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This is a Bill, not an Act. For current law, see the Acts databases.
Serial
132
Superannuation Legislation Amendment Bill
2015
Mr
Tollner
A Bill for an Act to amend the Superannuation Act and rules made under that Act
NORTHERN TERRITORY OF AUSTRALIA
SUPERANNUATION LEGISLATION AMENDMENT ACT 2015
____________________
Act No. [ ] of 2015
____________________
Table of provisions
Division 6 Transfer of adherents' benefits
45DE Transfer to successor fund
45DF Payment to eligible rollover fund
45DG Acquisition on just terms
Part 9 Transitional matters for Superannuation Legislation Amendment Act 2015
77 Continuation of existing accounts for adherents
13A Crystallisation
of benefits
Part
VI Transitional
matters for Superannuation Legislation Amendment Act 2015
20 Definitions
21 Benefits preserved under rule 13
22 Continuation of existing accounts for adherents
NORTHERN
TERRITORY OF AUSTRALIA
____________________
Act No. [ ] of 2015
____________________
An Act to amend the Superannuation Act and rules made under that Act
[Assented to [ ] 2015]
[Second reading [ ] 2015]
The Legislative Assembly of the Northern Territory enacts as follows:
Part
1 Preliminary
matters
1 Short
title
This Act may be cited as the Superannuation Legislation Amendment Act 2015.
This Act commences as follows:
(a) the Act, other than Part 2, Division 3 and Part 3 – on the day on which the Administrator's assent to the Act is declared;
(b) Part 2, Division 3 and Part 3 – on the day fixed by the Administrator by Gazette notice.
Part 2 Amendment of Superannuation Act
Division 1 Act
amended
3 Act
amended
This Part amends the Superannuation Act.
Division
2 Amendments commencing on
assent
4 Part
3, Division 6 inserted
After section 45DD
insert
Division 6 Transfer of adherents' benefits
45DE Transfer to successor fund
(1) The Commissioner may transfer an adherent's benefit to a superannuation fund that is a successor fund for the adherent.
(2) A superannuation fund is a successor fund for an adherent if the Trustee Board and Commissioner:
(a) are satisfied that the fund confers on a member of the fund rights in respect of benefits equivalent to those that the adherent has under the Scheme; and
(b) have agreed with the trustee of the fund that those equivalent rights will be conferred on the adherent if his or her benefit is transferred to the fund.
(3) The Commissioner may transfer an adherent's benefit without the consent of the adherent.
(4) However, if the successor fund is a registrable superannuation entity that is a regulated superannuation fund or an approved deposit fund, the Commissioner must not transfer the benefit unless the successor fund is registered under Part 2B of the SIS Act.
(5) In this section:
approved deposit fund, see section 10(1) of the SIS Act.
benefit, in relation to an adherent, means the balance of the adherent's accumulation account.
registrable superannuation entity, see section 10(1) of the SIS Act.
regulated superannuation fund, see section 10(1) of the SIS Act.
45DF Payment to eligible rollover fund
(1) The Commissioner may pay an adherent's benefit to an eligible rollover fund if:
(a) the Commissioner would be entitled to do so under section 243 of the SIS Act if the NTGPAS Scheme and Fund were a superannuation fund to which that section applied; and
(b) the Trustee Board has approved the eligible rollover fund as one to which benefits may be paid under this section.
(2) Section 243 of the SIS Act applies (with the necessary changes) in relation to the payment.
(3) In this section:
benefit, in relation to an adherent, means the balance of the adherent's accumulation account.
eligible rollover fund, see section 10(1) of the SIS Act.
45DG Acquisition on just terms
If the operation of this Division would, apart from this section, result in an acquisition of property from a person otherwise than on just terms:
(a) the person is entitled to receive from the Territory the compensation necessary to ensure the acquisition is on just terms; and
(b) a court of competent jurisdiction may decide the amount of compensation or make the orders it considers necessary to ensure the acquisition is on just terms.
Division
3 Amendments commencing on date to be
fixed
5 Section
41 amended
(1) Section 41(1)
omit
and adherents
(2) Section 41(3) to (6)
omit (all references)
or adherent
Part 3, Division 3
repeal
(1) Section 45D(1)
omit
all words from "scheme," to "person."
insert
scheme:
(a) at the request of the person, establish a separate account in the accounts of the Fund for the person; and
(b) accept for payment into the account an amount to which the person is entitled under the provisions of the Family Law Act relating to superannuation.
(2) Section 45D(2)
omit
At the end of the Act
insert
Part 9 Transitional matters for Superannuation Legislation Amendment Act 2015
77 Continuation of existing accounts for adherents
(1) Sections 41(5), 45A and 45D, as in force before the commencement, continue to apply in relation to an existing account as if Part 2, Division 3 of the Superannuation Legislation Amendment Act 2015 had not commenced.
(2) In this section:
commencement means the commencement of Part 2, Division 3 of the Superannuation Legislation Amendment Act 2015.
existing account means an accumulation account in the name of an adherent that was in existence immediately before the commencement.
Part
3 Amendment of Northern Territory Government and Public Authorities'
Superannuation Scheme
Rules
9 Rules
amended
This Part amends the Northern Territory Government and Public Authorities' Superannuation Scheme Rules.
(1) Rule 1, definition average weekly earnings
omit
quarterly
insert
from time to time
(2) Rule 1, definition preserved benefit
omit
13,
Rules 5E and 5F
repeal
Rules 13 and 13A
repeal, insert
13A Crystallisation of benefits
(1) This rule applies if:
(a) a benefit that includes an employer-financed benefit becomes payable to a person; and
(b) the benefit has not been paid or rolled over into another superannuation fund.
(2) The Commissioner may crystallise the benefit by:
(a) calculating the amount of the employer-financed benefits due to the person as at the person's exit date; and
(b) causing that amount to be:
(i) paid into the Fund (as mentioned in section 29 of the Act) as if the benefit were being paid; and
(ii) credited to the person's accumulation account.
Rule 13B
omit
all words from "rule 13(2)" to "Scheme."
insert
the Commissioner must cause the benefit to be repaid into the Fund and credited to an accumulation account for the former member.
Rule 13C(2)
omit
and maintain
After rule 19
insert
Part VI Transitional matters for Superannuation Legislation Amendment Act 2015
In this Division:
2015 Act means the Superannuation Legislation Amendment Act 2015.
commencement means the commencement of Part 3 of the 2015 Act.
existing account means an accumulation account in the name of an adherent that was in existence immediately before the commencement.
21 Benefits preserved under rule 13
(1) This rule applies if:
(a) a benefit had been preserved under rule 13 before the commencement of section 12 of the 2015 Act; and
(b) the benefit has not been paid or transferred to another superannuation fund.
(2) Despite the amendment of the definition preserved benefit in rule 1 by the 2015 Act, the benefit is a preserved benefit.
22 Continuation of existing accounts for adherents
Rules 5E, 5F and 13C, as in force before the commencement, continue to apply in relation to an existing account as if sections 11 and 14 of the 2015 Act had not commenced.
Part 4 Expiry
of
Act
16 Expiry
of Act
This Act expires on the day after it commences.
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