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

Clause 10(2) amends the definition of preserved benefit in rule 1. This change is necessary as a consequence of the repeal of rule 13 by clause 12 of the Bill. Clause 11. Rules 5E and 5F repealed Clause 11 repeals rules 5E and 5F. Following the successor fund transfer allowed by new section 45DE of the Superannuation Act, as well as amendments to sections 41, 45A and 45D of that Act, accounts should no longer be held by spouses or former members. As a consequence, rules 5E and 5F will no longer be required. Clause 12. Rules 13 and 13A replaced Clause12 repeals rules 13 and 13A and inserts new rule 13A. Following the successor fund transfer allowed by new section 45DE of the Superannuation Act, rule 13 will be redundant as former NTGPAS Scheme members will no longer be able to elect to crystallise their employer-financed benefits and retain them in the Fund when they cease membership. New rule 13A gives the Commissioner the ability to crystallise a persons employer-financed benefit when it becomes payable to them, provided that it has not already been paid or rolled over to another fund. New rule 13A(2) provides that the Commissioner may crystallise the benefit by calculating the amount payable as employer-financed benefits and then crediting that amount to the persons accumulation account in the Fund. Of note is that once the employer-financed benefit has been paid into the Fund it may either be transferred by the Commissioner to a successor fund, or paid by the Commissioner to an eligible rollover fund, under new Part 3, Division 6 of the Superannuation Act.


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