Untitled document

Unclaimed Moneys (Superannuation Benefits) Act

1997

Act No. 51/1997

TABLE OF PROVISIONS

Section Page

1.	Purpose	1
2.	Commencement	2
3.	Principal Act	2
4.	Amendment of Principal Act	2
5.	New Part 4 inserted	2
PART 4—UNCLAIMED SUPERANNUATION BENEFITS	3
17. Definitions	3
18. Application of Part	4
19. Statement of unclaimed superannuation benefits	5
20. Payment of unclaimed superannuation benefits	5
21. Power of Treasurer to refund amounts	6
22. Register of unclaimed superannuation benefits	6
23. Discharge of liability	7
24. Trustee not in breach of trust	7
25. Conflict with governing instrument of public sector scheme	7
26. Penalty	8

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NOTES 9

i

Victoria

No. 51 of 1997

Unclaimed Moneys (Superannuation

Benefits) Act 1997†

[Assented to 11 June 1997]

The Parliament of Victoria enacts as follows:

1. Purpose

The purpose of this Act is to provide for the payment of certain unclaimed superannuation benefits into the Consolidated Fund instead of to the Commissioner under the Superannuation Industry (Supervision) Act 1993 of the Commonwealth.

Unclaimed Moneys (Superannuation Benefits) Act 1997

Act No. 51/1997 s. 2

2. Commencement

This Act comes into operation on the day on which it receives the Royal Assent.

3. Principal Act

In this Act, the Unclaimed Moneys Act 1962 is	No. 6879. Reprint No. 1
called the Principal Act.	as at 1 January 1997. Further amended by No. 84/1996.

4. Amendment of Principal Act

In the Principal Act—

(a)	before section 1, insert "PART 1— PRELIMINARY";
(b)	in the heading before section 6, for "I" substitute "2";
(c)	in the heading before section 9, for "II" substitute "3";
(d)	in section 9(2), for "sub-section (1) of section 15" substitute "section 15(1) and Part 4,";
(e)	in section 13A(5), in the definition of "property", after "in possession or not" insert "but does not include unclaimed superannuation benefits within the meaning of Part 4";
(f)	in section 15(2), for "Part I" substitute "Part 2".

5. New Part 4 inserted

After section 16 of the Principal Act insert—

Unclaimed Moneys (Superannuation Benefits) Act 1997

s. 5 Act No. 51/1997

'PART 4—UNCLAIMED SUPERANNUATION

BENEFITS

17. Definitions
In this Part—
"approved deposit fund" has the same

meaning as in section 10 of the

Commonwealth Act;

"Commonwealth Act" means the

Superannuation Industry (Supervision)

Act 1993 of the Commonwealth;

"exempt public sector superannuation

scheme" means a public sector the definition of 'exempt public sector superannuation scheme' in that Act;

superannuation scheme that is specified
in regulations made under the

"fund" means a regulated superannuation fund, an approved deposit fund or an exempt public sector superannuation scheme;

"half-year" means a period of 6 months

ending on 30 June or 31 December;

"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 Act;

Unclaimed Moneys (Superannuation Benefits) Act 1997

Act No. 51/1997 s. 5

"trustee", in relation to a fund, has the same

meaning as in section 10 of the
Commonwealth Act;

"unclaimed superannuation benefit"

means an amount that, under Part 22 of
the Commonwealth Act, as modified
for the time being under section 332 of
that Act in relation to funds and their
trustees, is taken to be unclaimed

money.

18.

Application of Part a fund if—

(a)	the trustee is a company within the meaning of the Corporations Law of Victoria; or
(b)	the trustee is a corporation within the meaning of the Corporations Law and its registered office within the meaning

of that Law is in Victoria; or

(c)	in the case of a trustee of a fund who is a natural person, the principal place where the trustee carries on business as such a trustee is in Victoria; or
(d)	in the case of an exempt public sector superannuation scheme, the principal place where the fund is administered is

in Victoria; or

(e)	where there are 2 or more trustees of the fund and paragraph (a), (b) or (c) applies to one or more but not to all the
trustees, the principal place where the fund is administered is in Victoria.

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19. Statement of unclaimed superannuation
benefits

(1) The trustee of a fund must give to the

Registrar a statement in a form and manner approved by the Registrar of all unclaimed superannuation benefits in the fund as at 30 June 1997 and as at the end of each

subsequent half-year.

(2) The trustee must give the statement—

(a)	in relation to 30 June 1997 or a half- year ending on 30 June, on or before the following 31 October;
(b)	in relation to a half-year ending on 31 December, on or before the following 30 April—

or on such later date as the Registrar
approves by notice given to the trustee
whether before or after 31 October or 30
April, as the case requires.

(3) If, after the end of a half-year and before the

trustee gives the statement to the Registrar,
the trustee pays any unclaimed
superannuation benefit to a person who is
entitled to it, the statement must contain such
particulars about the payments as are
required by the form approved under sub-
section (1).

20.	Payment of unclaimed superannuation benefits
statement under section 19, must pay to the Registrar, for payment into the Consolidated

The trustee of a fund, when giving the unclaimed superannuation benefits specified

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in the statement less the sum of amounts paid
by the trustee and specified in the statement

in accordance with section 19(3).

21. Power of Treasurer to refund amounts

(1) If—

(a)	an unclaimed superannuation benefit has been paid to the Registrar under this Part; and
(b)	the Treasurer is satisfied on application made by a person in the form approved by the Registrar, that, if this Part and

Part 22 of the Commonwealth Act had not been enacted, that person would have been paid that unclaimed superannuation benefit by the trustee by whom it was paid to the Registrar—

the Treasurer must pay an amount equal to
the amount of that unclaimed superannuation
benefit to that person.

(2) If the trustee of a fund, after paying an amount to the Registrar under this Part, satisfies the Treasurer that the amount so

paid exceeds the amount that the trustee
would have paid to the person who is
entitled, the Treasurer must refund to the
trustee the amount of the excess.

(3) The Consolidated Fund is appropriated to the

extent necessary for the purposes of this
section.

22. Register of unclaimed superannuation
benefits

(1) The Registrar must keep a register of

unclaimed superannuation benefits paid to
the Registrar under this Part.

Unclaimed Moneys (Superannuation Benefits) Act 1997

s. 5 Act No. 51/1997

(2) The register may be in such form, and kept in such manner, as the Registrar determines but must include, in relation to each

unclaimed superannuation benefit—

(a)	the name of the fund in which the benefit was held; and
(b)	the name of the person in respect of whom the benefit was payable.
23.

Discharge of liability Registrar of an amount as required by this Part, discharged from further liability in the trustee's capacity as trustee in respect of that amount.

24.

Trustee not in breach of trust 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 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.

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26.

Penalty or recklessly contravene this Part.

Penalty:  in the case of a natural person,
100 penalty units;
in the case of a body corporate,
500 penalty units.'.

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Unclaimed Moneys (Superannuation Benefits) Act 1997

Notes Act No. 51/1997

NOTES

†

Minister's second reading speech—

Legislative Assembly: 1 May 1997

Legislative Council: 22 May 1997

The long title for the Bill for this Act was "to provide for the payment of certain unclaimed superannuation benefits into the Consolidated Fund, to amend the Unclaimed Moneys Act 1962 and for other purposes."