Document ID: chunk:federal_register_of_legislation:C2004A04205:body:0:p4
Version: federal_register_of_legislation:C2004A04205
Segment Type: other
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Character Range: 9883–12794

employee" in subsection (1) the following paragraph:

          "(eb) a person who has made an election under section 6a of the Superannuation Act 1990;";

    (b) by omitting paragraph (a) from the definition of "final annual rate of salary" in subsection (1) and substituting the following paragraph:

         "(a) if paragraph (b), (c) or (d) does not apply in relation to the person—the person's annual rate of salary on his or her last day of service; or";

    (c) by adding at the end of the definition of "final annual rate of salary" in subsection (1) the following word and paragraph:

           "or (d) if the person on his or her last day of service had, or would have had if that last day of service were the anniversary of his or her birth, an imputed annual rate of salary within the meaning of paragraph 47(1)(b) that was higher than the rate mentioned in paragraph (a), (b) or (c) — that imputed annual rate of salary;";

    (d) by omitting from subsection (1) the definition of "retirement pensioner" and substituting the following definition:

     " 'retirement pensioner' means:

         (a)     a person to whom age retirement pension, early retirement pension or invalidity pension is payable; or

         (b)     a person who has ceased to be an eligible employee and has made an election under section 110t;";

  (e) by inserting in subsection (1) the following definitions:

     " 'deferred annuity' means an annuity that cannot be surrendered or assigned by the person in respect of whom it was purchased until that person attains the age of 55 years and under which benefits are payable to, or in respect of, the person only in one or more of the following circumstances:

        (a)     the person retired from the workforce and attained an age of not less than 55 years;

        (b)     the retirement of the person from the workforce before attaining the age of 55 years on the ground of permanent invalidity;

      (c)     the death of the person;

      (d)     the permanent departure of the person from Australia;

        (e)     such other circumstances as the Insurance and Superannuation Commissioner within the meaning of the Occupational Superannuation Standards Act 1987 approves;

       (f) such circumstances as are prescribed;

     'extra spouse's pension' means pension payable under Division 3a of Part VI;

     'preservation fund' means a fund that preserves benefits paid into it in accordance with standards prescribed under the Occupational Superannuation Standards Act 1987;".

Meaning of "re-employed former contributor with preserved rights"

5. Section 4b of the Principal Act is amended by omitting paragraph (a) and substituting the following paragraph:

  "(a) the person:

       (i) was a contributor under the superseded Act; or

       (ii) has ceased to be an eligible employee; and".

Retirement on ground of invalidity

6. (1) Section