Div 4Post retirement investment and invalidity/death insurance

Division 4—Post retirement investment and invalidity/death insurance 44—Interpretation invalidity/death insurance means invalidity/death insurance granted under this Subdivision; public sector superannuation beneficiary means a person who is a member of, or has received a benefit under, a public sector superannuation scheme (but does not include a person who has received a benefit under a public sector superannuation scheme solely by virtue of being the spouse of a member of such a scheme); public sector superannuation scheme means— (a) a scheme of superannuation established under the Act or under another Act; or (b) Super SA Select; or (c) another scheme of superannuation established for the benefit of employees of an agency or instrumentality of the Crown. Subdivision 2—Post retirement investment 45—Post retirement investment (1) The Board may offer to accept money from public sector superannuation beneficiaries or the spouses of public sector superannuation beneficiaries for investment with the Superannuation Funds Management Corporation of South Australia. (2) The Board may, in relation to a particular type of investment, offer to accept money only from public sector superannuation beneficiaries, or the spouses of public sector superannuation beneficiaries, who have received a benefit under a public sector superannuation scheme. (3) An offer will be on terms and conditions determined by the Board following consultation with the Corporation about matters relevant to the terms and conditions for which the Corporation is responsible under the Superannuation Funds Management Corporation of South Australia Act 1995. (4) Money accepted by the Board under subregulation (1)— (a) will be held in a fund established by the Board for the purposes of this regulation (the assets of which do not belong to the Crown); and (b) will, subject to the terms and conditions of the offer referred to in subregulation (3), be invested by the Corporation in a manner determined by it; and (c) may, if a public sector superannuation beneficiary so requests, be invested for the benefit of the spouse of the beneficiary. (5) The Corporation may enter into transactions affecting that money— (a) for the purposes of investment; or (b) for purposes incidental, ancillary or otherwise related to investment. (6) Money that may be invested by public sector superannuation beneficiaries or their spouses under this regulation is not limited to money received by the investor from a public sector superannuation scheme. (7) The Board may deduct an administrative charge, to be fixed by the Board, from money accepted under subregulation (1). (8) The Board must, in respect of each financial year— (a) keep proper accounts of receipts and payments in relation to money accepted by it under this regulation; and (b) prepare financial statements in relation to those receipts and payments. Subdivision 3—Post retirement insurance 46—Post retirement invalidity and death insurance (1) Subject to this Subdivision, the Board may provide— (a) invalidity/death insurance to public sector superannuation beneficiaries; and (b) death insurance to public sector superannuation beneficiaries and the spouses of public sector superannuation beneficiaries. (2) Invalidity/death insurance and death insurance provided to a public sector superannuation beneficiary or the spouse of a public sector superannuation beneficiary is subject to terms and conditions set out in regulation 47. (3) A public sector superannuation beneficiary may apply for invalidity/death insurance in the form of standard insurance cover or fixed benefit insurance cover (both within the meaning of regulation 34), and the amount of invalidity/death insurance benefits, and the amount of premiums in respect of those benefits, are the amounts fixed by or under regulation 34. (4) The Board may allow a rebate of the premium payable under this Subdivision in respect of invalidity/death insurance cover. (5) A public sector superannuation beneficiary or the spouse of a public sector superannuation beneficiary may apply for death insurance in the form of standard insurance cover or fixed benefit insurance cover (both within the meaning of regulation 42), and the amount of death insurance benefits, and the amount of premiums in respect of those benefits, are the amounts fixed by or under regulation 42. (6) However, a public sector superannuation beneficiary or the spouse of a public sector superannuation beneficiary may not, at any 1 time, take out both standard insurance cover and fixed benefit insurance cover (whether under subregulation (3) or (5)). 47—Terms and conditions (1) A public sector superannuation beneficiary may be provided with invalidity/death insurance or death insurance if, and only if, the beneficiary— (a) is under the age of 70 years; and (b) has an investment of money with the Superannuation Funds Management Corporation of South Australia under regulation 45. (2) The spouse of a public sector superannuation beneficiary may be provided with death insurance if, and only if, the spouse— (a) is under the age of 70 years; and (b) has an investment of money with the Superannuation Funds Management Corporation of South Australia under regulation 45. (3) Premiums will be debited against the insured's investment account. (4) If the debiting of a premium under subregulation (3) would result in a debit balance in the account— (a) the premium will be debited against the account to the extent of the credit balance in the account; and (b) the insurance is cancelled on the expiration of the designated period unless, before the end of that period, the insured's investment account is sufficiently in credit for the purposes of this subregulation. (5) For the purposes of subregulation (4)— (a) the designated period is a period commencing on the day on which debiting of a premium would, if it were to occur, first result in a debit balance in an insured's investment account and ending on a day determined by the Board; and (b) an investment account is sufficiently in credit if there are sufficient