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This is a Bill, not an Act. For current law, see the Acts databases.
PARLIAMENT OF VICTORIA
Unclaimed Moneys (Superannuation Benefits) Act
1997
Act No.
TABLE OF PROVISIONS
Clause Page
1. Purpose 1
2. Commencement 2
3. Principal Act 2
4. Amendment of Principal Act 2
5. New Part 4 inserted 3
PART 4--UNCLAIMED SUPERANNUATION BENEFITS 3
17. Definitions 3
18. Application of Part 4
19. Statement of unclaimed superannuation benefits 4
20. Payment of unclaimed superannuation benefits 5
21. Power of Treasurer to refund amounts 6
22. Register of unclaimed superannuation benefits 6
23. Discharge of liability 7
24. Trustee not in breach of trust 7
25. Conflict with governing instrument of public sector scheme 7
26. Penalty 8
NOTES 9
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PARLIAMENT OF VICTORIA
A BILL
to provide for the payment of certain unclaimed superannuation
benefits into the Consolidated Fund, to amend the Unclaimed
Moneys Act 1962 and for other purposes.
Unclaimed Moneys (Superannuation
Benefits) Act 1997
The Parliament of Victoria enacts as follows:
1. Purpose
The purpose of this Act is to provide for the
payment of certain unclaimed superannuation
5 benefits into the Consolidated Fund instead of to
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Unclaimed Moneys (Superannuation Benefits) Act 1997
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the Commissioner under the Superannuation
Industry (Supervision) Act 1993 of the
Commonwealth.
2. Commencement
5 This Act comes into operation on the day on
which it receives the Royal Assent.
3. Principal Act
No. 6879. In this Act, the Unclaimed Moneys Act 1962 is
Reprint No. 1
called the Principal Act.
as at 1
January 1997.
Further
amended by
No. 84/1996.
10 4. Amendment of Principal Act
In the Principal Act--
(a) before section 1, insert "PART 1--
PRELIMINARY";
(b) in the heading before section 6, for "I"
15 substitute "2";
(c) in the heading before section 9, for "II"
substitute "3";
(d) in section 9(2), for "sub-section (1) of
section 15" substitute "section 15(1) and
20 Part 4,";
(e) in section 13A(5), in the definition of
"property", after "in possession or not"
insert "but does not include unclaimed
superannuation benefits within the meaning
25 of Part 4";
(f) in section 15(2), for "Part I" substitute "Part
2".
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5. New Part 4 inserted
After section 16 of the Principal Act insert--
'PART 4--UNCLAIMED SUPERANNUATION
BENEFITS
5 17. Definitions
In this Part--
"approved deposit fund" has the same
meaning as in section 10 of the
Commonwealth Act;
10 "Commonwealth Act" means the
Superannuation Industry (Supervision)
Act 1993 of the Commonwealth;
"exempt public sector superannuation
scheme" means a public sector
15 superannuation scheme that is specified
in regulations made under the
Commonwealth Act for the purposes of
the definition of 'exempt public sector
superannuation scheme' in that Act;
20 "fund" means a regulated superannuation
fund, an approved deposit fund or an
exempt public sector superannuation
scheme;
"half-year" means a period of 6 months
25 ending on 30 June or 31 December;
"Registrar" means the Registrar of
Unclaimed Moneys within the meaning
of section 10;
"regulated superannuation fund" has the
30 same meaning as in section 19 of the
Commonwealth Act;
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"trustee", in relation to a fund, has the same
meaning as in section 10 of the
Commonwealth Act;
"unclaimed superannuation benefit"
5 means an amount that, under Part 22 of
the Commonwealth Act, as modified
for the time being under section 332 of
that Act in relation to funds and their
trustees, is taken to be unclaimed
10 money.
