Document ID: chunk:federal_register_of_legislation:C2004A04769:body:0:p6
Version: federal_register_of_legislation:C2004A04769
Segment Type: other
Provision Reference: 
Character Range: 14049–16984

accrued during any period when the member was not entitled to a parliamentary allowance; and

           (iv) if the amount paid to the Commonwealth under subsection (1) was so paid before 1 July 1992—that contribution was made on 1 July 1992.";

     (b) by inserting in paragraph (6)(c) "or the superannuation guarantee safety-net amount" after "Commonwealth supplement".

Insertion of new section

11. After section 26A of the Principal Act the following section is inserted:

Preservation of benefits and disclosure of information to members

Regulations to which section applies

"26B.(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 or an approved deposit fund 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

  (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 Insurance and