Superannuation (Unclaimed Money and Lost Members) Act 1999

PART 3B - PAYMENT OF LOW BALANCES IN INACTIVE ACCOUNTS TO THE COMMISSIONER  

Division 4 - Various rules for special cases  

SECTION 20QH   PRESCRIBED PUBLIC SECTOR SUPERANNUATION SCHEMES  

20QH(1)  
Section 6 , subsections 19(1) to (3) , this Part (other than sections 20QE and 20QG ) and subsection 25(2B) apply as if:


(a) a public sector superannuation scheme that:


(i) is prescribed for the purposes of this section; and

(ii) in the case of a Commonwealth public sector superannuation scheme - is not a fund;
were a fund; and
Note:

The regulations may prescribe a scheme by reference to a class of schemes: see subsection 13(3) of the Legislation Act 2003 .


(b) the trustee of the scheme were the superannuation provider; and


(c) a member of the scheme were a member of the fund.

20QH(2)  
Despite subsection (1), in the case of a State or Territory public sector superannuation scheme:


(a) section 20QB (statements on inactive low-balance accounts):


(i) permits, rather than requires, the trustee to give a statement to the Commissioner; and

(ii) does not permit the trustee to give a statement to the Commissioner if the governing rules of the scheme prohibit the trustee from giving the statement to the Commissioner; and


(b) section 20QD (payment of balances from inactive low-balance accounts):


(i) does not apply in relation to an unclaimed money day if the trustee does not give a statement in relation to the unclaimed money day to the Commissioner under section 20QB ; and

(ii) permits, rather than requires, the trustee to pay an amount to the Commissioner; and

(iii) does not apply to an amount to the extent that the governing rules of the scheme prohibit the trustee from paying the amount to the Commissioner.

20QH(3)  
Subparagraphs (2)(a)(i) and (b)(ii) do not apply in relation to an unclaimed money day if, disregarding this section:


(a) the public sector superannuation scheme is a fund; and


(b) the superannuation provider has to comply with subsections 16(1) and 17(1) in relation to the unclaimed money day.




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