Document ID: chunk:federal_register_of_legislation:F2021C00237:reg:7:p31
Version: federal_register_of_legislation:F2021C00237
Segment Type: reg
Provision Reference: reg 7 (pt 31/46)
Character Range: 119526–122366

be on the terms and conditions, including the circumstances, agreed between CSC and the relevant insurance company, subject to the requirements of the SIS Act.
 4.3.2 A PSSAP member may be offered income protection cover subject to the terms and conditions of the policy taken out pursuant to Rule 4.3.1, unless the insurance company does not provide cover in respect of the member under that policy.
 4.3.2A Subject to the SIS Act, CSC may determine the terms and conditions of any income protection cover provided to persons under Rule 4.3.2.

   Cessation of income protection cover

 4.3.3 The income protection cover of a PSSAP member ceases on the terms and conditions, including the circumstances, agreed between CSC and the relevant insurance company but subject to the requirements of the SIS Act.

   Income protection cover premiums

 4.3.4 All premiums for income protection cover are to be paid by CSC from the PSSAP Fund.
 4.3.5 Subject to Rule 4.3.6, the premium for income protection cover provided in respect of a PSSAP member is the amount determined by CSC, being the same amount as the amount of premium specified in the income protection cover policy, and must be deducted from the personal accumulation account of the PSSAP member.
Note:  CSC must make a claim against a policy providing income protection cover. See Rule 3.4.2.
       Amounts other than income protection superannuation contribution amounts paid by an insurer in response to a claim are paid directly to the PSSAP member. They are not credited to their personal accumulation account. See Rules 3.4.3 and 3.4.4
       Income protection superannuation contribution amounts paid by an insurer in response to a claim are paid to CSC and then into the PSSAP Fund and credited to a personal accumulation account. See Rules 2.3.6 and 5.1.5(da).

 4.3.6 Where a premium payable for income protection cover is more than the amount in the personal accumulation account of the PSSAP member, Rule 4.3.5 shall not apply.

PART 5 — OTHER MATTERS

Division 1  Personal accumulation account

   CSC must keep personal accumulation accounts

 5.1.1 CSC must keep a personal accumulation account and/or pension account for each PSSAP member.
Note:  A PSSAP member includes an ordinary employer‑sponsored member and a government scheme member.

 5.1.2 CSC may keep only one personal accumulation account for each PSSAP member.
 5.1.3 The personal accumulation account records the accumulation amount of a PSSAP member.

   Accumulation amount

 5.1.4 The accumulation amount of a PSSAP member is equal to the total of the amounts credited to the personal accumulation account of the PSSAP member under Rule 5.1.5 less the total of the amounts debited to the personal accumulation account under Rule 5.1.6.
 5.1.5 If any or all of the following amounts are paid