South Australian Consolidated Acts

SUPERANNUATION ACT 1988 - SECT 28C

28C—Outplaced employees under 55

        (1)         A contributor who had not reached the age of 55 years when he or she resigned from employment to take up employment in the private sector pursuant to an offer of employment in a contracting out agreement may elect—

            (a)         to preserve his or her accrued superannuation benefits under section 28; or

            (b)         to take the benefits provided by section 28A.

        (2)         A contributor who fails to inform the Board in writing of his or her election under subsection (1) within one month after resigning will be taken to have made an election under subsection (1)(a).

        (3)         If the Board is of the opinion that the limitation period referred to in subsection (2) would unfairly prejudice a contributor, the Board may extend the period as it applies to the contributor.

        (4)         Where a contributor has made, or is taken to have made, an election under subsection (1)(a), section 28 applies to, and in relation to, the contributor except that he or she is not entitled to require the Board to make a superannuation payment under section 28(2)(a), and the Board must not make such a payment under that provision, until the contributor has reached the age of 55 years and has ceased employment with the private sector employer.

        (5)         Where a contributor has made an election under subsection (1)(b), section 28A applies to the contributor as though the requirements of section 28A(1) had been met.