Option relating to certain members
9 Option relating to certain members
In this section—
approved employer means an employer declared under section 5(1)(c) to be an approved employer in respect of the employment of persons who are officers;
officer means a member of a statutory superannuation scheme;
S. 9(1) def. of transfer period amended by Nos 50/1997 s. 13(a), 84/1998 s. 50(1).
transfer period means—
in the case of an officer specified in subsection (2)(a), the period of 6 months commencing on the date on which the officer became an employee of the approved employer;
in the case of an officer specified in subsection (2)(b), the period of 2 months or any other longer period nominated by the Minister under subsection (4) commencing on the date on which the officer becomes an employee of the approved employer or the public authority.
This section applies to an officer—
who was an officer or employee of the Public Transport Corporation in the railway workshop at Bendigo on 7 February 1996; or
s. 9
who is a member of a class of persons declared to be officers to whom this section applies by the Minister by instrument in writing for the purposes of this section.
S. 9(3) amended by No. 50/1997 s. 13(b).
An officer who accepts employment with the approved employer or the public authority may elect during the transfer period to transfer the transfer amount to a complying superannuation fund.
The transfer amount and the terms and conditions that apply in respect of the transfer are to be determined by the Minister.
The administrators must pay into the statutory superannuation scheme payments received for superannuation provision in respect of the statutory superannuation scheme from any person liable for the unfunded liability relating to any transfer amount transferred from that statutory superannuation scheme.
The administrators must pay out of the statutory superannuation scheme the transfer amount, after deducting any tax required to be paid under the Commonwealth Income Tax Assessment Act 1936, to the relevant complying superannuation fund.
S. 9(7) amended by Nos 50/1997 s. 13(b), 84/1998 s. 50(2), 8/1999 s. 52.
If an officer does not make an election in accordance with subsection (3), the officer is deemed to have elected to transfer the transfer amount to a complying superannuation fund nominated by the administrator of the officer's statutory superannuation scheme.
No stamp duty or other tax is payable under any Act in respect of anything done under this section.
The administrators are released from any liability in respect of the entitlements of officers to whom subsection (6) applies as soon as the transfer amount is paid to the relevant complying superannuation fund.
S. 9AA inserted by No. 70/2003 s. 34.
This Act’s bill:Second reading speech
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