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SUPERANNUATION INDUSTRY (SUPERVISION) ACT 1993 - SECT 15 Approved deposit funds--payments by trustees

SUPERANNUATION INDUSTRY (SUPERVISION) ACT 1993 - SECT 15

Approved deposit funds--payments by trustees

  (1)   For the purposes of paragraph   (c) of the definition of approved purposes in section   10 and for the purposes of section   53, if:

  (a)   a beneficiary has an interest in a fund; and

  (b)   on the request of the beneficiary, an amount equal to the beneficiary's interest is paid by the fund:

  (i)   to a life insurance company or registered organisation for the purchase of an annuity in the name of the beneficiary; or

  (ii)   into an RSA specified by the beneficiary;

the trustee of the fund is taken to have paid the amount to the beneficiary on request.

  (1A)   For the purposes of paragraph   (c) of the definition of approved purposes in section   10 and for the purposes of section   53, if:

  (a)   a beneficiary has an interest in a fund; and

  (b)   on the request of the beneficiary, an amount equal to the beneficiary's interest is paid by the fund to:

  (i)   an approved deposit fund; or

  (ii)   a regulated superannuation fund;

the trustee of the first - mentioned fund is taken to have paid the amount to the beneficiary on request.

  (1B)   For the purposes of paragraph   (c) of the definition of approved purposes in section   10, if a payment is not made immediately on request but is deferred for a period determined by the trustee concerned, the payment is taken to have been made on request.

  (2)   A reference in subsection   (1) or (1A) to a beneficiary includes a reference to the legal personal representative of a beneficiary.

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