Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) Subject to subsections (4A) and (5), the Minister and CSC may agree that a superannuation scheme is an eligible superannuation scheme for the purposes of this Division.
(2) The Minister and CSC may at any time terminate an agreement made under subsection (1).
(3) An agreement made under subsection (1) may be expressed to have taken effect on a day earlier than the day on which the agreement is made but not earlier than 1 July 1976.
(4) CSC must cause notice of the making of an agreement under subsection (1), or of the termination of such an agreement, to be published in the Gazette .
(4A) An agreement may not be made under subsection (1) after 30 June 2003.
(5) An agreement may not be made under subsection (1) in relation to a superannuation scheme (the relevant scheme ) unless:
(a) the relevant scheme is a public sector superannuation scheme that is:
(i) a regulated superannuation fund; or
(ii) an exempt public sector superannuation scheme;
(b) the trustee of the relevant scheme has given a written undertaking to CSC stating that:
(i) the relevant scheme will accept transfer values paid from, and pay transfer values to, the scheme provided for under this Act (the Commonwealth scheme ) or any other eligible superannuation scheme; and
(ii) the relevant scheme will provide equitable benefits in return for a transfer value so accepted; and
(c) the trustee of the relevant scheme has given a written undertaking to CSC stating that, except as provided by subsection (7), the scheme will not pay out:
(i) the whole or any part of the employer component of a transfer value paid to the relevant scheme from the Commonwealth scheme; or
(ii) any part of any other transfer value paid to the relevant scheme that represents the whole or a part of the employer component of a transfer value paid from the Commonwealth scheme; and
(d) the trustee of the relevant scheme has given a written confirmation to CSC stating that the undertaking does not conflict with the trust instrument, other document or legislation, or combination of them, governing the establishment and operation of the relevant scheme;
or the Minister and CSC are satisfied that there are special circumstances that make it desirable for the relevant scheme to be treated as an eligible superannuation scheme for the purposes of this Division even though one or more of the paragraphs of this subsection are not complied with.
(6) In subsection (5):
"public sector superannuation scheme" means a scheme for the payment of superannuation, retirement or death benefits that is established:
(a) by or under a law of the Commonwealth, of a State or of a Territory; or
(b) under the authority of:
(i) the Commonwealth, a State or a Territory; or
(ii) a municipal corporation, another local governing body, or a public authority constituted by or under a law of the Commonwealth, of a State or of a Territory; or
(iii) a company or other body corporate in which the Commonwealth, a State, a Territory, a municipal corporation, another local governing body or a public authority referred to in subparagraph (ii) has, or any 2 or more of them together have, a controlling interest.
"trustee" , in relation to a superannuation scheme of which there is no trustee (within the ordinary meaning of that expression), means the person who manages the scheme.
(7) The whole or a part of an employer component, or the part of a transfer value that represents the whole or a part of an employer component, referred to in subparagraph (5)(c)(i) or (ii), as the case may be, may only be paid out as follows:
(a) except where the amount proposed to be paid is the whole or a part of a lump sum retrenchment benefit to which paragraph (b) applies, payment may be made:
(i) to an eligible superannuation scheme; or
(ii) in the same circumstances, and to the same extent, as benefits that are required to be compulsorily preserved under the SIS Act may be paid;
(b) if the amount proposed to be paid is the whole or a part of a lump sum retrenchment benefit that has become payable before 1 July 2000:
(i) payment may be made of any part of the amount other than the amount (the preserved part of the amount ) required to be compulsorily preserved under the SIS Act; and
(ii) payment may be made of the preserved part of the amount in the circumstances provided for under that Act and those regulations.
(8) A superannuation scheme to which an agreement made under subsection (1) relates is not an eligible superannuation scheme in relation to a person if Part XIII or XIIIA applies in respect of the person because of his or her having become a member of the superannuation scheme.
(9) A person is taken, for the purposes of this Division, to have been a member of an eligible superannuation scheme at a particular time if, and only if, the person was at that time a member of a superannuation scheme in respect of which:
(a) if that time was before 1 July 1994--a declaration by CSC under subsection 134(1) of the Superannuation Act 1976 as in force at that time was, or is taken to have been, in force; or
(b) if that time was on or after that date--an agreement under this section was in force.
(10) If CSC is satisfied that an eligible superannuation scheme that has ceased to exist was, upon so ceasing to exist, replaced by another superannuation scheme, CSC may determine that the other scheme is an eligible superannuation scheme for the purposes of this Division.