South Australian Consolidated Acts South Australian Consolidated Acts39C—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 39; or
(b) to
take the benefits provided by section 39A.
(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 39 applies to, and in relation to, the
contributor except that (subject to subsection (5))—
(a)
section 39(5) (instead of section 39(2)) applies to, and in relation
to, a contributor whose contribution period is less than 120 months; and
(b) the
contributor is not entitled to require the Board to commence paying a
retirement pension under section 39(5)(a), and the Board must not
commence paying such a pension under that provision, until the contributor has
reached the age of 55 years and has ceased employment with the private sector
employer.
(5) A contributor who
has made, or is taken to have made, an election under subsection (1)(a)
and whose contribution period is less than 120 months may inform the Board in
writing within one month after resigning that section 39(2) and not
section 39(5) is to apply to, and in relation to, the contributor and in
that case—
(a)
section 39(2) applies to, and in relation to, the contributor; but
(b) the
contributor is not entitled to require the Board to make a superannuation
payment under section 39(2)(a), and the Board must not make a
superannuation payment under that provision until the contributor has reached
the age of 55 years and has ceased employment with the private sector
employer.
(6) If the Board is of
the opinion that the limitation period referred to in subsection (5)
would unfairly prejudice a contributor, the Board may extend the period as it
applies to the contributor.
(7) Where the
contributor has made an election under subsection (1)(b),
section 39A applies to the contributor as though the requirements of
section 39A(1) had been met.