funds in the account to satisfy any arrears in premiums between the day that the debiting of a premium would have first resulted in a debit balance in the account and the end of the designated period. (6) Insurance ceases on payment to the insured of the insured's investment under regulation 45. (7) Death insurance cover provided to the spouse of a public sector superannuation beneficiary is not affected by payment to the public sector superannuation beneficiary of the beneficiary's investment under regulation 45. (8) The following provisions apply to a public sector superannuation beneficiary who has, within 60 days of ceasing to be engaged in employment to which the Act applies, invested money with the Superannuation Funds Management Corporation of South Australia under regulation 45 and made application to the Board for the continuation of the beneficiary's invalidity/death insurance: (a) the beneficiary is, on making the application, covered, and taken to have been covered since ceasing to be engaged in employment to which the Act applies, by the invalidity/death insurance that applied to the beneficiary at the time of that cessation, subject to the same terms, conditions and restrictions; (b) regulation 49— (i) does not apply to an application under paragraph (a); but (ii) applies to any application by the beneficiary to increase the level of the beneficiary's invalidity/death insurance cover. (9) The following provisions apply to the spouse of a public sector superannuation beneficiary who has, within 60 days of becoming entitled to a benefit under regulation 63, invested money with the Superannuation Funds Management Corporation of South Australia under regulation 45 and made application to the Board for the continuation of the spouse's death insurance: (a) the spouse is, on making the application, covered, and taken to have been covered since becoming entitled to a benefit under regulation 63, by the death insurance that applied to the spouse at the time the entitlement arose, subject to the same terms, conditions and restrictions; (b) regulation 49— (i) does not apply to an application under paragraph (a); but (ii) applies to any application by the spouse to increase the level of the spouse's death insurance cover. (10) An insurance benefit will be payable on account of invalidity if the Board is satisfied that the insured— (a) is suffering from ill health (whether physical or mental) that makes it unlikely that the insured will at any future time engage in gainful employment for which the insured is reasonably qualified by education, training or experience or for which the insured could be expected to become reasonably qualified following appropriate training or rehabilitation; and (b) is receiving treatment from a medical practitioner in respect of the ill health and is following the advice of the practitioner. (11) However, an insured is not entitled to payment of a benefit on account of invalidity— (a) if— (i) the insured ceased to be engaged in employment to which the Act applies as a condition of a voluntary separation package; and (ii) the insured's incapacity for work was known to the insured at the time of ceasing to be engaged in that employment; and (b) unless the insured has engaged in employment for an average of 9 or more hours per week in any 6 month period in the 2 year period prior to making a claim in respect of the invalidity. (12) An invalidity insurance benefit will also be payable if the Board is satisfied that the insured is suffering from a terminal illness. (13) Death benefits payable in respect of a deceased insured will be paid as follows: (a) if the deceased has a legal personal representative—the benefits will be paid to the representative; (b) if the deceased does not have a legal personal representative but is survived by a spouse—the benefits will be paid to the spouse; (c) if the deceased does not have a legal personal representative and is not survived by a spouse—the benefits will be paid to the deceased's estate. (14) If an insured takes the insured's own life— (a) within 1 year after the commencement of the insured's insurance under this regulation; or (b) within 1 year after the commencement of, or increase in the level of, insurance, (c) if death occurs within 1 year after the commencement of the insurance—death insurance benefits are not payable; (d) if death occurs within 1 year after an increase in the level of insurance—death insurance benefits are not payable in respect of the increased insurance. (15) Subregulation (14) does not apply to— (a) a beneficiary who becomes insured under this regulation by virtue of subregulation (8)(a); or (b) a spouse who becomes insured under this regulation by virtue of subregulation (9)(a). (16) However, if a beneficiary referred to in subregulation (15)(a) takes the beneficiary's own life— (a) within 1 year after the commencement of the beneficiary's membership of the scheme; or (b) within 1 year after the commencement of, or increase in the level of, additional invalidity/death insurance that was held by the beneficiary as a member of the scheme, (c) if death occurs within 1 year after the commencement of membership of the scheme or commencement of additional invalidity/death insurance—death insurance benefits are not payable; (d) if death occurs within 1 year after an increase in the level of additional invalidity/death insurance—death insurance benefits are not payable in respect of the increased insurance. (17) The aggregate value of units of cover provided to a person under regulation 46 and any other provision of the Act or these regulations must not exceed $1 500 000. (18) In this regulation— voluntary separation package means an agreement between a member and the member's employer pursuant to which the member resigns from employment, but does not include an agreement pursuant to which a member resigns from employment in connection with an agreement for the redemption of a liability to make weekly payments or provide compensation for medical expenses under the Return to Work Act 2014 or under an industrial agreement or award applying to the member.