Commonwealth Numbered Regulations

1991 No. 22 SUPERANNUATION (FORMER HLIC EMPLOYEES) REGULATIONS - SCHEDULE

                        SCHEDULE                    Subregulation 3 (2)
MODIFICATION OF THE ACT IN ITS APPLICATION TO CERTAIN PERSONS EMPLOYED BY, OR
HOLDING OFFICE WITH, THE HOUSING LOANS INSURANCE CORPORATION 1. Subsection 3
(1): Insert: "'buyer' has the same meaning as in the Sale Act; 'Corporation
Act' has the same meaning as in the Sale Act; 'Sale Act' means the
Housing Loans Insurance Corporation (Sale of Assets and  Abolition) Act 1990 ;
'sale day' has the same meaning as in the Sale Act; 'subsidiary' has the same
meaning as in the Sale Act; 'transferee' means a person who:

   (a)  is a person to whom the Superannuation (Former HLIC Employees)
        Regulations apply; and

   (b)  accepts an offer of employment beginning on sale day that is made by
        the buyer or a subsidiary of the buyer.". 2. Section 58: Add at the
        end:

"(5) Subsection (3) does not apply to a person to whom the Superannuation
(Former HLIC Employees) Regulations apply if the person is taken, under
subsection 15 (1) of the Sale Act, to have resigned on sale day from an
appointment or engagement under the Corporation Act.". 3. Subsection 62 (1):
Omit "Where", substitute "Subject to subsection (1A), where". 4. Subsection 62
(1): Omit "a lump sum benefit", substitute "benefits". 5. Section 62: After
subsection 62 (1), insert:

"(1A) An election under subsection (1) by a transferee is not effective unless
it includes, or is accompanied by, the nomination in writing by the
transferee of   (a) a superannuation fund of which the transferee is, or
intends to become, a member, being a fund that is required to preserve
superannuation benefits in accordance with standards prescribed under the
Occupational Superannuation  Standards Act 1987 ; or

   (b)  an approved deposit fund or a deferred annuity fund, being a fund that
        is required to preserve superannuation benefits under standards of
        that kind; as the fund to which the amount referred to in paragraph
        (3) (a) is to be paid." 6. Section 62: Add at the end:

"(3) Subsection (2) does not apply in relation to a transferee who makes an
election under subsection (1) and, instead, the transferee is entitled, in
lieu of pension and lump sum benefit to which, but for the election, the
transferee would be entitled under section 55 or 59:

   (a)  to have an amount equal to 2.5 times the transferee's accumulated
        basic contributions paid to the fund nominated under subsection (1A);
        and

   (b)  to be paid a lump sum benefit equal to the sum of:

        (i)    the amount of the transferee s accumulated basic contributions;
               and

        (ii)   the amount of the transferee s accumulated supplementary
               contributions (if any).". 7. Part V: After Division 3, insert:

"Division 3A-Deferral of Payment of Benefits Application

"65A. This Division applies in relation to transferees in addition to
Divisions 1, 2 and 3. Deferral of benefits by transferees above minimum
retiring age
 "65B. (1)   A transferee who is, or is about to become, a person who:


   (a)  has attained his or her minimum retiring age; and

   (b)  has become entitled to one or more benefits under section 55 or 59;
        may, not later than 3 months after, but not earlier than 3 months
        before becoming such a person, by notice given to the Commissioner,
        elect to defer payment of those benefits.

"(2) If a transferee gives notice to the Commissioner in accordance with this
section, payment of the benefits referred to in the notice is deferred until:

   (a)  the transferee gives notice to the Commissioner requesting payment of
        those benefits; or

   (b)  the transferee attains age 65; whichever first occurs. Rates of
        pension after deferral of payment

"65C. (1) For the purposes of calculating the rate or amount of a benefit that
has become payable on the occurrence of a circumstance specified in subsection
65B (2):

   (a)  the transferee s age on the date to which payment of benefits is
        deferred under that subsection is to be taken to be the transferee s
        age on his or her last day of service; and

   (b)  the transferee's period of contributory service at the date of ceasing
        to be an eligible employee is the transferee s period of contributory
        service; and

   (c)  the amount calculated in accordance with subsection (2) is to be taken
        to be the transferee's final annual rate of salary.

"(2) The amount referred to in paragraph (1) (c) is an amount equal to the
amount per annum that the Commissioner, having regard to:

   (a)  any changes in the rates of remuneration that have occurred since the
        transferee ceased to be an eligible employee; and

   (b)  any other matters that the Commissioner considers relevant; determines
        would have been the final annual rate of salary of the transferee if
        the transferee:

   (c)  had not ceased to be an eligible employee; and

   (d)  had continued to occupy the position held immediately before so
        ceasing.". 8. Part VI, Division 5: After section 110, insert:
        Application of Part in relation to deferred benefits-transferees

"110AA. In the application of this Part in relation to benefits deferred under
Division 3A of Part V, those benefits are to be taken to have become payable
on the day immediately preceding the day on which the transferee to whom those
benefits relate died.".
9.   Paragraph 139 (1) (b):
Omit "eligible employment,", substitute "eligible employment or, in the case
of a transferee, one year s eligible employment,".