Unclaimed Moneys and Superannuation Legislation (Amendment) Act 2001 (Vic)

No judgment structure available for this case.

Unclaimed Moneys and Superannuation Legislation

(Amendment) Act 2001

Act No. 73/2001

TABLE OF PROVISIONS

Section Page

PART 1—PRELIMINARY 1

1. Purposes 1
2. Commencement 2

PART 2—UNCLAIMED MONEYS ACT 1962 3

3. New Part 4 substituted 3
PART 4—UNCLAIMED SUPERANNUATION BENEFITS 3

17. Definitions 3
18. Application of Part 5
19. Statement of unclaimed superannuation benefits 6
20. Payment of unclaimed superannuation benefits 7
21. Power of Minister to pay or refund amounts 7
22. Register of unclaimed superannuation benefits 9
23. Discharge of liability 9
24. Trustee not in breach of trust 9
25. Conflict with governing instrument of public sector
scheme 9
26. Offence 10
27. Transitional provision 10

4. Separate RSA provisions repealed 10

PART 3—SUPERANNUATION ACTS AMENDMENTS 12
5. Ongoing commutation options under the State Superannuation

Act 1988 12
6. State Superannuation Act 1988 beneficiary choice program

definitions 13

i

Section Page

7. New Schedule 2 substituted in State Superannuation Act 1988 15
8. Amendments to State Employees Retirement Benefits Act
1979 15

═══════════════

ENDNOTES 17

ii

Victoria

No. 73 of 2001

Unclaimed Moneys and Superannuation

Legislation (Amendment) Act 2001†

[Assented to 7 November 2001]
The Parliament of Victoria enacts as follows:

PART 1—PRELIMINARY

1. Purposes
The purposes of this Act are—

(a)

to amend the Unclaimed Moneys Act 1962 as a result of amendments to Commonwealth superannuation legislation;

Unclaimed Moneys and Superannuation Legislation
(Amendment) Act 2001

Act No. 73/2001 s. 2

(b)
1988 and the State Employees Retirement
Benefits Act 1979 regarding the beneficiary
to amend the State Superannuation Act entitlements.

2. Commencement
(1) This Part and Part 2 come into operation on the day after the day on which this Act receives the Royal Assent.
(2) Part 3 (except section 5) is deemed to have come

into operation on 6 December 2000.

(3) Section 5 is deemed to have come into operation
on 1 July 2001.

_______________
Unclaimed Moneys and Superannuation Legislation
(Amendment) Act 2001

s. 3	Act No. 73/2001

PART 2—UNCLAIMED MONEYS ACT 1962

3. New Part 4 substituted

See:

Act No.	For Part 4 of the Unclaimed Moneys Act 1962
6879	substitute—
Reprint No. 6
as at
20 August	'PART 4—UNCLAIMED SUPERANNUATION

1998 BENEFITS

and
amending
Act Nos	17. Definitions
37/1999,
11/2001 and	In this Part—
44/2001. LawToday:	"approved deposit fund" has the same

dpc.vic.	meaning as in section 10 of the
gov.au	Commonwealth Superannuation Act;

"Commonwealth RSA Act" means the

Retirement Savings Accounts Act 1997
of the Commonwealth;

"Commonwealth Superannuation Act"
means the Superannuation Industry
(Supervision) Act 1993 of the
Commonwealth;

"Commonwealth Unclaimed Money Act" means the Superannuation (Unclaimed Money and Lost Members) Act 1999 of the Commonwealth;
"exempt public sector superannuation
scheme" means a public sector
superannuation scheme that is specified
in regulations made under the
Commonwealth Superannuation Act for
the purposes of the definition of
'exempt public sector superannuation
scheme' in that Act;

Unclaimed Moneys and Superannuation Legislation
(Amendment) Act 2001

Act No. 73/2001 s. 3
"fund" means—
(a) a superannuation fund; or
(b) a retirement savings account;

"half-year" means a period of 6 months
ending on 30 June or 31 December;
"holder of an RSA" has the same meaning as in the Commonwealth RSA Act;
"member" means—

(a)

a member of, or depositor with, a superannuation fund; or
(b) a holder of an RSA;

"Registrar" means the Registrar of
Unclaimed Moneys within the meaning
of section 10;

