Document ID: chunk:federal_register_of_legislation:C2004A04478:body:0:p8
Version: federal_register_of_legislation:C2004A04478
Segment Type: other
Provision Reference: 
Character Range: 18342–21179

provides for productivity contributions (applicable to all eligible employees who are members of the scheme) that may be expressed as a

     percentage of the earnings (as described for the purposes of the scheme) of each employee—that percentage of the earnings of the person for the accrual period based on the person's fortnightly rate of salary that, for the purposes of section 46, was payable on the most recent anniversary of birth of the person; or

    (b)     if the relevant government body scheme provides for productivity contributions (applicable to a class of eligible employees identified by the scheme) that may be expressed as a percentage of the earnings (as described for the purposes of the scheme) of each employee in the class, and the percentage is lower than the corresponding percentage for any other class of eligible employees—that percentage of the earnings of the person for the accrual period based on the person's fortnightly rate of salary that, for the purposes of section 46, was payable on the most recent anniversary of birth of the person; or

    (c)     if the relevant government body scheme is a defined benefit superannuation scheme within the meaning of the Superannuation Guarantee (Administration) Act 1992 that provides for a productivity related benefit applicable to all eligible employees who are members of the scheme—the contribution percentage, in relation to that benefit, of the earnings of the person for the accrual period based on the person's fortnightly rate of salary that, for the purposes 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.

"(5) For the purposes of the definition of 'notional accumulated SG contributions' in subsection (1), the Australian Government Actuary is to determine:

    (a)     an amount representing the cost of death and invalidity cover relevant to the person's SG minimum contributions; or

  (b)     a means of working out such an amount.

Preservation of portion of benefit

"62B.(1) Subject to subsection (2), if a benefit is payable to a person under subsection 62(2), the portion of that benefit worked out under whichever of subsections (3) and (4) is applicable must be:

    (a) paid, for the benefit of the person, to a preservation fund nominated by the person; or

    (b)     applied, on behalf of the person, for the purchase of a deferred annuity nominated by the person; or

    (c)     if the person does not make a nomination within 2 months