South Australian Numbered Acts South Australian Numbered Acts23—Amendment of section 7—Contribution, co-contribution and
rollover accounts
(1)
Section 7—after subsection (2b) insert:
(2c) The Board
must—
(a)
maintain a co-contribution account in the name of—
(i)
a member of the State Scheme; or
(ii)
a member of the Triple S scheme,
in respect of whom a co-contribution has been paid to the Board; and
(b)
credit the account with the amount of any co-contribution paid to the Board in
respect of the member; and
(c)
debit the account with any payment that is to be charged against the account
under this Act.
(2)
Section 7(3)—after paragraph (b) insert:
(c) a
member's co-contribution account,
(3)
Section 7(3)—delete "(or both)" and substitute:
(or one or more of the above)
(4)
Section 7—after subsection (3) insert:
(3a) However, an
administrative charge may not be debited against a member's
co-contribution account if the Board is maintaining a contribution account or
a rollover account in the name of the member and the credit balance (if any)
of either or both of those accounts is sufficient to pay the administrative
charge.
(5)
Section 7—after subsection (4) insert:
(5) Despite a
preceding subsection, if a member whose only account in the scheme is a
co-contribution account satisfies the Board that he or she is unlikely to
receive any further co-contributions that will be payable to the Board in
respect of the member, the Board may allow the member to carry over the
balance of the account to some other superannuation fund or scheme approved by
the Board (and when the balance has been carried over by the Board the person
will cease to be a member of the Triple S scheme).