Document ID: chunk:federal_register_of_legislation:C2004A04478:body:0:p25
Version: federal_register_of_legislation:C2004A04478
Segment Type: other
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Character Range: 62519–65494

and substituting "Board";

    (b)    by omitting from paragraph (3)(a) "Commissioner" and substituting "Board";

    (c)     by omitting subsection (5) and substituting the following subsection:

      "(5) Deferred benefits are not payable unless:

      (a) if paragraph (2)(a) applies:

             (i) an application in writing has been made to the Board requesting payment of the benefits; and

             (ii) the applicant has furnished to the Board any information that is necessary to enable the Board to determine whether the benefits are payable; or

      (b) if paragraph (2)(b), (c) or (d) applies:

             (i) an application in writing has been made to the Commissioner requesting payment of the benefits; and

             (ii) the applicant has furnished to the Commissioner any information that is necessary to enable the Commissioner to determine whether the benefits are payable.".

36. After section 139A of the Principal Act the following section is inserted:

Deferral of benefit payable under section 110P

"139AA.(1) If, under subsection 139(2), deferred benefits become payable to a person on a day immediately following a date selected under paragraph (c) of that subsection and that part of the person's deferred benefits that consists of an amount equal to the person's accumulated employer contributions is not less than $500, then, subject to subsection (2):

    (a) the part must, in accordance with a nomination made by the person:

         (i) be preserved in a preservation fund nominated by the person; or

         (ii) be applied to the purchase of a deferred annuity nominated by the person; or

    (b) if the person fails, within 2 months after the benefit becomes payable, to make a nomination—it must be preserved in a preservation fund nominated by the Commissioner.

  "(2) Subsection (1) does not apply if:

    (a)     the person provides the Commissioner with a statement to the effect that he or she has retired from the workforce; or

    (b)     the Commissioner is satisfied that the person is about to leave Australia permanently; or

    (c)     the Insurance and Superannuation Commissioner approves the payment of the benefit.".

Person who is entitled to rights under Division not entitled to rights under other provisions of Act

  37. Section 140 of the Principal Act is amended:

     (a) by omitting subsection (2) and substituting the following subsection:

      "(2) If:

       (a) a person referred to in subsection 137(1) is:

             (i) if paragraph 137(l)(a) applies—a person who has been paid an amount by way of lump sum benefit to which the person became entitled under section 80 or Part VIA or VIAA; or

             (ii) if paragraph 137(1)(b) applies—a person who has been paid:

                 (A)    an amount or amounts by way of pension or by way of pension and lump sum benefit to which the person became entitled under section 55 or 59 or Part VIA; or

                 (B)