Territory Stories

Explanatory Statement Superannuation Legislation Amendment Bill 2015 (Serial 132)

Details:

Title

Explanatory Statement Superannuation Legislation Amendment Bill 2015 (Serial 132)

Other title

Tabled paper 1429

Collection

Tabled Papers for 12th Assembly 2012 - 2016; Tabled Papers; ParliamentNT

Date

2015-08-26

Description

Tabled by David Tollner

Notes

Made available by the Legislative Assembly of the Northern Territory under Standing Order 240. Where copyright subsists with a third party it remains with the original owner and permission may be required to reuse the material.

Language

English

Subject

Tabled papers

Publisher name

Treasurer

File type

application/pdf

Use

Copyright

Copyright owner

See publication

License

https://www.legislation.gov.au/Details/C2019C00886

Parent handle

https://hdl.handle.net/10070/273651

Citation address

https://hdl.handle.net/10070/426474

Page content

New subsection 45DE(1) enables the Commissioner to transfer NTGPAS Scheme accumulation accounts held by adherents to a successor fund. New subsection 45DE(2)(a) provides that these accounts may only be transferred if the Commissioner and the Superannuation Trustee Board are satisfied that successor fund confers on a member of that fund rights in respect of benefits that are equivalent to those that the adherent has under the NTGPAS Scheme. New subsection 45DE(2)(b) provides that these accounts may only be transferred if the Commissioner and the Superannuation Trustee Board have agreed with the trustee of the successor fund that the equivalent rights referred to in new subsection 45DE(2)(a) will be conferred on the adherent if their benefits are transferred to the successor fund. New subsection 45DE(3) provides that the Commissioner does not require an adherents consent in order to perform the successor fund transfer. New subsection 45DE(4) prohibits the Commissioner from transferring a benefit to successor fund that is a regulated superannuation fund or an approved deposit fund, unless the successor fund is registered under Part 2B of the Superannuation Industry (Supervision) Act 1993 (Cth). New subsection 45DE(5) introduces definitions for the terms approved deposit fund, benefit, registrable superannuation entity and regulated superannuation fund, each of which are used within new section 45DE. New subsection 45DF(1) allows the Commissioner to pay the balance of an adherents NTGPAS Scheme accumulation account to an eligible rollover fund if:


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