Superannuation Legislation Amendment Act 1999 (38 of 1999)

Schedule 2   Amendment of the Superannuation Industry (Supervision) Act 1993

Part 1   Amendments commencing on date of Assent

17   After subsection 171(4)

Insert:

(4A) If:

(a) the public offer entity is a public offer superannuation fund or an approved deposit fund; and

(b) an amount (the relevant amount ) that constituted the whole or a part of the amount paid for the interest:

(i) was rolled over into the fund or was transferred to the fund from another superannuation fund or an approved deposit fund or RSA; and

(ii) was, under the regulations, a restricted non-preserved benefit or a preserved benefit;

a provision that requires the trustee to pay to a superannuation fund, approved deposit fund or RSA nominated by the applicant so much of the amount payable in respect of the redemption of the interest as is related to the relevant amount.

(4B) If:

(a) the public offer entity is a public offer superannuation fund or an approved deposit fund; and

(b) an amount (the relevant amount ) that constituted the whole or a part of the amount paid for the interest:

(i) was rolled over into the fund or was transferred to the fund from another superannuation fund or an approved deposit fund or RSA; and

(ii) was, under the regulations, an unrestricted non-preserved benefit;

a provision that requires the trustee to pay so much of the amount payable in respect of the redemption of the interest as is related to the relevant amount to, or in accordance with the directions of, the applicant.

(4C) If an amount (the relevant amount ) that constituted the whole or a part of the amount paid for the interest:

(a) was paid by the employer of the applicant; and

(b) was not so paid out of money payable by the employer to the applicant;

a provision that requires the trustee to pay so much of the amount payable in respect of the redemption of the interest as is related to the relevant amount to, or in accordance with the directions of, the employer.

(4D) A provision that requires the trustee, in cases not covered by subsection (4A), (4B) or (4C), to pay the amount payable in respect of the redemption of the interest to, or in accordance with the directions of, the applicant.