"regulated superannuation fund" has the
same meaning as in section 19 of the Commonwealth Superannuation Act;

"retirement savings account" and "RSA" have the same meanings as in section 8 of the Commonwealth RSA Act;
"RSA provider" has the same meaning as

in section 12 of the Commonwealth
RSA Act;

"superannuation fund" means—

(a) a regulated superannuation fund;
or
(b) an exempt public sector
superannuation scheme; or
(c) an approved deposit fund;

Unclaimed Moneys and Superannuation Legislation
(Amendment) Act 2001

s. 3	Act No. 73/2001

"superannuation provider" means—

(a)

a trustee of a superannuation fund; or
(b) an RSA provider;

"tax file number" has the same meaning as

in section 202A of the Income Tax
Assessment Act 1936 of the
Commonwealth;

"trustee", in relation to a superannuation
fund, has the same meaning as in section 10 of the Commonwealth Superannuation Act;

"unclaimed superannuation benefit"
means an amount that is taken to be
unclaimed money under the
Commonwealth Unclaimed Money Act.

18. Application of Part
(1) This Part applies to a superannuation fund
and the trustee of a superannuation fund if—

(a) the trustee is a corporation within the meaning of the Corporations Act and its registered office within the meaning of that Act is in Victoria; or
(b) in the case of a trustee of a superannuation fund who is a natural person, the principal place where he or she carries on business as that trustee is in Victoria; or
(c) in the case of an exempt public sector superannuation scheme, the principal place where the fund is administered is
in Victoria; or

(d)

where there are 2 or more trustees of the fund and paragraph (a) or (b)

Unclaimed Moneys and Superannuation Legislation
(Amendment) Act 2001

Act No. 73/2001 s. 3
applies to one or more but not to all the
trustees, the principal place where the
fund is administered is in Victoria.
(2) This Part applies to a retirement savings

account and an RSA provider if the provider
has its registered office in Victoria.

19. Statement of unclaimed superannuation
benefits
(1) A superannuation provider must give to the Registrar a statement in a form and manner approved by the Registrar of all unclaimed superannuation benefits in the fund that is managed or provided by the superannuation
provider as at the end of each half-year.
(2) The superannuation provider must give the
statement—

(a) in relation to a half-year ending on 30 June in a calendar year, before 1 November in that calendar year;
(b)
in relation to a half-year ending on 1 May in the following calendar year—

or on such later date as the Registrar
approves by written notice given to the
superannuation provider whether before, on
or after 1 November or 1 May, as the case
requires.
(3) If a superannuation provider pays any unclaimed superannuation benefit to a person entitled to it between the end of the
half-year and the day on which the statement is given to the Registrar, the statement must contain particulars relating to the amounts
paid as required by the form.

Unclaimed Moneys and Superannuation Legislation
(Amendment) Act 2001

s. 3	Act No. 73/2001

(4) An approval by the Registrar of a form of statement for the purposes of this section may—

(a)

require the statement to contain the tax file number of—

(i) the fund; and

(ii) a member of the fund if the statement relates to the member and the member has quoted his or her tax file number to the superannuation provider; and

(b)

may require or permit the statement to be given on a specified kind of data processing device in accordance with specified software requirements.

20. Payment of unclaimed superannuation
benefits
On giving a statement to the Registrar under section 19, a superannuation provider must pay to the Registrar, for payment into the Consolidated Fund, an amount equal to the sum of the unclaimed superannuation benefits specified in the statement less the sum of amounts paid as specified in the statement in accordance with section 19(3).
21. Power of Minister to pay or refund amounts
(1) If—

(a)

an unclaimed superannuation benefit was paid to the Registrar under this Part by a superannuation provider; and

(b)

on application by a person in the form approved by the Registrar, the Minister is satisfied that, had this Part and the Commonwealth Unclaimed Money Act

Unclaimed Moneys and Superannuation Legislation
(Amendment) Act 2001

Act No. 73/2001 s. 3
not been enacted, the superannuation
provider would have paid the benefit to
the person—
the Minister must pay an amount equal to the
unclaimed superannuation benefit to the
person.
(2) The approved form of application may
include a request that the applicant provide
his or her tax file number to the Minister.
(3) A person is not obliged to comply with the

request to provide his or her tax file number,
and non-compliance with the request does
not prevent the person from being paid an
unclaimed superannuation benefit.

