Declaration of eligible superannuation schemes
12 Declaration of eligible superannuation schemes
The Minister may, by written notice, declare a superannuation scheme that is established for the benefit of employees in public employment and that is not an approved superannuation scheme to be an eligible superannuation scheme if the scheme provides for or its provisions are to be read and construed as providing for—
the acceptance by the person or persons who administer the scheme of a transfer value upon the entry into the scheme of a contributor to the scheme and the application of that transfer value to purchase on behalf of the contributor benefits of a class of benefit available to all other contributors to the scheme; and
the restriction of benefits that may be purchased with the subsidy component of a transfer value to benefits that are payable only in the event of the contributor’s ceasing to contribute to the scheme by reason of having retired upon attaining an age or a time for retirement under the scheme, retrenchment, ill health or death; and
in relation to a contributor to the scheme who voluntarily resigns employment—
the payment to another approved or eligible superannuation scheme of a transfer value; or
the maintenance within the scheme of a deferred benefit (subsidised by the person or authority that was the employer of the contributor before the contributor’s resignation) in relation to the contributor’s entitlements under the scheme.
A notice under subsection (1) is subordinate legislation.
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