Commonwealth Consolidated Acts

SUPERANNUATION LEGISLATION AMENDMENT (SUPERANNUATION SAFETY AND OTHER MEASURES) ACT 2006 - SCHEDULE 3

1   Validation of certain pensions

Scope

(1)   This item applies if:

  (a)   during the period:

  (i)   beginning on 1   July 1995; and

  (ii)   ending immediately before the commencement of this item;

    a pension commenced to be paid to a person; and

  (b)   throughout a period (the interim period ):

  (i)   beginning when the pension commenced to be paid to the person; and

  (ii)   ending at or before the commencement of this item;

    the following conditions were satisfied:

  (iii)   the pension purported to be a benefit, or a part of a benefit, payable to the person under the Superannuation Act 1976 ;

  (iv)   the pension was not payable;

  (v)   the pension breached section   111A of the Superannuation Act 1976 (whether or not it also breached anything else).

Recovery of overpayment

(2)   The total amount of the pension paid to the person during the interim period:

  (a)   is a debt due and payable to the Board; and

  (b)   may be recovered by the Board in a court of competent jurisdiction.

(3)   An amount recoverable under subitem   (2) is not recoverable under subsection 156(4) or (5) of the Superannuation Act 1976 .

Substitute payment

(4)   There is payable to the person a benefit equal to the total amount of pension that would have been payable to the person during the interim period if the pension had not breached whichever of the following provisions is or are applicable:

  (a)   section   111A of the Superannuation Act 1976 ;

  (b)   section   110TB of the Superannuation Act 1976 ;

  (c)   the Superannuation Industry (Supervision) Act 1993 ;

  (d)   the Superannuation (CSS) Former Eligible Employees Regulations.

Set - off

(5)   The amount payable by the person under subitem   (2) may be recovered by deduction from the amount payable to the person under subitem   (4).

Payments do not breach section   111A of the Superannuation Act 1976 etc.

(6)   The payment under subitem   (4) is taken not to breach any of the following provisions:

  (a)   section   111A of the Superannuation Act 1976 ;

  (b)   section   110TB of the Superannuation Act 1976 ;

  (c)   the Superannuation Industry (Supervision) Act 1993 ;

  (d)   the Superannuation (CSS) Former Eligible Employees Regulations.

(7)   If the interim period ended at the commencement of this item, the continuing payment of the pension after the commencement of this item is taken not to breach any of the following provisions:

  (a)   section   111A of the Superannuation Act 1976 ;

  (b)   section   110TB of the Superannuation Act 1976 ;

  (c)   the Superannuation Industry (Supervision) Act 1993 ;

  (d)   the Superannuation (CSS) Former Eligible Employees Regulations.

(8)   If:

  (a)   the interim period ended before the commencement of this item; and

  (b)   before the commencement of this item, the person became entitled to periodic payments under section   33 of the Financial Management and Accountability Act 1997 in substitution for the pension;

the payment of the pension after the commencement of this item is taken not to breach any of the following provisions:

  (c)   section   111A of the Superannuation Act 1976 ;

  (d)   section   110TB of the Superannuation Act 1976 ;

  (e)   the Superannuation Industry (Supervision) Act 1993 ;

  (f)   the Superannuation (CSS) Former Eligible Employees Regulations.

Substitute payment taken to be a payment of pension

(9)   The payment under subitem   (4) is taken to be a payment of pension payable under the Superannuation Act 1976 .

2   Validation of certain lump sums

Scope

(1)   This item applies if:

  (a)   during the period:

  (i)   beginning on 1   July 1995; and

  (ii)   ending immediately before the commencement of this item;

    a lump sum was paid to a person; and

  (b)   the lump sum purported to be a benefit, or a part of a benefit, payable to the person under the Superannuation Act 1976 ; and

  (c)   the lump sum was not payable; and

  (d)   the lump sum breached section   111A of the Superannuation Act 1976 (whether or not it also breached anything else).

Recovery of overpayment

(2)   The amount of the lump sum:

  (a)   is a debt due and payable to the Board; and

  (b)   may be recovered by the Board in a court of competent jurisdiction.

(3)   An amount recoverable under subitem   (2) is not recoverable under subsection 156(4) or (5) of the Superannuation Act 1976 .

Substitute payment

(4)   There is payable to the person a benefit equal to the lump sum that would have been payable to the person if the lump sum had not breached whichever of the following provisions is or are applicable:

  (a)   section   111A of the Superannuation Act 1976 ;

  (b)   section   110TB of the Superannuation Act 1976 ;

  (c)   section   139AA of the Superannuation Act 1976;

  (d)   the Superannuation Industry (Supervision) Act 1993 ;

  (e)   the Superannuation (CSS) Former Eligible Employees Regulations.

Set - off

(5)   The amount payable by the person under subitem   (2) may be recovered by deduction from the amount payable to the person under subitem   (4).

Payment does not breach section   111A of the Superannuation Act 1976 etc.

(6)   The payment under subitem   (4) is taken not to breach any of the following provisions:

  (a)   section   111A of the Superannuation Act 1976 ;

  (b)   section   110TB of the Superannuation Act 1976 ;

  (c)   section   139AA of the Superannuation Act 1976;

  (d)   the Superannuation Industry (Supervision) Act 1993 ;

  (e)   the Superannuation (CSS) Former Eligible Employees Regulations.

Substitute payment taken to be a benefit under the Superannuation Act 1976

(7)   The payment under subitem   (4) is taken to be a benefit payable under the Superannuation Act 1976 .