Document ID: chunk:federal_register_of_legislation:C2004A03971:section:365:p12
Version: federal_register_of_legislation:C2004A03971
Segment Type: section
Provision Reference: s 365 (pt 12/34)
Character Range: 157830–160791

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:

    (a) a productivity benefit becomes payable in respect of the person; and

    (b) Part VI applies:

then:

    (c) that Part so applies as if the accumulated employer contributions in respect of the person were accumulated supplementary contributions in respect of the person; and

    (d) where the person is survived by a spouse:

        (i) the spouse may elect that the benefit is not to be treated for the purposes of section 91 as if it were part of the accumulated contributions in respect of the person; and

(ii) where the spouse so elects—the benefit is payable to the spouse.

"(2) Where, because of a person's death:

    (a) a productivity benefit becomes payable in respect of the person; and

    (b) Part VI does not apply;

the benefit is payable to the person's personal representatives or to such person or persons (if any) as the Commissioner determines.".

Payment of accumulated contributions where no other benefit payable etc.

65. Section 111 of the Principal Act is amended by adding at the end the following subsection:

"(8) In subsection (2), a reference to accumulated contributions includes a reference to accumulated employer contributions.".

Payments into and out of Consolidated Revenue Fund

66. Section 112 of the Principal Act is amended:

(a) by inserting after subsection (1) the following subsection:

    "(1a) Where a productivity benefit within the meaning of Part VIa becomes payable under section 110p in respect of a person, the amount of the Fund accumulated employer contributions in respect of the employee must be paid out of the Superannuation Fund into the Consolidated Revenue Fund.";

    (b) by omitting from subsection (5) all the words after "ceasing to be" and substituting "an eligible employee, less an amount equal to the sum of:

       (a) the amount of the person's accumulated supplementary contributions upon the person last ceasing to be an eligible employee; and

       (b) the amount of the person's Fund accumulated employer contributions upon the person last ceasing to be an eligible employee;

    must be paid to the Superannuation Fund out of the Consolidated Revenue Fund, which is appropriated accordingly.";

    (c) by inserting in subsection (6) "and Fund accumulated employer contributions" after "contributions";

    (d) by omitting from subsection (9) all the words after "becoming payable" (first occurring) and substituting "to the person, less an amount equal to the sum of:

        (c) the amount of the person's accumulated supplementary contributions upon that deferred benefit becoming payable to the person; and

        (d) the amount of the person's Fund accumulated