Payments of certain benefits to Fund by new productivity employees
110L Payments of certain benefits to Fund by new productivity employees
Subject to subsection (2), where a person who becomes a productivity employee became entitled to receive from a superannuation scheme an amount by way of a productivity related benefit:
where the benefit has neither been preserved in a fund nor used to buy a deferred annuity—the person may pay to CSC all or part of the amount of that benefit; or
where the benefit has been preserved in a fund—all or part of the amount of that benefit and the amount of any interest accruing on that benefit while preserved in the fund may be transferred, or paid, to CSC; or
where the benefit has been used to buy a deferred annuity that has not become payable and an amount has been received by the person because of the annuity—the employee may pay to CSC the amount received.
A payment to CSC may only be made within the period of 3 months commencing on the day on which the person became a productivity employee or such longer period as CSC allows for the particular payment.
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