Document ID: chunk:federal_register_of_legislation:C2004A04478:body:0:p20
Version: federal_register_of_legislation:C2004A04478
Segment Type: other
Provision Reference: 
Character Range: 49442–52431

the person"

     and substituting "in relation to the person's accumulated contributions".

Physical or mental incapacity of person to whom Part applies before declaration of result of election etc.

  29.(1) Section 122 of the Principal Act is amended:

    (a)     by omitting from paragraph (l)(a) "Commissioner" and substituting "Board";

    (b)    by omitting from paragraph (2)(b) "Commissioner" and substituting "Board";

    (c)     by omitting from subsection (4) "Commissioner" and substituting "Board";

    (d)    by omitting from subsection (5) "Commissioner" and substituting "Board";

  (e)     by adding at the end the following subsection:

     "(6) For the purposes of this section, the Board may only be satisfied that a person would, at a particular time, have ceased to be an eligible employee by reason of retirement on the ground of invalidity if it appears to the Board that the person, at that time, was totally and permanently incapacitated within the meaning of Part IVA.".

(2) Despite the amendment of the Principal Act made by paragraph (1)(e), section 122 of the Principal Act as in force immediately before the commencement of this section continues to apply in respect of a person who ceased to be an eligible employee before that commencement.

Modification of Act in relation to former eligible employees who become members of a superannuation scheme

  30. Section 126A of the Principal Act is amended:

    (a)     by inserting in paragraph (3)(c) ", or the Fund accumulated employer contributions," after "accumulated contributions";

    (b)    by omitting from paragraph (3)(d) "Trust" and substituting "Board".

Transfer value payable in relation to certain employment

  31. Section 127 of the Principal Act is amended:

    (a) by omitting subsection (1) and substituting the following subsections:

     "(1) Subject to subsection (1AAA), a reference in this Division to a transfer value in relation to an eligible employee is a reference to:

       (a) a lump sum benefit ('a paragraph (a) benefit'):

           (i) payable in relation to an eligible employee under

             a superannuation scheme on the termination of employment or cessation of membership otherwise than on the ground of physical or mental incapacity to perform that employment; and

             (ii) based wholly on contributions by the employer under the scheme or partly on such contributions and partly on contributions by the eligible employee under the scheme;

         unless that benefit has been applied for the purchase of a deferred annuity or paid into a preservation fund; or

        (b)     an amount payable to or in relation to the eligible employee on surrender of a deferred annuity if a paragraph (a) benefit had been applied for the purchase of that annuity; or

        (c)     an amount payable to or in relation to the eligible employee if that amount is payable from a preservation fund in relation to a paragraph (a) benefit paid to the