Commonwealth Numbered Acts

SUPERANNUATION LEGISLATION AMENDMENT ACT 1992 No. 187, 1992 - SECT 36

36. After section 139A of the Principal Act the following section is inserted:
Deferral of benefit payable under section 110P

"139AA.(1) If, under subsection 139(2), deferred benefits become payable to a
person on a day immediately following a date selected under paragraph (c) of
that subsection and that part of the person's deferred benefits that consists
of an amount equal to the person's accumulated employer contributions is not
less than $500, then, subject to subsection (2):

   (a)  the part must, in accordance with a nomination made by the person:

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

        (ii)   be applied to the purchase of a deferred annuity nominated by
               the person; or

   (b)  if the person fails, within 2 months after the benefit becomes
        payable, to make a nomination - it must be preserved in a preservation
        fund nominated by the Commissioner.

"(2) Subsection (1) does not apply if:

   (a)  the person provides the Commissioner with a statement to the effect
        that he or she has retired from the workforce; or

   (b)  the Commissioner is satisfied that the person is about to leave
        Australia permanently; or

   (c)  the Insurance and Superannuation Commissioner approves the payment of
        the benefit.".