sec.11CPayment of debt from preserved benefits

### sec.11C Payment of debt from preserved benefits This section applies if— a person owes an amount to the State (the debt ) consisting of the unpaid part of— a judgment debt under section 9 ; or an amount agreed with the Minister under section 6 (1) (a) ; and the person has preserved benefits under a superannuation scheme. The Minister may, by written notice given to the trustees of the scheme, require the trustees to pay an amount from the scheme in satisfaction, or part satisfaction, of the debt. On receiving the notice, the trustees must— calculate, under actuarial principles, the current value of the person’s preserved benefits; and pay to the Minister the amount of the debt or the value of the benefits, whichever is the lesser; and if the amount of the debt is less than the value of the benefits—keep the balance in the scheme and deal with it as a preserved benefit. s 11C ins 1997 No. 21 s 33 amd 2002 No. 66 s 24 (sec.11C-ssec.1) This section applies if— a person owes an amount to the State (the debt ) consisting of the unpaid part of— a judgment debt under section 9 ; or an amount agreed with the Minister under section 6 (1) (a) ; and the person has preserved benefits under a superannuation scheme. (sec.11C-ssec.2) The Minister may, by written notice given to the trustees of the scheme, require the trustees to pay an amount from the scheme in satisfaction, or part satisfaction, of the debt. (sec.11C-ssec.3) On receiving the notice, the trustees must— calculate, under actuarial principles, the current value of the person’s preserved benefits; and pay to the Minister the amount of the debt or the value of the benefits, whichever is the lesser; and if the amount of the debt is less than the value of the benefits—keep the balance in the scheme and deal with it as a preserved benefit. - (a) a person owes an amount to the State (the debt ) consisting of the unpaid part of— (i) a judgment debt under section 9 ; or (ii) an amount agreed with the Minister under section 6 (1) (a) ; and - (i) a judgment debt under section 9 ; or - (ii) an amount agreed with the Minister under section 6 (1) (a) ; and - (b) the person has preserved benefits under a superannuation scheme. - (i) a judgment debt under section 9 ; or - (ii) an amount agreed with the Minister under section 6 (1) (a) ; and - (a) calculate, under actuarial principles, the current value of the person’s preserved benefits; and - (b) pay to the Minister the amount of the debt or the value of the benefits, whichever is the lesser; and - (c) if the amount of the debt is less than the value of the benefits—keep the balance in the scheme and deal with it as a preserved benefit.