Commonwealth Consolidated Acts Commonwealth Consolidated ActsRegulations to which section applies
(1) This section applies to the Superannuation Industry (Supervision) Regulations in so far as they deal with:
(a) the preservation of benefits; or
(b) the disclosure of information to members of regulated superannuation funds.
Regulations apply to the parliamentary contributory superannuation scheme
(2) Those regulations apply, with any necessary modifications, to:
(a) the Trust; and
(b) the scheme constituted by the provisions of this Act;
as if that scheme were a regulated superannuation fund.
Regulations to prevail over inconsistent provisions of this Act
(3) If those regulations are inconsistent with a provision of this Act, the regulations prevail and that provision, to the extent of the inconsistency, is of no effect.
Preserved benefits to be paid into a regulated superannuation fund, an approved deposit fund or an RSA or used to buy a deferred annuity
(4) If the whole or a part of a benefit payable under this Act in respect of a person is required by those regulations to be preserved, the whole or the part of the benefit, as the case requires, must be paid to:
(a) if the person nominates a regulated superannuation fund within 90 days after the benefit became payable--the regulated superannuation fund; or
(b) if the person nominates an approved deposit fund within 90 days after the benefit became payable--the approved deposit fund; or
(ba) if the person nominates an RSA within 90 days after the benefit became payable--the RSA; or
(c) if:
(i) the person nominates a deferred annuity within 90 days after the benefit became payable; and
(ii) the deferred annuity is issued by a life insurance company or a registered organisation for the benefit of the person or for the benefit of the dependants of the person in the event of the death of the person; and
(iii) the annuity cannot be surrendered or assigned before the person turns 55; and
(iv) the annuity does not provide for the payment of amounts except in the following circumstances:
(A) the person retires from the workforce after reaching the age of 55 years;
(B) the person retires from the workforce before reaching the age of 55 years on the ground of permanent incapacity or permanent invalidity;
(C) the person leaves Australia permanently;
(D) the person dies;
(E) such other circumstances (if any) as the Australian Securities and Investments Commission approves;
the life insurance company or the registered organisation, as the case requires, in respect of the purchase of the deferred annuity; or
(d) in any other case--an approved deposit fund nominated by the Trust.
Preserved benefits taken to have been received
(5) For the purposes of this Act (other than this section), if an amount is paid to a fund, a life insurance company or a registered organisation under subsection (4), the person concerned is taken to have received the amount.
(6) In this section:
"approved deposit fund" has the same meaning as in the Superannuation Industry (Supervision) Act 1993 .
"dependant" has the same meaning as in the Superannuation Industry (Supervision) Act 1993 .
"life insurance company" has the same meaning as in the Superannuation Industry (Supervision) Act 1993 .
"registered organisation" has the same meaning as in the Superannuation Industry (Supervision) Act 1993 .
"regulated superannuation fund" has the same meaning as in the Superannuation Industry (Supervision) Act 1993 .
"RSA" has the same meaning as in the Retirement Savings Accounts Act 1997 .