Commonwealth Numbered Acts

SUPERANNUATION LEGISLATION AMENDMENT ACT 1992 No. 187, 1992 - SECT 19

19. After section 80 of the Principal Act the following section is inserted in
Division 5 of Part V: Procedure where pension exceeds reasonable benefit
limits

"80A.(1) This section applies where the Insurance and Superannuation
Commissioner:

   (a)  makes:

        (i)    a determination under subsection 15K(1) of the Occupational
               Superannuation Standards Act 1987 ('The OSS Act') that a
               pension payable to a person under this Act exceeds the
               reasonable benefit limits within the meaning of the OSS Act; or

        (ii)   an interim determination under section 15L of the OSS Act in
               relation to such a pension that has effect as if it were such a
               determination; and

   (b)  makes a request under subsection 15S(4) of the OSS Act in relation to
        that pension.

"(2) The Commissioner for Superannuation must:

   (a)  convert to a lump sum so much of the pension as exceeds those
        reasonable benefit limits, being a lump sum that is equal to the
        excess amount specified in the notice under subsection 15S(4) of the
        OSS Act, and pay the lump sum to the person; and

   (b)  work out the rate of pension (if any) payable to the person that would
        not be in excess of those limits and pay pension (if any) at that rate
        to the person.

"(3) The rate of pension mentioned in paragraph (2)(b) is to be worked out in
accordance with rules determined by the Minister for the purposes of this
section.

"(4) A determination so made by the Minister is a disallowable instrument.".