South Australian Numbered Acts South Australian Numbered Acts18—Insertion of sections 47C and 47D
After section 47B insert:
47C—Portion of pension etc to be charged against contribution account
etc
(1) A proportion of a
pension or lump sum under Part 5 paid to, or in relation to, a
contributor will be charged against the contributor's contribution account or,
if the account has been closed, will be charged against the relevant division
of the Fund.
(2) The proportion for
the purposes of subsection (1) will be equivalent to the proportion of
the future benefits payable under Part 5 that can, in the opinion of the
Board, be met from the Fund.
(3) The opinion of the
Board must be based on the most recent triennial report under
section 21(4).
47D—Charge against Fund if draw down benefit paid
If a contributor becomes entitled to a draw down benefit under
section 26A or 33A—
(a) when
the draw down benefit is paid under section 26A—there will be a
charge on the relevant division of the Fund equal to the amount charged to the
contributor's contribution account and, if relevant, any roll over account, on
account of the payment of the draw down benefit;
(b) when
the draw down benefit is paid under section 33A—there will be a
charge on the relevant division of the Fund determined by applying the same
proportion that applies under section 47C(2) with respect to the payment
of a pension.