Amounts to be credited to retirement income accounts
180 Amounts to be credited to retirement income accounts
The Board is to credit to a Retirement Income Member’s retirement income account —
the amounts transferred to the Retirement Income Scheme under regulation 175, 176 or 177(1)(b); and
any amount required under regulation 177(1)(a) to be transferred to the account; and
earnings in accordance with regulation 182; and
any amounts transferred from reserves maintained under section 20A of the Act in accordance with the Board’s reserving strategy and any relevant Treasurer’s guidelines.
If —
a lump sum benefit becomes payable on the death on or after 1 January 2010 of a Retirement Income Member; and
the Board would be entitled to a deduction under the Income Tax Assessment Act 1997 (Commonwealth) section 295‑485 if it were to increase the amount of the benefit,
then the Board may, if it considers it appropriate to do so, credit to the Member’s retirement income account an amount determined by the Board, not exceeding the tax saving amount in respect of the benefit.
The Board may temporarily keep contributions made for a Retirement Income Member, together with contributions made for other Retirement Income Members, in an account maintained for that purpose until the contributions are credited to the appropriate retirement income accounts.
[Regulation 180 inserted: Gazette 19 Mar 2003 p. 823; amended: Gazette 1 Dec 2004 p. 5715; 13 Apr 2007 p. 1590; 8 Jan 2010 p. 30; 10 Jan 2017 p. 153‑4.]
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