Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) Subject to subsection ( 2) and section 5, where an interim arrangement employee:
(a) ceases to be a qualified employee; or
(b) in the case of an employee who is employed by an approved authority--ceases to be employed by that authority; or
(c) in the case of an employee who is not employed by an approved authority--becomes employed by an approved authority;
an interim benefit becomes payable in respect of the person.
(2) An interim benefit does not become payable in respect of a person where:
(a) the person takes up different employment as part of an interchange or similar scheme and is expected to resume his or her previous employment; or
(b) the person is expected to be employed again by the person's employer in the same capacity within 6 months of ceasing that employment and becomes employed again by the person's employer within that period.
(3) Where:
(a) an interim benefit is payable in respect of a person because the person retired voluntarily or retired on the ground of permanent incapacity or permanent invalidity; or
(b) the amount of the benefit is less than $500;
the benefit is payable to the person at the time when the benefit becomes payable in respect of the person.
(4) Where an interim benefit is payable in respect of a person following the death of the person, the benefit shall be paid to the person's personal representative.
(5) Where:
(a) an interim benefit becomes payable in respect of a person otherwise than in the circumstances mentioned in subsection ( 3) or (4); and
(b) the person is about to leave Australia permanently;
the benefit is payable to the person.
(6) Where an interim benefit becomes payable in respect of a person otherwise than in the circumstances mentioned in subsection ( 3), (4) or (5), the benefit shall be preserved in accordance with subsection ( 7) until:
(a) the person retires from the workforce after attaining the age of 55 years;
(b) the person retires from the workforce before attaining the age of 55 years on the ground of permanent incapacity or permanent invalidity;
(c) the person leaves Australia permanently;
(d) the person dies; or
(e) such other circumstances (if any) as the Australian Securities and Investments Commission approves prevail.
(7) An interim benefit payable in respect of a person that is required by subsection ( 6) to be preserved shall:
(a) be paid to, for preservation in relation to the person:
(i) a superannuation fund nominated by the person, being a superannuation fund of which the person is, or intends to become, a member and that is required to preserve superannuation benefits in accordance with standards prescribed by regulations under the Superannuation Industry (Supervision) Act 1993 ; or
(ii) an approved deposit fund nominated by the person, being a fund that is required to preserve superannuation benefits in accordance with standards prescribed by those regulations; or
(iia) an RSA nominated by the person, being an RSA that is held by the person; or
(iii) a deferred annuity nominated by the person, being an annuity that cannot be surrendered or assigned before the person attains the age of 55 years and that does not pay benefits except in the circumstances mentioned in subsection ( 6); or
(b) if the person does not make such a nomination within 2 months after the benefit becomes payable in respect of the person--be paid to such a superannuation fund approved deposit fund or RSA nominated by the person's employer.
(8) An employer may, before paying an interim benefit to a person, seek evidence as to the circumstances in which that benefit becomes payable to the person under this Act.