Subdiv 2Accounts

Subdivision 2—Accounts 16—Contribution, co‑contribution and rollover accounts (1) A contribution account maintained by the Board in the name of a member is to consist of— (a) if contributions are being or have been made in relation to the member by the member's employer—an employer contribution account; and (b) if the member is making or has made monetary contributions to the scheme—an employee contribution account. (1a) For the purposes of this regulation, a payment received by the Board from the board of the Southern Select Super Corporation on behalf of a member who is also a Super SA Select member is to be taken to be a contribution made in relation to the member by his or her employer. Payments will be made by the board of the Southern Select Super Corporation to the Board on behalf of Super SA Select members for the purpose of ensuring that insurance premiums and the disability pension premium can be deducted from the member's employer contribution account in accordance with subregulation (3)(a). (2) A member's employer contribution account must be credited with— (a) amounts that are equivalent to the amounts paid or payable by the member's employer to the Treasurer under section 21 of the Act in respect of salary paid to the member; and (ab) in the case of a member who is in receipt of a disability pension under regulation 36—a contribution replacement benefit as required under regulation 36AAB(2); and (b) in the case of the employer contribution account of a member referred to in section 21(2) of the Act—amounts that are equivalent to the amounts paid or payable by, or on behalf of, the member's employer to the Treasurer under that subsection in respect of the member; and (c) in the case of the employer contribution account of a person who has elected to become a member of the Triple S scheme under regulation 12 or 13, or is taken to have elected to become a member under regulation 13—amounts that are equivalent to the amounts paid or payable by, or on behalf of, the member's employer to the Treasurer under regulation 12(2) or 13(2) in respect of the member; and (d) in the case of the employer contribution account of a PSS 3 member who has made an election under section 36 of the Parliamentary Superannuation Act 1974 to take out voluntary invalidity/death insurance and is a member of the Triple S scheme—amounts that are equivalent to amounts transferred from the Parliamentary Superannuation scheme to the Triple S scheme in respect of the PSS 3 member; and (e) in the case of the employer contribution account of a member who is a Super SA Select member—amounts that are equivalent to amounts transferred from Super SA Select to the Triple S scheme in respect of the member. (3) Subject to subregulation (3a), a member's employer contribution account must be debited with— (a) in the case of a member other than a member referred to in paragraph (b)— (i) an administrative charge to be fixed by the Board; and (ii) the amount of the premium fixed by or under these regulations in respect of the default invalidity/death insurance and the additional invalidity/death insurance (if any) for the member; and (iii) a disability pension premium which, subject to subregulation (12), will be an amount fixed by the Board; and (b) in the case of a person who has elected to become a member of the Triple S scheme under regulation 12 or 13, or is taken to have elected to become a member under regulation 13, or is a PSS 3 member who has made an election under section 36 of the Parliamentary Superannuation Act 1974 to take out voluntary invalidity/death insurance and is a member of the Triple S scheme— (i) an administrative charge to be fixed by the Board; and (ii) the amount of the premium fixed by or under these regulations in respect of the additional invalidity/death insurance (if any) for the member; and (c) any other payment that is to be charged against the account under the Act or these regulations, to the extent that the charge, premium or other payment can be charged or debited to the account. (3a) If there are insufficient funds in a member's employer contribution account to enable debiting of a charge, premium or other payment under subregulation (3), the member's employee contribution account, rollover account or co-contribution account may be debited with the charge, premium or payment. (3b) However, an administrative charge may not be debited against a member's co-contribution account under subregulation (3a) if the credit balance of the member's employer contribution account, employee contribution account or rollover account (if any) is sufficient to pay the administrative charge. (4) A member's employee contribution account must be credited with the amount of contributions made by the member. (5) A member's rollover account must be credited with the amount of any money rolled over from another superannuation fund or scheme for the benefit of the member and must be debited with any payment that is to be charged against the account under the Act or these regulations. (6) A member's co‑contribution account must be credited with the amount of any co‑contribution paid to the Board in respect of the member and must be debited with any payment that is to be charged against the account under the Act or these regulations. (6a) If payments are made into the Fund in respect of a member pursuant to a law of the Commonwealth, the Board may determine that such payments are to be credited to a contribution account of the member on terms and conditions determined by the Board. (7) The Board may fix an administrative charge and apply it to any account or accounts maintained by the Board on behalf of a member by deduction of a fixed fee from, or adjustment to the investment returns allocated to, the account or accounts. (9) The Board may, in fixing administrative charges to be debited against members' accounts under this regulation, fix different charges depending on the balance of members' accounts or any other relevant factor. (9a) An administrative charge fixed and applied under this regulation may comprise a fee for the provision to a member of financial advice by financial planners authorised by the Board. (10) Despite a preceding subregulation, if a member whose only account in the scheme is a co‑contribution account satisfies the Board that he or she is unlikely to receive any further co‑contributions that will be payable to the Board in respect of the member, the Board may allow the member to carry over the balance of the account to some other superannuation fund or scheme approved by the Board (and when the balance has been carried over by the Board the person will cease to be a member of the Triple S scheme). (11) The Board must keep a record of the aggregate of the amounts of premiums debited against accounts under this regulation. (12) A disability pension premium is not payable under subregulation (3)(a)(iii) in relation to— (a) a member who is not entitled to a disability pension under regulation 36 under any circumstances; or (b) a member who is exempted under regulation 37 from the ambit of regulation 36.