40Declaration of the default fund

40 Declaration of the default fund

(1) The Minister may by notice published in the Government Gazette declare that a fund or scheme is the default fund for the purposes of this Part.

(2) Before making a declaration under subsection (1), the Minister must consult with the Speaker and the President.

(3) At the time the declaration is made, the fund or scheme must be a complying superannuation fund other than a self managed superannuation fund.

(4) A declaration made under subsection (1) must specify the date of effect of the declaration which may be the day on which the notice is published or an earlier or later day.

(5) The Minister must make a declaration under subsection (1) as soon as practicable after the commencement section 7 of the Parliamentary Superannuation Legislation (Reform) Act 2004.

(6) The Minister must ensure that there is only one default fund at any one time.

(7) The Minister may by notice published in the Government Gazette revoke a declaration made under subsection (1) at any time.

(8) A revocation made under subsection (7) must specify the date of effect of the revocation which may be the day on which the notice is published or an earlier or later day.

(9) If the Minister revokes a declaration made under subsection (1), the Minister must make another declaration under subsection (1) which takes effect immediately after the revocation takes effect.

Division 5—Miscellaneous

S. 41 inserted by No. 78/2004 s. 7.