Statutory Rules 1992   No. 2681

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Superannuation (Former Contributors for Units of Pension) Regulations2 (Amendment)

I, The Governor-General of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, make the following Regulations under the Superannuation Act 1976.

         Dated 19 August 1992.

                                                                                    BILL HAYDEN

                                                                                   Governor-General

         By His Excellency’s Command,

RALPH WILLIS

Minister of State for Finance

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1.   Commencement

1.1   These Regulations are taken to have commenced on 2 September 1991.

2.   Amendment

2.1   The Superannuation (Former Contributors for Units of Pension) Regulations are amended as set out in these Regulations.

3.   Schedule (Modification of the Act in its application in relation to certain persons to whom section 183 of the Act applies)

3.1   Modifications of section 56 (third modification):

Omit from substituted subsection 56 (3A) “included that”, substitute “included in that”.

3.2   Modification of section 59:

Omit “paragraph (a)”, substitute “paragraph (1) (a)”.

3.3   Modifications of section 62:

After the first modification, insert:

“Omit from paragraph (2A) (a) all the words from and including ‘payment of’, substitute:

                                    “payment of:

                                    (i)    a lump sum benefit of the sum of the amount of the person’s accumulated supplementary contributions (if any) and an amount equal to 3times the amount of his or her accumulated basic contributions; or

                                   (ii)    if the person is a person to whom sections 119h and 119j of the superseded Act applied —a lump sum benefit of the sum of the amount of the person’s accumulated supplementary contributions (if any) and an amount equal to the sum of:

                                                  (a)    the amount (in this paragraph referred to as the ‘relevant amount’) paid in respect of the person to the Superannuation Board or Commissioner under section 119j of the superseded Act together with the amount of interest that would be payable in respect of the relevant amount if it were taken to be an amount of basic contributions paid by the person under this Act on the commencing day; and

                                                   (b)    an amount equal to 3times the amount that would be the amount of his or her accumulated basic contributions if the amount allocated to him or her under paragraph 177 (3) (a) of this Act had been reduced by an amount equal to the portion of the relevant amount as was paid by the Superannuation Board to the existing Fund, or by the Commissioner to the Fund, in accordance with section 119j of the superseded Act.”.

3.4   Modifications of section 62 (second modification):

Omit  “after sub-section (2)”, substitute “after subsection (2a)”.

3.5   Modifications of section 62 (second modification):

Omit from inserted 62 (2a) “(2a)”, substitute “(2aa)”.

3.6   Modifications of section 62 (second modification):

Omit from inserted subsection 62 (2AA) “he is entitled under sub-section (2)”, substitute “he or she is entitled under subsection (2) or (2a)”.

3.7   Modifications of section 67 (second modification):

Omit from substituted subsection (2A) “included that”, substitute “included in that”.

3.8   Modifications of section 68 (first modification):

Omit from substituted subsection (2A) “included that”, substitute “included in that”.

3.9   After the modifications of section 103, insert:

“109ab.          Insert in subsections (1) and (4) ‘of this Part or Division 8 of Part XII’ after ‘Division 1, 2, 3 or 3aaa’.”.

3.10   Modification of section 110:

Omit  “Division 1, 2 or 3”, substitute “Division 1, 2, 3 or 3a”.

3.11   Modification of section 110:

After the modification, insert:

“Insert in subsection (15) ‘or Division 8 of Part XII’ after ‘107 or 108’”.

3.12   After the modifications of section 110, insert:

“110ab.        Omit from subparagraph (1) (a) (i) ‘86 or 90;’, substitute ‘86, 90 or 215’.

                        Omit from paragraph (1) (b) ‘94 or 96’, substitute ‘94, 96 or 215’.”.

3.13   Modifications of section 111 (first modification):

Omit “paragraph (b) of sub-section (1)”, substitute “subsection (1)”.

3.14   Modification of section 115:

Omit “sub-section (4)”, substitute “paragraph (a) of the definition of ‘orphan benefit’ in subsection (4)”.

3.15   Part XII (added Division 8):

Omit from added paragraph 218 (1) (b) “4 per cent”, substitute “3 per cent”.

3.16   Modification of Schedule 2A:

Omit “Sub-section 62 (2A)”, substitute “Subsection 62 (2AA)”.

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NOTES

1.     Notified in the Commonwealth of Australia Gazette on 26 August 1992.

2.     Statutory Rules 1978 No. 281 as amended by 1991 Nos. 191 and 467.