(4) If a superannuation provider satisfies the Minister that an amount paid by the superannuation provider to the Registrar under this Part—

(a)

exceeds the amount that would have been paid to the person concerned; or

(b)

is not an unclaimed superannuation benefit that is required to be paid to the Registrar under this Part—
the Minister must refund to the
superannuation provider the amount of the
excess.

(5) Nothing in this section prevents the Minister
amount equal to an unclaimed
superannuation benefit to any person an
amount equal to any tax payable to the

from deducting from a payment of an superannuation benefit that the Minister is required to deduct from the payment under a law of the Commonwealth.

Unclaimed Moneys and Superannuation Legislation
(Amendment) Act 2001

s. 3	Act No. 73/2001

(6) The Consolidated Fund is appropriated to the extent necessary for payments and refunds to be made by the Minister under this section.

22. Register of unclaimed superannuation
benefits
(1) The Registrar must keep a register that

contains particulars of—

(a)
each unclaimed superannuation benefit the Registrar under this Part; and

(b)
each member in respect of whom the payable.

(2) The register is to be in the form, and kept in the manner, determined by the Registrar.
(3) The Registrar may give information
contained in the register to the
Commissioner of Taxation holding office
under a law of the Commonwealth.

23.
Discharge of liability required by this Part, a superannuation provider is discharged from further liability in respect of that amount.
24. Trustee not in breach of trust Nothing done by a trustee of a superannuation fund in accordance with this
Part is to be regarded for any purpose as constituting a breach of trust by the trustee.
25. Conflict with governing instrument of public sector scheme
If there is a conflict between a duty imposed on the trustee of an exempt public sector

Unclaimed Moneys and Superannuation Legislation
(Amendment) Act 2001

s. 3
s. 4

Act No. 73/2001

superannuation scheme by this Part and a
duty imposed on that trustee by the
governing instrument of the scheme, the
trustee must comply with this Part and in
doing so is deemed to have complied with
the governing instrument.
26. Offence
A superannuation provider must not
intentionally or recklessly contravene this

Part.
Penalty: 100 penalty units in the case of a
natural person;
500 penalty units in any other
case.
27. Transitional provision
(1) The amendments made to this Act by the
Unclaimed Moneys and Superannuation affect any liability that arises before the commencement of those amendments.

(2) In particular, any obligation—

(a)
to pay unclaimed superannuation Registrar; or
(b) to give a statement to the Registrar—
that arose before the commencement of those
amendments continues as if those
amendments had not been made.'.

4. Separate RSA provisions repealed
Part 5 of the Unclaimed Moneys Act 1962 is repealed.

Unclaimed Moneys and Superannuation Legislation
(Amendment) Act 2001

Act No. 73/2001

_______________
Unclaimed Moneys and Superannuation Legislation
(Amendment) Act 2001

Act No. 73/2001 s. 5

PART 3—SUPERANNUATION ACTS AMENDMENTS

5. Ongoing commutation options under the State Superannuation Act 1988

See:

(1) In section 39 of the State Superannuation Act Act No.

1988— 50/1988
Reprint No. 4

(a) in sub-section (3), after "section 33" insert ", or a person who is or will be entitled to an

as at
1 July 1999
and

age retirement pension under the amending
Act Nos
Superannuation Act 1958"; 29/2000,
95/2000 and

(b) in sub-section (4), for "a revised scheme member or pensioner" substitute "a person".

27/2001.

LawToday: dpc.vic.

(2) In section 40(1) of the State Superannuation Act gov.au
1988—

(a)

after "member" (where secondly occurring) insert ", or is entitled to a pension under the Superannuation Act 1958 as a result of the death of a contributor or pensioner within the
meaning of that Act (other than as a child of
the contributor or pensioner)";

(b)

for paragraph (b) substitute— "(b) within the period of 12 months
immediately after the death of the
member, former member, contributor or
pensioner—".

