69Members of approved superannuation schemes

69 Members of approved superannuation schemes S. 69(1) amended by Nos 27/2001 s. 5(Sch. 3 item 5.14), 40/2010 s. 89. (1) In this section ***scheme of superannuation*** means a scheme for the administration of any assets with the object of providing superannuation payments, annuities, pensions, allowances, lump sum payments or other benefits for employees or former employees or for the partners, children, adult children, dependants or legal personal representatives of employees or former employees. S. 69(2) amended by No. 46/1998 (2) The Governor in Council, on the recommendation of the Minister, may by Order published in the Government Gazette declare a scheme of superannuation to be an approved superannuation scheme for the purposes of this section. S. 69(3) amended by No. 81/1988 s. 33(d). (3) Despite anything to the contrary in this Act an officer who becomes eligible to be a member of an approved superannuation scheme may within 3 months or any longer period approved by the Board of becoming eligible elect to cease to contribute in accordance with this Act. S. 69(4) amended by Nos 81/1988 s. 33(e), 49/1992 s. 23(a), substituted by No. 110/1993 s. 84(1). (4) A contributor who ceases to be a contributor under subsection (3) is entitled to a deferred retirement benefit— (a) in the case of a revised scheme member, in accordance with the formula in section 61(2); and (b) in the case of a new scheme member, equal to the accrued retirement benefit. S. 69(4A) inserted by No. 95/2000 s. 6(9). (4A) A contributor who is entitled to a deferred retirement benefit under subsection (4) may elect in writing to the Board to— S. 69(4A)(b) substituted by Nos 40/2004 s. 28(9), 37/2007 s. 39. (b) have the lump sum rolled over or transferred within the superannuation system as nominated by the contributor. S. 69(4B) inserted by No. 95/2000 s. 6(9). (4B) The method of calculating the conversion under subsection (4) is to be determined by the Minister on the advice of an actuary appointed by the Board. S. 69(5) inserted by No. 72/1990 s. 8, amended by No. 110/1993 s. 84(2). (5) If a person who is entitled to a deferred benefit under subsection (4) resigns, he or she may elect to receive instead of that deferred benefit— (a) a cash benefit equal to a refund of contributions and interest at the prescribed rate; and S. 69(5)(b) amended by No. 46/1998 (b) a deferred retirement benefit reduced by such amount as is determined by the Minister on the advice of an actuary. S. 69(6) inserted by No. 49/1992 s. 23(b), amended by No. 110/1993 s. 71(1). (6) The aggregate benefits of a contributor must not exceed 8⋅4 times the final average salary of the contributor. S. 69(6A) inserted by No. 70/2003 s. 25. (6A) For the purposes of subsection (6), if a payment or transfer to a non-member spouse is made for the purposes of Part VIIIB of the Commonwealth Family Law Act 1975 whether under Part 7A or otherwise, the aggregate benefits of the member spouse must be adjusted by the Board in accordance with a methodology approved by the Minister, on the advice of an actuary appointed by the Board. S. 69(7) inserted by No. 110/1993 s. 84(3). (7) The Governor in Council may by Order in Council published in the Government Gazette revoke a declaration made under subsection (2). S. 69(8) inserted by No. 110/1993 s. 84(3). (8) The revocation does not affect the entitlement under this section of a person who has elected to cease to contribute under subsection (3). S. 69A inserted by No. 110/1993 s. 85.