South Australian Numbered Acts South Australian Numbered ActsAfter section 38EB insert:
38EBA—Payment of co-contribution component
(1) If the employment
of a contributor who has reached the age of 55 terminates or is terminated for
any reason except the contributor's death, the contributor is entitled to
payment of the co-contribution component (if any) to the extent that the
payment can be made in accordance with the SIS Act.
(2) If the employment
of a contributor who has not reached the age of 55 terminates or is terminated
for any reason except the contributor's death, the contributor may elect
to—
(a) take
immediately the co-contribution component (if any) to the extent that the
payment can be made in accordance with the SIS Act; or
(b) to
preserve the co-contribution component; or
(c) to
carry the co-contribution component over to some other superannuation fund or
scheme approved by the Board.
(3) A
co-contribution component that cannot be paid in accordance with the SIS Act
must be preserved.
(4) If a
co-contribution component is preserved under subsection (3), or a
contributor elects to preserve a co-contribution component, the following
provisions apply subject to restrictions imposed by the SIS Act:
(a)
the Board must, not less than 6 months before the contributor's 55th birthday,
notify the contributor in writing of the contributor's entitlement to require
the Board to authorise payment of the component;
(b) the
contributor may at any time after reaching 55 years of age require the Board
to authorise payment of the component and, if no such requirement has been
made on or before the date on which the contributor reaches 65 years of age,
the Board will authorise payment of the component to the contributor;
(c) if
the contributor has become incapacitated and satisfies the Board that his or
her incapacity for all kinds of work is 60 per cent or more of total
incapacity and is likely to be permanent, the Board will authorise payment of
the component to the contributor;
(d) if
the contributor dies, the component will be paid to the spouse of the
contributor or, if he or she left no surviving spouse, to the contributor's
estate.
(5) If a contributor's
employment is terminated by the contributor's death, the contributor's
co-contribution component will be paid to the contributor's spouse or, if the
contributor is not survived by a spouse, to the contributor's estate.
(6) In this
section—
"co-contribution component" in relation to a contributor means the amount
standing to the credit of the contributor's co-contribution account.