(3) In section 41(1) of the State Superannuation Act
1988—

(a)

in paragraph (a), after "member" (where secondly occurring) insert ", or entitled to a pension under the Superannuation Act 1958 as a result of the death of a contributor or pensioner within the meaning of that Act (other than as a child of the contributor or pensioner)";

Unclaimed Moneys and Superannuation Legislation
(Amendment) Act 2001

s. 6	Act No. 73/2001

(b)
member or former revised scheme member"
in paragraph (b), for "revised scheme contributor or pensioner".
(4) In section 47 of the State Superannuation Act

1988, after sub-section (10) insert—

"(10A) A person who is entitled to a deferred
pension or a deferred benefit under the writing to the Board to—

(a) convert the entitlement to a present lump sum; and
(b)
have that lump sum transferred to a nominated by the person.".

(5) In section 47(11) of the State Superannuation
Act 1988, after "sub-section (10)" insert "or
(10A)".

6. State Superannuation Act 1988 beneficiary choice program definitions
(1) In section 102(1) of the State Superannuation
Act 1988—

(a)
pensioner", in paragraph (a), after
"Schedule 2" insert "or with any entity
merged, associated or affiliated with,
in the definition of "Commonwealth funded by, such an employer";

(b)

in the definition of "eligible beneficiary", at the end of paragraph (d) insert—
"; or

Unclaimed Moneys and Superannuation Legislation
(Amendment) Act 2001

Act No. 73/2001 s. 6

(e)

is entitled, or becomes entitled, to a deferred pension or a deferred benefit under the Superannuation Act 1958;";

(c) in the definition of "eligible pensioner", in paragraph (e), for "section 80—" substitute "section 80; or";
(d)
in the definition of "eligible pensioner", after "(f) an age retirement pension under the
Superannuation Act 1958; or

(g) a spouse pension under the Superannuation Act 1958; or
(h)
an ill health pension under the attained 55 years of age; or
(i) an ill health pension under the Superannuation Act 1958 and has not attained the age of 55 years, at the discretion of the Board—".

(2) In section 102 of the State Superannuation Act
1988, after sub-section (1) insert—
'(1A) For the purposes of the definition of
"election period" in sub-section (1), the notices published by the Minister in the Government Gazette on 18 January 2001 and
9 August 2001 specifying or extending
certain election periods have effect as if—

(a)

a reference in those notices to an eligible beneficiary were a reference to an eligible beneficiary within the meaning of sub-section (1) as amended by section 6(1)(b) of the Unclaimed Moneys and Superannuation

Unclaimed Moneys and Superannuation Legislation
(Amendment) Act 2001

s. 7	Act No. 73/2001
Legislation (Amendment) Act 2001; and

(b)
eligible pensioner were a reference to
an eligible pensioner within the
meaning of sub-section (1) as amended
by section 6(1)(c) and (d) of the
Unclaimed Moneys and
a reference in those notices to an (Amendment) Act 2001.'.
7. New Schedule 2 substituted in State Superannuation Act 1988
For Schedule 2 to the State Superannuation Act
1988 substitute—

"SCHEDULE 2

Australian Catholic University Limited
Deakin University
La Trobe University
Monash University
Royal Melbourne Institute of Technology
Swinburne University of Technology
The University of Melbourne
University of Ballarat
Victoria University of Technology".
8. Amendments to State Employees Retirement Benefits Act 1979

Unclaimed Moneys and Superannuation Legislation
(Amendment) Act 2001

Act No. 73/2001 s. 8

(1) In section 79 of the State Employees Retirement See:
Act No.

Benefits Act 1979, in the definition of 9363
"Commonwealth funded pensioner", in Reprint No. 4
as at
paragraph (a), after "Schedule 2" insert "or with 28 October

any entity merged, associated or affiliated with,

1999 and
amalgamated into, succeeding or succeeded by, amending

such an employer".

Act Nos 29/2000,

(2) For Schedule 2 to the State Employees 74/2000,
95/2000 and

Retirement Benefits Act 1979 substitute— 27/2001.
LawToday:

"SCHEDULE 2
dpc.vic.

Australian Catholic University Limited gov.au
Deakin University
La Trobe University
Monash University
Royal Melbourne Institute of Technology
Swinburne University of Technology
The University of Melbourne
University of Ballarat
Victoria University of Technology".

