Commonwealth Numbered Acts

SUPERANNUATION LEGISLATION AMENDMENT ACT 1994 No. 86, 1994 - SECT 70

70. Section 112 of the Principal Act is amended:

   (a)  by inserting after subsection (10) the following subsection:

(10AA) If payment of a pension and benefit (if any) to a person is postponed
under subsection 110TA(1), subsection (1A) does not apply in relation to the
person.";

   (b)  by inserting after subsection (10A) the following subsection:

(10AAA) If a pension the payment of which has been postponed under subsection
110TA(1) becomes payable to or in respect of a person, the person's Fund
accumulated employer contributions (if any) must be paid out of the
Superannuation Fund into the Consolidated Revenue Fund.";

   (c)  by omitting from subsection (10B) "Subject to subsection (10C), where"
        and substituting "If";

   (d)  by omitting from subsection (10B) "section 110TA" and substituting
        "subsection 110TA(2) ";

   (e)  by inserting after subsection (10B) the following subsection:

(10BA) If a person who has postponed payment of a pension and benefit (if any)
under subsection 110TA(1) dies and there is no beneficiary to whom a pension
and benefit (if any) are payable in respect of the person, an amount equal to
the person's Fund accumulated employer contributions (if any) must be paid out
of the Superannuation Fund into the Consolidated Revenue Fund.";

   (f)  by omitting from subsection (10C) "subsection (10B) does not apply in
        relation to the person's accumulated contributions" and substituting
        "the person's Fund accumulated employer contributions (if any) must be
        paid out of the Superannuation Fund into the Consolidated Revenue
        Fund;".