New South Wales Consolidated Acts

PARLIAMENTARY CONTRIBUTORY SUPERANNUATION ACT 1971 - SECT 28A

28A Payment or release of benefit in other circumstances

(1) The trustees may, on the written application of a former member who has preserved a benefit in the Fund, and who is not otherwise entitled to be paid a benefit under this Act, pay the former member a benefit on the grounds of the former member’s severe financial hardship.

(2) The trustees may only pay the benefit if they are satisfied that the circumstances are such that a benefit would be payable on the grounds of severe financial hardship if the former member were a member of a regulated superannuation fund within the meaning of the Superannuation Industry (Supervision) Act 1993 of the Commonwealth.

(3) The amount of the benefit:

(a) is to be the amount payable for the purpose of complying with the requirements of the Superannuation Industry (Supervision) Act 1993 of the Commonwealth for payment of such a benefit from a regulated superannuation fund, and

(b) is not to exceed the amount of any benefit preserved by the former member.

(4) A former member may, at any time, lodge with the trustees an election to vary or revoke an election under this section.

(5) An election under this section is to be in a form approved by the trustees for the purposes of this section.