South Australian Repealed Regulations

This legislation has been repealed.

SOUTHERN STATE SUPERANNUATION REGULATIONS 1995 - REG 9B

9B—Post retirement invalidity and death insurance benefits—terms and conditions

        (1)         This regulation prescribes terms and conditions to which the provision of insurance for public sector superannuation beneficiaries and their spouses by the Board under section 47BA of the Act is subject.

        (2)         A public sector superannuation beneficiary may be provided with invalidity/death insurance if, and only if, the beneficiary has an investment of money with the Superannuation Funds Management Corporation of South Australia under section 47B of the Act.

        (3)         The spouse of a public sector superannuation beneficiary may be provided with death insurance if, and only if, the spouse has an investment of money with the Superannuation Funds Management Corporation of South Australia under section 47B of the Act.

        (4)         Premiums will be debited against the insured's investment account.

        (5)         If the debiting of a premium under subregulation (4) 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 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.

        (6)         In subregulation (5)—

"month" means any 1 of the 12 named months of a calendar year.

        (7)         Insurance ceases on payment to the insured of his or her investment under section 47B of the Act.

        (8)         The following provisions apply to a public sector superannuation beneficiary who has, within 60 days of ceasing to be engaged in employment to which the Act applies, invested money with the Superannuation Funds Management Corporation of South Australia under section 47B of the Act:

            (a)         the beneficiary is, on application, covered, and taken to have been covered since ceasing to be engaged in employment to which the Act applies, by the invalidity/death insurance that applied to the beneficiary at the time of that cessation, subject to the same terms, conditions and restrictions;

            (b)         regulation 9—

                  (i)         does not apply to an application under paragraph (a); but

                  (ii)         applies to any application by the beneficiary to increase the level of his or her invalidity/death insurance cover.

        (9)         A benefit will be payable on account of invalidity if the Board is satisfied that the insured's incapacity for all kinds of work is 60 per cent or more of total incapacity and is likely to be permanent.

        (10)         However, an insured is not entitled to payment of a benefit on account of invalidity unless the insured has engaged in employment for an average of 20 or more hours per week in the 12 month period before making a claim in respect of the invalidity.

        (11)         Death benefits payable in respect of an insured will be paid to the spouse of the insured or, if he or she has no spouse, to the insured's estate.

        (12)         The aggregate value of units of cover provided to a person under section 47BA and any other section of the Act must not exceed $1 500 000.