Statutory Rules 1992   No. 2701

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Superannuation (Transfer Arrangements) 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 (Transfer Arrangements) Regulations are amended as set out in these Regulations.

3.   Regulation 14 (Application of the Act to certain persons who have received payments under section 80 of the Act or section 51 or 85 of the superseded Act)

3.1   Subparagraph 14 (1) (d) (iv):

Omit the subparagraph, substitute:

                       “(iv)   paid:

                                     (A)   an amount equivalent to that amount; or

                                     (B)   if the person has an entitlement of a kind referred to in paragraph 141 (2) (c) of the Act to pay a lesser amount to the person administering that scheme—that lesser amount;

                                 to the person administering that scheme in exchange for benefits under that scheme.”.

4.   Schedule 2 (Modifications—certain employees of Commonwealth Accommodation and Catering Services Limited)

4.1   Modification of section 127:

Omit “sub-section (1)”, substitute: “subsection (1AB)”.

5.   Schedule 8 (Modifications—certain transferring TAFE teachers)

5.1   Modification of section 59:

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

5.2   Modification of section 111:

Omit  “paragraph (1) (b)”, substitute “subsection (1)”.

5.3   Modification of Part IX:

After “62 (2),” in substituted subsection 128 (3), insert “62 (2A),”.

6.   Schedule 11 (Modifications of the Act in its application to certain persons who have received payment under section 80 of the Act or section 51 or 85 of the superseded Act)

6.1   Add at the end of inserted section 128A:

            “(8)   If the Commissioner gives under subsection 157 (3) a direction to cancel an election made under this section, there must be paid to the eligible person out of the Superannuation Fund:

              (a)   an amount equal to so much of the refund in relation to the eligible employee as was paid by the Commissioner into that Fund under subsection (4) of this section; and

              (b)   the amount of any interest that is payable in respect of the first-mentioned amount.”.

6.2   Subsection 236A (1):

Omit the definition of ‘relevant person’, substitute:

“‘relevant person’ means a person who has received an amount under section 51 or 85 of the superseded Act.”.

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NOTES

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

2.     Statutory Rules 1978 No 255 as amended by 1980 No. 257; 1981 No. 4; 1984 No. 404; 1985 No. 74; 1986 Nos. 90 and 311; 1988 No. 317; 1989 No. 303; 1990 Nos. 140 and 271; 1991 No. 169.