Document ID: chunk:federal_register_of_legislation:F2011C00507:reg:136:p15
Version: federal_register_of_legislation:F2011C00507
Segment Type: reg
Provision Reference: reg 136 (pt 15/18)
Character Range: 54027–57107

of section 46, was payable on the most recent anniversary of birth of the person.

                 '(3) For the purposes of paragraph (2) (c),
                 contribution percentage means the rate of contribution, expressed as a percentage of the eligible employees' earnings and certified by an actuary, required to provide the productivity related benefit.

                 '(4) The percentage referred to in paragraph (2) (a) or (b) must be certified by the person's employer.

             '223 Preservation of portion of benefit

                 '(1) Subject to subsection (2), if a benefit is payable:
                   (a) under subsection 197 (2) to a person; or
                   (b) under subsection 201 (1) to a person who ceases to be a prescribed eligible employee in circumstances referred to in subparagraph 201 (1) (a) (ii) or (iii);
                 the portion of that benefit worked out under whichever of subsections (3) and (4) is applicable must be:
                   (c) paid, for the benefit of the person, to a preservation fund nominated by the person; or
                   (d) applied, on behalf of the person, for the purchase of a deferred annuity nominated by the person; or

                   (e) if the person does not make a nomination within 2 months after the benefit becomes payable — paid, for the benefit of the person, to a preservation fund nominated by the Commissioner.

                 '(2) Subsection (1) does not apply to a benefit payable to a person if:
                   (a) the person is 65 or over; or
                   (b) the person is 55 or over and has given the Commissioner a written statement to the effect that he or she has retired from the workforce; or
                   (c) the total of the following amounts is less than $500:
                       (i) the amount of the accumulated employer contributions in respect of the person;
                       (ii) the amount that would be preserved or applied under subsection (1) in relation to the person but for the operation of this subsection; or
                   (d) the Commissioner is satisfied that the person has departed, or is departing, permanently from Australia.

                 '(3) If a person's employer was liable to pay productivity contributions under section 110H in respect of the person for the person's relevant period of employment, the portion of the benefit referred to in subsection (1) is the amount worked out using the formula:

                 where:
                 NASGC is the notional accumulated SG contributions in respect of the person for the person's relevant period of employment.
                 AEC is that part of the accumulated employer contributions in respect of the person that is based on the operation of paragraphs 110Q (1) (a) and (b) in relation to productivity contributions paid or payable after 30 June 1994.

                 TR is the percentage figure representing the rate of fund contribution tax applicable to the relevant period of employment.

                 '(4) If a person's