49Establishment of investment accounts

49 Establishment of investment accounts

(1)  The Commission is to establish an investment account in the name of the relevant existing contributor –

(a) for a benefit entitlement, arising under regulation 34 or 35 , to which regulation 40(3) or regulation 40(6)(b) applies; or

(b) in respect of an Investment 12 Account member –

and is to credit to the account any benefit entitlement which under regulation 40 is to be transferred into that account.

(2)  The Commission must credit to an investment account established under subregulation (1) interest at a rate determined in accordance with regulation 92 (which, accordingly, may be either positive or negative interest) in respect of the amounts from time to time standing to the credit of the account.

(3)  There are to vest in a contributor –

(a) the benefit entitlements credited to an investment account for the contributor established under subregulation (1) ; and

(b) any interest, in relation to the benefit entitlements, that is credited under subregulation (2)  –

less any deductions made for contributions tax in accordance with the law of the Commonwealth.

(4)  An amount standing to the credit of an investment account may be paid by the Commission only where regulated superannuation funds are permitted under the SIS Act to make such a payment in similar circumstances.

(5)  If a person who holds an investment account dies, the Commission is to pay the balance of the account under regulation 110 .