═══════════════
Unclaimed Moneys and Superannuation Legislation
(Amendment) Act 2001

Endnotes

Act No. 73/2001

ENDNOTES

†
Minister's second reading speech—
Legislative Assembly: 27 September 2001
Legislative Council: 17 October 2001
The long title for the Bill for this Act was "to amend the Unclaimed
Moneys Act 1962 as a result of amendments to Commonwealth
superannuation legislation, to amend the State Superannuation Act
1988 and the State Employees Retirement Benefits Act 1979 regarding
the beneficiary choice program and ongoing commutation entitlements
and for other purposes."

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Unclaimed Moneys and Superannuation Legislation (Amendment) Act 2001 (Vic)

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3.	New Part 4 substituted	3
PART 4—UNCLAIMED SUPERANNUATION BENEFITS	3

17.	Definitions	3
18.	Application of Part	5
19.	Statement of unclaimed superannuation benefits	6
20.	Payment of unclaimed superannuation benefits	7
21.	Power of Minister to pay or refund amounts	7
22.	Register of unclaimed superannuation benefits	9
23.	Discharge of liability	9
24.	Trustee not in breach of trust	9
25.	Conflict with governing instrument of public sector
scheme	9
26.	Offence	10
27.	Transitional provision	10

7.	New Schedule 2 substituted in State Superannuation Act 1988	15
8.	Amendments to State Employees Retirement Benefits Act
1979	15

(a)	a regulated superannuation fund; or
(b)	an exempt public sector superannuation scheme; or

(a)	the trustee is a corporation within the meaning of the Corporations Act and its registered office within the meaning of that Act is in Victoria; or
(b)	in the case of a trustee of a superannuation fund who is a natural person, the principal place where he or she carries on business as that trustee is in Victoria; or
(c)	in the case of an exempt public sector superannuation scheme, the principal place where the fund is administered is

Act No. 73/2001	s. 3
applies to one or more but not to all the trustees, the principal place where the fund is administered is in Victoria.

(a)	in relation to a half-year ending on 30 June in a calendar year, before 1 November in that calendar year;
(b)

(b)	may require or permit the statement to be given on a specified kind of data processing device in accordance with specified software requirements.
20.	Payment of unclaimed superannuation benefits

(a)	an unclaimed superannuation benefit was paid to the Registrar under this Part by a superannuation provider; and
(b)	on application by a person in the form approved by the Registrar, the Minister is satisfied that, had this Part and the Commonwealth Unclaimed Money Act

Act No. 73/2001	s. 3
not been enacted, the superannuation provider would have paid the benefit to the person—

(a)	exceeds the amount that would have been paid to the person concerned; or
(b)	is not an unclaimed superannuation benefit that is required to be paid to the Registrar under this Part—

1988—	50/1988 Reprint No. 4
(a) in sub-section (3), after "section 33" insert ", or a person who is or will be entitled to an	as at 1 July 1999
and
age retirement pension under the	amending Act Nos
Superannuation Act 1958";	29/2000, 95/2000 and
(b) in sub-section (4), for "a revised scheme member or pensioner" substitute "a person".	27/2001.
LawToday: dpc.vic.

(a)	after "member" (where secondly occurring) insert ", or is entitled to a pension under the Superannuation Act 1958 as a result of the death of a contributor or pensioner within the
meaning of that Act (other than as a child of the contributor or pensioner)";
(b)	for paragraph (b) substitute— "(b) within the period of 12 months

Act No. 73/2001	s. 6
(e)	is entitled, or becomes entitled, to a deferred pension or a deferred benefit under the Superannuation Act 1958;";

(c)	in the definition of "eligible pensioner", in paragraph (e), for "section 80—" substitute "section 80; or";
(d)

(g)	a spouse pension under the Superannuation Act 1958; or
(h)

Benefits Act 1979, in the definition of	9363
"Commonwealth funded pensioner", in	Reprint No. 4 as at
paragraph (a), after "Schedule 2" insert "or with	28 October
any entity merged, associated or affiliated with,	1999 and
amalgamated into, succeeding or succeeded by,	amending
such an employer".	Act Nos 29/2000,

Australian Catholic University Limited	gov.au
Deakin University La Trobe University Monash University Royal Melbourne Institute of Technology Swinburne University of Technology The University of Melbourne University of Ballarat Victoria University of Technology".