Superannuation Act 1922

Where:

a person who becomes an employee after the commencement of this section was, at any time before becoming an employee, a member of:

a superannuation scheme conducted in accordance with the system established in the United Kingdom of Great Britain and Northern Ireland and known as the Federated Superannuation System for Universities; or

a superannuation scheme that was, or is to be deemed to have been, an approved superannuation scheme for the purposes of this section at the time when he became an employee;

by virtue of subsection (3) of section 119D, a transfer value is to be deemed for the purposes of Division 2 to have become payable in respect of him after the commencement of this section under that superannuation scheme by reason of his having the legal title to a life policy or life policies of a kind referred to in that subsection or by reason of his being entitled to have the legal title to such a policy or policies assigned to him; and

he has elected in accordance with paragraph (b) of subsection (1) of section 119J to pay to the Board an amount equal to the amount of that transfer value;

The person may, within the period within which he was entitled to make an election under paragraph (b) of subsection (1) of section 119J, elect that this section shall have effect in relation to him and, where an election is so made, section 119J has effect as if the amount referred to in paragraph (c) of subsection (1) of that section, or, if part only of that amount relates to the transfer value referred to in subsection (1) of this section, that part of that amount, had been paid to the Board in accordance with that paragraph and the Board had made the payments referred to in paragraph (a) of subsection (3), and subsections (7) and (8), section 119J in relation to that amount or that part of that amount, as the case may be.

An election under subsection (2) does not have effect unless the person causes to be assigned to the Board, within the period referred to in that subsection, the life policy or life policies referred to in paragraph (b) of subsection (1) free from any mortgages, charges or other encumbrances.

If:

the salary of the person upon his becoming an employee was greater than the annual remuneration that was payable to him in respect of the last employment in which he was employed and to which a superannuation scheme referred to in subsection (1) related; or

after the person became an employee his salary is increased;

Subject to subsection (14), so much of any premium payable in respect of any life policy assigned to the Board in accordance with subsection (3) or issued in accordance with subsection (4) as relates to a period during which the person is an employee shall be paid by the Commonwealth out of the Consolidated Revenue Fund, which is appropriated accordingly.

Where the person is a contributor to the Fund and the amount of the fortnightly contributions payable by him to the Fund at any time is less than the amount that is the prescribed amount in relation to him at that time, he is liable to pay to the Commonwealth an amount equal to the difference.

Where the person (in this subsection referred to as the former contributor) makes an election under subsection (1) of section 119U and, within the period that is the prescribed period in relation to him for the purposes of Division 3, he becomes employed in employment in respect of which a superannuation scheme referred to in paragraph (a) of subsection (1) of this section is applicable and becomes a member of that scheme, then:

subject to paragraph (c), Division 3 has effect in relation to him as if that employment were public employment and that superannuation scheme were an eligible superannuation scheme;

the Board shall assign to the person administering that superannuation scheme the life policies assigned by the former contributor to the Board in accordance with subsection (3) or issued in relation to the former contributor in accordance with subsection (4);

the assignment of those life policies in accordance with paragraph (b) shall be deemed to constitute the payment of a transfer value in respect of the former contributor in accordance with section 119V to the person administering that scheme; and

the Board shall:

if the amount of any fortnightly contribution paid by the former contributor to the Fund or to the Provident Account exceeded the amount that was the prescribed amount in relation to him at the time of the payment—make a payment to him out of the Fund or the Provident Account, as the case may be, of an amount equal to the amount of the excess; and

make a payment to the Commonwealth out of the Fund or the Provident Account, as the case may be, of an amount equal to the amount that, but for this Part, would have been payable to the former contributor under section 51 or section 85 less any amounts paid to him under subparagraph (i).

