Document ID: chunk:federal_register_of_legislation:C2004A03971:section:365:p11
Version: federal_register_of_legislation:C2004A03971
Segment Type: section
Provision Reference: s 365 (pt 11/34)
Character Range: 155391–158120

in respect of a person because the person, before attaining the age of 55 years, has retired involuntarily; and

    (b) the person has not elected to preserve his or her superannuation rights under section 137;

the benefit:

    (c) where the amount of the benefit is less than $500—is payable to the person; or

    (d) where the amount of the benefit is $500 or more—must, in accordance with a nomination made by the person:

(i) be preserved in a preservation fund nominated by the person; or

(ii) be applied to the purchase of a deferred annuity nominated by the person.

"(5) Where paragraph (4) (c) applies, the person may elect to have some or all of the benefit:

    (a) preserved in a preservation fund nominated by the person; or

    (b) applied to the purchase of a deferred annuity.

"(6) Subject to subsection (7), where paragraph (4) (d) applies but the person fails, within 2 months after the benefit becomes payable, to make a nomination, the benefit must be preserved in a preservation fund nominated by the Commissioner.

"(7) Where:

    (a) paragraph (4) (d) applies; and

    (b) the Commissioner is, and declares that he or she is, satisfied that the conditions referred to in paragraphs 6.1.1. (e) and (of the Rules for the administration of the Superannuation (1990) Scheme apply;

the benefit may be paid to the person.

"(8) Subject to section 110s, where a productivity benefit becomes payable in respect of a productivity employee otherwise than in the circumstances referred to in subsection (1) or (4) and the person:

    (a) has not elected to preserve his or her superannuation rights under section 137; and

    (b) is not a person to whom section 110s applies;

then subsections (4), (5), (6) and (7) apply as if the benefit had become payable because of the involuntary retirement of the person before attaining the age of 55 years.

"(9) In this section, '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 the person only in one of the following circumstances:

    (a) the attainment by the person of 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.

Productivity benefits payable to spouses etc.

"110s. (1) Where, because of a person's death: