Victorian Consolidated Legislation

Emergency Services Superannuation Act 1986 - SECT 21J

Beneficiaries Accounts

21J. Beneficiaries Accounts



(1) The Board may establish upon the request of a beneficiary a special
arrangement called a beneficiary account.

(2) Subject to subsection (2A), the payment of part or all of any lump sum
benefit payable under section 20D, 20F, 20G, 20H, 20J, 20K or from a pension
administered under Part 4 may be transferred to this account.

(2A) If an election has been made under section 20C(2AF), the whole of the
lump sum benefit is to be transferred to the beneficiary account.

(2B) Subject to any specified standards, any amount rolled over, transferred
or allotted from within the superannuation system for the beneficiary may be
paid or transferred to a beneficiary account.

(3) The balance or any part of a beneficiary account established under
subsection (1) is payable-

   (a)  to the beneficiary on the request of the beneficiary, in a form
        approved by the Board and in accordance with section 21K(3); or

   (b)  unless subsection (3A) applies, in the case of the death of the
        beneficiary, to such one or more of the beneficiary's dependants and
        legal personal representatives and in such proportions of the whole of
        the balance as the Board in its absolute discretion determines.



(3A) Subject to any specified standards, if the beneficiary has given the
Board a notice in a form approved by the Board, the Board must on the death of
the beneficiary pay the balance of the beneficiary account established under
subsection (1) in accordance with the notice.

(4) If any lump sum benefit is not paid within 60 days of the date of
termination of service of a contributor, the unpaid benefit is deemed to have
been transferred to a beneficiary account on the date of termination of
service at a net earning rate and in such fund as the Board in its discretion
considers appropriate in the circumstances at that time.

(5) The balance of a beneficiary account established under subsection (4) is
payable-

   (a)  to the beneficiary on the request of the beneficiary, in a form
        approved by the Board and in accordance with section 21K(3); or

   (b)  in the case of the death of the beneficiary, to such one or more of
        the beneficiary's dependants and legal personal representatives and in
        such proportions as the Board in its absolute discretion determines.

(6) The Board must debit to a beneficiary account any superannuation
contributions tax-

   (a)  paid or payable by the Board in respect of contributions in respect of
        that beneficiary; and

   (b)  specified in a notice of surcharge assessment from the Australian
        Taxation Office issued after the beneficiary ceased to be a
        contributor.

(7) If the Australian Taxation Office issues an adjustment to a notice of
surcharge assessment after the Board has debited an amount of superannuation
contributions tax under subsection (6), the Board must make the adjustment to
that beneficiary account.

(8) The Board must within 14 days of-

   (a)  debiting an amount to a beneficiary account under subsection (6); or

   (b)  making an adjustment to a beneficiary account under subsection (7)-

advise the beneficiary in writing of the amount debited or the adjustment.

(9) The Board must debit to a beneficiary account any other amount payable by
the beneficiary.