18. Application of Part
This Part applies to a fund and the trustee of
a fund if--
(a) the trustee is a company within the
15 meaning of the Corporations Law of
Victoria; or
(b) the trustee is a corporation within the
meaning of the Corporations Law and
its registered office within the meaning
20 of that Law is in Victoria; or
(c) in the case of a trustee of a fund who is
a natural person, the principal place
where the trustee carries on business as
such a trustee is in Victoria; or
25 (d) in the case of an exempt public sector
superannuation scheme, the principal
place where the fund is administered is
in Victoria; or
(e) where there are 2 or more trustees of
30 the fund and paragraph (a), (b) or (c)
applies to one or more but not to all the
trustees, the principal place where the
fund is administered is in Victoria.
19. Statement of unclaimed superannuation
35 benefits
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(1) The trustee of a fund must give to the
Registrar a statement in a form and manner
approved by the Registrar of all unclaimed
superannuation benefits in the fund as at 30
5 June 1997 and as at the end of each
subsequent half-year.
(2) The trustee must give the statement--
(a) in relation to 30 June 1997 or a half-
year ending on 30 June, on or before
10 the following 31 October;
(b) in relation to a half-year ending on 31
December, on or before the following
30 April--
or on such later date as the Registrar
15 approves by notice given to the trustee
whether before or after 31 October or 30
April, as the case requires.
(3) If, after the end of a half-year and before the
trustee gives the statement to the Registrar,
20 the trustee pays any unclaimed
superannuation benefit to a person who is
entitled to it, the statement must contain such
particulars about the payments as are
required by the form approved under sub-
25 section (1).
20. Payment of unclaimed superannuation
benefits
The trustee of a fund, when giving the
statement under section 19, must pay to the
30 Registrar, for payment into the Consolidated
Fund, an amount equal to the sum of the
unclaimed superannuation benefits specified
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in the statement less the sum of amounts paid
by the trustee and specified in the statement
in accordance with section 19(3).
21. Power of Treasurer to refund amounts
5 (1) If--
(a) an unclaimed superannuation benefit
has been paid to the Registrar under
this Part; and
(b) the Treasurer is satisfied on application
10 made by a person in the form approved
by the Registrar, that, if this Part and
Part 22 of the Commonwealth Act had
not been enacted, that person would
have been paid that unclaimed
15 superannuation benefit by the trustee by
whom it was paid to the Registrar--
the Treasurer must pay an amount equal to
the amount of that unclaimed superannuation
benefit to that person.
20 (2) If the trustee of a fund, after paying an
amount to the Registrar under this Part,
satisfies the Treasurer that the amount so
paid exceeds the amount that the trustee
would have paid to the person who is
25 entitled, the Treasurer must refund to the
trustee the amount of the excess.
(3) The Consolidated Fund is appropriated to the
extent necessary for the purposes of this
section.
30 22. Register of unclaimed superannuation
benefits
(1) The Registrar must keep a register of
unclaimed superannuation benefits paid to
the Registrar under this Part.
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(2) The register may be in such form, and kept
in such manner, as the Registrar determines
but must include, in relation to each
unclaimed superannuation benefit--
5 (a) the name of the fund in which the
benefit was held; and
(b) the name of the person in respect of
whom the benefit was payable.
23. Discharge of liability
10 A trustee of a fund is, upon payment to the
Registrar of an amount as required by this
Part, discharged from further liability in the
trustee's capacity as trustee in respect of that
amount.
15 24. Trustee not in breach of trust
Nothing done by a trustee of a fund in
accordance with this Part is to be regarded
for any purpose as constituting a breach of
trust by the trustee.
20 25. Conflict with governing instrument of
public sector scheme
If there is a conflict between a duty imposed
on the trustee of an exempt public sector
superannuation scheme by this Part and a
25 duty imposed on that trustee by the
governing instrument of the scheme, the
trustee must comply with this Part and in
doing so is deemed to have complied with
the governing instrument.
30
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26. Penalty
The trustee of a fund must not intentionally
or recklessly contravene this Part.
Penalty: in the case of a natural person,
5 100 penalty units;
in the case of a body corporate,
500 penalty units.'.
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Unclaimed Moneys (Superannuation Benefits) Act 1997
Notes
Act No.
NOTES
By Authority. Government Printer for the State of Victoria.
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