Victorian Current Acts

SUPERANNUATION (PORTABILITY) ACT 1989 - SECT 5

    (1)     A member of a statutory superannuation scheme who changes employment in order to accept employment—

        (a)     in respect of which he or she will be a member of another statutory superannuation scheme; or

S. 5(1)(b) amended by No. 54/1993 s. 13.

        (b)     with a public authority; or

S. 5(1)(c) inserted by No. 54/1993 s. 13.

        (c)     with an employer declared by Order of the Governor in Council to be an approved employer for the purposes of this section—

is entitled on application to the administrators to either the benefit provided under the terms of the statutory superannuation scheme of which he or she is a member upon the change of employment or a deferred retirement benefit under this Act.

S. 5(2) amended by No. 13/1999 s. 15(2)(a).

    (2)     A deferred retirement benefit under this Act becomes payable at whichever of the following first occurs—

S. 5(2)(a) substituted by No. 82/1996 s. 68, amended by No. 13/1999 s. 15(2)(b).

        (a)     the member attains the minimum retirement age fixed in the governing instrument of the member's statutory superannuation scheme as in force at the time the member made the election under subsection (1);

        (b)     death;

        (c)     termination of employment on account of disability.

S. 5(2A) inserted by No. 95/2000 s. 18(1).

    (2A)     A member who is entitled to a deferred retirement benefit by the operation of this section may elect in writing to the administrators to—

        (a)     convert the entitlement to a present lump sum; and

S. 5(2A)(b) substituted by Nos 40/2004 s. 39(1), 37/2007 s. 44.

        (b)     have the lump sum rolled over or transferred within the superannuation system as nominated by the member.

S. 5(2B) inserted by No. 95/2000 s. 18(1).

    (2B)     The method of calculating the conversion under subsection (2A) is to be determined by the Minister on the advice of an actuary appointed by the administrators.

    (3)     If any pension payable under the terms of a statutory superannuation scheme may be totally or partially converted to a lump sum payment on the election or application of the person to whom it is payable, a person entitled to a pension in accordance with this Act is entitled to elect to receive or to apply for the conversion of the pension or part of the pension to a lump sum payment calculated and payable in accordance with the terms of the statutory superannuation scheme relating to the conversion of pensions to lump sum payments.

S. 5A
inserted by No. 95/2000 s. 17, repealed by No. 94/2005 s. 50.

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