SUPERANNUATION INDUSTRY (SUPERVISION) ACT 1993

PART 24A - TRANSITIONAL PROVISIONS RELATING TO PRE-1 JULY 1995 AUTOMATIC ROLLOVERS OF BENEFITS BETWEEN FUNDS  

SECTION 251   RIGHTS OF BENEFICIARY TO ROLLED-OVER BENEFITS  

251(1)   [Beneficiary's rights]  

If a fund has paid in accordance with old Part 24 to an eligible transitional fund an amount equal to the benefits of a beneficiary in the first-mentioned fund:


(a) the beneficiary ceases to have any rights against the first-mentioned fund in respect of those benefits; but


(b) has the corresponding rights against the eligible transitional fund in respect of those benefits.

251(2)   [Contingent rights]  

For the purposes of this section, a mere contingent right to a death or disability benefit is taken not to be a right in respect of the first-mentioned benefits.

251(3)   [Purpose of subsec (2)]  

Subsection (2) is enacted for the avoidance of doubt.




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