South Australian Repealed Acts South Australian Repealed ActsThis legislation has been repealed.
7—Contribution, co-contribution and rollover accounts
(1) The Board
must—
(a)
maintain a contribution account in the name of a member of the Triple S scheme
who is making or has made contributions to the scheme; and
(b)
credit the account with the amount of contributions made by the member; and
(c)
debit the account with any payment that is to be charged against the account
under this Act.
(2) The Board
must—
(a)
maintain a rollover account in the name of—
(i)
a member of the Triple S scheme for whom an amount
of money has been rolled over from another fund or scheme to the Triple S
scheme; and
(ii)
a member of the Police Superannuation Scheme in respect
of whom an amount of money rolled over from another fund or scheme has been
accepted by the Police Superannuation Board and paid to the Treasurer under
section 13B of the Police Superannuation Act 1990 ; and
(b)
credit the account with the money referred to in paragraph (a); and
(c)
debit the account with any payment that is to be charged against the account
under this Act.
(2c) The Board
must—
(a)
maintain a co-contribution account in the name of—
(i)
a member of the Triple S scheme or a member of
the State Scheme in respect of whom a co-contribution has been paid to
the Board; and
(ii)
a member of the Police Superannuation Scheme in respect
of whom the amount of a co-contribution has been transferred from that scheme
to the Board; and
(b)
credit the account with the amount of any co-contribution paid to the Board,
or amount transferred to the Board, in respect of the member; and
(c)
debit the account with any payment that is to be charged against the account
under this Act.
(3) The Board may, in
an appropriate case, debit against—
(a) a
member's contribution account; or
(b) a
member's rollover account; or
(c) a
member's co-contribution account,
(or one or more of the above), an administrative charge fixed by the Board.
(3a) However, an
administrative charge may not be debited against a member's
co-contribution account if the Board is maintaining a contribution account or
a rollover account in the name of the member and the credit balance (if any)
of either or both of those accounts is sufficient to pay the administrative
charge.
(4) The Board may, for
the purposes of subsection (3), fix different charges depending on the
balance of members' accounts or any other relevant factor.
(5) Despite a
preceding subsection, if a member whose only account in the scheme is a
co-contribution account satisfies the Board that he or she is unlikely to
receive any further co-contributions that will be payable to the Board in
respect of the member, the Board may allow the member to carry over the
balance of the account to some other superannuation fund or scheme approved by
the Board (and when the balance has been carried over by the Board the person
will cease to be a member of the Triple S scheme).