Commonwealth Numbered Acts

SUPERANNUATION LEGISLATION AMENDMENT ACT 1994 No. 86, 1994 - SECT 11

11.(1) Section 134 of the Principal Act is repealed and the following section
is substituted: Eligible superannuation schemes

"134.(1) Subject to subsection (5), the Minister and the Board may agree that
a superannuation scheme is an eligible superannuation scheme for the purposes
of this Division.

"(2) The Minister and the Board may at any time terminate an agreement made
under subsection (1).

"(3) An agreement made under subsection (1) may be expressed to have taken
effect on a day earlier than the day on which the agreement is made but not
earlier than 1 July 1976.

"(4) The Board must cause notice of the making of an agreement under
subsection (1), or of the termination of such an agreement, to be published in
the Gazette.

"(5) An agreement may not be made under subsection (1) in relation to a
superannuation scheme (the 'relevant scheme') unless:

   (a)  the relevant scheme is a public sector superannuation scheme; and

   (b)  the trustee of the relevant scheme has given a written undertaking to
        the Board stating that:

        (i)    the relevant scheme will accept transfer values paid from, and
               pay transfer values to, the scheme provided for under this Act
               (the 'Commonwealth scheme') or any other eligible
               superannuation scheme; and

        (ii)   the relevant scheme will provide equitable benefits in return
               for a transfer value so accepted; and

   (c)  the trustee of the relevant scheme has given a written undertaking to
        the Board stating that, except as provided by subsection (7), the
        scheme will not pay out:

        (i)    the whole or any part of the employer component of a transfer
               value paid to the relevant scheme from the Commonwealth scheme;
               or

        (ii)   any part of any other transfer value paid to the relevant
               scheme that represents the whole or a part of the employer
               component of a transfer value paid from the Commonwealth
               scheme; and

   (d)  the trustee of the relevant scheme has given a written confirmation to
        the Board stating that the undertaking does not conflict with the
        trust instrument, other document or legislation, or combination of
        them, governing the establishment and operation of the relevant
        scheme; or the Minister and the Board are satisfied that there are
        special circumstances that make it desirable for the relevant scheme
        to be treated as an eligible superannuation scheme for the purposes of
        this Division even though one or more of the paragraphs of this
        subsection are not complied with.

"(6) In subsection (5):
'public sector superannuation scheme' means a scheme for the payment of
superannuation, retirement or death benefits that is established:

   (a)  by or under a law of the Commonwealth, of a State or of a Territory;
        or

   (b)  under the authority of:

        (i)    the Commonwealth, a State or a Territory; or

        (ii)   a municipal corporation, another local governing body, or a
               public authority constituted by or under a law of the
               Commonwealth, of a State or of a Territory; or

        (iii)  a company or other body corporate in which the Commonwealth, a
               State, a Territory, a municipal corporation, another local
               governing body or a public authority referred to in
               subparagraph (ii) has, or any 2 or more of them together have,
               a controlling interest;
'trustee', in relation to a superannuation scheme of which there is no trustee
(within the ordinary meaning of that expression), means the person who manages
the scheme.

"(7) The whole or a part of an employer component, or the part of a transfer
value that represents the whole or a part of an employer component, referred
to in subparagraph (5)(c)(i) or (ii), as the case may be, may only be paid out
as follows:

   (a)  except where the amount proposed to be paid is the whole or a part of
        a lump sum retrenchment benefit to which paragraph (b) applies,
        payment may be made:

        (i)    to an eligible superannuation scheme; or

        (ii)   in the same circumstances, and to the same extent, as benefits
               that are required to be compulsorily preserved under the
               Superannuation Industry (Supervision) Act 1993 and the
               regulations under that Act may be paid;

   (b)  if the amount proposed to be paid is the whole or a part of a lump sum
        retrenchment benefit that has become payable before 1 July 2000:

        (i)    payment may be made of any part of the amount other than the
               amount (the 'preserved part of the amount') required to be
               compulsorily preserved under the
               Superannuation Industry (Supervision) Act 1993 and the
               regulations under that Act; and

        (ii)   payment may be made of the preserved part of the amount in the
               circumstances provided for under that Act and those
               regulations.

"(8) A superannuation scheme to which an agreement made under subsection (1)
relates is not an eligible superannuation scheme in relation to a person if
Part XIII or XIIIA applies in respect of the person because of his or her
having become a member of the superannuation scheme.

"(9) A person is taken, for the purposes of this Division, to have been a
member of an eligible superannuation scheme at a particular time if, and only
if, the person was at that time a member of a superannuation scheme in respect
of which:

   (a)  if that time was before 1 July 1994-a declaration by the Board under
        subsection 134(1) of the Superannuation Act 1976 as in force at that
        time was, or is taken to have been, in force; or

   (b)  if that time was on or after that date-an agreement under this section
        was in force.".

(2) A declaration made by the Board under subsection 134(1) of the Principal
Act (including, to remove any doubt, a declaration that is taken, by
subsection 47(2) of the Superannuation Legislation Amendment Act 1991, to have
been made by the Board under subsection 134(1) of the Superannuation Act 1976)
is taken, for the purposes of section 134 (other than paragraph 134(9)(a)) of
the Principal Act as amended by this section, to be an agreement made between
the Minister and the Board under subsection 134(1) of the Principal Act as
amended by this section.