South Australian Consolidated Regulations South Australian Consolidated Regulations10—Additional invalidity/death insurance (section 36 of Act)
(1) This regulation
prescribes the manner in which premiums payable in respect of
voluntary/invalidity death insurance taken out by a PSS 3 member pursuant
to an election made under section 36 of the Act are to be paid and
credited to the Triple S scheme.
(2) Premiums are to be
paid from amounts salary sacrificed by PSS 3 members and, for this
reason, a PSS 3 member cannot elect to take out voluntary
invalidity/death insurance unless the member has elected to make a
superannuation salary sacrifice of an amount sufficient to cover the cost of
the premiums in addition to any administration fees.
(3) If a PSS 3
member elects to take out voluntary invalidity/death insurance, the following
provisions apply:
(a)
following acceptance by the Triple S Board of the member's application
for the insurance, the Board is to transfer to the Triple S Board from
time to time an amount, to be credited to an account maintained by the
Triple S Board in the name of the member, sufficient to maintain a
balance in that account from which the cost of premiums payable in respect of
the insurance, in addition to any administration fees, can be charged;
(b) an
amount transferred to the Triple S Board under paragraph (a) is to
be taken from salary sacrifice payments made for the member;
(c) an
amount equivalent to any amount transferred under paragraph (a) must be
debited against the member's Government contribution account.
(4) In this
regulation—
"salary sacrifice payment" for a member means a payment made into the
PSS 3—Government Contributions Division of the Fund in respect of
the member pursuant to section 14C(2) of the Act;
"Triple S Board" means the South Australian Superannuation Board;
"voluntary invalidity/death insurance" means voluntary invalidity/death
insurance provided under the Southern State Superannuation Act 2009 .