If the life policy or life policies assigned by the person to the Board in accordance with subsection (3) or issued in relation to him in accordance with subsection (4) becomes or become payable at or before the time when he ceased to be a contributor to the Fund or to the Provident Account:

the Board shall, out of the amount paid to it under the policy or policies:

make a payment to the Fund or to the Provident Account of an amount equal to the amount that, but for subsection (2) of this section, would have been paid by the Board to the Fund or to the Provident Account, as the case may be, under paragraph (a) of subsection (3), or under paragraph (a) of subsection (7), of section 119J together with compound interest on that amount, in respect of the period that commenced on the date on which the person made an election in accordance with paragraph (b) of subsection (1) of section 119J and ended on the date on which the life policy or life policies became payable, at the rate or rates applicable under subsection (3) of section 90;

in the case of a policy or policies assigned by the person to the Board in accordance with subsection (3) of this section—pay to the person, or, if he is dead, to his legal personal representative, an amount equal to so much of any premiums paid by the person in respect of the policy or policies as related to, or to any part of, the period that commenced on the date on which the transfer value referred to in paragraph (b) of subsection (1) of this section is to be deemed for the purposes of Division 2 to have become payable in respect of him and ended on the date on which he became an employee; and

pay the balance to the Commonwealth; and

the Commonwealth shall pay to the person, or, if he is dead, to his legal personal representative, an amount equal to the sum of any amounts paid by the person to the Commonwealth under subsection (6).

Where the person attains the age of sixty years while he is a contributor to the Fund or to the Provident Account, or ceases to be such a contributor before he attains that age, and neither of the last two preceding subsections applies in relation to him, then, if the election made by the person under subsection (2) has not been revoked before 1 July 1976 in accordance with the next succeeding subsection:

the Board shall surrender the life policy or life policies assigned by him to the Board in accordance with subsection (3) of this section or issued in relation to him in accordance with subsection (4) of this section and, out of the proceeds of the surrender, shall:

make a payment to the Fund or to the Provident Account of an amount equal to the amount that, but for subsection (2) of this section, would have been paid by the Board to the Fund or to the Provident Account, as the case may be, under paragraph (a) of subsection (3), or under paragraph (a) of subsection (7), of section 119J together with compound interest on that amount, in respect of the period that commenced on the date on which the person made an election in accordance with paragraph (b) of subsection (1) of section 119J and ended on the date as at which the surrender value or surrender values of the life policy or life policies was or were calculated, at the rate or rates applicable under subsection (3) of section 90;

in the case of a policy or policies assigned by the person to the Board in accordance with subsection (3) of this section—pay to the person an amount equal to so much of any premiums paid by the person in respect of the policy or policies as related to, or to any part of, the period that commenced on the date on which the transfer value referred to in paragraph (b) of subsection (1) of this section is to be deemed for the purposes of Division 2 to have become payable in respect of him and ended on the date on which he became an employee; and

pay the balance to the Commonwealth; and

the Commonwealth shall pay to the person an amount equal to the sum of any amounts paid by him to the Commonwealth under subsection (6).

The Minister may, by instrument under his hand published in the Gazette, declare a superannuation scheme, being a scheme under which benefits are provided for by means of life policies, to be an approved superannuation scheme for the purposes of this section.

A declaration under subsection (11) shall come into force on the day on which the instrument of declaration is published in the Gazette or, if an earlier day (not being earlier than 1 January 1970) is specified in the instrument as the day on which the declaration is to be deemed to have come into force, shall be deemed to have come into force on that earlier day.

A superannuation scheme shall be taken, for the purposes of this section, to have been an approved superannuation scheme at a particular time if a declaration by the Minister under subsection (11) in respect of that scheme was, or is to be deemed to have been, in force at that time.

In the application of this section in relation to a person who is employed by an approved authority:

subsection (5) does not apply but the premiums referred to in that subsection shall be paid by that approved authority, which may apply, for the purpose of making the payments, any moneys under its control; and

a reference in any other provision of this section to the Commonwealth shall be read as a reference to that approved authority.

In this section:

This section does not apply to or in relation to a person who becomes an employee on or after 1 July 1976.

Subsection (4) does not apply in relation to an increase in the salary of an employee that occurs on or after 1 July 1976.

A person shall not be required to pay an amount to the Commonwealth under subsection (6) on or after 1 July 1976 unless the obligation to pay that amount is in relation to a time before 1 July 1976.

Subsections (7), (8) and (9) do not apply to or in relation to a person who ceases to be an employee on or after 1 July 1976.