Superannuation (Distribution of Surplus) Act 1974 (Cth)

Superannuation (Distribution of Surplus) Act 1974

No. 15 of 1974

An Act relating to Superannuation

Contents 1 Short title 2 Commencement 3 Interpretation 4 Object of Act 5 Distribution of surplus 6 Payment of shares of surplus to individual contributors and pensioners 7 Assignment and attachment of amounts payable

Superannuation (Distribution of Surplus) Act 1974

No. 15 of 1974

An Act relating to Superannuation

[Assented to 11 April 1974]

The Parliament of Australia enacts:

1 Short title This Act may be cited as the Superannuation (Distribution of Surplus) Act 1974.

2 Commencement This Act shall come into operation on the day on which it receives the Royal Assent.

3 Interpretation (1) In this Act, unless the contrary intention appears: actuary means the actuary who was appointed by the Superannuation Board under section 17 of the Superannuation Act 1922‑1971 to make an investigation as to the state and sufficiency of the Fund at 30 June 1972 or, if the actuary so appointed dies or the Treasurer certifies that the actuary so appointed is not available to perform functions under this Act, such other actuary as the Treasurer appoints. contributor, in relation to a particular time, means a person who was or is, at that time, contributing under Part III of the Superannuation Act 1922 , or of that Act as amended, to the Fund. eligible contributor means a person whose obligation to contribute under Part III of the Superannuation Act 1922, or of that Act as amended, to the Fund came into existence before the end of the relevant period and who: (a) is a contributor on the date on which this Act receives the Royal Assent; (b) has become a pensioner after the commencement of the relevant period but before the date referred to in paragraph (a); or (c) has died, after the commencement of the relevant period but before the date referred to in paragraph (a), while he was a contributor, leaving a widow or leaving children who were eligible children at the date of his death or who have become eligible children since that date, other than such a person in respect of whom deferred benefits had become applicable under section 119W of the Superannuation Act 1922‑1971 on or before 30 June 1972. eligible pensioner means a person who or in respect of whom, at any time during the relevant period, pension, other than a non‑contributory pension, was payable or would, but for the pension having been suspended, have been payable under: (a) the Superannuation Act 1922 as amended; (b) section 12 of the Superannuation Act 1957; (c) section 27 of the Superannuation Act 1963; (d) section 5 of the Superannuation (Pension Increases) Act 1961; (e) section 5 of the Superannuation (Pension Increases) Act 1967; or (f) section 10 of the Superannuation (Pension Increases) Act 1971, whether or not the person was a contributor at any other time during the relevant period. non‑contributory pension means: (a) a pension that became payable under section 57 of the Superannuation Act 1922 or of that Act as amended, not being a pension for which contributions were made to a State Fund as defined by section 101 of the Superannuation Act 1922‑1973; (b) a pension that became payable under section 58 of the Superannuation Act 1922 or of that Act as amended; or (c) a pension to which subsection 9(2) or subsection 14(2) of the Superannuation Act (No. 2) 1956 applies; relevant period means the period of 10 years that ended on 30 June 1972. (2) Where deferred benefits were applicable in respect of a person under section 119W of the Superannuation Act 1922‑1971 on 30 June 1972 but had not become payable to or in respect of the person on or before that date, the person shall be deemed to be an eligible pensioner within the meaning of this Act whether or not the person was a contributor at any time during the relevant period. (3) Expressions used in this Act that are also used in the Superannuation Act 1922‑1973 have in this Act, unless the contrary intention appears, the same respective meanings as they have in the Superannuation Act 1922‑1973.