SUPERANNUATION INDUSTRY (SUPERVISION) ACT 1993

PART 1 - PRELIMINARY  

Division 2 - Interpretation  

SECTION 15   APPROVED DEPOSIT FUNDS - PAYMENTS BY TRUSTEES  

15(1)   [Payments on beneficiary ' s request]  

For the purposes of paragraph (c) of the definition of approved purposes in section 10 and for the purposes of section 53 , if:


(a) a beneficiary has an interest in a fund; and


(b) on the request of the beneficiary, an amount equal to the beneficiary ' s interest is paid by the fund:


(i) to a life insurance company or registered organisation for the purchase of an annuity in the name of the beneficiary; or

(ii) into an RSA specified by the beneficiary;

the trustee of the fund is taken to have paid the amount to the beneficiary on request.

15(1A)   [Amount equal to beneficiary ' s interest paid on request]  

For the purposes of paragraph (c) of the definition of approved purposes in section 10 and for the purposes of section 53 , if:


(a) a beneficiary has an interest in a fund; and


(b) on the request of the beneficiary, an amount equal to the beneficiary ' s interest is paid by the fund to:


(i) an approved deposit fund; or

(ii) a regulated superannuation fund;

the trustee of the first-mentioned fund is taken to have paid the amount to the beneficiary on request.

15(1B)   [Payment not made immediately on request]  

For the purposes of paragraph (c) of the definition of approved purposes in section 10 , if a payment is not made immediately on request but is deferred for a period determined by the trustee concerned, the payment is taken to have been made on request.

15(2)   [Beneficiary includes legal representative]  

A reference in subsection (1) or (1A) to a beneficiary includes a reference to the legal personal representative of a beneficiary.




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