Document ID: chunk:federal_register_of_legislation:C2004A04907:body:0:p18
Version: federal_register_of_legislation:C2004A04907
Segment Type: other
Provision Reference: 
Character Range: 43588–46502

so entitled to the payment, the Board may authorise the payment to be made to another person, and payment shall be made to the other person accordingly", substitute "not be made to the person, the Board may authorise the payment to be made to the person's legal personal representative and, if such an authorisation is made, payment is to be made in accordance with the authorisation".

SCHEDULE 2—continued

106. Subsection 117(2):

Omit "he considers", substitute "it considers".

107. Subsection 119(3):

Omit "at his discretion", substitute "if the ISC approves".

108. Paragraph 124(1)(b):

Omit "Fund." (last occurring), substitute "Fund; and".

109. Subsection 124(1):

Add at the end:

"(c) if the Fund accumulated employer contributions in respect of the person have, under subsection 112(1A), been paid out of the Superannuation Fund into the Consolidated Revenue Fund:

    (i) an amount equal to the amount of those contributions is to be paid out of the Consolidated Revenue Fund (which is appropriated accordingly) into the Superannuation Fund; and

    (ii) for the purposes of this Act, those Fund accumulated employer contributions are taken not to have been so paid out of the Superannuation Fund into the Consolidated Revenue Fund.".

110. Subsection 128(1):

After "employment" (first occurring) insert "(the 'previous employment')".

111. Subsection 128(4):

Omit "the employment in respect of which the transfer value was payable under a superannuation scheme applicable to that employment", substitute "the previous employment".

112. Paragraph 128(4)(a):

Before "the amount paid" insert "the available part of".

113. After subsection 128(4):

Insert:

"(4AA) The reference in paragraph (4)(a) to the available part of an amount paid into the Consolidated Revenue Fund in respect of the person under paragraph (2)(b) is a reference to so much of that amount as exceeds any part of that amount that:

SCHEDULE 2—continued

    (a) would not have been available for payment to, or preservation in the name of, the person on the termination of the previous employment out of the superannuation scheme applicable to that employment; or

    (b) would not have been retained in that scheme for payment to or in respect of the person at a later date under the rules of that scheme;

unless the person engaged in further employment.".

114. Paragraph 128(4C)(b):

Omit, substitute:

"(b) the SIS Act.".

115. Subsection 128(7):

Omit, substitute:

"(7) If the Board gives under subsection 157(3) a direction to cancel an election made by an eligible employee under subsection (1) of this section, the Board must make such arrangements as it considers appropriate, taking into account the requirements of the SIS Act, for making payments out of the Superannuation Fund and the Consolidated Revenue Fund by way of dealing with the transferred amount (including the payment of interest on any part