New South Wales Consolidated Acts

PARLIAMENTARY CONTRIBUTORY SUPERANNUATION ACT 1971 - SECT 22BA

22BA Payment of compulsorily preserved benefit

(1) The whole or part of a benefit preserved under section 22B is payable by the trustees in the circumstances in which the whole or part of a benefit may be paid under a relevant Commonwealth superannuation standard.

(2) The whole or part of a benefit preserved under section 22B must be paid by the trustees, if it is required to be paid under a relevant Commonwealth superannuation standard.

(3) The benefit is payable:

(a) unless the former member has died-to the former member, or

(b) if the former member has died and is survived by a spouse or de facto partner-to the surviving spouse or de facto partner, or

(c) if the former member has died and is not survived by a spouse or de facto partner-to the personal representatives of the former member or such other persons as the trustees direct.

(4) Nothing in this section affects payment of a benefit under section 28A or 28B.

(5) Without limiting subsection (1) or (2), the whole or part of a benefit preserved under section 22B may, at any time, on the election of the former member in respect of whom it is preserved, be paid in one or more of the following ways:

(a) to a regulated superannuation fund,

(b) to an approved deposit fund,

(c) to an RSA,

(d) to a life insurance company or a registered organisation, for the purchase of a deferred annuity, if the conditions set out in subsection (6) are satisfied.

(6) A deferred annuity may be purchased if it is issued by a life insurance company or a registered organisation for the benefit of the person or for the benefit of the dependants of the person in the event of the death of the person and:

(a) the annuity cannot be surrendered or assigned before the person is aged 55 years, and

(b) the annuity does not provide for the payment of amounts except in the following circumstances:

(i) the person retires from the workforce after reaching 55 years,

(ii) the person retires from the workforce before reaching 55 years on the ground of permanent incapacity or invalidity,

(iii) the person dies,

(iv) in such other circumstances as are approved by the trustees.

(7) In this section:
"approved deposit fund" has the same meaning as in the Superannuation Industry (Supervision) Act 1993 of the Commonwealth.
"dependant" has the same meaning as in the Superannuation Industry (Supervision) Act 1993 of the Commonwealth.
"life insurance company" has the same meaning as in the Superannuation Industry (Supervision) Act 1993 of the Commonwealth.
"registered organisation" has the same meaning as in the Superannuation Industry (Supervision) Act 1993 of the Commonwealth.
"regulated superannuation fund" has the same meaning as in the Superannuation Industry (Supervision) Act 1993 of the Commonwealth.
"RSA" has the same meaning as in the Retirement Savings Accounts Act 1997 of the Commonwealth.