South Australian Numbered Acts

SOUTHERN STATE SUPERANNUATION (INSURANCE, SPOUSE ACCOUNTS AND OTHER MEASURES) AMENDMENT ACT 2006 (NO 40 OF 2006) - SECT 32

32—Insertion of section 47BA

After section 47B insert:

47BA—Post retirement invalidity/death insurance

        (1)         Subject to this section—

            (a)         a public sector superannuation beneficiary may apply to the Board for invalidity/death insurance; and

            (b)         the spouse of a public sector superannuation beneficiary may apply to the Board for death insurance,

and the Board may provide such insurance, subject to the terms and conditions (if any) prescribed by regulation.

        (2)         A person who is aged 65 years or over cannot apply for, and is not entitled to, invalidity or death insurance.

        (3)         The amount of invalidity and death insurance benefits under this section and the amount of the premiums in respect of those benefits will be fixed by or under regulation.

        (4)         The regulations may provide—

            (a)         for different amounts of invalidity or death insurance depending on a person's age or whether a person is employed on a full time, part time or casual basis, or is not employed, or on any other relevant factor; and

            (b)         for annual increases in the amount of invalidity or death insurance for the benefit of persons who wish to have annual increases in their insurance; and

            (c)         for the amount of premiums to be fixed by the Board.

        (5)         In this section—

"public sector superannuation beneficiary" has the same meaning as in section 47B.