Document ID: chunk:federal_register_of_legislation:C2004A04762:body:0:p10
Version: federal_register_of_legislation:C2004A04762
Segment Type: other
Provision Reference: 
Character Range: 24035–26770

- SECT 11
Repeal of section and substitution of new section

SECT
  11.(1) Section 134 of the Principal Act is repealed and the following
section is substituted:
Eligible superannuation schemes
  "134.(1) Subject to subsection (5), the Minister and the Board may agree
that a superannuation scheme is an eligible superannuation scheme for the
purposes of this Division.
  "(2) The Minister and the Board may at any time terminate an agreement made
under subsection (1).
  "(3) An agreement made under subsection (1) may be expressed to have taken
effect on a day earlier than the day on which the agreement is made but not
earlier than 1 July 1976.
  "(4) The Board must cause notice of the making of an agreement under
subsection (1), or of the termination of such an agreement, to be published in
the Gazette.
  "(5) An agreement may not be made under subsection (1) in relation to a
superannuation scheme (the 'relevant scheme') unless:
  (a) the relevant scheme is a public sector superannuation scheme; and
  (b) the trustee of the relevant scheme has given a written undertaking to
the Board stating that:
    (i) the relevant scheme will accept transfer values paid from, and
pay transfer values to, the scheme provided for under this Act (the
'Commonwealth scheme') or any other eligible superannuation scheme; and
    (ii) the relevant scheme will provide equitable benefits in return
for a transfer value so accepted; and
  (c) the trustee of the relevant scheme has given a written undertaking to
the Board stating that, except as provided by subsection (7), the scheme will
not pay out:
    (i) the whole or any part of the employer component of a transfer
value paid to the relevant scheme from the Commonwealth scheme; or
    (ii) any part of any other transfer value paid to the relevant
scheme that represents the whole or a part of the employer component of a
transfer value paid from the Commonwealth scheme; and
  (d) the trustee of the relevant scheme has given a written confirmation to
the Board stating that the undertaking does not conflict with the trust
instrument, other document or legislation, or combination of them, governing
the establishment and operation of the relevant scheme;
or the Minister and the Board are satisfied that there are special
circumstances that make it desirable for the relevant scheme to be treated as
an eligible superannuation scheme for the purposes of this Division even
though one or more of the paragraphs of this subsection are not complied with.
  "(6) In subsection (5):
  'public sector superannuation scheme' means a scheme for the payment of
superannuation, retirement or death benefits that is established:
  (a) by or under a law of the Commonwealth, of a State or