Document ID: chunk:federal_register_of_legislation:F2004C00104:body:0:p2
Version: federal_register_of_legislation:F2004C00104
Segment Type: other
Provision Reference: 
Character Range: 2504–5249

a person to whom the Superannuation (Former HLIC Employees) Regulations apply if the person is taken, under subsection 15 (1) of the Sale Act, to have resigned on sale day from an appointment or engagement under the Corporation Act.'.

3 Subsection 62 (1):

 Omit 'Where', substitute 'Subject to subsection (1A), where'.

4 Subsection 62 (1):

 Omit 'a lump sum benefit', substitute 'benefits'.

5 Section 62:

 After subsection 62 (1), insert:

 '(1A) An election under subsection (1) by a transferee is not effective unless it includes, or is accompanied by, the nomination in writing by the transferee of:
 (a) a superannuation fund of which the transferee is, or intends to become, a member, being a fund that is required to preserve superannuation benefits in accordance with standards prescribed under the Occupational Superannuation Standards Act 1987; or
 (b) an approved deposit fund or a deferred annuity fund, being a fund that is required to preserve superannuation benefits under standards of that kind;

 as the fund to which the amount referred to in paragraph (3) (a) is to be paid.'.

6 Section 62:

 Add at the end:

 '(3) Subsection (2) does not apply in relation to a transferee who makes an election under subsection (1) and, instead, the transferee is entitled, in lieu of pension and lump sum benefit to which, but for the election, the transferee would be entitled under section 55 or 59:
 (a) to have an amount equal to 2.5 times the transferee's accumulated basic contributions paid to the fund nominated under subsection (1A); and
 (b) to be paid a lump sum benefit equal to the sum of:
 (i) the amount of the transferee's accumulated basic contributions; and
 (ii) the amount of the transferee's accumulated supplementary contributions (if any).'.

7 Part V:

 After Division 3, insert:

'Division 3A Deferral of payment of benefits

65A Application

 This Division applies in relation to transferees in addition to Divisions 1, 2 and 3.

      65B Deferral of benefits by transferees above minimum retiring age

 (1) A transferee who is, or is about to become, a person who:
 (a) has attained his or her minimum retiring age; and
 (b) has become entitled to one or more benefits under section 55 or 59;
  may, not later than 3 months after, but not earlier than 3 months before becoming such a person, by notice given to the Commissioner, elect to defer payment of those benefits.

 (2) If a transferee gives notice to the Commissioner in accordance with this section, payment of the benefits referred to in the notice is deferred until:
 (a) the transferee gives notice to the Commissioner requesting payment of those benefits; or
 (b) the transferee attains age 65;
  whichever first occurs.

65C Rates of