24AEligible member account

24A Eligible member account

(1) The Board must establish and maintain a separate eligible member account for each member who is an eligible member.

(2) The Board must credit to a member's eligible member account—

(a) eligible contributions received on behalf of, or from, the member; and

(b) interest on the amount in the account at the rate determined by the Board.

(3) The Board must debit to a member's eligible member account—

(a) any reasonable costs incurred in maintaining the account as determined by the Board; and

(b) any taxes payable in respect of the account; and

(c) any refund of overpaid or ineligible contributions required to be made to the Commissioner of Taxation under the Superannuation (Government Co‑contributions for Low Income Earners) Act 2003 of the Commonwealth.

(4) The Board may for the purposes of subsection (2)(b) determine that it is appropriate in the circumstances to apply a negative interest rate.

(5) If benefits become payable under this Act to or in respect of a person who has been a member, the Board must ensure that the person receives an additional benefit equal to the net balance of the member's eligible member account as at the date of the payment of the benefits.

(6) The net balance of the member's eligible member account as at the date of the payment of the benefits must be paid—

(a) as a lump sum; and

(b) in accordance with the specified standards.

S. 24A(6A) inserted by No. 38/2009
s. 25.

(6A) A member may elect in writing to roll over, transfer or allot the net balance of the member's eligible member account within the superannuation system.

(7) Eligible contributions—

(a) do not constitute member contributions which are required to be paid under this Act;

(b) do not create a corresponding liability requiring the employer to make contributions to the Fund;

(c) must not be taken into account in the calculation of any benefits under this Act other than this section.

(8) A benefit paid in accordance with this section—

(a) does not affect the payment of any other benefits under this Act; and

(b) must not be taken into account in determining any minimum or maximum benefit entitlement under this Act.

S. 25 amended by Nos 9657 s. 9, 9978 s. 6(2), 58/1987 s. 11(1)(f), substituted by No. 49/1992 s. 86.