South Australian Repealed Acts

This legislation has been repealed.

SOUTHERN STATE SUPERANNUATION ACT 1994 - SECT 24

24—Amount of invalidity/death insurance benefits and amount of premiums

        (1)         The amount of basic and voluntary invalidity/death insurance benefits and the amount of the premiums in respect of those benefits will be fixed by or under regulation.

        (2)         The regulations may provide—

            (a)         for different amounts of basic and voluntary invalidity/death insurance depending on the member's age or whether the member was employed on a full time, part time or casual basis or on any other relevant factor; and

            (b)         for annual increases in the amount of basic and voluntary invalidity/death insurance for the benefit of members who wish to have annual increases in their insurance; and

            (c)         for the amount of premiums to be fixed by the Board.

        (3)         Premiums will be debited against each member's employer contribution account.

        (4)         If the debiting of a premium under subsection (3) would result in a debit balance in the account—

            (a)         the premium will be debited against the account to the extent of the credit balance in the account; and

            (b)         the member's basic and voluntary invalidity/death insurance is suspended from the expiration of the month following the month in which the premium was debited until the account is again sufficiently in credit to enable the debiting of premiums without resulting in a debit balance.

        (5)         In subsection (4)—

"month" means any one of the 12 named months of a calendar year.