Document ID: chunk:federal_register_of_legislation:C2022C00264:clause:11_134:p1
Version: federal_register_of_legislation:C2022C00264
Segment Type: clause
Provision Reference: sch 11 cl 134 (pt 1/3)
Character Range: 523838–526532

134  Eligible superannuation schemes
 (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;