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Schedule 1—Choice of fund for workplace determinations and enterprise agreements

Schedule 1 Choice of fund for workplace determinations and enterprise agreements

   

Superannuation Guarantee (Administration) Act 1992

1  Paragraph 19(2B)(c)

Omit “(which deals with certain cases where no contributions are required)”, substitute “(which deals with certain cases where defined benefit members cannot choose another fund)”.

2  Section 20 (heading)

Repeal the heading, substitute:

20   Defined benefit schemes—certain cases where members cannot choose another fund

3  Subsection 20(1)

Omit “either subsection (2) or (3) is satisfied”, substitute “subsection (2), (3) or (3A) is satisfied”.

4  After subsection 20(3)

Insert:

Member’s benefit not affected

          (3A)  This subsection is satisfied if the employee would be entitled, on the employee’s retirement, resignation or retrenchment, to the same amount of benefit from the defined benefit superannuation scheme, whether or not the employee had contributions:

                     (a)  for the quarter; and

                     (b)  made by the employer for the benefit of the employee;

to a fund (within the meaning of Part 3A) other than the defined benefit superannuation scheme.

5  Paragraph 32C(6)(g)

After “determination”, insert “made before 1 January 2021”.

6  Paragraph 32C(6)(h)

After “agreement”, insert “made before 1 January 2021”.

7  After subsection 32C(6)

Insert:

Contributions previously covered by paragraphs (6)(g) and (h)

       (6AA)  A contribution to a fund by an employer for the benefit of an employee is also made in compliance with the choice of fund requirements if:

                     (a)  at the time the contribution is made, there is no chosen fund for the employee; and

                     (b)  the fund is a fund to which the employer has previously made contributions, in compliance with the choice of fund requirements under paragraph (6)(g) or (h), for the benefit of the employee.

(215/19)