Commonwealth Numbered Acts

SUPERANNUATION LEGISLATION AMENDMENT ACT 1991 No. 130, 1991 - SECT 35

35. Section 110R of the Principal Act is amended:

   (a)  by omitting subsection (1) and substituting the following subsection:
  "(1)   Subject to subsection (2), where a productivity benefit becomes
payable in respect of a person:

   (a)  because the person:

        (i)    ceased to be an eligible employee on or after attaining the age
               of 60 years; or

        (ii)   where the person has attained the age of 55 years - is deemed,
               under subsection 58 (2), to have retired voluntarily; or

        (iii)  where the person has attained the age of 55 years and has not
               made an election under section 137 - is deemed, under
               subsection 58 (3), to have retired involuntarily; or

   (b)  because of the person's retirement on the ground of invalidity;
then:

   (c)  in the case of a person who ceased to be an eligible employee on or
        after attaining the age of 65 years or who retired on the ground of
        invalidity - the benefit is payable to the person; and

   (d)  in the case of a person other than a person mentioned in paragraph (c)
        - the benefit is payable to the person if the person provides the
        Commissioner with a statement to the effect that he or she has retired
        from the workforce.";

   (b)  by omitting from subsection (4) ", (7) and (9)" and substituting "and
        (7)";

   (c)  by inserting after subsection (4) the following subsection:

"(4A) Subject to subsections (5), (6) and (7), where:

   (a)  a productivity benefit becomes payable in respect of a person to whom
        paragraph (1) (d) applies; and

   (b)  the person does not provide the Commissioner with a statement
        mentioned in that paragraph;
the benefit:

   (c)  if the amount of the benefit is less than $500 - is payable to the
        person; or

   (d)  if the amount of the benefit is $500 or more - must, in accordance
        with a nomination made by the person:

   (i)  by preserved in a preservation fund nominated by the person; or

   (ii) be applied to the purchase of a deferred annuity nominated by the
        person.";
(d) by inserting in subsection (5) "or (4A) (c)" after "paragraph (4) (c)";
(e) by inserting in subsection (6) "or (4A) (d)" after "paragraph (4) (d)";
(f) by inserting in subsection (7) "or (4A) (d)" after "paragraph (4) (d)";

   (g)  by omitting from subsection (8) "subsection (1) or (4)" and
        substituting "subsection (1), (4) or (4A)";

   (h)  by omitting subsection (9).