FTC to a person purporting to be the spouse of a deceased member or deceased former member is taken to have been paid to the spouse of the member or former member. | |||
| (7) | If, after 30 days from the death of a member or former member, any amount is paid under this Act to the member's personal representatives or to such other persons as FTC may determine, any benefit which is payable to the spouse of the member or former member is to be reduced by the amount so paid. |
Superannuation Legislation Amendment Act 1996 No 92
| Schedule 1 | Amendment of Acts |
[3] Section 58A
Insert after section 58:
58A Additional benefit cover provided by other persons
| (1) | If FTC enters into a contract or an arrangement under sections 12 and 20 of the Superannuation Administration Act 1996 with another person for the insurance by that person, or the arranging of insurance by that person, (on an individual or a group basis) of members for the purpose of coverage for additional benefits, sections 37-42, and 48 and 49 (but only in respect of the payment of the additional benefit), do not apply to a member for whom additional cover is, or is to be, arranged except as provided by the contract or arrangement. | |||||||||||
| (2) | The contract or arrangement relating to the provision of coverage for additional benefits may provide for the following: | |||||||||||
|
| 1.8 | State Authorities Superannuation Act 1987 No 211 |
| [ 1 ] | Section 30A Contributor eligible for membership or a member of the Public Sector Executives Superannuation Scheme |
| Omit section 30A (5) (d). Insert instead: |
| (d) | is not entitled to be paid the benefit provided by section 43 (6 ) until on or after first ceasing to be an employee after making the election and unless there exist the circumstances set out in section 43 (3) or paragraph (e), and |
Superannuation Legislation Amendment Act 1996 No 92
| Amendment of Acts | Schedule 1 |
| (e) | may elect at any time before the benefit is paid to have the benefit paid to the credit of the contributor in the Public Sector Executives Superannuation Scheme, if the contributor is a member or is eligible to become a member of that scheme. |
[ 2 ] Section 30A (6)
Omit “subsection (5) (d )''. Insert instead “subsection (5) (e)”.
[3 ] Section 30A (6) (a)
Insert “subsection (5) (d) or” before “this subsection”.
[4 ] Section 43 Preserved benefit
| Insert “or section 30A” after “subsection (1)” in section 43 (3) (a) (i). |
[5 ] Section 43 (3A)
Insert after section 43 (3):
(3A) The benefit provided by subsection (6) is not payable under subsection (3) to a person who elected to provide for the benefit under section 30A unless the additional requirements of section 30A (5) (d) are satisfied.
| 1 .9 | Superannuation Act 1 9 1 6 N o 28 |
| [ 1 ] | Section 8B |
| Insert after section 8A: | |
| 8B Adjustment of reserves resulting from actuarial |
investigation
| ( l ) | STC may adjust the reserves within the Fund if a report by an actuary under section 10, or by an actuary |
Superannuation Legislation Amendment Act 1996 No 92
| Schedule 1 | Amendment of Acts |
otherwise appointed by STC, recommends that the adjustment be made. The adjustment may be made as at a date determined by STC, and may be a date before, on or after the commencement of this section.
| (2) | STC may only make the adjustment with the consent of the Minister after the Minister has considered the relevant report of the actuary and with the advice of the actuary. |
| (3) | STC may adjust the contributors' reserve or an employer reserve under this section despite any other provision of this Act. |
| (4) | STC must publish in the Gazette a notice containing a description of any adjustments made to reserves under this section. |
| (5) | STC's decision to adjust a reserve under this section is binding on all contributors and employers, unless affected by a subsequent decision under this section. |
[2] Section 20AB Contributor eligible for membership or a member of the Public Sector Executives Superannuation Scheme
Omit section 20AB (5) (d). Insert instead:
| (d) | is not entitled to be paid the benefit provided by Division 3A of Part 4 until on or after first ceasing to be an employee after making the election and unless there exist the circumstances in which a person referred to in section 52A (1) is entitled to be paid a benefit under that Division or the circumstances in which a benefit is payable under paragraph (e), and |
| (e) | may elect at any time before the benefit is paid to have the benefit paid to the credit of the contributor in the Public Sector Executives Superannuation Scheme, if the contributor is a member or is eligible to become a member of that Scheme. |
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| Amendment of Acts | Schedule 1 |
[3 ] Section 20AB (6)
Omit “subsection (5) (d)”. Insert instead “subsection (5) (e)”
[4 ] Section 20AB (6 ) (a)
Insert “subsection (5) (d),” before “this subsection”.
[5 ] Section 52C Pensions at retiring age
Insert after section 52C (1):
(1A) The pension provided by this section is not payable under subsection (1) to a person who elected to provide for the benefit under section 20AB unless the requirements of section 20AB (5) (d) are satisfied.
[6 ] Section 52D Pensions at early retirement age
Insert after section 52D (1):
(1A) The pension provided by this section is not payable under subsection (1) to a person who elected to provide for the benefit under section 20AB unless .the requirements of section 20AB (5) (d) are satisfied.
[7 ] Schedule 21 Provisions relating to the closure of the Fund
Omit clause 4.
[ 8 ] Schedule 25 Savings and transitional provisions
Insert at the end of clause 1 (1):
Superannuation Legislation Amendment Act 1996
Superannuation Legislation Amendment Act 1996 No 92
| Schedule 1 | Amendment of Acts |
[9 ] Schedule 25, Part 3
Insert at the end of Part 2:
|
6 Closure of Fund
The repeal of clause 4 of Schedule 21 by the Superannuation Legislation Amendment Act 1996 does not affect an application made to STC or its predecessors for the exercise of its discretion under that clause, and not determined, before the repeal. STC may continue to deal with any such application as if the clause had not been repealed.
[Minister's second reading speech m ade in
Legislative Assembly on 30 October 1996 Legislative Council on 13 November 1996]
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