Commonwealth Numbered Acts

SUPERANNUATION LEGISLATION AMENDMENT ACT 1991 No. 130, 1991 - SECT 4

4. Section 3 of the Principal Act is amended:
(a) by inserting after paragraph (ea) in the definition of "eligible employee"
in subsection (1) the following paragraph:
 "(eb)   a person who has made an election under section 6A of the
Superannuation Act 1990;";

   (b)  by omitting paragraph (a) from the definition of "final annual rate of
        salary" in subsection (1) and substituting the following paragraph:
 "(a)   if paragraph (b), (c) or (d) does not apply in relation to the person
- the person's annual rate of salary on his or her last day of service; or";

   (c)  by adding at the end of the definition of "final annual rate of
        salary" in subsection (1) the following word and paragraph:

"or (d) if the person on his or her last day of service had, or would have had
if that last day of service were the anniversary of his or her birth, an
imputed annual rate of salary within the meaning of paragraph 47(1)(b) that
was higher than the rate mentioned in paragraph (a), (b) or (c) - that imputed
annual rate of salary;";

   (d)  by omitting from subsection (1) the definition of "retirement
        pensioner" and substituting the following definition: "`retirement
        pensioner' means:

   (a)  a person to whom age retirement pension, early retirement pension or
        invalidity pension is payable; or

   (b)  a person who has ceased to be an eligible employee and has made an
        election under section 110T;";

   (e)  by inserting in subsection (1) the following definitions: "`deferred
        annuity' means an annuity that cannot be surrendered or assigned by
        the person in respect of whom it was purchased until that person
        attains the age of 55 years and under which benefits are payable to,
        or in respect of, the person only in one or more of the following
        circumstances:

   (a)  the person retired from the workforce and attained an age of not less
        than 55 years;

   (b)  the retirement of the person from the workforce before attaining the
        age of 55 years on the ground of permanent invalidity;

   (c)  the death of the person;

   (d)  the permanent departure of the person from Australia;

   (e)  such other circumstances as the Insurance and Superannuation
        Commissioner within the meaning of the
        Occupational Superannuation Standards Act 1987 approves;

   (f)  such circumstances as are prescribed; `extra spouse's pension' means
        pension payable under Division 3A of Part VI; `preservation fund'
        means a fund that preserves benefits paid into it in accordance with
        standards prescribed under the Occupational Superannuation
        Standards Act 1987;".